Many people enjoy the freedom and autonomy that working from home can provide. However, according to the KPMG CEO Outlook Study, an annual survey conducted of 1,300 CEOs worldwide, nearly two-thirds of CEOs believe that remote work will come to an end by 2026.
However, as many employees would prefer to continue working from home instead of long commutes to the office five days a week, they may seek out alternatives that will allow them to continue their remote work. One excellent job is bookkeeping, which can be done as a remote business. Let’s take a look at what makes it a good choice.
Easy to Learn
If you’re interested in starting a bookkeeping business, the necessary skills are easy to acquire. There are many free online resources to get you a good foundation, which can then be supplemented with a few classes that you can take nights or weekends.
Once you’re confident in your abilities, you can ask a family member or a friend who runs a small business to let you help them with their books. Even if they can’t or don’t want to pay you, it’ll be a good test of your skills and will provide you with experience that you can use to attract paying clients. You might even find something that their bookkeeper may have overlooked.
Easy to Set Up
Setting up a home office for a bookkeeping business is extremely easy, as it only requires a computer with high-quality security and bookkeeping software, a filing cabinet or another storage device that can be locked, and a door with a working lock.
Businesses are very protective of their financial data for obvious reasons and they’ll need to know that they can trust the security of that information with you and your business. If the work is done correctly and on time while protecting their data, it won’t matter to them whether you work a standard 8-5, start work at 11 PM, or take afternoons off.
Freedom and Autonomy
On that note, freedom and autonomy are two of the most exciting parts of owning a small business. Instead of checking in with the boss a few times per day or waiting for someone in Accounts Receivable to bring you the file you need to finish the project, you can focus on work in your own home without constant interruptions.
Again, as long as the work gets done properly and according to the client’s schedule, if their data is protected, and you can provide exceptional customer service, you’ll have no problem attracting and keeping clients. How and when you choose to make those things happen is almost entirely up to you.
Financial Benefits
According to Indeed, the average base salary for a bookkeeper in the United States is $22 an hour or $45,000 per year. As an outsourced business, you can make much more than that by taking on multiple clients at the same time.
Even if each client pays you less than half that amount, let’s say $20,000, it would only take five clients before you earned $100,000 in a year. That’s an excellent salary for a person who works exclusively from home. Depending on how much time you’re willing to put in, the efficiency of your methods, and a few other factors, you could easily take on more than five and make even more money.
A Better Solution for Small Businesses
Now that we’ve explained the benefits to you, let’s look at the benefits provided to your clients, which will help you promote your business. According to a 2016 study by Statista, 64% of small businesses use accounting software and 43% use tax software for their bookkeeping.
Instead of paying for these services and doing the work themselves, they can outsource the work to your new business for less than the $45,000 average salary listed above. This is a smart financial decision that will save them both time and money, which they can then use to improve the business. They can focus on growth and expansion instead of bookkeeping and compliance.
Final Thoughts
Although there are many small business opportunities available that will allow you to work from home and avoid boring meetings and long commutes, opening a bookkeeping business is an excellent choice. The skills are easy to learn, the freedom and autonomy are liberating, and bookkeepers will always be in demand because every company needs someone to do the work.
