Advice on becoming Self Employed as a book keeper (2024)

FAQs

Can you be a self-employed bookkeeper? ›

As a self-employed bookkeeper, we're certain you'll be a superstar when it comes to keeping on top of your own business finances. We're also certain that you'll be busy, though. Taking the time to set up the processes you'll use to manage your finances and tax liabilities early on will save you time in the long run.

In ICB's experience, on average bookkeepers charge the equivalent of £25-£35 per hour but this can range from £15-£65. If you are inexperienced and this is your first client, you may wish to charge a small fee to cover your expenses and agree to increase your fee once the client is satisfied.

Take courses or complete a professional certificate.

These courses focus on bookkeeping fundamentals to help improve bookkeeping knowledge and skills. For example, you might complete the Intuit Bookkeeping Professional Certificate or several other bookkeeping courses offered by universities and companies on Coursera.

This can be a great way to earn a steady income while also helping others achieve financial success. Becoming a freelance bookkeeper requires a strong understanding of basic bookkeeping and accounting principles, as well as experience working with software like QuickBooks.

Bookkeeping is the score board for business performance. This means that business owners need to know how well (or poor) they're performing each month. Highly profitable. According to Inc Magazine, bookkeeping is the #1 most profitable side-hustle / business.

This is the benefit to charging based on a percentage of your client's revenue. An industry standard would be to charge about 1-3% of your client's gross income, and that is about what they should spend on a monthly bookkeeper (or all of their bill pay and invoicing or other office tasks).

We also explore the key differences between bookkeepers and accountants, answering the question of which is more cost-effective. With the average rate for a bookkeeper in the UK ranging from £12 to £25 per hour, making an informed choice between the two can significantly impact your business finances.

Yes, a bookkeeping business can be very profitable. In fact, ZipRecruiter reports that the national average income for an independent bookkeeper is $56,100, though some report income as high as $122,000. The cost of doing business is relatively low, mostly related to bookkeeping software, so profit margins are high.

Earning a certification can boost your earning potential. If you work in a competitive job market, certification can give you a leg up when discussing salary potential with prospective employers. Additionally, your employer might be inclined to promote and offer higher salaries to certified bookkeepers.

What is the easiest way to do bookkeeping? ›

The cash-based accounting method is the simplest method, and makes it easier to track your cash flow in real time. You record transactions when the money actually enters or leaves your business, even if they were earned or billed earlier.

Bookkeeping can be a very time-consuming and detail-oriented job, especially during tax season. Bookkeepers need to keep track of all the financial transactions, invoices, bills, and receipts.

You may be able to get on-the-job training through a bookkeeping job that only requires a high school diploma, such as an internship or training placement. You may also pursue certification programs or use online courses to become a self-taught bookkeeper.

Getting started is easy, there is not a lot of setup or capital that is required, just hard work getting through the course and learning the essential tasks. If you plan on becoming self-employed as a Bookkeeper, you will need to meet the Tax Practitioners Board obligations to register as a bookkeeper.

As a freelance bookkeeper, your duties are to provide your clients with a variety of accounting and bookkeeping services. You monitor their payroll, finance, and accounts, record every transaction that they or their company makes, and perform data entry services as needed.

Bookkeeping is something that you either have to learn or outsource when you're running a business. Luckily, it's possible to learn how to manage your own books and there are a few notable benefits to tackling it yourself.