You can then report analysis from those numbers and enable your clients to make better informed decisions based on their finances.ĭespite its name, good accounting software isn’t just for accountants. Find out more How software can help to manage business processesĭigital software can help you monitor the workings of a business in real time. Thinking about starting a business or already putting your ideas into action? We’ve got the resources, expertise and software to help you achieve your goals. Remember, you’re selling your expertise and adding value to clients who need what you’re offering. Setting your fees and getting your pricing right for your bookkeeping business will take a bit of work but don’t feel that you need to price yourself too low. She adds: “I tend to charge my clients a fixed fee to cover everything, so the client knows how much they’re paying up front.” You may even negotiate a retainer fee with some (or all) of your clients.Īdams from Papertrail Bookkeeping says bookkeepers generally charge around £25 per hour “but it does depend on the work taking place”. Generally, you’ll charge either an hourly rate or a monthly fixed fee. The size of business you’re working with.How much should you charge for your services?Įssentially, there’s no clear answer on how much you should charge. Act as a trusted adviser to businesses.Use special skills due to the analytical and complex nature of accounting.Prepare financial statements as part of the accounting process.Gauge the financial situation of businesses and further communicate the information to the relevant authorities.There are numerous roles that accountants perform for their clients. She says: “We process VAT returns, reconcile bank accounts, we process payroll and everything that entails, we complete personal tax returns, final accounts for sole traders, and accounts/corporation tax returns for micro entity businesses.” What does an accountant do? Bookkeepers also prepare VAT returns and can offer Self Assessment tax returns and payroll duties.Ĭlaire Adams started her business Papertrail Bookkeeping after she was made redundant from her job of 27 years. “These can then be sent to the accountant to produce the year-end accounts. She says: “Bookkeepers keep accurate accounting records for a business to enable the business owner to view financials. Some bookkeepers also offer commercial brokering services, which involve helping businesses get the best deal when it comes to renewing insurance, buying new equipment or leasing company vehicles.Ĭatherine Pyman runs her own bookkeeping business. Prepare for year-end tax and VAT returns.Ĭharacteristics of becoming a bookkeeper include being accurate in your work and having a good understanding of financial topics.The terms ‘bookkeeper’ and ‘accountant’ are occasionally used interchangeable, but they are in fact two different roles.Ī bookkeeper keeps track of monies coming into and out of a business by maintaining accurate financial records, according to the International Association of Bookkeepers (IAB), the largest bookkeeping institution in the world.īookkeepers can help small and medium-sized enterprises (SMEs):
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How software can help to manage business processesįinal thoughts on starting a bookkeeping businessĭownload your free small business toolkit: a guide, business plan template and cash flow forecast template What’s the difference between a bookkeeper and an accountant? What’s the difference between a bookkeeper and an accountant? So, if you’re interested in starting your own bookkeeping business, read this article to discover the key steps you need to take.
No matter the reason, running your own bookkeeping practice can be extremely fulfilling. Or perhaps you’ve always had a burning desire to start your own business, are good with numbers, organised, looking for flexibility, and want to do something that will help clients achieve their goals. Maybe you’ve been made redundant and setting up for yourself gives you a great opportunity to take control of your destiny.
Perhaps you’ve worked as an in-house bookkeeper for a business and you’re ready to take the plunge and set up for yourself.
There are many reasons why you might want to start a bookkeeping business. Thinking about starting your own bookkeeping business? If so, you’re in the right place to take your first steps as you go from idea to reality.
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