What Steps to Follow if you Wish to Launch Your Own Virtual Bookkeeping Business?
Starting a Virtual Bookkeeping Business is an excellent way of becoming an entrepreneur. It requires low startup capital as well as low overhead costs. You can do all of your work virtually. There is no need to meet the client. You will also have a flexible schedule. Virtual Bookkeeping is needed on such a widespread scale that every single business requires it. So, you will not have to worry about not finding enough clients.
Follow the simple steps given below in their given sequence. If you follow them correctly, you will be an owner of your own virtual bookkeeping business in no time. Here is a basic virtual bookkeeping business plan.
Gain Experience to launch your own Virtual Bookkeeping Business
If you have some experience in any job where management of money is done, you will do splendidly. Virtual bookkeeping business requires basic familiarity with bookkeeping that can be gained by simple accounting jobs. You can eventually build upon this experience and become a true expert in time.
If you have absolutely zero experience, you do not know what to bookkeeping even means, that is alright as well. You can simply sign up for a simple bookkeeping course, or you can enroll in your local community college. These simple courses are not hard to do. A little hard work, and you will shine in the market.
Services to Offer in Virtual Bookkeeping Business
You can offer your clients basic virtual bookkeeping business services. Some examples of these services
I) Preparation of basic financial statements
II) Management of Payables
III) Management of Receivables
IV) Preparation of Invoice
V) Payroll Services
VI) Tracking of Assets etc.
Certification is Necessary for Virtual Bookkeeping Business
It is a good virtual bookkeeping business policy to gain a proper certification. Clients feel more at ease letting certified individuals handle their sensitive information. They want to know the person managing their financial data and confidential information is reliable. Easiest way to gain this trust is through certification. Following are few organizations that provide certifications;
I) National Association of Certified Public Bookkeepers (NACPB)
II) American Institute of Professional Bookkeepers
III) College bookkeeping program
IV) Accounting software certification via the software provider such as QuickBooks ProAdvisor
Register Your Virtual Bookkeeping Business
It is essential that you register your business with the state as DBA, or as an LLC (Limited Liability Company). By registering your business as LLC, you can keep yourself from being personally liable, if your business is sued. In most states you can file for your business registration for a fee as low as $150.
Open an Account for your Virtual Bookkeeping Business
As a bookkeeper yourself, you must’ve realized how important it is to keep separate accounts for personal and business use. You must open a bank account registered in the name of your business. It will allow you to maintain the personal liability protection through your LLC. No need to access online banking if you do not want. If I were in your place, I would choose banking for my virtual bookkeeping business near me.
Create a Website for your Virtual Bookkeeping Business
Before establishing contact with clients, you need a platform. There is no platform better for a virtual and personal bookkeeping business services than a website. You can also attract more customers if you have an attractive and professional website. If you are worried about the depletion of your funds, you should not be. It does not cause much money. WordPress is easy to learn, even for a novice. You can tweak the layouts available to suit your own needs and viola, you have your very own website. You must list all the services you are offering in your website. It must also include some background information along with your credentials. The customers must have a way of contacting you. To make it more alluring, you can even give free tutorials or discounts to clients. These are all just basic virtual business strategies.
Obtain Relevant Softwares and Tools
You do not require many tools except basics.
I) First requirement is an internet connected computer. That much is obvious, but essential to mention.
II) Secondly, you will need a basic accounting software. QuickBooks is the most popular for this kind of business. It is Cloud based. It is also widely accepted as the best online accounting tool.
III) Thirdly, you will need a document management software. You will have to sort through a lot of information in bookkeeping. That need makes this software necessary. Google Drive is a enough good tool for this purpose.
IV) Fourthly, you will need a Project Management Application. It is not a necessity, but it will make your own life easier in the long run. Managing multiple clients and multiple tasks can make you forget something important. This application will act as a glorified alarm clock.
Obtain Insurance for your Virtual Bookkeeping Business
You might need to protect yourself from a legal claim in the future. It is prudent to be prepared and proactively obtain a business insurance for your own protection. Best virtual bookkeeping business companies usually gain Professional Liability and General Liability Insurance. You may also check with the state to see if any insurance is legally required for your virtual bookkeeping business.
Launch Your Business and Start Earning
You have established all basics required to make your business take off. Now contact the clients and start your business. You are ready. Contact SG Inc. CPA can help you establish a virtual bookkeeping business in Dallas, Texas.