Bookkeeping as a full or part time career can be an excellent avenue to make money. Many businesses, individuals, and families need bookkeepers to help balance incoming and outgoing income and expenses. Bookkeeping as a source to generate income can be attainable because the requirements and start up costs are low. It’s great to learn how to make money with book keeping.
Bookkeeping requires a financial record keeper to be responsible for the financial transactions of the business, individual, or family. The job responsibilities of bookkeepers can vary, but it depends on what the entity needs. For example, it’s possible that major corporations may require a specialized bookkeeper to oversee payroll or expenditures, but a smaller business or individual may need a bookkeeper to keep track of accounts payable and receivable and receipts.
The requirements for bookkeepers require at the very least a diploma from high school, but having an associate degree or higher form of education in the field is fairly common. A college degree or certification can provide better opportunities for advancement. It’s good to consider furthering education so that changing tax laws are never overlooked.
The tools needed to be successful in this career will certainly depend on the structure of the business the keeper works for. For example, sole proprietor ships probably don’t need software, and may only require a spreadsheet of income and expenses, which may be found in a database program. On the other hand, a partnership, LLC, S or C-corporation may need a professional accounting software product.
Locating customers for a bookkeeping business can be as simple as asking friends and family for referrals. Additionally, asking former employers, joining business associations and social clubs, and online contacts are an excellent source for finding customers. The American Institute of Professional Bookkeepers also provides a useful site to find jobs or clients. The site is free and allows you to post your resume and view potential clients in need of your services.
The pay for bookkeepers varies depending on the type of business and where they are located. The Bureau of Labor Statistics, lists the hourly rate as ranging from $10.23 to $24.75 with a median of $16.36 an hour. Additionally, yearly salary may range from $21,270 up to $51,470 with an average median of $34,030.
Self- employed bookkeepers can charge $20 and hour and more, but it depends on the job being performed. For example, some services such as year end totals and tax documents are a great way for these professionals to earn extra income. Nonetheless, asking around and finding out rates from friends, newspapers, and local business can aid you in estimating the normal rate in your area, and teach a novice how to make money with book keeping.
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