You can follow the business plan outlined above in writing your content. Your own business plan can also help you get investors before your bookkeeping firm is successful. It describes your goals, strategies, and revenue streams. Your business plan must cover your company overview, strategy, and actions. It makes sure that the amount on the balance sheet of your client is the same as the amount in their bank account. Bank ReconciliationĪ bookkeeping business can do monthly bank reconciliations. They would also get in touch with clients whose payments were late and take care of collections as needed. You can help your client keep track of the money that comes in (accounts receivable) and goes out (accounts payable).Ī bookkeeper would not only keep track of all the money owed to the business. They can also help analyze a business plan's finances and financial statements. We'll talk more about this in a later part of this article.īookkeeping firms can also help with accounting or opening a bank account for a business. When prospective clients start a business, a bookkeeper can help them choose between an LLC, a corporation, or other business structures. This function is very important for paying salaries to employees, including figuring taxes and government compliance. With this bookkeeping service, you can keep your potential client's account up-to-date and accurate. This will look at tax credits or deductions. A tax preparer can also look at personal information about a client, such as their Social Security number and statements of income and expenses. Tax Preparationįilling out and sending in tax forms for bookkeeping clients is part of tax preparation. The bookkeeper is expected to give a basic set of financial statements at the end of each month. Simple bookkeeping involves entering bank transactions, categorizing payments, and matching bank statements. Here are some of the most common services you can offer: Basic Bookkeeping And it starts with identifying what kind of bookkeeper you want to become. Knowing what you want to offer as a bookkeeper is vital. Identify Which Bookkeeping Services to Offer Accounts Receivable and Accounts Payable.Identify Which Bookkeeping Services to Offer.As for me, a lot of my clients starting out were friends and people I knew, not with the biggest businesses, so I wasn’t super stressed about insurance, but it is best practice, so get insurance as soon as you can. If you register as an LLC, that will at least protect your personal assets. You can use your own judgment and risk tolerance to decide if you’re the type of person that wants to initially skimp on insurance and then add it in once you start earning money. As with all of these things mentioned, there is a range, so I put $30-$70 a month for insurance. I recently renewed mine, so the video explains all about the cost and the process that I went through. I do have a video that talks about business insurance. I know insurance is not a favorite topic, but it is best practice to get business insurance. Eventually, you may want to invest in some better technology or dual monitors to make your office more comfortable, but consider starting simple and adding as you go based on what you determine you need. 99% of your work will be on the computer. Really as a bookkeeper you just need a computer. Maybe around $20 to get started in case you want to buy some pens and paper. I added office supplies, but you don’t need that many at all.
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