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Post Info TOPIC: DO I START A BOOKKEEPING BUSINESS


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DO I START A BOOKKEEPING BUSINESS


Hi Everyone,

Your kindly help will be appreciated here.

I am an accounting graduate with 4years of working experience but I want to start my own bookkeeping business as a self employed or if possible I can get an employer to work with while I understand the process of building up a career in the bookkeeping industry.

Please, your opinion is welcome as to any possible help you can render me.

Thanks.

Regards,

Melvin O.



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@melvinbookkeeper


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Hi Melvin,

Regulatory stuff aside, it's a lot of hard work. It's not the easy money maker that many of the bookkeeping courses and websites make it out to be. With 'self serve' software advertised all the time, and even bookkeeping software firms now launching their own bookkeeping/accounting services there has probably never been more competition than there is now. That said, with hard work and the right systems in place it is entirely possible to be successful, and it's certainly worked for me over the past 20 odd years!

Only you can make the decision if it is the right thing for you. Initially you would need to look into MLR supervision, membership of a professional body, indemnity insurance, registering as an agent with HMRC as a beginning point for starting up. I'm sure if you do a search on the forum this kind of thread has existed many times previously and can give you many other opinions and thoughts on it as well.

Best of luck

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Jenny

Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.



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The first thing I would consider is who is your ideal customer, what are their needs and what size business are they. It won't be people who want to do it themselves, it will be established businesses that rather focus on growth rather than admin because they know there are better uses of their time than bookkeeping.

So start to think how you can differentiate yourself from the plethora of other providers and solve your ideal customer pain points with regards to bookkeeping. Ask yourself how you can provide better value to potential customers and what more can you bring to the table that others won't or can't do.

I wouldn't worry about the bigger players trying to capture the market at scale because they will never be able to provide the personal touch small providers can and there will always be a pool of prospects that rather work on a more personal level. It's about finding your place in the market and working really hard to establish your presence and delivering exceptional service.



-- Edited by BrooksCity on Wednesday 5th of August 2020 09:48:14 PM

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BrooksCity - Chartered Accountants in London



Forum Moderator & Expert

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BrooksCity wrote:


So start to think how you can differentiate yourself from the plethora of other providers and solve your ideal customer pain points with regards to bookkeeping. Ask yourself how you can provide better value to potential customers and what more can you bring to the table that others won't or can't do.



In the 1990's there used to be topless cleaners. Thinks, well, worked for them... Did absolutely nothing for my business biggrin

Hi, welcome to the forum



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Newbie

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Let's hope we don't start seeing naked bookkeepers



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BrooksCity - Chartered Accountants in London



Newbie

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Thanks all for your powerful insight and contributions as you all rightly outlined here. I am really grateful for your advice and time.

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@melvinbookkeeper
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