How to Start a Freelance Bookkeeping & Payroll Service

Thanks to the 2008 recession many bookkeepers have been laid off working for companies that provided them with steady income streams for many years. But today being retrenched after years of loyal service is no longer a curse. It is a blessing in disguise. This guide will explain why.

Things to remember when starting out

It will also show how Melbourne bookkeepers can begin life as freelancers. See this short series of notes as a source of encouraging unemployed number crunchers to start their own business within weeks. There are some things to remember and a tip on keeping your niche business legal. The payroll business is used as a target business example.

The first and most important bit of advice on going it alone is to know what you want to do and how much you want to get out of the business, not just in monetary terms. Read more here!

Budgets and Finance

Money is important. Practised bookkeepers are at an advantage and a step ahead of their freelancing peers who do not have the same accounting background and financial acumen and discipline to hand. But where money is concerned in the freelancing arena, pricing is important.

Begin the construction of an accurate quoting system by measuring your monthly budget requirements and most important financial commitments such as tax, mortgage payments, savings and investments. A negative argument put forward by new freelancers is that they simply do not have the funds available to provide for things such as savings.

Basic tools of trade

Setting money aside for capital expenditure, unforeseen events such as illness and disability and the all-important pension is important. Take a flexible but responsible approach to this. Where capital expenditure is concerned, make sure that you have acquired the correct tools such as a good terminal with printer, scanner and facsimile and reliable hardware system. Most importantly, make sure that you have purchased the most appropriate software package that should correlate directly with the business of bookkeeping.

Also, invest in registering with international freelance agencies and own research material which will focus more on the practice of freelancing and running a small business operation. Expenses here will not be high.

Research and development

The most important aspect of freelance bookkeeping services is kept for last. Researching local industries will be challenging at first but when done methodically it will eventually see returns. Also, emotions need to be kept in check. After the first month does not see any initial expression of interest in your new business offering, do not panic. The best freelancers will tell you that business can be slow within the first few months of operating.

When researching niche areas of business; focus on aligning these closely with your bookkeeping skills. If you want to focus on offering effective payroll monitoring systems to small business enterprises, look at the number of employees they have on their books.

Companies within the Melbourne areas are well-regulated. Make sure too that your business is compliant with federal laws. Register your business, and when registering for tax, register as a self-employed person. Finally, do not forget to network with other bookkeepers in your area so that you can keep your ears and eyes open for new business leads.

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