Everything from business management to retail sales can be done online these days, which means record numbers of people are looking for work-at-home jobs. Companies that were offering remote work opportunities over the past few years have pulled back at an almost
theatrical pace, however. With such a large percentage of the workforce now accustomed to telecommuting, people have begun to look for new jobs that will let them bypass this trend of sending staffers back to the office.
Online bookkeeping is often promoted as an ideal way to get a side gig that doesn’t require professionals to spend even a single minute in a physical office. Over the last two years, the industry has transitioned back to a point where around two-thirds of all accountants have to visit a physical office regularly. Those who want to be part of a group that doesn’t have to may find it challenging to break into the space.
Forging Your Own Path in the Accounting Industry
Professionals who work in another industry and want to do online bookkeeping as a side hustle will probably want to go the freelance route. Few major financial companies will be willing to hire part-time bookkeepers who only work remotely. When you think about corporate finance careers, you think about long hours in the offices of some skyscraper, after all.
While this might sound like a problem, the current situation is creating major opportunities for entrepreneurs who don’t mind starting their own businesses. Individuals who contract their own accounting clients can schedule workdays around other demands, which might make it the perfect second job.
Those who don’t mind putting in the extra work to promote themselves online should find that there’s no shortage of people who need financial services. Automation and artificial intelligence have certainly changed the financial landscape, but regulators still require companies to keep sophisticated records. Even those who have invested heavily in software-based tools still need professional bookkeepers to look over their work.
Learning how to start a bookkeeping business may involve more than just mastering basic accounting skills because of the changing workplace. Freelancers are essentially business managers, even if their only employees are ever going to be them. They’ll want to study administrative techniques and ensure that all of their certifications are in order. Different regulatory bodies have various rules, so it’s important to understand what’s expected of accountants before working as one.
Dealing with the Legal Aspects of a Bookkeeping Side Hustle
Individuals who already have a degree in accounting may be able to earn a certification without much difficulty. Those who may have recently been laid off or changed jobs but previously worked as bookkeepers might not even have to do anything at all, since their old certifications will usually be transferable. Examinations are normally required of those who never worked as a certified public accountant. Several special focus areas were recently added to it.
These allow new bookkeepers to specialize in a field like business analysis and financial reporting, which can help them stand out from the competition when reaching out to clients. New accountants who are just getting into the trade will definitely want to specialize in one of the available fields, especially if they plan on making bookkeeping into a long-term second job. Doing so will often help them attract business owners who wouldn’t otherwise feel secure working with their accountant remotely.
People skills are more important than they might initially appear because any freelancer has to deal with clients on a personal basis, even if they’re only ever communicating with them online. Cultivating a polite and professional mannerism is vital for anyone attempting to make it in the field. Though it may not be immediately apparent, there are a few other business-related skills professionals need before they can be sure whether bookkeeping is ideal for them.
Sharpening Up Commercial Talents
Everything from posture to furniture arrangement is important for those who want to make it in online accounting. One study concluded that 48% of remote workers who never leave the couch end up with serious musculoskeletal maladies. Setting up a reasonable workspace is one of the first things anyone in the field should do.
Getting rid of household distractions is almost as important. Some online bookkeepers will actually go to a place with public WiFi to get away from their normal home life, but security can quickly become an issue. Accounting involves dealing with loads of sensitive data, so those working part-time as bookkeepers will want to be certain they’re on a secure connection. They may even want to invest in some extra encryption tools to be certain they’re protected against leaks.
These steps can help entrepreneurs realize their goals and get a good side hustle going quickly by eliminating many of the hurdles that usually come with starting any new venture.
