Professional accountants looking for ways to supplement their income are an ideal way to do just that while working remotely from home. A side business offers both potential for profit and greater flexibility than ever.
In this On the Margins podcast, we interview Kate Johnson who runs an incredibly successful virtual bookkeeping business. She shares her tips for starting such a side hustle successfully.
1. Freelance
Bookkeepers can work as freelance bookkeeping experts, offering their services to businesses who require help with accounting tasks like financial analysis, invoicing, payroll processing and tax preparation. Freelance work offers accountants an extra source of revenue while simultaneously developing new skills.
Real estate investment offers another means for bookkeepers to eke out an extra income stream. Investing can take various forms – buying and selling directly, as well as platforms like Arrived that help people invest in rental properties that generate rental income – making this the ideal side business for someone with an analytical mind and an interest in numbers.
If you possess strong writing abilities, blogging and YouTube channel are great ways to generate extra income. By sharing experiences or expertise within the accounting field or simply discussing something that interests you, this can be an incredibly versatile yet low-risk side hustle that almost anyone can pursue.
Virtual bookkeeping is one of the more lucrative side gigs accountants or CPAs can pursue as a side business venture. Many small businesses need assistance managing their books, creating an opportunity for accountants and CPAs. There are various pricing structures to consider for your services from hourly rates to monthly retainers – as long as it benefits both sides!
Bookkeepers looking to add some side income should consider starting an Amazon FBA (Fulfillment by Amazon) business. This involves storing and shipping products sold by other businesses on the platform before making a profit by selling them yourself – this can be especially profitable for bookkeepers with strong knowledge of accounting industry practices as well as an understanding of marketing online products effectively.
Bookkeepers can start tutoring businesses to assist students preparing for CPA exam and other financial tests. This industry is high-demand for those who possess analytical minds with an aptitude for teaching; you can advertise your services on websites like Upwork and Freelancer as well as creating your own website and contacting local schools directly. Incorporation may offer additional advantages including limited liability as well as clearly segregating personal from business expenses.
2. Online Marketing
One of the most sought-after side hustles for people with accounting or finance backgrounds is online marketing. With the appropriate skillsets, online marketers can make a good living freelancing their skills for companies and agencies who require assistance with social media, content marketing, SEO services or SEO management – an excellent starting point would be freelance websites such as Upwork or Fiverr to find opportunities in this space.
An accountant seeking to expand their side business on the side may also want to consider starting an online blog or website dedicated to bookkeeping, accounting and financial planning topics as a source of extra income that establishes them as experts in their field. Doing this may lead to extra income as well as help build credibility as an authority figure within that field.
One accountant we know runs an online marketing service as well as providing virtual bookkeeping service at monthly rates for her virtual bookkeeping service, earning her a six-figure annual salary working only two days each week.
Online arbitrage is another lucrative source of side income for accountants. This involves purchasing products at lower prices from one website and selling them at higher rates on another to make a profit – this requires both analytical thought and an appreciation for numbers to succeed at.
Real estate investing can be an attractive side business option for accountants looking to start profitable side businesses. But it is essential to remember that renting out property comes with many liabilities and costs associated with maintaining it; thus, diversification should be implemented through investing in income-generating assets rather than solely real estate assets.
One accountant we know has diversified her income by purchasing and managing vacation rentals, which has enabled her to generate additional income while continuing her full-time job and traveling more. Another option would be investing in real estate investment trusts (REITs), which offer yields similar to direct property rentals but with reduced risks and ownership costs. No matter which direction your venture takes, it’s wise to draft a business plan which outlines goals, targets, market research findings, pricing strategies, financial projections as part of its plan.
3. Social Media Marketing
Social media marketing can be an ideal side hustle for bookkeepers looking for side business. By using various platforms like Facebook, Instagram and Snapchat to promote offers and products online, you could make extra cash online while making some side money in return. But in order to be successful with this endeavor you need a strong grasp of their ways before beginning this venture as a side business.
Blogging is another excellent way to generate a decent income from home, with only minimal investment required and potential to turn into full-time work if enough traffic can be generated. Choose any topic you find interesting to blog about – there are numerous strategies for monetising websites!
Created and edited content. Use free podcasting software and microphones to record and edit it all yourself.
Tutoring can be an excellent way for accountants to generate extra income. There is a high demand for accounting instructors and tutoring rates range anywhere from $50 an hour up to more depending on experience and demand. With the proper teaching skills in place, this business venture could prove profitable as it both supplements your income while simultaneously expanding your professional network.
Real estate investing can be an excellent way to generate passive income. Platforms like Arrived can pool funds from multiple investors to purchase rental properties and manage income-generating properties, while Vanguard or TD Ameritrade provide investments through stocks or mutual funds that may offer better returns than renting properties directly. But be cautious when selecting investments as the market can be unpredictable.
4. Data Entry
Data entry is a type of clerical work that involves transcribing information from one form into another, typically via transcribing handwritten documents or spreadsheet data into computer programs. Data entry operators usually require minimal formal education requirements and can find work at various companies; however, anyone considering it as a side hustle should take precautionary steps against any scams promising work in exchange for fees.
Bookkeepers can earn extra income as independent contractors by offering their services as bookkeeping consultants to clients as part of a contract arrangement. This could involve tax return preparation, financial consulting or any number of accounting-related tasks. Bookkeepers can find clients by posting freelance job ads or through referral networks.
Bookkeepers looking for additional revenue sources should consider building and managing an online portfolio of accounting-related work, but ensure their primary goal remains providing high-quality services and building strong client relationships that can expand over time.
Many small businesses require bookkeeping services, yet don’t have the budget for full-time accounting professionals. Instead, many owners rely on freelancers or independent contractors at reasonable rates who can deliver the same high quality service as professional bookkeepers.
Offering virtual accounting services is another viable and potentially lucrative side hustle option for bookkeepers, providing flexible work from home or anywhere worldwide via video calls or webinars.
Bookkeepers can make extra income by renting out vacation rental properties – this is a popular side hustle among people who love traveling but need an income while they’re gone. Managing these properties can be rewarding, providing new friends and acquaintances along the way.
Bookkeepers often struggle to select an ideal side hustle that maximizes their earning potential and makes a substantial amount of money. By developing specific areas of expertise, creating a website, and setting up accounting software to manage client accounts efficiently, bookkeepers can maximize the earnings potential of their side hustle.