Start & Run a Bookkeeping Business. Angie Mohr

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      To those with a “head for numbers” and some computer knowledge, it may seem like a natural thing to put out your shingle and offer bookkeeping services to small businesses and individuals who need to track their investment portfolios.

      However, knowing how to keep the books doesn’t necessarily translate into business savvy, and many would-be bookkeeping services suffer from the same entrepreneurial ailments as businesses in every other industry. Ninety-six percent of all small businesses in North America that are started today won’t be around in ten years, and bookkeeping businesses are no exception. They either go bankrupt, close their doors, or otherwise give up the dream of “making it.” Not having a full complement of business management skills leaves business owners in the air without a flight plan.

      That’s the bad news. The good news is that financial management skills can be learned. These skills include the following:

      • Human resource management

      • Record keeping

      • Financial statement analysis

      • Budgeting and forecasting

      • Billable-time management

      Every single entrepreneur who starts a small business can develop and hone business prowess. The added benefit to those who run bookkeeping businesses is that they can pass on these learned skills to their clients, thereby increasing client loyalty and, as a result, fee income.

      Accurate record keeping is one of the cornerstones of small-business success. Yet a shocking number of entrepreneurs do not possess this skill. There are over 24 million small businesses in the United States and Canada alone, each with a need to track their business results so that they can interpret the “story” those results are telling them. The process is much like a physician reading lab results (which look like hieroglyphics to the average person) to diagnose what’s wrong with a patient. There is a constant need for bookkeepers to help keep businesses both on track with government and taxation reporting and regulations and up to speed with prudent internal reporting requirements. A high-quality bookkeeping business can help its clients track the numbers and understand what they mean.

      This book is designed for people who want to start or improve their bookkeeping services business. It covers not only the basics of running an entrepreneurial enterprise but also those issues specific to a bookkeeping operation, such as tracking client work, increasing your customer base, and determining when to involve a professional accountant.

      There’s no need to read this book in the order it has been presented. Feel free to jump in wherever you’d like. Different chapters will naturally appeal to you at different stages of your business start-up. This book will cover such diverse topics as finding the money for your business, pricing your services, working from home, and marketing and promotion.

      I do recommend that you eventually read the entire book, for it sheds new light on many critical business subjects and may help you with challenges you didn’t even know you had.

      One final word about currency. Throughout this book, I use dollars and cents for consistency and ease of use. However, the business principles contained here are equally applicable regardless of the country in which you conduct business and are not directly related to any particular set of accounting rules or tax laws. Terminology may differ from country to country, and the dollar signs for some readers might be pounds or rupees or euros, but the underlying business principles are the same.

      As you read the book, drop by our website, www.numbers101.com, to access our library of business articles, cool biz tools, and other great links and resources for your business. You can also sign up for our monthly e-newsletter while you’re there.

      For now, please put your luggage in the overhead bins, put your tray tables in the upright position, and prepare for takeoff!

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      Getting Started