According to research, bookkeeping is among the most profit-making businesses. Actually, most bookkeepers get work with one company while others choose to operate as freelance bookkeepers for some clients. This career needs a high-level skill which has led to its healthy wages which may vary based on the kind of bookkeeping job you take on. But don’t worry. I will show you how to become a bookkeeper with no experience.
If you are here because you are interested in starting a bookkeeping business, I have you covered. But before we talk about what this is all about, here are some interesting facts that I thought you should know.
- It’s one of the most lucrative online businesses as reported by Entrepreneur.
- Bookkeeping business requires minimal overhead and start-up costs. You also get to enjoy great hourly rates that can go as high as $80 per hour.
- You do not need a formal college degree to start the business or to apply for any virtual bookkeeping gigs.
- Online bookkeeping is a work-at-home business that you could do either part-time or full time.
But before I share the tricks on how to become a bookkeeper with no experience, I want to make sure that you don’t miss this important thing in your business; a business name. Well, most people think a business name isn’t important when starting out. But hey, it is crucial.
Before you start your bookkeeping business online, ensure your business name is safe. Secure that business name by purchasing a domain name and hosting from Namecheap. Get a FREE domain when you buy Shared hosting!
If you are serious about learning how to become a bookkeeper with no experience, check out this bookkeeping course here.
How to Become A Bookkeeper With No Experience
What is book keeping
According to Corporate Finance Institute, bookkeeping is “the recording on a daily basis, of a company’s financial transactions.”
Proper bookkeeping is crucial for every business. It helps in the tracking of all financial transactions to ensure that they are correct, updated, and comprehensive. Accuracy in this business is crucial for businesses as it informs key decisions in operations, investing, and financing.
Bookkeeping prepares the information from which a business’s accounts are organized and it follows a structure of “quality controls,” that helps in ensuring that records are timely and accurate.
Responsibilities of a bookkeeper
If you are working as a virtual bookkeeper for a business, your role involves recording transactions that include, but are not limited to:
- Updating all financial records of a business
- Creating financial reports
- Checking records to ensure accuracy
- Posting the financial records prepared in computer programs
- Ensuring that debits and credits are put into accounts appropriately
Bookkeeping involves the gathering of financial information, interpreting the information from figures into understandable language for the business owner, and lastly directing their clients away from bad financial decisions.
Great bookkeepers are always on the lookout for strategies that can help a business in growing financially. Most of the time, people confuse bookkeeping with accounting. But there is a difference.
What is the difference between bookkeeping and accounting?
Unlike what most people think, bookkeeping is different from accounting. Accounting involves the actual management of a business’s finances while bookkeeping involves the recording of all the financial transactions done in a business.
What do accountants do?
Although you are here to learn how to become a bookkeeper with no experience, it’s good to know what accountants do. Accounts are responsible for handling taxes every year for all the good reasons. They calculate the taxes owed and also making ready the tax returns. However, accountants also assist businesses and individuals with the following:
- Analyze financial statements
- Prepare financial records
- Act in accordance with state and governmental laws
- Evaluate data and propose methods to save money
Usually, accountants audits monetary statements. However, they are not liable for everyday finances. This means they do not pay bills or handle accounts receivable or payable.
Who hires bookkeepers?
Even if your aim is to learn how to become a bookkeeper with no experience, it is crucial that you know who needs a bookkeeper.
As a bookkeeper, you will offer your services to all types of businesses. This includes government agencies non-profit organizations, small business owners and others. In some situations, you might get hired by a large company on a permanent basis. Additionally, most tax preparers and CPAs work with bookkeepers. They help them in supporting their clients.
Freelance bookkeepers support all types of businesses. Also, working as a virtual bookkeeper, you are not limited to the number of clients you may have.
How much can you make as a bookkeeper?
Most entry-level bookkeeping jobs offer about $18.50 an hour, which translates to about $40,000 per year. However, this is mostly for bookkeepers who work in accounting departments of companies or corporations
For bookkeepers who go solo and start their own virtual bookkeeping business, you may often come across businesses that pay up to three times the rate that companies pay.
The good thing about working as a freelance bookkeeper is that you can set your rates to as high as you want. Besides, a freelance bookkeeper can work with multiple clients and the combined hourly rate is much better than that of an employee.
Do you need any qualifications to become a bookkeeper?
Since I mentioned about becoming a bookkeeper with no experience, I know you are wondering if you cannot do it without a degree. In case you have working experience as a store manager or have a college degree in finance or accounting you are all set to start your bookkeeping business. However, you don’t need a degree to become a bookkeeper online. As stated by the Bureau of Labor Statistics, most virtual bookkeepers don’t have degrees.
Bookkeeping skills you should have
No matter how small a job is, there are skills that are required for you to handle it. That is the same case with bookkeeping. Even if you have no experience you need the following key skills:
- Good communication skills; You need this skill anywhere but more so when working from home.
- Attention to detail; You will be doing tasks that deal with finance, you need to be attentive to every detail to ensure you deriver pure gold.
- Capability to build trust; When it comes to bookkeeping, trust is very important. Unlike other jobs, your client is entrusting private information with regard to his funds. You need to gain his trust to wok smoothly. Ensure you don’t give him a reason to distrust you because this means you don’t have a job.
How do I become a bookkeeper with no experience online?
Like any other business or job, it is hard to get clients to trust that you can do an excellent job even if it is your first time as a bookkeeper. Even if you don’t have bookkeeping experience, you need to learn everything that you need. Bookkeeping jobs are among the best jobs you can do but you need to ensure you know what you are doing. The client is entrusting you with the handling of his finances.
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If you are looking to make money from home or earn $80/hr working as a bookkeeper, start by getting this course here. If you are on a budget, you could go for free bookkeeping courses. However, they don’t offer a lot. The good thing about enrolling in a paid bookkeeping course is that you will have a mentor to show you the way all through. You will have all your questions answered by the expert.
Among the places that could help you learn bookkeeping include;
Things you need to start your online bookkeeping business
You do not need any previous experience to start a virtual bookkeeping business. Rather, most bookkeepers gain hands-on experience while working. Before your bookkeeping business launch, there are things that you need to have. You do not need any previous experience to start a virtual bookkeeping business. Rather, most bookkeepers gain hands-on experience while working. Ensure you get these items ready before you can start offering your bookkeeping services.
- A laptop or computer
- Stable internet connection
- Get the right bookkeeping software and learn how to use it
While other businesses need you to have as much as $1000 to start, this is the most affordable and profitable you can start.
How to find bookkeeping jobs online
Now that you know how to become a bookkeeper with no experience, it’s time you learn where and how to find jobs. Job marketplaces are the best place to start. These marketplace websites often have a variety of bookkeeping jobs posted and they can range from long-term projects to one-time gigs.
It’s important to explore various niches as a beginner so that you can find what works best for you. However, with time, specializing in a particular niche is critical in working your way up as a specialist within your niche.
However, some people will advise that you begin within a niche and grow organically and expand your niche as you grow.
Some of the best places to find bookkeeping jobs include;
- You can also get bookkeeping clients through referrals from past clients or friends and family.
Steps to become a bookkeeper with no experience
It might be overwhelming when you are starting out especially when you are trying to figure out everything on your own. I’m not offering you an introduction to bookkeeping, but I’m sure these five steps to become a bookkeeper with no experience will make everything easy for you. Check them out.
Enroll in one of the bookkeeping courses online
The first step to help you become a bookkeeper to earn money from home is to enroll in one of the bookkeeping online courses. This will help you to learn all you need to know about bookkeeping online and starting earning $80/hr. It is crucial that you know what you are going to do when a client asks you to do something using Quickbooks or ZohoBooks. Start with this course here.
Get familiar with the tools
Working online means you will be using bookkeeping software online. Before you launch your bookkeeping business, ensure you have learned all these tools and conversant with them. You may also need a printer and scanner. You don’t need a whole year to learn how to become a bookkeeper with no experience. You just need knowledge of the tools and the skills we have mentioned. Some of the tools you want to learn include;
Create your website
Remember what we said up there about a business name? Now, this is the time you need to use that name. Head over to Blue Host and buy hosting and get a free domain name. Having a website ensures that you have a place where your clients can leave a testimonial and see your past work. It’s like an office where they go to find you. Your website should have at least the following pages;
- Contact us
You don’t need $100 to start a website. You can start your business website with less than $5/month. There are many options that you can use to host your website. You could also try Namecheap and Get a FREE domain when you buy Shared hosting! Don’t forget to check the importance of WordPress Plugins on your website.
Market your bookkeeping online business
The fact that you will be offering your bookkeeping services online, doesn’t mean you can’t market the business offline. You can market your virtual bookkeeping business offline through a word of a mouth. For example, you can start by telling friends and family that you have started offering online bookkeeping services.
Working from home using online platforms means that you will make every effort to have a presence on social media platforms. Share tips and answer questions on Facebook, Twitter, and Quora. By doing so, you could land a client. Don’t forget to join online bookkeeping forums.
The key thing here is to find out where your clients hang out and follow them there and market to them. For instance, you could end up teaching someone how to become a bookkeeper with no experience and get paid.
Also, you can market your service by cold email businesses that you think might need your bookkeeping services.
Well, they say there is no standard age to stop learning. That is the same case for anyone interested in knowing how to become a bookkeeper with no experience. Keep learning since there are always new things. Technology keeps changing and thus ensure you update yourself on the latest trends.
And that is how is easy it is to learn how to become a bookkeeper with no experience. A virtual bookkeeping business is a lucrative opportunity that is currently on demand. Whether you are looking for a full time or part-time opportunity, or you just want to work-from-home, virtual bookkeeping might be the best decision you ever made!