It is essential for paying taxes, hiring bookkeepers and other employees, and opening a business bank account. You will also have to file for an EIN (Employer Identification Number) with the IRS. To form an LLC, you’ll need to file Articles of Organization with the Secretary of State’s office and pay the state filing fee. Many bookkeepers prefer to form limited liability companies (LLCs) to limit personal liabilities and enjoy the benefits of flexible management structures and taxation options. You just need to fill out a simplified application and we’ll take care of the legal formalities at a much more reasonable rate than hiring a lawyer.īut what if you want to hire other bookkeepers as your team grows? Or, what if you want to reduce your personal liabilities as a business owner? However, you’ll be liable for all business debts and lawsuits as a sole proprietor.īut the good part is that it’s easy to register your business as a sole proprietor. If you’re going to start working as a full-time bookkeeper single-handedly, you can choose to form a sole proprietorship. The next step is to choose a legal business entity type for your virtual bookkeeping business. Step #2: Register Your Bookkeeping Firm As a Legal Business Entity You can use business name generators online to look for unique and brandable names for your bookkeeping company. The name you choose should be relevant to your industry, nature of work, and should be available to register. To start a business, you will have to pick a name for your virtual bookkeeping business. Here’s a step-by-step plan to help you get started: Step #1: Pick a Business Name Good communication skills to get clients, negotiate with them, and collaborate efficientlyĪs a new business owner, you may also look for a mentor or consultant to guide you through the process of starting a bookkeeping business.ĥ Steps to Start a Virtual Bookkeeping Business.Know-how of accounting software that you’ll use to provide bookkeeping services to your clients.Bookkeeping practice to ensure efficient record keeping, data entry, cash flow management, etc.Passing the CPA exam to become a Certified Public Accountant that people and businesses can trust.Training to become a certified or skilled bookkeeper.Basic computer skills to work as a bookkeeper.Here’s what you need to start a virtual bookkeeping business: What Skills Do You Need to Start a Virtual Bookkeeping Business? Read on this comprehensive step-by-step guide to set up your virtual bookkeeping business and start making money. However, there are things that you need to take care of to get started. Setting up an online business can help you enjoy the benefits of a flexible work schedule and the comfort of working from home. On average, a virtual bookkeeper earns over $42K per year and you can do that as well.Īs a virtual bookkeeper, you can work from home, a cafe, or beautiful travel destinations. Learn how to start a virtual bookkeeping business and start earning early. You just need a laptop, an internet connection, the right bookkeeping software, and a marketing budget to get started. Secondly, you can start a virtual bookkeeping business with little investment. Wondering what makes virtual bookkeeping a lucrative business idea?įirstly, bookkeeping services are in high demand as everyone needs to keep records and manage finances – be it freelancers, solopreneurs, small business owners, or corporations.
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