What I Would Do DIFFERENTLY - Starting My Bookkeeping Business Today

Summary

In this video, CPA and finance expert AJ Stockwell shares insights on starting a bookkeeping business today. He advises signing up for the free QuickBooks Online accounting program, mastering QuickBooks Online, focusing on a specific industry, expanding beyond local clients, charging higher fees, and building a thoughtful, client-focused business.

Takeaways

• 📚 Start with the QuickBooks Online accounting program, which is now free and provides a comprehensive toolkit for bookkeeping businesses.
• 💻 Focus on mastering QuickBooks Online and only work with clients who use this platform to avoid spreading expertise too thin across multiple software.
• 🏢 Choose a specific industry to specialize in and become an expert in that field to provide deeper insights and value to clients.
• 🔍 Stay updated on industry news and trends to maintain a competitive edge and offer informed advice to clients.
• 🌐 Expand your client base beyond your local community by leveraging cloud accounting tools like QuickBooks Online, which allow for remote service.
• 💰 Charge more for your services to reflect the value you provide, overcoming the common undervaluation of professional services by new bookkeepers.
• 📈 Consider increasing your initial service rate by 10-20% to better align with the market and the value clients receive.
• 🧘‍♂️ Build your business thoughtfully and slowly, focusing on quality over quantity, especially if immediate income is not critical.
• 🤝 Identify an ideal client profile and ensure that potential clients are a good fit for your services and that you can meet their needs effectively.
• 🌟 Embrace technology and stay ahead of trends to build a successful accounting business in an industry that is rapidly evolving.

Q & A

What is AJ Stockwell's professional background?

AJ Stockwell is a licensed CPA and an expert in small business accounting and finance. He started a bookkeeping business while in college, serving local small businesses and hiring accounting students for client bookkeeping work.

What was the primary software used by AJ Stockwell when he started his bookkeeping business?

AJ Stockwell used QuickBooks Desktop exclusively when he started his bookkeeping business, as it was before the era of QuickBooks Online.

How has the bookkeeping industry changed since AJ Stockwell started his business?

The bookkeeping industry has rapidly evolved with technology and automation, changing the roles that accountants and bookkeepers play in businesses, making it an exciting time to start a bookkeeping business.

What is the QuickBooks Online Accounting program and why is it beneficial for starting a bookkeeping business today?

The QuickBooks Online Accounting program is a free service that provides a copy of QuickBooks Online for a bookkeeping business's own books, a work center for clients, accountant tools, and access to specific training and certifications. It's beneficial because it was previously costly, and now it's free, offering more resources without initial investment.

Why does AJ Stockwell suggest focusing on QuickBooks Online instead of learning multiple software programs?

Focusing on one platform like QuickBooks Online allows a bookkeeper to become highly proficient and master the system, rather than being just good at many. This specialization can lead to better service and expertise for clients.

What are the advantages of using cloud-based QuickBooks Online according to the script?

The advantages of using QuickBooks Online, a cloud-based system, include the ability to access clients' books from anywhere, which provides flexibility and a significant advantage in serving clients remotely.

Why is it important for a bookkeeper to choose and master a specific industry?

Mastering a specific industry allows a bookkeeper to understand trends, common practices, and setup standards within that industry. This deep understanding compounds knowledge and adds value to both the bookkeeper's expertise and the clients' business operations.

How does specializing in an industry help a bookkeeper stand out from the competition?

Specializing in an industry and becoming a master in that field allows a bookkeeper to position themselves as an expert, which can attract clients looking for industry-specific knowledge and advice, setting them apart from general bookkeepers or accountants.

What is AJ Stockwell's advice on expanding the client base beyond the local community?

AJ Stockwell suggests leveraging cloud accounting tools like QuickBooks Online and video conferencing platforms to serve clients worldwide, increasing the potential client base and offering flexibility to work from anywhere.

Why does AJ Stockwell recommend charging more for bookkeeping services?

Charging more reflects the value and expertise provided to clients. It's important for professionals to recognize the worth of their services and to ensure that clients are willing to pay a price that matches the value they receive.

What is AJ Stockwell's approach to building a bookkeeping business thoughtfully?

AJ Stockwell advises slowing down and being thoughtful about business growth, identifying an ideal client profile, choosing an industry to work with, and ensuring a good fit between the bookkeeper and the client. This approach helps to build a solid foundation and offer higher value to clients.