What I Would Do DIFFERENTLY - Starting My Bookkeeping Business Today

Learn Bookkeeping Today
23 Jan 201908:58

Summary

TLDRIn 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.
  • đŸ’» 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.
  • đŸ§˜â€â™‚ïž Build your business thoughtfully and slowly, focusing on quality over quantity, especially if immediate income is not critical.
  • đŸ€ 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.

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Bookkeeping AdviceQuickBooks OnlineCloud AccountingIndustry MasteryBusiness AutomationAccountant TipsCPA ExpertiseClient RelationsService PricingRemote Services
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