Build a $30K a Month Bookkeeping Business and Quit Your Day Job

Summary

Nick from Income Digs offers a compelling guide for bookkeepers to significantly increase their income by focusing on the lucrative niche of Real Estate Investors. He provides three key tips: clean up investors' disorganized books, establish a consistent bookkeeping process, and produce accurate, real-time reports. Nick emphasizes the value of expertise in tailoring QuickBooks Online for real estate needs and encourages bookkeepers to elevate their rates by becoming specialists in this niche, with examples of successful students charging upwards of $197 per hour.

Takeaways

• 💼 The video is aimed at bookkeepers who want to significantly increase their income by specializing in serving Real Estate Investors.
• 🏠 Nick, the speaker, is a real estate investor himself and assures that the advice given is based on the actual needs of investors.
• 📈 He offers three main tips for bookkeepers to enhance their business: cleaning up financial disorganization, creating consistent processes, and producing valuable reports.
• 🧹 'Cleaning up the mess' refers to organizing and simplifying the financial records to build trust and accuracy for the investor clients.
• 📊 Establishing a 'consistent process' involves setting up a clear workflow for bookkeeping tasks and documenting this process for the client.
• 📈 'Produce great reports' emphasizes the need for real-time, accurate, and useful financial reporting that aids in making informed business decisions.
• 📝 Nick suggests aligning on a 'target chart of accounts' and cleaning up old data to ensure everything complies with the new standardized system.
• 🔄 The importance of reconciling account balances and ensuring all financial accounts are accurate is highlighted as a value-added service.
• 📉 He mentions the potential for bookkeepers to charge project-based fees for cleanup work, indicating a revenue opportunity.
• 💡 The 'bonus' point is about the mindset shift where bookkeepers should view themselves as experts who can make QuickBooks Online work effectively for real estate investors.
• 💰 The video concludes with the potential for bookkeepers to charge higher rates, with examples given of successful students charging over $197 per hour.

Q & A

What is the main focus of Nick's video for bookkeepers?

The main focus of Nick's video is to show bookkeepers how to increase their income by focusing on a niche market: Real Estate Investors.

Why are real estate investors in need of bookkeepers?

Real estate investors often struggle with managing their books, as they may be disorganized and inaccurate, which is where bookkeepers can add value by cleaning up and organizing their financial records.

What is the first step Nick suggests for bookkeepers to add value to real estate investors?

The first step is to clean up the mess in the real estate investor's financial records, ensuring everything is organized and accurate.

What does Nick mean by 'establishing a consistent process' for real estate investors?

Establishing a consistent process involves creating a clear, documented workflow for bookkeeping tasks that the investor can follow, ensuring consistency and reliability in managing their books.

Why is producing great reports important for real estate investors?

Producing great reports is crucial because it allows real estate investors to make informed business decisions based on accurate, real-time financial data.

What should be the focus of a bookkeeper's reports for real estate investors?

The reports should be focused on providing insights into the profitability of individual projects or properties, cash flow, and budget comparisons.

What is the 'bonus' Nick mentions at the end of his three main tips?

The bonus is a mindset shift where bookkeepers understand that QuickBooks Online is not inherently designed for real estate investors, and they need to customize it to meet the specific needs of this niche.

How can bookkeepers charge more for their services according to Nick?

Bookkeepers can charge more by becoming experts in serving real estate investors, demonstrating their value through clean financial records, consistent processes, and insightful reports.

What is the potential hourly rate that Nick's students are charging after following his advice?

Some of Nick's students are charging over $197 per hour after becoming experts in serving real estate investors.

What is the 'Real Estate Accounting Boot Camp' that Nick mentions?

The 'Real Estate Accounting Boot Camp' is an end-to-end course that Nick offers to help bookkeepers become experts in serving real estate investors, enhancing their skills and ability to charge higher rates.