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How To Start Bookkeeping For Small Business - YouTube
Channel: Young Entrepreneurs Forum
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Start Bookkeeping for Small Business
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how to start a small book keeping
business when you think of working from
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home then starting and running a small
book keeping business will be a
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profitable one other than its low cost
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there will be no requirement of any
office space so no rent to be paid as
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well
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on the other hand the person must be
aware and understand the different
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accounting procedures and have the
special quality of paying attention to
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each and every detail
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in addition a qualification and
accounting is not required
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since you are not similar to an
accountant who offers financial opinions
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your customer
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basically
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the job of a bookkeeper is to guarantee
that the income and expenses are traced
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and entered statements for banks are
dealt with the payroll of an employee
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has worked on and disbursements as well
as invoices are suitably recorded start
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up prices and funding sources the basic
requirement for you to start and provide
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bookkeeping services are only a pc along
with accounting software or merely a
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fundamental spreadsheet for this you
need to spend only a thousand to two
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thousand dollars reckoning on your
financial plan
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as for the financial part you can either
use your personal savings or even go in
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for loans which can be a pain from the
small business administration
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it is not very difficult to get an
approval for small amount equal to 50
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thousand dollars
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nevertheless to get alone you have to
submit your business plan which consists
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of the future income and expenditures
that you would be making out of your
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business and your growth possibility as
well
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pricing parameters the rate that you can
charge for the bookkeeping services that
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you provide will depend on the work
volume
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you can also charge based on time and
such rates can be twenty to fifty
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dollars per hour on the other hand some
bookkeepers provide such a service for a
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fixed price between 200 and 800 every
month
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relying on the nature and degree of the
work needed promotion and marketing
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the majority of your clients will be
only small business owners who lack time
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and neither bookkeeping to be done
accurately
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hence they would like to outsource the
work to a bookkeeper like you who could
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trace the whole lot and supply them with
a statement every month and owners of
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retail stores or service providers like
doctors
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plumbers and lawyers will be looking for
your services
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the reason is is that these people would
like to concentrate more on their
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businesses and not on other
administrative duties
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hence you need to promote your business
and yellow pages in the beginning
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you can also scan through companies that
publicize and journals or newspapers and
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get in touch with them to promote your
services via telephone actually anyone
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owning a business will require your
services and you will be able to find a
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long list of prospective clients that
you can contact in reality you can as
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well
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contact big bookkeeping firms for
recommendations
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since they had times may not be able to
manage their clients there by would like
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to refer the smaller businesses to you
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furthermore you can network with trade
associations or business clusters in
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your region for self-promotion of your
bookkeeping business when you become
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more accomplished your fame will augment
mostly due to recommendations from
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existing customers
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the necessary tools APC accounting
software and a printer are the devices
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that you need to have optional training
knowledge or required expertise
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even though it is not a necessity for
you to possess an accounting
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qualification but still if you are
formally trained in this area it would
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be an addict qualification and your
clients will trust you with their work
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you can join a course that is offered by
community colleges or other accredited
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institutions and get to know the basics
of bookkeeping
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indeed you can find out from the
american institute of professional
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bookkeepers for a record of their
members who provide these services
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you must also have the skills to manage
and control your business you need to
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know the legalities how to hire plan and
market your business you must be well
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versed in drafting your business
proposal
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so that you can be at ease once your
business picks up revenue potential the
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money you can earn from this business
depends on the effort and time that you
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put in you will find that some
bookkeeping businesses have grown to the
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extent of generating revenue to the tune
of a hundred thousand dollars a year
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while others
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mayor and only forty thousand dollars in
state lack in effort your target market
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without any doubt the target market is
vast for bookkeeping business since
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bookkeeping forms portion of managing a
business all owners of a business are
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accountable for their bookkeeping
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this entails that any small business
owners who do not have the time and the
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interest for bookkeeping can be your
target market tips for success
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in case you are able to provide
outstanding services to your present
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customers that you can get excellent
reviews and recommendations for your
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business
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this is indispensable and spreading your
business through word of mouth is more
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beneficial for speed development of your
business
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also the job of a bookkeeper is thorough
and needs a person having capability to
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concentrate on details as well as son we
read with scrunching numbers a
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bookkeeper has to be truthful and
practice honesty with regard to the job
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this is particularly factual when a
bookkeeper is cursed by the customers to
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manipulate the figures in the records
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you can walk away under such a situation
instead of tarnishing your name in the
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business field
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