Bookkeeping/accounting Business From Home?

[smallbusinessca]

Hi, did not want to hijack the previous thread hence creating a new one.

First post to this forum.

I am from GTA Canada and am currently employed and hold a good financial position with experience of over 15 years in accounting field from A2Z. Budgets, payroll, Financials, reconcilaitions, A/P, A/R ......

I am interested to start a home based business on a small scale and working through to being my own boss in future! I do not know where to start, who / how to approach, how much to charge etc... Where do I get some info in regards to the same! Thanks

[meredith]

Hi there & welcome

You're already ahead of the field given your experience in accounting. I personally found it far easier (and got better quality and more interesting clients) having a solid background in all areas of accounting.

Do you have experience in small business accounting packages? Get a hold of some trial versions of the most popular ones (QuickBooks comes to mind) and have a play with it. Consider attending a training course on it, unless you're a bit of a systems whiz. I know it would have helped me (instead of the fake it till you make it approach).

The best source of business I found was to approach accountancy firms, as they often outsource or recommend onsite bookkeeping services to their clients. Be careful to stress that you are not looking to take their clients away, just offering a complementary service. You'll find it a great advantage in being able to talk their language too.

As for charging, what I did was ring up local bookkeeping services as a potential client, and subtly asking what their rates were. It surprised me how many just answered the question without first establishing that I actually *was* a potential client. I purposely positioned myself at the higher end of hourly rates, as I am a fully qualified accountant, rather than a bookkeeper without qualifications.

It took me around 6 months of networking and meeting with accounting firms before I had a full diary, and 10 years on, still have many of those original clients.

Good luck!
Meredith

[smallbusinessca]

Thank you Meredith for your reply.

Yes certainly it is a good idea to have a hold on home based softwares as a home business owner will certainly not be able to afford the fees paid for software licenses by a company. I will work on that. Systemwise I do support minor problems of Networking, installations and reinstallations and trouble shooting computer problems, so I will be OK.

Out here in Canada I guess its difficult to approach accounting firms as rightfully they may think we are there to steal their business. Some even have a board outside "No Soliciting" but would surely like to try that. I lack the confidence though as to how to approach as mostly you are stuck with the receptionist who you leave your flyer or your card! & why would they give business walking into their door to someone else?

Are there any other venues which one can think of where business can be obtained!

Thank you.

[phanio]

I think you are on the right track. Start small and learn as you grow. The best thing to learn is your customers - what they want and need and how you can provide that. Try to figure out what you want to offer (look at competitors and what they offer) they get out in your local neighborhood and promote what you offer. As you talk with potential customers - try to listen to their concerns - this will help you better understand them and help you focus your offerings.

Keep a very open mind and be flexible in this process.

Lastly, you might want to think about a business plan - does not have to be formal - but go through the steps - this will help you answer many of the questions you have. Search for free sample plans and templates to get started.

[meredith]

Another approach that worked for me was to join the various local Chambers of Commerce. Also, I joined a few different breakfast networking groups as well, and their main purpose was to generate referrals within the group - only one business from each industry was allowed to join. Have a look if there is something similar in your locality. BNI is one that comes to mind but I found it quite expensive to join - there may well be others more reasonably priced.

Invariably I found that accountants belonged to these groups so it was also a foot in the door in that respect. I also joined my local Rotary Club, and got to know many local business people in that way.

I live in a mid-sized regional town which is still small enough for "it's not what you know but WHO you know", and building relationships with local businesses was a great way to build credibility which led to more business and word of mouth referrals.