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10 Steps To Successfully Starting an Online Bookkeeping Business

Sharissa Barnett May 5, 2023 9:28:25 AM
tools for starting an online bookkeeping business

The Steps To Starting an Online Bookkeeping Business

The financial industry is constantly evolving. As a result, the demand for bookkeeping services continues to grow. 

As an aspiring entrepreneur, starting a bookkeeping and tax preparation business can be an excellent opportunity to take advantage of this growing market. 

We’re here to discuss the steps you need to follow to establish a successful bookkeeping business and how CoralTree, Inc. Basil can simplify your practice management and help you stay ahead in the industry.

Keep reading to learn the steps to starting a bookkeeping and tax preparation business.


Step 1: Assess Your Skills and Knowledge 

So, what is needed to start a bookkeeping business? 

To start a bookkeeping business, it's essential to have a solid foundation and knowledge in:

  • Accounting principles
  • Financial management
  • Tax regulations

If you don’t have these skills yet, you may consider obtaining a bookkeeping certification or pursuing further education in accounting to strengthen your skills and credibility. Having the proper knowledge is one of the most critical requirements for a bookkeeping business.


Step 2: Develop a Business Plan

A well-structured business plan is essential for the success of your bookkeeping business.

When creating a bookkeeping business, you should develop a plan outlining your: 

  • Business objectives
  • Target market
  • Marketing strategies
  • Pricing structure
  • Predicted financials

Your business plan document will help you stay on track and secure financing if needed.

Step 3: Choose Your Business Structure 

Decide on the legal structure of your business, such as a: 

  • Sole proprietorship
  • Partnership
  • Limited liability company (LLC)
  • Corporation

Each structure has its own set of advantages and disadvantages. It’s essential to consult with a legal professional or accountant to determine the best option when starting your own bookkeeping business

Step 4: Register Your Business and Obtain the Necessary Licenses

Next, register your business name with the appropriate government authorities and obtain any necessary licenses or permits to operate legally in your jurisdiction.

You may also need to apply for an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) if you plan on hiring employees when starting a freelance bookkeeping business.

Step 5: Set Up Your Office Space

It’s essential to establish a professional and organized office space to work efficiently and create a positive impression on clients. Ensure you invest in the necessary equipment, such as a computer, printer, scanner, and office supplies. Ensure you have a reliable and strong internet connection and a dedicated phone line for your business.


Step 6: Invest in the Right Software

Selecting the right software is crucial when starting a bookkeeping company. Basil is an all-in-one practice management software explicitly designed for accountants and CPA’s.

With Basil, streamline your practice management and increase productivity with a one-stop-shop approach to: 

  • Communicating with clients 
  • Securely Storing important documents
  • Collecting unlimited eSignatures

The platform is affordable, efficient, and easy to use, making practice management simple when setting up a bookkeeping business.

Step 7: Develop a Marketing Strategy

When starting a bookkeeping business, it’s essential to create a marketing plan to attract clients and grow your business.

Some effective marketing strategies include:

  • Creating a sleek and professional website
  • Networking with local business owners
  • Offering free consultations
  • Using social media platforms to showcase your expertise

Step 8: Build a Strong Network

Establishing a solid professional network is vital for growth and success when starting a remote bookkeeping business. Join local business associations, attend industry conferences, and connect with other professionals in the financial industry to discuss ideas and build relationships.

Step 9: Offer Value-Added Services

To stand out in a competitive market when starting an accounting services business, consider offering value-added services such as: 

  • Financial planning
  • Budgeting
  • Tax preparation

These value-added services can help attract a diverse clientele and generate extra revenue for your business.

Step 10: Stay Up-to-Date with Industry Trends

Once you’ve set up your online bookkeeping business, it’s crucial to continuously update your knowledge and stay informed about the latest trends and developments in the industry. This enables you to provide expert advice and solutions to your clients and maintain your position as a thought leader in the industry.

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Embracing Success: Simplify Your Bookkeeping Business with Basil

Starting an online bookkeeping business can be a rewarding and profitable venture if you follow our steps and invest in the right tools and resources.

By using Basil practice management software, you can streamline your operations and focus on providing exceptional service to your clients. With its affordability, efficiency, and simplicity, Basil is the perfect solution for bookkeeping businesses looking to shine in the competitive financial industry.

As a thought leader in the industry, Basil is committed to assisting bookkeeping businesses in increasing their productivity through innovative and comprehensive solutions. 

Basil's one-stop-shop approach to communication, document storage, and eSignature collection makes it a valuable tool for your bookkeeping business. By following our steps to starting a bookkeeping and tax preparation business and leveraging the power of Basil, you can create a successful business that stands out in the financial industry. 

Take advantage of the opportunity to simplify your practice management and elevate your business to new heights. Visit CoralTree Tech's website today to learn more about Basil and how it can transform your bookkeeping business.

Ready to revolutionize your bookkeeping business with Basil? Sign up for a free trial today and experience the difference that simplified practice management can make when starting a bookkeeping and tax preparation business. 

Join the growing community of satisfied Basil users and take your bookkeeping business to the next level. Practice Management Made Simple - that's the Basil promise.

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