The field of accounting is changing at a rapid pace, and savvy professionals understand that doing the bare minimum is no longer profitable. Accountants in many ways have been replaced by robust bookkeeping and accounting software packages. For this reason, many recent graduates do not know what to do with an accounting degree. Clients no longer need people to do the base level skill set of the average accountant. How can you go above and beyond to retain your value in the marketplace and grow your business as an accountant then? Here are top business ideas for accountants on how to earn more capital.
Becoming a CPA
The most obvious way to improve your finances is to obtain a CPA certificate. After all, on average, a CPA earns more than a bookkeeper. CPAs also pick up a number of important skills that relate bookkeeping and accounting to business intelligence and strategy. When you become a CPA, you are showing that you bring more to the table than simple accounting. Then, you will be seen as more of an executive with decision-making power. In short, you become less expendable. This list on Crush the CPA Exam highlights a number of CPA review courses to help you start your journey.
Small business clients may not have a use for your full-time accounting services anymore. However, they still have the need for a professional opinion every once in a while. These are people on a budget, and they may be reluctant to invest in a “consultant.” What is the “poor man’s” way to consult? Look up a relevant blog on Google. If you use proper marketing tactics and general quality content, you can make money from a blog as an accountant.
If you have good experience from years in the game, newcomers will pay good money to get your perspective. You can create your own online course that people can take on their own time. Use your personality and humor to set yourself apart from the crowd. Get into the growing market for online teaching and tutoring, and you can earn a higher income.
One of the biggest markets for growth in the financial sector is the microfinancing market. All of those small business owners who would have hired you full time in the past are now reading blogs for advice and using their time to draft business plans for microfinancing. This is where your expertise in documenting a paper trail comes in handy. Many business owners do not want to deal with the level of detail this requires. If you are willing to handle this service for them, many of them will pay you handsomely for it.
Yes, you may have been elbowed out of the market by accounting software. However, this does not mean that you cannot make money from the market. Although the software these days does much of the work of a baseline accountant or bookkeeper, the software company still needs human beings to sell the product. Who are the best salesmen? The best salesmen are people who know the market, the product have a strong brand identity to back them up. There is no one better than a pro accountant.
In addition to the above business ideas for accountants to earn higher incomes, consider offering remote bookkeeping services. You can conduct this business as a side hustle. Simply retain a couple of business clients and provide them with accounting assistance. You can complete the work in the comfort of your own home or work on tasks during your lunch break at work. If you’d prefer to keep your nights and lunches open, you can even work on your remote projects on the weekends. You have numerous profitable options with this accountant business idea to earn more capital.