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New and inexperienced entrepreneurs are often interested in buying businesses that are relatively easy to start and manage. While it’s never truly easy to start and nurture a successful business, there are some businesses that are somewhat less complex to start than others. Starting a bookkeeping business can be relatively easy – but what exactly is this business, why is it somewhat easier to start than others, and how can you make yours successful?
Bookkeeping vs. Accounting
First, let’s talk about some of the differences between bookkeeping and accounting, as these terms are sometimes used interchangeably.
Bookkeepers and accountants both play a role in managing the finances of an organization. But bookkeeping is more focused on transactions and administrative elements, while accounting focuses more on higher-level strategic analysis of an organization’s finances.
For example, a bookkeeper will typically record and appropriately categorize daily payments and expenses associated with the business. They’ll send invoices and receive payments from clients, practice bank reconciliations, produce monthly reports and financial statements, process payroll, and provide end-of-year tax documents for review.
An accountant, by contrast, will typically adjust entries, analyze costs, make financial decisions on behalf of the business, provide advice to decision-makers, review and audit the financial department, and formally file tax returns.
One of the reasons why starting a bookkeeping business is easier than starting an accounting business is that it requires less knowledge and experience.
How to Start a Bookkeeping Business
So what are the steps to starting a bookkeeping business?
Get your education
You don’t need to be a formally certified public bookkeeper (CPB) to start a bookkeeping business, but you’re going to need at least some education or experience in this field. You don’t need … Read More
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