Not everyone wants to work for somebody. They might be more suited to being their own boss, in fact. The thing that’s usually stopping them from leaving their jobs is the uncertainty attached to striking out on their own. However, recent global events have shown us that the ‘security’ of employment is a falsehood.
Fortunately, there are many opportunities for people with an entrepreneurial spirit, a love of organisation and process, and a head for numbers.
A bookkeeping business, while not without its fair share of challenges, allows you to be your own boss and gives you flexibility in working hours. It also offers exciting opportunities that come from a high-demand industry in any economy, boom or recession.
Here are the things you need to consider in order to become a competent and competitive bookkeeping professional in the field.
Why Choose Bookkeeping?
Compliance is NOT dead! Despite doomsday preppers telling us computers will take over the world, specifically that ‘compliance’ work will all be automated, we’ve yet to see this transpire. In fact, the recent bouts and ongoing government stimulus have increased compliance requirements of businesses.
No matter the state of the economy, businesses will need some level of assistance for time-consuming but critical processes like bookkeeping, accounting, tax preparation and payroll. The very nature of this work should make a career in bookkeeping attractive to those with the drive and desire and who want to own their hours and destiny.
More than the high demand for bookkeeping and related services, those going into business will find that it also has a high margin of profitability. Why is it so? It’s due to the few barriers of entry:
- No expensive equipment required – bookkeeping businesses don’t need heavy or specialised machinery to get off the ground. All it takes is the skill and knowledge of a qualified individual and a pool of clients.
- Low overhead costs – depending on how many people are in your operation (or if you’re going solo), you can use a coworking space or just work from home to save.
What Does It Take to Become a Bookkeeper?
There are various paths you could take to become a qualified bookkeeper, but you will, at minimum, need to obtain a Certificate IV in Accounting and Bookkeeping (FNS40217). You can begin your journey right out of school or move from another industry, although experience is really key.
Meanwhile, opportunities to grow your career with a Diploma of Accounting or even a University qualification and CPA/CA professional accreditation are waiting. Those who are looking to get certification or training to help build their credibility and attract potential clients have options:
- Certificate IV in Accounting and Bookkeeping – this is a good way to earn the skills required to help businesses keep their books in order if you can spare the time. You’ll be able to finish the program within 6 months.
- Continued Professional Education (CPE) – the additional bookkeeping course is for when you want to become a Registered BAS Agent. It will require 1400 hours of relevant experience from you and that you undertake a formal application process through the Tax Practitioners Board (TPB).
- Online Accounting Software Courses – expertise in cloud accounting tools is always a big plus when showing potential clients your credentials. You can get Xero bookkeeping courses online from trustworthy service providers.
Get in Touch with Industry Experts
Help businesses succeed through informed financial decisions while becoming your own boss in an in-demand industry. Get in touch with Your Finance Department, a full-service finance services provider, to enhance your knowledge and skills in bookkeeping and accounting processes.
Book an appointment with us today.
