Are you detail-oriented and do you enjoy math and tables? Then becoming a virtual accountant can be your career calling. Here’s how you can work from home as an accountant!
Are you detail-oriented and do you enjoy math and tables? Then becoming a virtual accountant can be your career calling. Here’s how you can work from home as an accountant!
Working as a virtual accountant is a great way to earn good money and get the flexibility and freedom you desire. It’s also easy to get started. Not much setup or equipment is required other than a computer, high speed internet connection and accounting software. While bookkeeping can take time to learn, almost anyone with a head for numbers and a penchant for numbers can data entry this skill can be learned by practice.
If you want to work from home as an accountant – here’s what you need to know.
Difference between accountants and bookkeepers
When you hear the term bookkeeping, you may wonder what duties and experience are required. Unlike an accountant or CPA (certified public accountant), which requires a bachelor’s degree and license, accountants fall under the umbrella of financial accounting.
However, accountants focus more on the day-to-day operations of tracking income and expenses and balancing the books. While experience is an asset for an accountant job, you don’t need a college degree or a CPA license. Therefore, while the bookkeeping role requires great attention to detail and a high level of accuracy, there is less responsibility than that of an accountant.
On the other hand, accountants are usually responsible for setting the overall budget and financial direction of the business; oversee tax information and prepare a chart of accounts according to standard accounting practices. Accountants analyze and review financial information, prepare reports and make strategic recommendations based on data and tax laws.
What types of work do accountants do?
Bookkeeping is a back-office position in demand in almost every industry, so there is a built-in advantage of being able to work in any area. Once you are trained in accounting, you can work in many different industries and find a job that interests you; whether you work with small business owners, bloggers or even non-profit organizationsevery industry needs an accountant.
Common accounting tasks often include:
- Management of financial transactions
- Keeping financial records of income and expenses
- Saving receipts
- Reconciliation of accounts
- Providing weekly or monthly financial statements and reporting
- Updating financial records
- Management of inventory levels
- Collection of payments
- Sending invoices and payments to vendors
- Payroll processing
- Petty Cash Tracking
- Budget management
- Sales tax filing
What qualifications do you need?
If you have formal training in business, accounting, finance or mathematics, or previous experience balancing the books for a family business or business – you probably have a good foundation for working from home as an accountant.
As an accounting service provider, you will need a high level of accuracy when entering financial data into databases. Being organized, having a strong attention to detail and good time management skills will therefore be essential in this position.
However, if you are new to bookkeeping, there are ways to get up to speed. Try this for example FREE online bookkeeping training by Ben Robinson of Bookkeepers.
Most online accounting training and certification courses last around three to six months, including the one I recommend, Bookkeepers. However, because Bookkeepers is self-paced, you can complete it on your own schedule; in fact, many students complete the course and land their first client within the first three months.
Callie Sitek (owner of Radical Profits Club) took the Bookkeepers course and had huge success as a remote accountant!
If you are new to the industry, take such a course Accountant can help you learn the ropes, including popular accounting software QuickBooks.
How much do accountants earn?
According to Bureau of Labor Statistics (BLS), hourly rates for accounting and auditing clerks are $22.81 per hour. However, more experienced accountants and those who run their own businesses can earn much more, from $30 to $60 per hour.
Working for a company, an accountant salary typically ranges between $47,440 full-time. The advantage of course is that you don’t have to worry about the permanence of the hours and you can even get benefits. But working for a company may mean you have to work a set schedule with less pay.
Where can you find virtual accounting jobs?
If you want to work from home as an accountant, you have several options. If you have experience, it might be worth reaching out to your contacts from previous jobs to see if they or any of their clients are looking for someone to help them with their books. You can also check local listings for accounting services, many of which are looking for remote accountants on a consulting basis.
Remote accounting tasks:
Some of these companies hire accountants as W2 employees, while others hire as independent contractors or freelancers. If you work second, you’ll be responsible for paying quarterly self-employment taxes and tracking your own income and expenses, so you’ll want to fully understand your position before accepting the position. Here is some information on how to do it manage your finances as an independent contractor.
When looking for remote accounting positions, you’ll want to search for a variety of keywords such as office manager, accounting clerk, junior accountant, financial operations associate, and client accounting specialist. You can also include similar telecommuting roles in your search, such as Payroll Support Specialist, Accounting Coordinator, Billing Assistant or Accounts Payable Specialist.
Freelance Marketplaces, Remote Job Boards and Staffing Agencies:
One of my favorite places to find accounting jobs online is staffing agencies. The great thing about looking for remote work on staffing agency sites is that you can easily find those one-off job offers that companies have that are hard to find on the huge job board sites.
If you’re interested in finding freelance clients, freelance marketplaces are a great way to find new jobs and clients.
Of course, you can also look for remote jobs at large companies in the financial services, healthcare and insurance industryand even HR service providers.
Do you want to start your own accounting?
If you have decided that becoming an entrepreneur in accounting is the right path for you, the first thing you will need to do is write a business plan. A business plan will help you set up various aspects of your business.
Don’t worry; business plans don’t have to be complicated; I actually have a free business plan template that you can grab right here.
1. Gather your tools
To get started, you’ll need a laptop with an internet connection. You will also need to use some accounting software to manage your client’s finances. The most popular options include Excel, Bill.com, Xero, QuickBooksor Sage. Intuit QuickBooks tends to be the industry standard. You’ll also need a way to accept payments from home clients; PayPal and Stripe are popular options.
2. Create a website
To advertise your accounting business and spread the word to your clients, you will need to create a website, especially if you plan to work with multiple clients on a consulting basis. Don’t forget to list your experience, your services and areas of expertise, and client testimonials on your website. Don’t know how to set up a website? Take a look this post for easy and cheap solutions.
3. Market your business
If you’re not sure how to market your business, there are plenty of ways to get the word out. To get started, create some business cards and reach out to your contacts on LinkedIn and Facebook.
Other ways to market your business:
- Advertising
- Cold calling or e-mail search
- Direct mail
- networking
- Blogging
- PR opportunities
- Public speaking
- Guest blogging
- Participation in a forum or group
- Social media
Once you have your website up and running, you should set a goal to reach a certain number of potential clients each day. A general rule of thumb is five to ten, but set your own pace as you build your client base.
4. Monitor training and trends
If you want to work from home as an accountant, you will need to invest in your professional development. The good news is that it is widely available! Not only do conferences, events, and professional groups allow you to meet other people in your field, they can also help you connect with clients, stay on top of changes you need to know about, and stay competitive. Watch webinars, online courses, books and training related to accounting, finance, business and accounting.
Do you want to work from home as an accountant?
Whether you want to work full-time or part-time, bookkeeping is a flexible work-from-home job with plenty of opportunities. Accountants are needed in virtually every industry and company, and it’s something you can do from home without a big front-end investment. When you work from home as an accountant, you can choose your own path, whether it’s a W2 job, freelancing, or being your own boss!
If you think you want to work from home as an accountant, register free accounting course test the waters.
Do you work from home as an accountant? Write to us; we’d love to hear about your experiences!
Originally published March 1, 2017. Content updated August 2024.
