Yes, bookkeeping is an ideal, flexible side hustle that can be done from anywhere, often requiring just a laptop, internet connection, and knowledge of software like QuickBooks Online. It is highly profitable, with independent bookkeepers often earning significant income by providing essential financial tracking for small businesses on a part-time basis.
Starting a bookkeeping side hustle doesn't have to be overwhelming. Break it into simple, manageable steps, and you'll be ready to take on your first client sooner than you might think. From learning the basics to finding your niche, each step brings you closer to credibility and confidence.
The three golden rules of accounting are to (1) debit the receiver and credit the giver, (2) debit what comes in and credit what goes out, and (3) debit expenses and losses, credit income and gains. What are the three types of accounts? The three golden rules of accounting apply to real, personal, and nominal accounts.
Yes, bookkeeping businesses can be profitable due to consistent demand, low overhead costs, and opportunities for value-added services.
According to our salary calculator, the average annual salary for Bookkeepers working in London is £28,000 - £38,000.
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These red flags may include unusual fluctuations in account balances, inconsistent trends across reporting periods or transactions that lack proper documentation. By addressing these concerns promptly, businesses can mitigate financial risks and maintain stakeholder confidence.
Seven common accounting journal entries include recording sales, paying expenses (like rent or salaries), purchasing assets (like equipment) or inventory, receiving cash, paying liabilities, owner investments/withdrawals, and end-of-period adjusting entries for things like depreciation or accruals, all following double-entry bookkeeping rules (debits/credits) to reflect business activities accurately.
A bookkeeper primarily records and organizes financial transactions (like data entry, invoicing, payroll setup), but cannot provide strategic financial analysis, offer tax advice, conduct official audits, make financial decisions for the business, or file taxes (unless they have special certifications like an EA or CPA). Their role ends at data compilation, whereas accountants interpret that data for bigger picture strategy, forecasting, and high-level compliance.
To make $2k a week from home, focus on high-value freelancing (writing, coding, design, virtual assistance on Upwork, Fiverr), consulting, online tutoring, or creating and selling digital products (courses, printables) through automated funnels. You can also explore remote jobs (customer support, office support), gig apps (Rover, Instacart, Uber), or leveraging assets like renting a spare room. Combining a few strategies, like freelancing plus affiliate marketing or creating digital products, can help reach that goal.
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You're generally safe unless your side hustle: Directly competes with your employer. Uses company time or resources. Involves confidential or proprietary information.
To make $3,000 a month, the hours you need to work depend on your hourly rate; for example, at a standard 40-hour week, you'd need about 160 hours/month (earning ~$18.75/hr), while working ~173 hours (closer to 40 hrs/wk) means an hourly rate of ~$17.31/hr, so you'd work around 160-173 hours depending on your pay rate.
Many bookkeepers charge an hourly rate. This averages around $25 to $100 per hour. This all depends on things like their education, work experience, and the tasks they are expected to perform on the job, in addition to standard accounting functions.
Not Chasing Late Payments. Failing to Keep Relevant Receipts. Carelessness When Bookkeeping. Combining Business And Personal Expenses. Using Manual Accounting Systems.
For example, an accountant with a year or two of experience might earn $60,000 per year while a bookkeeper will earn less than $30,000 per year. More experienced accountants will be able to earn higher salaries but bookkeepers will not see significant salary increases.