Are you a graduate with bias in accounts, looking for a banking job or to be an accountant for a corporate company, but in vain?
Well, stop the search and save small businesses from crashing due to cash flow problems. By keeping small businesses’ books at a small fee, you’ll be surprised at how much money you can make within a year.
Typically, bookkeeping covers a variety of services to ensure that all financial transactions are recorded. These services can include sales, receipts, purchases, payroll, payments, earnings, and more.
Uganda is well known for being the most enterprising, country especially in starting new businesses. However many of these businesses collapse before they celebrate their first birthday.
Experts say that one of the reasons why these businesses collapse is because many don’t know how to keep their records/accounts.
This article hints on how you can start keeping books for businesses as a side gig or if you do not have a formal job.
In an interview with Prosper Magazine, Mr Newton Buteraba, the chief executive officer House of Wealth – a local firm offering business advisory services, said: “Many small companies are looking for people who can manage accounts and prepare a balance sheet for them. It is an evergreen business without any investment.”
Ideally, you need to be mobile to succeed in this business.
Mr Buteraba says for starters, you should be a business adviser before you begin keeping books for the businesses.
This is because; Uganda’s informal sector is very huge in all businesses that lose a lot of money in not keeping their business in order.
“Before you start looking into and managing the accounts of these businesses, it would be advisable to first engage as an advisor on how to grow their businesses. This will be an entry point,” Mr Buteraba shares.
The advantage of starting a bookkeeping business is that initial capital is minimal. All one needs is to have purchase QuickBooks software that you can install on your clients’ computers.
Basically, QuickBooks is an accounting software programme used to manage sales and expenses as well as keeping track of daily business transactions.
It can be used to invoice customers, pay bills and generate reports for planning and tax filing, among other things.
Ordinarily you will even earn more money on selling the software in addition to your consultancy services.
Ideally, QuickBooks Enterprise Edition software costs about $1,000 (Shs3.8 million) which you can use to install for so many clients.
Buteraba says that if you have a monthly clientele of say five people charging them Shs1 million for both training and software, this comes to Shs5 million.
If all factors remain constant and on a monthly basis you get five clients, your turnover will be Shs60 million by the end of the year.
Just like any other business, registering your business with the Registrar of Services is very important.
Volunteer the advisory service and then it’s from this stage that you will offer to keep their books of accounts.
Business experts say if you have a lot of experience, you can branch out on your own and start your own home business in bookkeeping. But first build a base of clients because it takes time.
Experts say in this business of bookkeeping, you can become a specialist in one accounting application for increased marketability.
Ideally, it is the kind of work which is consistent and takes place on a regular schedule. The other beauty about it is that you can work virtually and broaden your target market.
Although you don’t need formal certifications to be a bookkeeper, experts say it is never a bad idea to become certified.