accounting and bookkeeping services business plan

How To Start A Bookkeeping Business (2024 Guide)

Updated: Apr 28, 2024, 5:57pm

Businesses of all kinds will always need bookkeeping services. If you’re considering becoming a bookkeeper, read our guide to learn how to start a bookkeeping business in 2024. We’ll cover everything from the legal side of registering a new business to pricing, marketing and more.

Bookkeeper Duties

Common bookkeeping responsibilities.

Companies often hire bookkeepers to help them maintain financial records and accounting reports. Among other things, a bookkeeper will often do the following :

• Document and categorize transactions, including income and expenses
• Manage a company’s finances via business accounting software, such as QuickBooks or Xero
• Assess a company’s cash flow
• Prepare financial statements, such as balance sheets and profit and loss statements

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How a Bookkeeper Is Different Than an Accountant

Unlike certified public accountants, bookkeepers don’t file tax returns or audit financial statements. Bookkeepers are also not required to have an accounting degree. Unless they are a certified public accountant (CPA), bookkeepers should not prepare tax returns or sign the returns as a paid preparer.

Certifications for Your Bookkeeping Business

Some bookkeepers choose to obtain certifications for their business. Bookkeepers can be certified in various financial platforms, such as QuickBooks, or via training programs. You can also choose to become a certified public bookkeeper to market yourself better as a bookkeeping professional.

Professional associations also offer certifications so that you can hone your skills and market yourself as a professional bookkeeper. For instance, both the American Institute of Professional Bookkeepers (AIPB) and the National Association of Certified Public Bookkeepers (NACPB) offer certification programs.

Create a Business Plan

New businesses, including bookkeeping businesses, depend on a solid business plan to get off on the right foot. Not only will a business plan help you clarify your business goals and objectives , but it can also be used if you seek funding from lenders or investors. In general, a business plan will include the following:

• Executive summary―the “elevator pitch” of your business
• Overview of the business – a more detailed description of your business
• Market/competitive analysis
• Description of key products and services provided
• Marketing and sales plan
• The proposed budget and financial projections

For a bookkeeping business, you may also want to include information regarding your niche and any certifications that you have as well.

Choose a Business Name

You want your business name to reflect you as a person and the type of services you provide. Your business name is the first thing that lets customers, clients, competitors and others in the marketplace know about who you are and what you do.

Register Your Business

Once you’ve settled on a business name, you’ll need to register your business in the state in which you will do business. The specific requirements for registering your business will vary depending on your business structure, such as whether it’s a sole proprietorship, corporation, partnership, or LLC, and the state in which your business will be registered. You may also need to obtain a business license. Learn more about how to set up an LLC .

Get the Right Software

There’s no shortage of business accounting software to use. Some popular options include QuickBooks, Xero, FreshBooks and Zoho Books, among others. You can read more about our ratings for various business accounting software here. You should be familiar with more than one software as some of your clients may have a preference in terms of the accounting software that they’d like you to use.

Price Your Services

Deciding what to charge your clients is often a difficult process. You will want to do your research before pricing your services, and you will also want to maintain some level of flexibility to adjust your rates in the future.

You can look at freelance sites, such as Upwork, to see what others are charging for bookkeeping services, but you can also learn a lot by asking around. Talk to businesses in your area to see what they are currently paying for bookkeeping services. Talk to people in your network who are also bookkeepers and ask what they are charging. In doing so, you can get a good idea as to the range bookkeepers charge for services.

The specific amount you charge your clients for bookkeeping services will depend on your certifications, years of experience and familiarity with the client’s business.

Research Funding Options

You will likely want to establish a business banking account and credit card. This can help you keep your own business expenses organized and separate. If you plan to hire employees, such as an administrative assistant, you may also want to seek a small business loan . If you seek funding from a bank or investor, your business plan will be especially important because it is how potential lenders and investors will understand your business.

Market Your Business

Before launching your bookkeeping business, you should consider creating a marketing and sales plan so that you are set up for success. Your bookkeeping marketing and sales plan might include:

• Determining where clients will find out about you and finding ways to meet them there (e.g., Google My Business, Google Ads, etc…).
• Develop an online presence with a website that is optimized for search. Learn how to make a small business website .
• Add your bookkeeping business to relevant online business directories.
• Assess who in your network might be a potential client or customer.
• Assess who in your network might be a possible referral source for business.
• Consider whether your budget allows for paid advertising and marketing materials.
• Consider local advertising opportunities.

Bottom Line

In addition to being good with finances and accounting software, operating a successful bookkeeping business requires staying up-to-date on accounting software technology trends, marketing your business, managing your own business and maintaining positive relationships with your clients.

Forbes Advisor staff reviewer Kelly Main contributed to this article.

Frequently Asked Questions (FAQs)

Do i need to rent office space for my bookkeeping business.

No, a separate office isn’t necessary for a bookkeeping business. You may want to start your business out of your home. As your business grows and you hire employees, you can consider whether to rent office space or keep working remotely. You can also take advantage of office “hoteling” options.

Do I need to specialize in a niche area?

While it’s not required for bookkeepers to specialize in a niche, many choose to do so for marketing purposes. If you focus on a specific industry, you can gain referrals from others within the industry and join industry associations.

Can I do my own bookkeeping for my business?

A small business can likely do all its own bookkeeping using accounting software. Many of the operations are automated in the software, making it easy to get accurate debits and credits entered.

What skills does a bookkeeper need?

Unlike accounting, bookkeeping does not require any certifications. Individuals who are successful bookkeeping professionals are highly organized, can balance ledgers accurately, have an eye for detail and are excellent communicators.

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Christine is a non-practicing attorney, freelance writer, and author. She has written legal and marketing content and communications for a wide range of law firms for more than 15 years. She has also written extensively on parenting and current events for the website Scary Mommy. She earned her J.D. and B.A. from University of Wisconsin–Madison, and she lives in the Chicago area with her family.

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Understanding the Legal Requirements

Acquiring bookkeeping skills, creating a business plan for your bookkeeping business, marketing strategies for your bookkeeping business, managing finances in your bookkeeping business, acquiring clients for your bookkeeping business, is bookkeeping a profitable business, can you start your own bookkeeping business, how much should i charge my bookkeeping clients, the bottom line.

• Small Business
• How to Start a Business

How to Start Your Own Bookkeeping Business: Essential Tips

Understanding the legal requirements

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Papakon Mitsanit / Getty Images

Starting a bookkeeping business is something you might be interested in if you naturally love numbers and want to break free of the traditional nine-to-five. It’s possible to offer bookkeeping services to clients in person or remotely, which may be ideal if you would prefer a work-at-home job.

Before starting a bookkeeping business, you’ll first need to know the basics of operating legally. It’s also helpful to understand how to market your services and manage the financial side of running a business.

Key Takeaways

• A degree in accounting is not required to start a bookkeeping business, though a certification in bookkeeping can be helpful to have.
• You’ll need to choose a business structure, and register your business with the proper state authorities if required by law where you live.
• If you plan to hire employees, you may need to obtain workers’ compensation insurance in compliance with state law.
• Developing a solid marketing plan can help you build your brand and attract clients to your business.

Investopedia / Zoe Hansen

The legal requirements for starting a bookkeeping business are similar to any other type of business. Some of the most important things you’ll need include:

• Selecting a business structure (i.e., sole proprietorship, limited liability company, etc.)
• Choosing a name for the business
• Registering your business with the proper state agencies
• Obtaining a federal Employer Identification Number (EIN) and state identification numbers, if necessary
• Applying for any necessary licenses or permits
• Opening a business bank account
• Getting business insurance , including liability coverage and/or home-based business insurance

The exact requirements for starting a small business will depend on the state in which you live. You may need to contact your secretary of state or department of revenue for more information on what paperwork you may need to complete to legally establish your bookkeeping business.

There may be additional steps required if you plan to hire employees for your business. For instance, you may need to obtain workers’ compensation insurance. The requirements for workers’ compensation vary by state. For instance, California requires workers’ compensation for all employers, regardless of the number of employees. In Alabama, on the other hand, businesses are not required to purchase workers’ compensation insurance if they have fewer than five employees.

Some states may impose steep penalties against businesses that fail to obtain workers’ compensation insurance.

Starting a bookkeeping business requires an understanding of accounting and bookkeeping practices. You may need to first complete a training program before you can launch.

For example, you might pursue any of the following:

• Bookkeeping certification
• Tax certification
• Accounting software certification

Unlike the requirements to become an accountant, the training required to become a bookkeeper is less strenuous. It’s possible to find and complete an online training program from home.

As you compare online bookkeeping courses , consider the range of topics covered, the course format, and the cost. Whether it makes sense to obtain just one bookkeeping certification or additional tax and accounting software certificates can depend on your niche and the types of services you plan to offer. 

While a degree in accounting may be helpful for starting a bookkeeping business, it’s not an absolute requirement.

A business plan is a detailed overview of how you plan to launch and grow your business. There are several key elements that are typically included in a comprehensive business plan. Here’s what yours might look like as you draft a plan for your bookkeeping business.

• Executive summary : The executive summary should offer a brief overview of what your business is about, your mission, and how you’ll be successful. Your mission statement can also include information about your employees (if you plan to hire any) and your plans for growth.
• Company description : Your company description is an opportunity to provide additional details about your business, including who you plan to serve and what problems you’ll solve for your clients.
• Market analysis : Market analysis allows you to look at your competitors and identify their strengths and weaknesses. Completing this section can help you better understand what makes your bookkeeping business unique.
• Organization and management : This section should describe how your business is legally structured and who’s responsible for running it. If you’re operating as a one-person business, this part of your plan will likely be brief.
• Services : In the services section, you can expand on what types of services you plan to offer as a bookkeeper and who you expect your customers to be.
• Marketing : How you market your bookkeeping business can depend on your niche or target audience and what resources you have to invest in advertising. You’ll use this section to sketch out your marketing plans for attracting clients to your business.
• Financial projections : This section is where you’ll outline how much revenue and profit you expect to make from the business.

Having a business plan to start a bookkeeping business isn’t a requirement, but creating one can help you get some clarity on what your goals are and how you plan to proceed with growing the business. Even if you’re just planning to offer bookkeeping services remotely as a sole proprietor , it can still be helpful to flesh out the exact steps you’ll need to take to succeed.

A business plan may be required if you plan to apply for business financing from banks or investors.

When you start any new business, you can’t expect customers or clients to magically find you. Instead, you’ll have to invest some time (and perhaps, money) in marketing your business.

If you’re specifically interested in working as a bookkeeper remotely, establishing a website and social media profiles may be a starting point for your marketing plan. Both can make it easier for potential clients to find you in online searches. You can also leverage social media to build your brand and increase your visibility.

Aside from a website and social media, there are some other options you might consider for marketing your services. They can include:

• Using LinkedIn to build out your professional network and establish credibility
• Joining a local meetup group of bookkeepers in your area
• Joining a professional business association in your area
• Participating in local small business events
• Seeking out opportunities to be a guest on podcasts in the finance niche
• Offering a seminar or workshop, either online or in person

When planning your marketing strategy , it’s important to think about the message you want to send to prospective clients. That message should be consistent across all of the channels you use to market your business, whether that includes YouTube, Facebook, TikTok, or another platform. 

It’s also important to consider who your message is targeting. Your marketing content should speak to the needs and pain points of the types of customers you’re most interested in attracting to your business.

Keeping track of cash flow is essential for running any business. As you prepare to start your bookkeeping business, it’s important to keep track of your expenses, which may include:

• Website hosting
• Accounting software
• Customer relationship management (CRM) software
• Cloud storage fees
• Home office supplies (if you’ll be working remotely)
• Registration fees
• Fees for certification or training
• Marketing costs

Once your business gets under way, you can make a monthly budget to track your cash inflows and outflows. You’ll also need to give some thought to how you plan to invoice your clients for your services. That includes choosing when to send invoices , how quickly you expect them to be paid, and which payment methods you'll accept. 

Running a business also means paying taxes on your earnings. That includes income tax and estimated quarterly taxes . Generally, you’re required to make estimated quarterly tax payments to the Internal Revenue Service (IRS) if:

• You expect to owe at least $1,000 in tax for the year, after subtracting withholding and refundable credits.
• You expect your withholding and refundable credits to be the smaller of 90% of the tax shown on your current year’s return or 100% of the tax shown on your prior year’s return.

If your state imposes an income tax, you’ll also be responsible for making estimated tax payments to your state agency.

Opening a business bank account can make it easier to keep track of what funds go in and out. You can open a business bank account at a traditional bank, credit union, or online bank. You’ll need to provide your personal information, along with your business details, in order to open an account. Comparing fees, features, and accessibility can help you choose the best business bank account for your needs.

You might also consider applying for a business credit card to help cover expenses until you start making money. You can apply for a business credit card using your personal credit score and income ; business credit is not a requirement. If you’re considering a business credit card , you might want to look for one that offers a generous rewards program and/or charges no annual fee. 

Once you’ve covered all the legal aspects of starting your business, it’s time to start finding your first clients. There are a few ways you can go about doing this. These include:

• Looking for remote bookkeeping opportunities on freelance job boards
• Establishing profiles on sites like Fiverr or Upwork, which connect companies with freelance workers
• Reaching out to local businesses to ask if they need bookkeeping services
• Running ads on social media
• Joining local small business directories
• Offering a free consultation to local businesses
• Asking friends, family, or other business owners for referrals

Once you start getting your first clients, it’s important to focus on customer satisfaction. Clients who are happy with your services are more likely to stay loyal and continue to hire you. They also may be willing to refer you to people they know who might need a good bookkeeper.

Bookkeeping has the potential to be a profitable business if you’re able to maintain a solid roster of clients who are willing to pay competitive rates for your services. A typically remote bookkeeper’s salary is just over $63,600 a year, but it’s possible to make much more than that, depending on your clientele and the rates you charge.

It’s possible to start a bookkeeping business from scratch, even if you don’t have a professional or educational background in accounting or bookkeeping. Having a degree or certification in either area could be an advantage, but it’s possible to acquire the skills you need to become a bookkeeper online. Likewise, you don’t need to have experience running a business, but that could also prove helpful.

The amount you should charge your bookkeeping clients can depend on a number of factors, including how much experience you have, which certifications you hold, the types of services you offer, and the types of individuals or businesses you work with. Someone who’s new to the profession, for example, may start their rates at $20 an hour, while someone with several years of experience may charge $35 an hour or more. Researching average bookkeeper salaries for your area can give you an idea of what your competitors may charge.

Starting a bookkeeping business can be a great opportunity to take control of your career. Before diving in, however, it’s important to understand what’s involved to get your new business up and running. The more prepared you are before launching, the greater your chances of succeeding as an expert bookkeeper.

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Accounting Business Plan Template

Written by Dave Lavinsky

Accounting Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their accounting firms. 

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write an accounting business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is an Accounting Business Plan?

A business plan provides a snapshot of your accounting business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for Your Accounting Firm

If you’re looking to start an accounting firm or grow your existing accounting business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your accounting business to improve your chances of success. Your accounting business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Accounting Firms

With regards to funding, the main sources of funding for an accounting firm are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for accounting firms.

Finish Your Business Plan Today!

How to write a business plan for an accounting firm.

If you want to start an accounting business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your accounting business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of accounting business you are running and the status. For example, are you a startup, do you have an accounting business that you would like to grow, or are you operating an established accounting business you would like to sell? 

Next, provide an overview of each of the subsequent sections of your plan. 

• Give a brief overv iew of the accounting industry. 
• Discuss the type of accounting business you are operating. 
• Detail your direct competitors. Give an overview of your target customers. 
• Provide a snapshot of your marketing strategy. Identify the key members of your team. 
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of accounting business you are operating.

For example, you might specialize in one of the following types of accounting firms:

• Full Service Accounting Firm: Offers a wide range of accounting services. 
• Bookkeeping Firm: Typically serves small business clients by maintaining their company finances. 
• Tax Firm: Offers tax accounting services for businesses and individuals. 
• Audit Firm: Offers auditing services for companies, organizations, and individuals. 

In addition to explaining the type of accounting business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of clients served, or the amount of revenue earned. 
• Your legal business structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the accounting industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the accounting industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your accounting business plan:

• How big is the accounting industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your accounting business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your accounting business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, organizations, government entities, and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of accounting business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are othe r accounting firms. 

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes CPAs, other accounting service providers, or bookkeeping firms. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of customers do they serve?
• What type of accounting business are they?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide options for multiple customer segments?
• Will you offer products or services that your competition doesn’t?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a accounting business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type o f accounting company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide auditing services, tax accounting, bookkeeping, or risk accounting services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of yo ur plan, yo u are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your accounting company. Document where your company is situated and mention how the site will impact your success. For example, is your accounting business located in a busy retail district, a business district, a standalone office, or purely online? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your accounting marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in local papers, radio stations and/or magazines
• Reach out to websites 
• Distribute flyers
• Engage in email marketing
• Advertise on social media platforms
• Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your accounting business, including answering calls, scheduling meetings with clients, billing and collecting payments, etc. 

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth client, or when you hope to reach $X in revenue. It could also be when you expect to expand your accounting business to a new city.  

Management Team

To demonstrate your accounting business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally, you and/or your team members have direct experience in managing accounting businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing an accounting business or bookkeeping firm.   

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance s heet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you see 5 clients per day, and/or offer discounts for referrals ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your accounting business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a accounting business:

• Cost of equipment and office supplies
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a list of your most prominent clients.    Summary Writing a business plan for your accounting business is a worthwhile endeavor. If you follow the accounting business plan example above, by the time you are done, you will truly be an expert. You will understand the accounting industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful accounting business.

Don’t you wish there was a faster, easier way to finish your Accounting business plan?

  OR, Let Us Develop Your Plan For You Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how a Growthink business plan writer can create your business plan for you.   Other Helpful Business Plan Articles & Templates

How To Write a Winning Bookkeeping Company Business Plan

Creating a business plan is essential for any business, but it can be especially helpful for bookkeeping businesses who want to improve their strategy and/or raise funding.

A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.

This article provides an overview of the key elements that every bookkeeping business owner should include in their business plan.

Download the Ultimate Business Plan Template

What is a Bookkeeping Business Plan?

A bookkeeping business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Write a Bookkeeping Business Plan?

A bookkeeping business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Bookkeeping Business Plan

The following are the key components of a successful bookkeeping business plan:

Executive Summary

The executive summary of a bookkeeping business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

• Start with a one-line description of your bookkeeping company
• For your executive summary you should provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial statements forecast among others.

Company Description

This section should include a brief history of your company. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.

If you are just starting your bookkeeping business, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your bookkeeping firm, mention this.

Industry Analysis

The industry or market analysis is an important component of a bookkeeping business plan. Conduct thorough market research to determine industry trends and document the size of your market.

Questions to answer include:

• What part of the bookkeeping industry are you targeting?
• How big is the market?
• What trends are happening in the industry right now (and if applicable, how do these trends support the success of your company)?

You should also include sources for the information you provide, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, the customers of a bookkeeping business may include small businesses, non-profit organizations, and individuals.

You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or bookkeeping services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will be different from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive differentiation and/or advantage; that is, in what ways are you different from and ideally better than your competitors.

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. . Your plan should be clearly laid out, including the following 4 Ps.

• Product/Service : Detail your product/service offerings here. Document their features and benefits.
• Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
• Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
• Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, launch a direct mail campaign. Or, you may promote your bookkeeping business via word-of-mouth or by exhibiting at trade shows.

Operations Plan

This part of your bookkeeping business plan should include the following information:

• How will you deliver your product/service to customers? For example, will you do it in person or over the phone only?
• What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for an accounting business include reaching $X in sales. Other examples include obtaining new clients, launching a specialized service, or hiring key personnel.

Management Team

List your team members here including their names and titles, as well as their expertise and experience relevant to your specific bookkeeping business industry. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.

Financial Plan

Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix).

This includes the following three financial statements:

Income Statement

Your income statement should include:

• Revenue : how much revenue you generate.
• Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
• Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss.

Sample Income Statement for a Startup Bookkeeping Firm

Balance Sheet

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

• Assets : All of the things you own (including cash).
• Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
• Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Financial Statements and Balance Sheet for a Startup Bookkeeping Firm

Cash Flow Statement

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:

• Cash Flow From Operations
• Cash Flow From Investments
• Cash Flow From Financing

Below is a sample of a projected cash flow statement for a startup bookkeeping business.

Sample Cash Flow Statement for a Startup Bookkeeping Firm

You will also want to include an appendix section which will include:

• Your complete financial projections
• A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
• Any other documentation which supports what you included in the body of your business plan.

Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your bookkeeping company. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it. A well-crafted business plan is an essential document for any bookkeeping business. It can attract funding and investors and help you secure loans. It can also provide a roadmap for success and help keep your business on track.

Finish Your Business Plan in 1 Day!

Other helpful articles.

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Creating your business plan

It’s time to get things down on paper. Your business plan is vital to reality checking all those ideas you have.

What to do on day zero

If you already know what you want to be called, lock down the name and register the URL. Now take some time to see what’s working for other bookkeepers. Find the ones in your area and check out their websites – plus their LinkedIn and Facebook profiles – to see what makes them tick. How do they speak to the market? What services do they offer? How much do they charge? Use this research to help start the plan for your bookkeeping business.

But what if I already know the plan?

It’s great if you already know how you’re going to get started, but it’s still important to write everything down. For one thing, you’ll want to record all your golden ideas before they’re forgotten. Plus the writing process will help you interrogate those ideas.

Putting them on a timeline, costing them out, and fitting them around each other might reveal a thing or two. Perhaps some assumptions will need to be rethought, or some ideas will have to be skipped in favor of others. It’s a great way to organize your thinking.

Start with a working one-pager

The key to a business plan is to start out simple, and build on it as you go. Begin with a few headings and bullet points that map out your vision, goals, milestones and predictions.

Don’t let it get out of hand or bog you down. That’s not what a business plan is for. It’s supposed to help you get started. So set yourself a target of producing a one page plan to start.

Choose your words carefully

Decide how you’re going to talk about your business, and which words you’ll use. It’ll be helpful in settling on a value proposition and relating to clients. You can use your chosen terms in your elevator pitch, on your website, in blurbs about your business – and in your business plan.

Sections for a one-page business plan

1. Value proposition: Explain why clients will be better off with you.

2. The problem you’re solving: Describe the status quo and say why it’s not ideal.

3. Target market and competition: Profile the clients you want, and the bookkeeping solutions they use now.

4. Sales and marketing: Show how you’ll reach your target market, and what you’ll say to them.

5. Budget and sales: Work out your costs and predict how much you can earn over the first couple of years.

6. Milestones: Identify all the things that need to happen and map them against a timeline.

7. The team: Identify the people that will be involved (including consultants) and outline their roles.

8. Funding: Show how you’ll bankroll the business, especially as you wait for fees to start rolling in.

9. Contingency plan: What will you do if your cash flow isn’t what you budgeted?

You may eventually draw up a longer business plan, or you may stick with a short one. It depends on your working style, and the level of risk you’re taking on. Your plan will probably be more detailed if you’re taking on a lot of debt.

You can download a copy of our one-page or multi-page business plan template .

Staying alive

Once you’ve got your plan nailed down, remember you really don’t. You should treat your plan as a living document and keep tweaking it as things evolve. That’s another reason why it’s good to have a short plan, which you’re much more likely to update as you go. Try to be agile and open to change.

The discipline of maintaining your business plan will help you:

• discover and solve problems – putting things in black and white will show up holes in your thinking.
• get feedback from others – you can share your plan to get feedback from trusted advisors.
• go for more finance – an up-to-date business plan (and budget) means you’re always ready to apply for loans.
• guide growth – regular focus on the big picture will help you make strategic decisions rather than instinctive ones.

Have a succession plan

You will also need a succession plan. What will happen when you step away from the business? Will you sell it? Who to? A family member, a staff member, or someone on the open market?

A good succession plan will make sure the business can survive and thrive without you. That it will perform for its clients and its new owners. And it should give you the flexibility to step away from the business at short notice, if required or desired.

Learn more in our guide to succession planning.

Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided.

Starting a bookkeeping business

Work through the big decisions around accreditation, services to offer, fees to charge, and how to find clients.

You’ll need some training and certification to become a professional bookkeeper. Find out where this is available.

With a foundation of knowledge, skills and experience, take the next steps in setting up as a bookkeeper.

You need to nail down what services you’ll offer, who to, and how. Don’t promise more than you’re able to deliver.

Designing your bookkeeping business around a specific type of client or your strengths can be a successful way to go.

How do you walk the line between profitable for you and affordable for your clients? And help clients budget?

You might deliver an awesome service at a great price, but what if no one knows? Let’s look at marketing your services.

Download the bookkeeping business guide

A guide to help you work through the big decisions around starting a bookkeeping business. Fill out the form to receive the guide as a PDF.

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BUSINESS STRATEGIES

How to create a bookkeeping business plan

• Jeremy Greenbaum
• Sep 7, 2023

Starting a business in the field of bookkeeping requires more than just number-crunching skills. It demands a well-crafted business plan that keeps you on track towards your goals.

More specifically, a bookkeeping business plan is a strategic document that outlines the objectives, strategies and financial projections for your business. It serves as a roadmap, helping you stay organized both now and in the future. Keep reading for tips on creating a strong business plan when starting your bookkeeping business .

Looking to get your business online? Try Wix’s website builder today.

As you’re building out your bookkeeping business plan, here are the six primary sections to keep in mind:

Executive summary

Business and domain names

Market analysis and research

Operations plan, marketing and advertising plan, financial plan.

Not sure how to begin planning your business? Check out how to start a service business .

01. Executive summary

The executive summary is a concise overview of your bookkeeping business plan, providing a snapshot of its key elements. For a clear executive summary, focus on highlighting the unique value that your services bring to clients and how your business aims to meet their needs efficiently and accurately.

Example of an executive summary for a bookkeeping business plan: “Our bookkeeping business, PreciseLedger Solutions, aims to provide meticulous financial record-keeping services to small and medium-sized businesses. With a commitment to accuracy, reliability and technology-driven solutions, we intend to streamline our clients' financial processes, enabling them to focus on core business activities. With a team of experienced and certified professionals, PreciseLedger Solutions seeks to establish long-term partnerships with clients, ensuring their financial success through organized and compliant bookkeeping practices.”

02. Business and domain names

Selecting the right business name for your bookkeeping business is pivotal for brand identity and recognition. It should reflect professionalism, trustworthiness and the services you offer. Once you have a business name, ensure the corresponding domain name is available for your bookkeeping website . You can use a business name generator to brainstorm consulting business names that align with your services and values.

Be inspired: Bookkeeping business name ideas

When choosing a domain name , keep it short, memorable and relevant to your bookkeeping services. Avoid using hyphens or complex spellings. Check its availability, and secure it promptly. For instance, if your business name is "AccuBooks Consultants," consider a domain like "AccuBooksConsultants.com" for consistency and easy online discovery.

Remember to also register your business once you’ve landed on a name and legal structure for your business.

03. Market analysis and research

Your business plan should include a comprehensive market analysis. Research your target market, competitors and industry trends. Understand the pain points that your potential clients face and how your services can address those needs effectively. Utilize this information to craft a robust marketing strategy that positions your bookkeeping business uniquely in the market.

04. Operations plan

Detail the operational aspects of your bookkeeping business. Specify the location—whether physical or virtual—and explain the rationale behind it. Outline the premises layout, necessary equipment and technology infrastructure. And, define your staffing requirements, highlighting the skills and certifications that your team will bring to the table.

05. Marketing and advertising plan

In this section, outline the marketing and advertising strategies you intend to employ to promote your bookkeeping services. This could involve a combination of a business website , digital marketing, content creation and networking with local businesses. Highlight the benefits of your services, and start thinking about how you will brand your business.

Note: You can use a logo maker to think of logo ideas and bookkeeping slogans for your business. Keep in mind that your visual identity is just one half of the branding formula—the other half involves knowing your company mission, vision, values and messaging.

06. Financial plan

The financial plan is the heart of your bookkeeping business plan. It should include startup costs, revenue projections and expense estimates. Specify how you plan to fund your business initially and provide a realistic timeline for reaching profitability. Detail your pricing structure, considering factors like industry standards, services offered and value provided.

Incorporating these six main parts into your bookkeeping business plan ensures a comprehensive and well-structured document that guides your entrepreneurial journey. From setting a strong foundation to strategically marketing your services and achieving financial success, each section plays a crucial role in your business's growth and sustainability.

Sample bookkeeping business plan: AccuLedger Bookkeeping Services

AccuLedger Bookkeeping Services aims to revolutionize financial record-keeping for small and medium-sized businesses. We specialize in providing accurate, streamlined and technologically advanced bookkeeping solutions. Our team of experienced professionals is committed to enabling our clients to focus on their core operations while we manage their financial records with precision and compliance.

Company and domain names

Company name: AccuLedger Bookkeeping Services

Domain name: www.acculedgerbookkeeping.com

We have conducted extensive research on the bookkeeping industry and identified a growing demand for reliable and efficient financial management among businesses. Our target market comprises local businesses, startups and entrepreneurs who seek trustworthy and cost-effective bookkeeping services.

Location: We will operate from a centralized office in the heart of the business district, ensuring accessibility for clients.

Premises: Our office layout will include private meeting spaces for consultations, a dedicated area for bookkeeping operations and advanced technology infrastructure for data security.

Equipment: We will invest in state-of-the-art bookkeeping software, high-speed computers and security measures to safeguard client data.

Staffing: Our team will consist of certified bookkeepers and financial experts with a strong commitment to accuracy and client satisfaction.

Digital presence: Establish a professional website (AccuLedgerBookkeeping.com) showcasing our services, team and success stories. Optimize for search engines to increase online visibility.

Social media: Leverage platforms like LinkedIn, Facebook and Instagram to engage with potential clients, share educational content and build a community around financial management.

Content strategy: Develop informative blog posts, ebooks and video tutorials on bookkeeping best practices, demonstrating our expertise and value to clients.

Networking: Attend local business events, workshops and seminars to connect with potential clients and establish our brand as a trustworthy bookkeeping partner.

Startup costs

Office setup: $15,000

Software licenses: $5,000

Marketing initiatives: $7,000

Staff training: $3,000

Miscellaneous: $2,000

Total startup costs: $32,000

Revenue projections (Year 1)

Monthly clients: 10

Average monthly revenue per client: $800

Total monthly revenue: $8,000

Total annual revenue: $96,000

Expenses (monthly)

Salaries and wages: $4,000

Marketing expenses: $500

Office utilities: $300

Software maintenance: $200

Miscellaneous: $100

Total monthly expenses: $5,100

We will initially fund the business through personal savings and a small business loan of $20,000.

Profitability timeline

We project to achieve profitability within the first year of operation, driven by a steadily growing client base and effective cost management.

Benefits of creating a bookkeeping business plan

A well-structured business plan will help you define your scope of services, target market, competitive landscape and pricing strategies. By outlining these aspects, the business plan acts as a blueprint that guides decision-making and resource allocation.

Secondly, a business plan aids in raising money for your business . Whether you’re seeking a loan, investment or other contributions, potential stakeholders will want to see a well-thought-out plan. It demonstrates your commitment and understanding of your business's potential for success. Financial projections within the plan illustrate the expected profitability and return on investment, offering a clear picture of the business's viability.

Moreover, a business plan assists in setting achievable goals and measuring progress. By establishing milestones and performance indicators, you can assess whether your bookkeeping business is on track and make necessary adjustments if not. This aspect is crucial when starting a business, as it ensures that the initial steps are strategic and effective.

Got another business idea in mind?

Not exactly sure what type of business to pursue? Check out the guides below and explore your options with service business ideas and service business examples .

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How to start a bookkeeping business – a step-by-step guide.

Bookkeeping is a tasking part of any small business. Small business owners know that time management , organization, and detail-orientation all need to go into keeping a strong system of accounting afloat. If these are skills you’ve mastered, you may consider starting your own bookkeeping business.

This step-by-step guide will map out the process to get started on your own bookkeeping business. We’ll cover building a bookkeeping plan, creating a strong accounting system, marketing and gaining clients and other helpful tips to get your business set up.

Here’s What We’ll Cover:

Benefits of Starting a Bookkeeping Business

Launch a thriving bookkeeping business, more resources for bookkeepers.

Perhaps you’ve worked as a bookkeeper for a larger company or firm and you’d like to branch out and start your own business . You may be ready to be your own boss, work virtually,  make your own hours, and build your own accounting software program.

There are some things you should consider when thinking about starting your own bookkeeping business. Learn the benefits of starting out on your own small business venture that will encourage you to take that leap.

You get to establish your own management style.

Different bookkeepers have different methods of accounting. Depending on your training, certification, and experience you’ll learn to navigate different strategies and dial in what will help your company succeed. Only you know what accounting style works best for you, choose a system that helps you thrive.

You can choose your hours.

As a small business owner , you get to decide how many clients you want to take on, how much money you want to make, and how many hours you want to work during the day.

You can personalize your business and grow at your own pace.

Build a marketing strategy that draws clients to your unique brand, while becoming familiar with the clients that you’re bringing in, and predict how they could support future business bookkeeping goals.

The great thing about starting your own bookkeeping business is that all of these decisions will be yours to make. You will be the one putting the work in, so creating a personalized business model will be what sets you apart from competition, and what will get you the most fulfilling feedback.

Step One: Draft a Business Plan

Take time to sit down and write out a business plan– a roadmap of what you’d like your business to look like. This can be as creative as you’d like, and include short-term and long-term goals that you have for your bookkeeping business.

Your business plan should define your purpose in wanting to start this new endeavour.  Be specific in what you’re trying to accomplish– what satisfies you about accounting and how you will amplify that satisfaction to create a practice of purpose?

Another key aspect of building your business plan will be finding your target audience. Again, it’s important to detect what potential clients you will be bringing in. Are you looking to get hired by small businesses bringing in large income ? Or freelancers starting out on their own?

Step Two: Create Your Accounting System

This step may be the most important aspect of beginning a successful bookkeeping business.

When you decide to go into business for yourself, a big part of your decision may be the thought of making your own hours and working less. The only way to make that transition a reality is by time management.

The key to time management is creating an effortless bookkeeping accounting system. This step may take trial and error but you will use your skills and experience to dial in a software program that is repeatable and strategic so that each client you decide to work with will be managed in the same structured pattern.

Having an effortless accounting system will be imperative when it comes to hiring on additional help for your business– as you could familiarize them with the existing software system and they could get started right away.

Step Three: Market to Prospective Clients

A successful business needs a strong marketing strategy from the start. By learning early on what your target audience is, you will gain huge insight on what procedures you need to take to keep your bookkeeping business at the top of potential clients’ radar.

Reference your initial business plan — what type of clientele are you aiming to serve? If you’re directing your accounting services to freelance businesses, you will implement practices that will be unique to serving freelancers, and that will encourage them to hire your business over a different bookkeeper.

Another aspect of marketing is dialing in your brand, which goes hand in hand with the type of clients you want to bring in. Knowing the market and what makes you stand out from other competitors will naturally draw your potential client base to your bookkeeping services .

Figure out what bookkeeping methods you’re good at (whether it be tax returns, payroll, financial data entry, insurance, etc.) and put emphasis on those services so that when potential clients see your website, they will know they want to work with you.

Step Four: Create a Business Website

When you dial in your business structure, accounting system, brand, and target audience, you’re ready to showcase it on a professional bookkeeping website.

Having a strong website will make you stand out against your competitors, and there are key elements to consider when building your platform.

• Choose a Structure – Different website platforms have many different styles and structures to choose from. Find a clean, manageable layout that will not distract visitors from your services.
• Make a Statement – What key statement do you want potential clients to remember that will set you apart from other professional bookkeepers and make them want to hire you? Fill guests in on your experience in the industry and they want to work with your company. Clients will prefer to work with an accredited professional bookkeeper– stating your certification and training could be useful.
• Guide Your Clients – Having organized and accessible services on your website will allow you to get clients familiar with what your business has to offer. Let clients know if you provide online bookkeeping service and how you can connect virtually. Make your services, your unique brand, and your mission apparent to each client that finds your site.
• Add Contact Information – How can clients contact you for your service? State where clients can find you online, via social media (linkedin, facebook, apps) and how they can get started and schedule a consultation with you.

Step Five: Strive for Business Success

Once your bookkeeping business is underway, you will have to trust that your system will draw clients to you. Time management, experience, and consistent energy will all be factors in your business success.

Maybe you learn that you’re drawing in different clientele than you’d anticipated, or you need to hire more assistance to help with a growing workload– managing and adjusting minor details in the beginning stages of your business will help dial in your bookkeeping services.

All the while, as you navigate your new business, keep in mind the initial goals you made, and continue to feed consistent energy into bringing those goals to life as you build your professional practice.

One of the most rewarding parts of building your own business is that whatever you put into it, you will see the outcome and reap the benefits. As you move along in your business plan, you get to decide how much time, energy, and motivation you have to give to your endeavor. Business owners alike know that the more you put in, the more you’ll get out.

Whatever your motivation for starting a business of your own, if you take the steps to create a strong roadmap, build a successful accounting system, and draw in clients through an organized and professional website, soon enough you’ll have your first client and be reaching your business bookkeeping goals.

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Bookkeeping Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Financial Service Industry » Accounting, Bookkeeping and Tax Preparation

Are you about starting a bookkeeping business ? If YES, here is a complete sample bookkeeping service business plan template & feasibility study you can use for FREE .

In case you didn’t know, there are loads of small businesses, mom and pop businesses, amongst a few without the faintest idea of any bookkeeping, payroll and accounting skills. These businesses struggle with their books a lot.  Research shows that one of the reasons why many small businesses remain small and sometimes close shop is not because they don’t have clients or capital to run the business but because they fail to keep their books properly.

If you are an accountant, then you can leverage on this read to start your own bookkeeping and payroll services Business. You can be sure that your services would always be in demand by those small businesses that can’t afford to hire a full time accountant.

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They know that it would save them cost and the good thing is that you can handle up to 20 clients per time depending on how organized and hardworking you are. Here is a sample bookkeeping business plan that will come in handy as you start your business;

A Sample Bookkeeping Service Business Plan Template

1. industry overview.

The financial services industry is indeed a broad industry and one of the active lines of businesses in the industry is bookkeeping and payroll services business. Bookkeeping is all about recording of financial transactions especially in businesses. It is part of the process of financial accounting in business.

The basic transactions that bookkeepers keep for businesses include purchases, sales, receipts, and payments by an individual person or an organization/corporation. Although there are quite a few standard methods of bookkeeping. Methods such as the single-entry bookkeeping system and the double-entry bookkeeping system are used.

The bookkeeping and payroll services industry has loads of small business operators servicing a wide range of clients ranging from start – ups to well established businesses. Basically, bookkeeping and payroll services firms offers outsourced payroll services for clients’ employees and basic bookkeeping services as requested.

The Bookkeeping and Payroll Services industry is indeed in a mature stage of its growth. The industry is characterized by growth in line with the overall outlook of the economy, consolidation from the largest players in the industry and wholehearted market acceptance of industry products and services.

The bookkeeping and payroll services line of business will continue to be in high demand by business establishment in the united states, most especially as the number of businesses and employees increases. Corporate organizations are also expected to continue to outsource their human resource functions such as payroll et al so as to focus their attention on their core area of operations.

The Bookkeeping and Payroll Services industry is indeed a large industry and pretty much active in countries such as United States of America, United Kingdom, France, Italy, Nigeria, South Africa Japan, China, Germany, and Canada et al.

Statistics has it that in the United States of America alone, there are about 285,212 registered and licensed Bookkeeping and Payroll Services firm responsible for employing about 929,849 and the industry rakes in a whooping sum of $81 billion annually. The industry is projected to enjoy 7.8 percent annual growth.

One thing is certain about starting a bookkeeping and payroll services business, if you are able to conduct your market research and feasibility studies , you are more likely not going to struggle to secure clients because there are always mom and pop shops, start – ups and even corporate organization who would want to hire your services.

Lastly, with bookkeeping and payroll services business, you can afford to partner with other smaller firms that are into financial related services. You can partner with tax consulting firm, you can partner with auditing firms and you can partner with human resources consulting firms et al. The bottom line if that, if you are have a robust network and you are well positioned, you can indeed maximize your bookkeeping and payroll services business.

2. Executive Summary

Chris Morgan Financial Consulting, LLC is a registered and licensed financial consulting firm with biased in bookkeeping and payroll services and will be based in Las Vegas – Nevada. The company will handle all aspect of bookkeeping and payroll related services such as:

• Full-service payroll services
• Payroll services sold separately
• Billing services
• Bookkeeping and compilation services
• General accounting services
• Tax planning and consulting services
• Tax preparation and representation services and other related financial services.

We are aware that to run an all – round and standard bookkeeping and payroll services firm can be demanding which is why we are well trained, certified and equipped to perform excellently well. Chris Morgan Financial Consulting, LLC is a client-focused and result driven bookkeeping and payroll services firm that provides broad- based services at an affordable fee that won’t in any way put a hole in the pocket of our clients.

We will offer a standard and professional bookkeeping and payroll services to all to our individual clients, and corporate clients at local, state, national, and international level. We will ensure that we work hard to meet and surpass our clients’ expectations whenever they hire our services.

At Chris Morgan Financial Consulting, LLC, our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in the financial consulting services industry with bias in accounting, bookkeeping and payroll administration.

Chris Morgan Financial Consulting, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Our plan is to position the business to become the leading brand in bookkeeping and payroll services line of business in the whole of Nevada, and also to be amongst the top 20 bookkeeping and payroll services businesses in the United States of America within the first 10 years of operations.

This might look too tall a dream but we are optimistic that this will surely be realized because we have done our research and feasibility studies and we are enthusiastic and confident that Las Vegas is the right place to launch our bookkeeping and payroll services business before sourcing for clients from other cities in The United States of America.

Chris Morgan Financial Consulting, LLC is founded by Chris Morgan and Mark Lake, his business partner for many years. The organization will be managed by both of them since they have adequate working experience to manage such business. Chris Morgan has well over 5 years of experience working at various capacities within the financial consulting services industry in the United States of America.

Mr. Chris Morgan graduated from both University of California – Berkley with a Degree in Accounting, and University of Harvard (MSc.) and he is a chartered account. Mark Lake has ample experience in the area of tax consulting and financial auditing.

3. Our Products and Services

Chris Morgan Financial Consulting, LLC is going to offer varieties of services within the scope of the financial consulting services industry in the United States of America. Our intention of starting our bookkeeping and payroll services firm is to work with both smaller organizations (start – ups and mom and pop shops) and also well – established corporate organizations who would want to outsource the payroll and bookkeeping concerns.

We are well prepared to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition. Our business offering are listed below;

• Provide Full-service payroll services
• Provide Payroll services sold separately
• Provide Billing services
• Provide Bookkeeping and compilation services
• Provide General accounting services
• Provide Tax planning and consulting services
• Provide Tax preparation and representation services
• Other financial consulting and advisory related services

4. Our Mission and Vision Statement

• Our vision is to build a bookkeeping and payroll services brand that will become the number one choice for both smaller businesses and corporate clients in the whole of Las Vegas – Nevada.
• Our vision reflects our values: integrity, service, excellence and teamwork.
• Our mission is to provide professional, reliable and trusted bookkeeping and payroll services that assist start – ups, corporate organization and non-profit organizations in organizing their books and financial related concern.
• We will position the business to become the leading brand in the bookkeeping and payroll services line of business in the whole of Nevada, and also to be amongst the top 20 bookkeeping and payroll services firms in the United States of America within the first 10 years of operations.

Our Business Structure

Ordinarily we would have settled for two or three staff members, but as part of our plan to build a standard Bookkeeping and Payroll services firm in Las Vegas – Nevada, we have perfected plans to get it right from the beginning which is why we are going the extra mile to ensure that we have competent, honest and hardworking employees to occupy all the available positions in our firm.

The picture of the kind of bookkeeping and payroll services business we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in and around Las Vegas – Nevada as long as they are willing and ready to work with us to achieve our business goals and objectives.

Below is the business structure that we will build Chris Morgan Financial Consulting, LLC;

• Chief Executive Officer

Bookkeeper and Payroll Administrator

Admin and HR Manager

Marketing and Sales Executive

• Customer Care Executive / Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Office:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Responsible for ensuring that all transactions whether it is cash transaction credit transaction are recorded in the correct daybook, supplier’s ledger, customer ledger, and general ledger
• Brings the books to the trial balance stage
• Provides Full-service payroll services
• Provides Payroll services sold separately
• Provides Billing services
• Provides Bookkeeping and compilation services
• Provides General accounting services
• Provides Tax planning and consulting services
• Provides Tax preparation and representation services
• Handles other financial related services
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Design job descriptions with KPI to drive performance management for clients
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defining job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Oversees the smooth running of the daily office activities.
• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of relevant projects.
• Writs winning proposal documents, negotiate fees and rates in line with company policy
• Responsible for handling business research, marker surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develops, executes and evaluates new plans for expanding increase sales
• Documents all customer contact and information
• Represents the company in strategic meetings
• Helps to increase sales and growth for the company
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• create reports from the information concerning the financial transactions recorded by the bookkeeper
• Prepares the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the company
• Serves as internal auditor for the company

Client Service Executive / Front Desk Officer

• Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the manager in an effective and timely manner
• Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
• Receives parcels / documents for the company
• Distributes mails in the organization
• Handles any other duties as assigned my the line manager

6. SWOT Analysis

Chris Morgan Financial Consulting, LLC engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a well – structured bookkeeping and payroll services firm that can favorably compete in the highly competitive financial consulting services industry.

Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Chris Morgan Financial Consulting, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Chris Morgan Financial Consulting, LLC;

Our core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details and to deliver excellent jobs. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business.

As a new travels and tours agency, it might take some time for our organization to break into the market and gain acceptance especially from corporate clients in the already saturated financial consulting services industry; that is perhaps our major weakness. So also we may not have the required cash to give our business the kind of publicity we would have loved to.

• Opportunities:

The opportunities in the financial consulting services industry is massive considering the number of mom and pop businesses, start – ups and of course corporate organizations who can’t afford to do without the services of bookkeeping and payroll service providers. As a standard and well – positioned bookkeeping and payroll service provider, we are ready to take advantage of any opportunity that comes our way.

Some of the threats that we are likely going to face as a bookkeeping and payroll service firm operating in the United States are unfavorable government policies , the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing / spending power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.

7. MARKET ANALYSIS

• Market Trends

The financial consulting services industry is indeed a very large industry and of course it is one industry that works for businesses across different industries.

If you are conversant with the trend in the financial consulting services industry, you will agree that loads of mom and pops, businesses, and start – up ventures that do not have the capacity to hire chatter accountants to keep their books would naturally hire the services of bookkeeping and payroll services providers who would usually charge them service charge.

Relatively, it is cheaper and less stressful to hire the services of bookkeeping and payroll service providers as against employing a qualified accountant. The truth is that, it is common to find even bigger firms contracting their bookkeeping and auditing concerns to competent financial / auditing firms because it is cost effective to do so.

Another notable trend in the financial consulting services industry is that in the last five years, the industry has performed impressively as a large reduction in unemployment boosted the revenue generated in the industry.

So also, the financial consulting services industry has benefited from the advancement of online and computer payroll and bookkeeping services, with new cloud-based offerings providing a new revenue stream for operators, and attracting new customers.

Going forward, increasing product penetration and of course an expanding customer base is expected to drive growth in the industry.

8. Our Target Market

The demographic and psychographics composition of those who need the services of bookkeeping and payroll services providers cuts across both small businesses and large corporations.

Chris Morgan Financial Consulting, LLC will initially serve small to medium sized business, from new ventures to well established businesses and individual clients, but that does not in any way stop us from growing to be able to compete with the leading bookkeeping and payroll service firms in the United States.

As a standard and licensed bookkeeping and payroll service firm, Chris Morgan Financial Consulting, LLC offers a wide range of financial consulting services hence we are well trained and equipped to services a wide range of clientele base.

Our target market cuts across businesses of different sizes and industries. We are coming into the industry with a business concept that will enable us work with the small businesses and bigger corporations in and around Las Vegas – Nevada and other cities in the United States of America.

Below is a list of the businesses and organizations that we have specifically design our products and services for;

• Mom and Pop Businesses
• Blue Chips Companies
• Corporate Organizations
• Religious Organizations (Pilgrimage journeys et al)
• Political Parties / Politicians
• Hotels and Restaurants
• The Government (Public Sector)
• Schools (High Schools, Colleges and Universities)
• Sport Organizations
• Entrepreneurs and Start – Ups

Our Competitive Advantage

The level of competitions in the financial consulting services industry depends largely on the location of the business and of course the niche of your financial consulting services. If you can successfully create a unique brand identity for your bookkeeping and payroll services firm or carve out a unique market, you are likely going to experience less competition.

For instance if you are one of the few bookkeeping and payroll firms in your locations that also offer tax consulting and financial auditing services you are likely going to have a competitive advantage over your competitors.

Although the competition in the bookkeeping and payroll services line of business is not just within same service providers but also other financial consulting related service providers in the financial consulting services industry. For example, it is now easier for you an auditing firm to also handle bookkeeping and payroll services for its clients.

We are quite aware that to be highly competitive in the financial consulting services industry means that we should be able to deliver consistent quality service, our clients should be able to experience remarkable difference cum improvement and we should be able to meet the expectations of clients.

Chris Morgan Financial Consulting, LLC might be a new entrant into the financial consulting services industry in the United States of America, but the management staffs and owners of the business are considered gurus. They are people who are core professionals and licensed and highly qualified bookkeeping and payroll experts in the United States. These are part of what will count as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be amongst the best within our category (start – ups bookkeeping and payroll service providers) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Chris Morgan Financial Consulting, LLC is established with the aim of maximizing profits in the travels and tours industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis and sign retainer – ship with most of our clients.

Chris Morgan Financial Consulting, LLC will generate income by offering the following financial consulting services for start – ups, NGOs and for corporate organizations;

10. Sales Forecast

One thing is certain, there would always be mom and pop shops, start – ups, NGOs and corporate organizations who would need the services of professional bookkeeping and payroll services providers.

We are well positioned to take on the available market in Las Vegas – Nevada and other key cities in the United States of America and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond Las Vegas to other cities in Nevada and other states in the U.S.

We have been able to critically examine the financial consulting market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in Las Vegas – Nevada.

Below is the sales projection for Chris Morgan Financial Consulting, LLC, it is based on the location of our business and the wide range of financial consulting services that we will be offering;

• First Year-: $150,000
• Second Year-: $350,000
• Third Year-: $750,000

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

We are mindful of the fact that there is stiffer competition amongst bookkeeping and payroll service providers and other related financial consulting service providers in the United States of America; hence we have been able to hire some of the best business developer to handle our sales and marketing.

Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization.

We will also ensure that our excellent job deliveries speaks for us in the market place; we want to build a standard bookkeeping and payroll service business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).

Our goal is to grow our bookkeeping and payroll consulting firm to become one of the top 20 bookkeeping and payroll firms in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the Las Vegas but also in other cities in the United States of America.

Chris Morgan Financial Consulting, LLC is set to make use of the following marketing and sales strategies to attract clients;

• Introduce our business by sending introductory letters alongside our brochure to corporate organizations, schools, households and key stake holders in Las Vegas and other cities in Nevada.
• Promptness in bidding for financial consulting contracts from the government, religious organizations and other cooperate organizations
• Advertise our business in relevant financial and business related magazines, newspapers, TV stations, and radio station.
• List our business on yellow pages ads (local directories)
• Attend relevant international and local finance and business expos, seminars, and business fairs et al
• Create different packages for different category of clients (start – ups and established corporate organizations) in order to work with their budgets and still deliver quality services to them
• Leverage on the internet to promote our business
• Engage direct marketing approach
• Encourage word of mouth marketing from loyal and satisfied clients

11. Publicity and Advertising Strategy

We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the financial consulting services industry by storm which is why we have made provisions for effective publicity and advertisement of our travels and tours agencies.

Below are the platforms we intend to leverage on to promote and advertise Chris Morgan Financial Consulting, LLC;

• Place adverts on both print (community based newspapers and magazines) and electronic media platforms
• Sponsor relevant community based events / programs
• Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
• Install our Bill Boards on strategic locations all around Las Vegas – Nevada.
• Engage in road show from time to time
• Distribute our fliers and handbills in target areas
• Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.

12. Our Pricing Strategy

Hourly billing for financial consulting services is a long – time tradition in the industry. However, for some types of financial consultancy services, flat fees make more sense because they allow clients to better predict consultancy costs. As a result of this, Chris Morgan Financial Consulting, LLC will charge our clients a flat fee for many basic services such as bookkeeping and payroll services and business advisory services and tax consulting et al.

At Chris Morgan Financial Consulting, LLC we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to start – ups, nonprofits, cooperatives, and small social enterprises.

We are aware that there are some clients that would need regular access to financial consultancy and advisory services and assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.

• Payment Options

At Chris Morgan Financial Consulting, LLC our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;

• Payment by via bank transfer
• Payment via online bank transfer
• Payment via check
• Payment via bank draft
• Payment with cash

In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.

13. Startup Expenditure (Budget)

Starting a bookkeeping and payroll services firm can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment.

Basically what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount to purchase the required software applications, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.

This is the financial projection and costing for starting Chris Morgan Financial Consulting, LLC;

• The Total Fee for incorporating the Business – $750.
• The budget for basic insurance policy covers, permits and business license – $2,500
• The Amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $40,000.
• The Cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $ 5,000
• The cost for purchase of the required software applications (CRM software, Accounting and Bookkeeping software and Payroll software et al) – $10,500
• The Cost of Launching your official Website – $600
• Budget for paying at least three employees for 3 months plus utility bills – $10,000
• Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
• Miscellaneous: $1,000

Going by the report from the market research and feasibility studies conducted, we will need over one hundred and fifty thousand (150,000) U.S. dollars to successfully set – up a medium scale but standard bookkeeping and payroll services firm in the United States of America.

Generating Funding / Startup Capital for Chris Morgan Financial Consulting, LLC

Chris Morgan Financial Consulting, LLC is a business that will be owned and managed by Chris Morgan and his business partner Mark Lake. They are the sole financial of the firm, but may likely welcome partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas we intend generating our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Chris Morgan Financial Consulting, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our financial consulting services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Chris Morgan Financial Consulting, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

• Business Name Availability Check:>Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts various banks in the United States: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of All form of Insurance for the Business: Completed
• Conducting Feasibility Studies: Completed
• Generating part of the start – up capital from the founder: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the Needed software applications, furniture, office equipment, electronic appliances and facility facelift: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with vendors and key players in the industry: In Progress

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• SWOT Analysis
• Market Trends
• Target Market
• Competitive Advantage
• Sources of Income
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Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Accounting Business Plan Template

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We have helped over 5,000 entrepreneurs and business owners create business accounting plans and many have used them to start or grow their accounting firms.

Below is a template to help you create each section of your Accounting business plan.

Executive Summary

Business overview.

DeSanta & Co is a new accounting firm located in Indianapolis, Indiana. We provide a full suite of accounting services to local businesses, including bookkeeping, accounting, and tax services. Our combined decades of expertise and client-focused service ensures that we will become the #1 accounting firm in the next five years.

DeSanta & Co is run by Michael DeSanta. Michael has decades of accounting experience and has gained a loyal clientbase from providing his services through competing firms. His expertise, reputation, and loyal clientbase will ensure that our firm is successful.

Product Offering

DeSanta & Co will offer its clients a full suite of accounting services. These services include bookkeeping, accounting, tax services, and auditing. The company will employ a large and diverse staff of professional accountants to ensure we can offer as many services as possible.

Customer Focus

DeSanta & Co will serve small and medium-sized businesses located in the Indianapolis, Indiana area. Most of these businesses will have less than 1000 employees and earn a revenue less than $10 million per year. We will also offer limited services to individuals, such as tax prep and help.

Management Team

DeSanta & Co’s most valuable asset is the expertise and experience of its founder, Michael DeSanta. Michael has been a certified public accountant (CPA) for the past 20 years. Throughout his career, he has developed a loyal client base, and many clients have stated that they will switch to DeSanta & Co once the company is established and running. Michael’s combination of skills, accounting knowledge, and loyal following will ensure that DeSanta & Co is a successful firm.

Success Factors

DeSanta & Co will be able to achieve success by offering the following competitive advantages:

• Michael DeSanta will initially help the clientbase that he has built carefully over the past twenty years.
• The company will emphasize providing client-focused service so that our clients feel valued.
• The company will provide our accounting services at an affordable rate.

Financial Highlights

DeSanta & Co is currently seeking $400,000 to launch. The funding will be dedicated to the office build out, purchase of initial equipment, working capital, marketing costs, and startup overhead expenses. The breakout of the funding is below:

• Office design/build: $100,000
• Office equipment, supplies, and materials: $50,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $50,000
• Working capital: $50,000

The following graph below outlines the pro forma financial projections for DeSanta & Co.

Company Overview

Who is desanta & co.

DeSanta & Co is a new accounting firm located in Indianapolis, Indiana that provides local businesses with a full suite of accounting services. We are a small firm but have considerable experience, so we can offer better quality of services than our competition. We expect that our most popular services will include bookkeeping, accounting, and tax services. Our combined decades of expertise and client-focused service ensures that we will become the #1 accounting firm in the next five years.

  DeSanta & Co is run by Michael DeSanta. Michael has decades of accounting experience and has gained a loyal clientbase from providing his services through competing firms. After working for several accounting firms around town, he surveyed his clientbase to see if they would be willing to switch to his new company once launched. Most of his clients responded positively, which motivated Michael to finally launch his business.

DeSanta & Co History

Upon surveying his clientbase and finding a potential office, Michael DeSanta incorporated DeSanta & Co as an S-Corporation in April 2023.

The business is currently being run out of Michael’s home office, but once the lease on DeSanta & Co’s office location is finalized, all operations will be run from there.

Since incorporation, DeSanta & Co has achieved the following milestones:

• Found an office space and signed Letter of Intent to lease it
• Developed the company’s name, logo, and website
• Hired an interior designer for the decor and furniture layout
• Determined equipment and fixture requirements
• Began recruiting key employees

DeSanta & Co Services

DeSanta & Co will provide the following services to its clients:

• Bookkeeping
• Tax services
• Advisory services
• Investment services
• Management consulting
• Valuation and planning

Industry Analysis

The accounting industry is essential to the success of other businesses and industries. Accountants record and track financial transactions, which helps businesses ensure they are making a profit. As such, accounting services are always in demand and the industry often sees great growth.

There are several essential services that accounting firms can provide to businesses and individuals. The most popular services include bookkeeping, tax services, advisory services, and valuation and planning. Though most businesses employ their own accountants, many businesses are switching to hiring accounting firms to save on costs.

The accounting industry is expected to grow over the next several years. According to The Business Research Company, the accounting industry is expected to grow at a CAGR of 4.2% from now until 2027. This growth is due to the increasing demand for accountants worldwide. This increase in demand and industry growth ensures that DeSanta & Co will achieve success.

Customer Analysis

Demographic profile of target market, customer segmentation.

DeSanta & Co will primarily target the following customer profiles:

• Local small businesses
• Medium-sized businesses
• Individuals

Competitive Analysis

Direct and indirect competitors.

DeSanta & Co will face competition from other companies with similar business profiles. A description of each competitor company is below.

Perkins & Smith

Perkins & Smith is a small accounting firm that has intentionally remained small so that they can have stronger relationships with their clients. Since they opened in 1960, Perkins & Smith has been one of the leading accounting firms in the Four State Region. They offer a wide range of services including accounting, bookkeeping, payroll services, tax prep and planning, and advisory services. They have built up a loyal clientele and maintained a strong, positive reputation since their opening decades ago.

Premiere Accounting

Premiere Accounting is a large accounting firm that specializes in helping large businesses with accounting, taxes, and similar services. Since opening in 1995, they have acquired a loyal client base, including several multi-billion dollar companies. They employ over a hundred professionals who all have diverse backgrounds. This helps serve their diverse clientele and ensures they are meeting the specific needs of every business that works with them.

Jackson Brothers Accounting

Jackson Brothers Accounting is a privately held accountant practice that has been popular in the area since 1985. They offer a wide variety of services including, tax planning and preparation, payroll processing, financial planning, and small business accounting. Though they are open to helping nearly all businesses and sectors, they primarily focus on local small businesses and startups.

Competitive Advantage

DeSanta & Co will be able to offer the following advantages over the competition:

• Client-oriented service : DeSanta & Co will put a focus on customer service and maintaining long-term relationships. We aim to be the best accounting firm in the area by catering to our customer’s needs and developing a strong connection with them.
• Management : Michael has been extremely successful working in the accounting sector and will be able to use his previous experience to help his clients better than the competition.
• Relationships : Having lived in the community for 25 years, Michael DeSanta knows many of the local leaders, newspapers and other influences.

Marketing Plan

Brand & value proposition.

DeSanta & Co will offer a unique value proposition to its clientele:

• Client-focused financial services, where the company’s interests are aligned with the customer
• Service built on long-term relationships
• Big-firm expertise in a small-firm environment

Promotions Strategy

The promotions strategy for DeSanta & Co is as follows:

Targeted Cold Calls

DeSanta & Co will initially invest significant time and energy into contacting potential clients via telephone. In order to improve the effectiveness of this phase of the marketing strategy, a highly-focused call list will be used, targeting individuals in areas and occupations that are most likely to need accounting services. As this is a very time-consuming process, it will primarily be used during the startup phase to build an initial client base.

DeSanta & Co understands that the best promotion comes from satisfied customers. The Company will encourage its clients to refer other businesses by providing economic or financial incentives for every new client produced. This strategy will increase in effectiveness after the business has already been established.

Social Media

DeSanta & Co will invest heavily in a social media advertising campaign. The company will create social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.

Website/SEO

DeSanta & Co will invest heavily in developing a professional website that displays all of the company’s services. It will also invest heavily in SEO so that the firm’s website will appear at the top of search engine results.

The fees and hourly pricing of DeSanta & Co will be moderate and competitive so clients feel they are receiving great value when utilizing our accounting services.

Operations Plan

The following will be the operations plan for DeSanta & Co. Operation Functions:

• Michael DeSanta will be the Owner of DeSanta & Co. In addition to providing accounting services, he will also manage the general operations of the business.
• Michael DeSanta is joined by a full-time administrative assistant, Jessica Baker, who will take charge of the administrative tasks for the company. She will also be available to answer client questions and will be the primary employee in charge of client communications.
• As the company builds its client base, Michael will hire more accounting professionals to provide the company’s services, attract more clients, and grow our business further.

Milestones:

DeSanta & Co will have the following milestones completed in the next six months.

• 6/2023 Finalize lease agreement
• 7/2023 Design and build out DeSanta & Co
• 8/2023 Hire and train initial staff
• 9/2023 Kickoff of promotional campaign
• 10/2023 Launch DeSanta & Co
• 11/2023 Reach break-even

Though he has never run his own business, Michael DeSanta has worked as an accountant long enough to gain an in-depth knowledge of the operations (e.g., running day-to-day operations) and the business (e.g., staffing, marketing, etc.) sides of the industry. He also already has a starting client base that he served while working for other accounting firms. He will hire several other employees who can help him run the aspects of the business that he is unfamiliar with.

Financial Plan

Key revenue & costs.

DeSanta & Co’s revenues will primarily come from charging clients for the accounting services we provide. We will charge our clients an hourly rate that will vary depending on the services they need.

The notable cost drivers for the company will include labor expenses, overhead, and marketing expenses.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.

• Number of clients:
• Year 4: 100
• Year 5: 125
• Annual Rent: $100,000

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Accounting Business Plan FAQs

What is an accounting business plan.

An accounting business plan is a plan to start and/or grow your accounting business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Accounting business plan using our Accounting Business Plan Template here .

What are the Main Types of Accounting Businesses? 

There are a number of different kinds of accounting businesses , some examples include: Full Service Accounting Firm, Bookkeeping Firm, Tax Firm, and Audit Firm.

How Do You Get Funding for Your Accounting Business Plan?

Accounting businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start an Accounting Business?

Starting an accounting business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop An Accounting Business Plan - The first step in starting a business is to create a detailed accounting business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your accounting business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your accounting business is in compliance with local laws.

3. Register Your Accounting Business - Once you have chosen a legal structure, the next step is to register your accounting business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your accounting business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Accounting Equipment & Supplies - In order to start your accounting business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your accounting business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful accounting business:

• How to Start an Accounting Business

Accounting Business Plans

Accounting & bookkeeping business plan.

The Sorcerer's Accountant is an existing one-person accounting and tax preparation service, planning to expand by adding bookkeeping services.

Automated Accounting Business Plan

Business Cashflow Solutions, Inc., is a start-up business offering automated accounts receivable/accounts payable services.

For help writing the business plan for your accounting-related business, check out these sample business plans for accounting and bookkeeping services.

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Bookkeeping Business Plan Sample

Published Mar.28, 2019

Updated Apr.19, 2024

By: Noor Muhammad

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Table of Content

Do you want to start accounting and bookkeeping business plan?

A bookkeeping business requires you to manage your expenses and income, prepare tax returns for clients and process payrolls. You should learn how to approach clients and create a bookkeeping business plan template to get your business up and running. One thing you should not overlook is looking for an ideal banking partner. You should write a business plan before starting your business.

When a business plan is needed to acquire funding, the value it provides is all about the overall process. You need considering every aspect, like services and products, you are going to sell, the way you will market your offerings, and your competition. Here are some of the major items you should include in your business plan –

Executive Summary

When writing a bookkeeping services business plan template, the executive summary is a very important part. You need writing the overall review of your company business. You need describing your services to your clients. It will need investment in staff and marketing for the overall growth of your business to include the complementary range of your business. This segment of the business plan helps you in starting your own bookkeeping business . You need to do an in-depth and detailed analysis of your business strengths and weaknesses and ensure it has great odds of success.

• What services do you offer?

This way, your company can definitely provide bookkeeping services to your clients along with management accounting, tax accounting, as well as QuickBooks installation and services. You can also further expand to offer bookkeeping services for small businesses. You may want to offer quality and reliable services like Accounts Payable/Receivable, General Ledger, Billing & Collections, Payroll Management, Tax Preparation and Filling State, Federal and Local Forms.

• Who buys your product?

As a licensed and standard bookkeeping firm, you can offer a huge range of consulting solutions to a huge range of clients’ base. Your target market may be ranging from different industries and sizes. This way, you may want to target NGOs, Mom and Pop stores, Blue Chip companies, Hotels and Restaurants, Religious Organizations, Sports Organizations, Schools and others.

• How he implement business management?

Proper planning needs well-trained staff and efficient management team enough to run your business. You need describing the efficiency of your business partners and staff.

• What target of this business?

Here, you need describing your measurable goals. You should have a well-defined target and measurable elements to ensure the success of your business.

Company Summary

Financial services are quite a large industry and bookkeeping is one of the active segments of the businesses, which includes recording financial transactions in business. It is a kind of financial accounting process. The payroll and bookkeeping services industry has plenty of small business operators which serve many clients from start-ups to well-established ones.

Bookkeeping industry is a mature stage of growth. If you are wondering how to start a bookkeeping service business plan , it is very helpful to know how to outsource your human resource functions like payroll etc. to focus your attention on core business operations. The bookkeeping is a large and active industry especially in developed countries like USA, Canada, UK, France, Italy, Japan, China, etc. There are around 285,212 licensed and registered bookkeeping companies in the US alone.

• Who is owner of this company?

You need telling the ownership of your company, like a sole proprietorship, partnership, etc.

• Why you have started Bookkeeping business plan?

Bookkeepers usually keep transactions like sales, purchases, payments, and receipts by the organization or person. Your purpose to start this business may be related to one of these things.

• How you have to start the Bookkeeping business plan?

For doing this, you can partner with smaller companies also engaged in financial services, such as auditing firms, tax consulting firms, and others.

Here is the data in table containing the costs-

Services for customers

When creating an accounting business plan template , you need to describe what services you have on offer. Establishing the clientele of the accounting business takes time. It takes words of mouth, referrals, and recommendations for new clients to select your services. You may look at the advertisements or Yellow Pages to figure out the services your business can offer. Then you can add further information and pricing.

You should be prepared well to make profits from your industry. As a general overview of <strong>how to start a business plan template for home bookkeeping</strong>, you may offer the following services.

• Tax services like Tax Planning, Tax Preparation, addressing tax issues (IRS issues, payroll problems, bankruptcy, audit representation etc.)
• Cost Accountant/Management services like Cost and Margin analysis, Audits, Credit Card Processing setup, and Financial Projection
• QuickBooks training, QuickBooks setup, etc.

Along with these, your accountants may add these bookkeeping solutions –

• Sales tax processing
• Payroll processing
• Accounts receivable (invoicing, entry, collection, deposits etc.)
• Accounts payable (bill payments, entry)
• Bank Reconciliations
• Financial statement preparation
• Inventory Management

To add further value to your offerings, your accountant or bookkeeping manager may audit and supervise the work of bookkeepers, answer their queries, and provide quality service. They will also review QuickBooks reports and files to ensure they follow the formats properly and are prepared well.

Marketing Analysis of Accounting and Bookkeeping Business Plan

The market for small accounting business consists of almost every small business in the US. As businesses grow larger than a sole proprietorship, they usually need an expert solution with tax preparation and additional bookkeeping and accounting solutions. Even most of the non-employer proprietorships need accounting services at least once. When most small businesses have CEOs or bookkeepers for full time, some even outsource these services. When making home based bookkeeping business plan template, you need to consider the following questions –

• Who is the targeted audience of accounting and bookkeeping business?

Promotion activities in your business also vary according to your target market. When it comes to choosing an accountant, there is a great importance of referrals and words of mouth among all market segments. There are certain efforts you need to take to stimulate business when starting your own bookkeeping business plan home . You need creating a cost-effective business campaign, based on publicity, direct marketing, advertising, and customer reward program.

• What business target should company achieve?

Your business target clarifies what you want to achieve in your specific goals. You need to have a well-defined target with measurable elements to make an effective goal. There are different types of goals, and your plan should have a variety of goals. There are two different categories of goals for many businesses – marketing and financial targets. You need to tailor your objectives to cover the overall bookkeeping business.

• How much will be the average price of the product?

Here, you need to describe how much you are going to charge for your services. You should consider fee structure for your business clients according to their unique needs. On average, you may charge $55 on an hourly basis for businesses for accounting services. There is a base fee range of $50 to $125 for personal/housing tax preparation. There are also charges for filing in the schedules and forms involved. The personal consulting is also priced at an hourly rate of $25.

Referrals are the effective and most important parts of your business. Therefore, you need to be more aggressive in attracting new clients in the first few years, which will pass on the words and your business, can start experiencing natural growth. Useful and constructive planning needs a broad and detailed understanding of changes, which take place in the market where your company has competition, or want to compete.

SALES FORECAST

You also have to consider the ever-changing and thriving financial markets when starting your own bookkeeping business home . You need considering detailed technical skills in different disciplines like financial analysis, tax, sales, managing growth, and marketing, which are the important components to assess the risks and opportunities in a company.

• Who are your competitors?

When writing a business plan tamplate for bookkeeping business , you need to explain how you are going to stand out in competition. You may want to have detailed technical skills in different disciplines like financial analysis, tax, sales, managing growth, and marketing. These are the important components to assess the risks and opportunities for the company. Your management should develop disciplined planning and methodology to anticipate your economic needs and other important information.

• What is your sales strategy?

It is a strategy for business plan to sell your services to your existing clients, especially before your marketing efforts pay off with upcoming inquiries. You need to inform about the services to all the clients by phone. You may approach the clients through regular sales calls.

• What about your sales forecast?

When writing a business plan template for a bookkeeping business , describe the average cost of a project like tax services ($750), QuickBooks services ($300), and cost accounting ($1000). Bookkeeping services are charged on an hourly basis, i.e. $30 per hour.

Personnel Plan

When creating a business plan for accounting services , you might want to have a bookkeeping manager who will keep track of the work of bookkeepers. He will be in MS or MBA accounting program with years of bookkeeping and professional work experience, especially at the beginning of their graduate school program so they can work through two years of the program and be considered for a move to a full-time position in the third year.

The manager will also move from part-time to a full-time position in a few years to come. In the personnel plan, you need to explain about the staff you are going to hire and the team you have already.

• What staff would be needed for accounting and bookkeeping company?

In this part of the bookkeeping business plan template, explain what staff you would need for your company. You have to explain the key business members of your business. You need to explain whether you would hire full time or part-time staff. Will you need additional support staff to further expand your business? You need to explain key members of your business.

• What will be the average salary of your staff?

You will also have to explain the salary of your staff on average, along with office and other expenses during the first year. You can describe this part in detailed form.

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Financial Plan

This section of your bookkeeping company business plan consists of growth with positive cash flows with operations. It is unimportant to add owner investment or outside investment for business plan . The new line of business is not capital based and it will improve the fixed costs of business. Additional revenues from sales should cover it quickly. At least five clients use service without any problem, as they are all set to use bookkeeper or outsource their bookkeeping. Here are some of the assumptions of financial plan –

Important Assumptions

You need to describe your assumptions on the growth of your business over the next 2 to 3 years. You need to explain the working hours of your bookkeepers before reaching the capacity.

Break-even Analysis

It should be based on fixed costs behind running the business with old lines of your business. It is a significant rise from the breakeven point. You can describe your payroll, capacity, marketing activity, expenses of new bookkeeper, insurance, cost of sales etc.

Projected Profit and Loss

Here, you need to explain the proposed income and expenses of your business as well as the overall profit and loss. Also, explain how you are going to balance them.

Projected Cash Flow

You will need to explain the overall cost requirement in the first year and how you will balance out and get back to the positive cash flow in the next few years to come.

Projected Balance Sheet

If your new business succeeds as you expect, the net worth can improve in your business. Explain the debt of the business as well as external financing.

Business Ratios

You will need to explain the overall ratio of your assets with net worth. Explain how gross margins can be higher than averages.

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Book keeping Business Plan

No matter the type of business or the industry you are into, especially those that involve money, which is almost everything, you really need to account all the transactions of the entity. Bookkeeping is needed in every kind of business, and an entity must have their own bookkeeper to perform the bookkeeping tasks. You may also see strategic plan examples .

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Bookkeeping is naturally challenging because you are dealing with the company’s financial resources, the lifeblood of the company. In order to do your bookkeeping effectively and efficiently, you need to lay out your bookkeeping plans in a formal document called business plan . Bookkeeping business plans will guide you to the small steps to achieve your desired goals in bookkeeping.

Accounting and Bookkeeping Business Plan Example

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Basic Bookkeeping Business Plan Example

Size: 429.7 KB

Importance of Bookkeeping

Bookkeeping is an important aspect in the life of every business entity. It involves the recording of financial transactions, which includes purchases, sales, general receipts , and payments. It can help the users of the financial statements as well as the related parties in different ways. Below are the common importance of bookkeeping:

1. It limits the pain of auditing

Internal and external auditing are the two auditing procedures that must be performed on the financial statements of an entity. In auditing, the auditors need to gather the necessary information to determine whether the financial statements are presented fairly in all material aspects. Bookkeeping can help the auditor easily check the financial information of the company.

2. Files for tax filing are gathered

In filing for tax payments, certain papers are needed such as the simple receipts for the revenues and expenses and other related documents evidencing the amount that must be paid by the company for their tax payable. Bookkeeping can help in tax filing because through bookkeeping, the necessary files are already gathered in place.

3. Analysis and management

Through the information and the general summary of the digits of the purchases, sales, receipts, and payments, the management can analyze their performance for the improvement of the entity. The internal control can also be tested on whether or not it is reliable especially in the preparation of the financial statements.

4. Requirement of the law

The law requires that a company must do bookkeeping in their accounts and to keep proper records not just for auditing but for tax purposes as well.

5. You can plan ahead

Based on the previous transactions that you have recorded in your books, you can plan ahead on what you are going to do with the aspects that you think are your weaknesses and do something to improve your strengths.

Company Bookkeeping Business Plan Example

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Comprehensive Bookkeeping Business Plan Example

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Steps in Bookkeeping

Bookkeeping may be burdensome for some; however, it must be done in order to help not only the management but also any other users of financial information of the company. Having a license as an accountant is not a requirement for bookkeeping, but being a Certified Public Accountant is an advantage as they already know the necessary steps to do bookkeeping. You may also see business plan guidelines examples .

To help you in doing your bookkeeping, here are the simple but important things that you must remember:

1. Prepare the source documents

The first thing that you must do in bookkeeping is to gather all the necessary documents—source documents. You must prepare the source documents for all the transactions that your company has entered into such as in operations, finance, and investment as these are the starting point in your bookkeeping process. You may also see risk plan examples .

2. Determine the relevant information about each transaction

Now that you have gathered all the necessary documents for all the transactions of your company, you must determine the relevant information about each transaction. You must also record the financial effects for each of the transactions and other business events. You may also like business operational plan examples .

3. Record journal entries into the general journal

Record in chronological order the relevant transactions into the general journal. Commonly, a double entry system is being used by most of the companies. It states that for every debit, there must be credit.

Hence, when you are going to record an account as a debit, you must also record pair it with its credit. It is better that you study more on the double entry system to understand more about this topic as this can get complicated when you got lots of rare transactions. You may also check out market analysis business plan examples .

4. Perform end-of-period procedures

Most business entities need accounting reports at the end of each quarter or at the end of the month. Hence, you must perform end-of-period procedures which are the critical steps and can be used for getting the accounting records updated and ready for the preparation of management accounting reports, tax returns, and simple financial statements .

5. Compile the adjusted trial balance

When you have finished performing the end-of-period procedures, you must compile a complete list of all the accounts in your record in the adjusted trial balance. In the adjusted trial balance, all the changes in the accounts that has been affected by the transaction within a certain period are reflected. You might be interested in network marketing business plan examples .

6. Close the books

Lastly, close the books of the accounts by eliminating the nominal accounts by transferring them to their respective real accounts. Closing the books can help get things ready for the next period’s bookkeeping process.

Detailed Bookkeeping Business Plan Example

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Lengthy Bookkeeping Business Plan Example

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Typical Structure of a Business Plan

In creating a business plan for a professional goal that you have in mind, you must make a formal paper, detailing all the necessary information that would lead you to achieving your predetermined goal.

1. Cover Page

The first part of your business plan must be your cover page. In your cover page, you must write the title of your business plan , your company, and the date. This is important so you can easily determine this document from your other documents of your entity, especially when you are compiling a hard copy of the document.

2. Table of Contents

The table of contents must also be present in your business plan especially when you are creating a lengthy business plan. This can guide the users and the readers of the different sections in your business. If you are creating a business plan digitally, you may create a clickable table of contents linking the items in your table of content to their respective contents.

3. Executive Summary

In your executive summary , you must summarize the whole document in a way that the readers can be easily acquainted with your business plan without having to read it all. It must contain a brief statement of the problem or subject covered in the business plan, background information, concise analysis, and main conclusions.

4. Mission Statement

In this section you must present the general mission statement or the short statement of an organizations purpose. It must identify the goals of its operations. You may also include in this section the organization’s values or philosophies, your company’s competitive advantages, or a desired future state.

5. Business Description

You must present in this section the description of the business you are in. You can include the nature of the business that you are into as well as the operations and systems that you are implementing in your business.

6. SWOT Analysis

SWOT analysis or the analysis of your strengths, weaknesses, opportunities, and threats must be presented in this section. You must specify the objectives of your entity and identify the internal as well as the external factors that are favorable and unfavorable to achieving those objectives.

7. Industry Background

In this section, you must present the type of industry of your company, whether you are a service provider for a certain service, a manufacturer of a certain good, among others.

8. Competitor Analysis

This section of your general business plan is where you present your competitor analysis. Competitor analysis is the assessment of the strengths and weaknesses of current and potential competitors of the same industry that your company is into. This general analysis provides an offensive as well as defensive strategic context to identify opportunities and threats from those competitors.

9. Market Analysis

In this section, you must include your  market analysis , your studies on the attractiveness, and the dynamics of a special market within a special industry. In this analysis, you can also identify the strengths, weaknesses, opportunities, and threats of your company. This is also known as a documented investigation of a market that is used to inform a firm’s planning activities.

10. Marketing Plan

A marketing plan is an important component of your business plan as this serves as a blueprint, outlining the business advertising and marketing efforts of the entity for the coming year. It also describes business activities that are involved in accomplishing specific marketing objectives within a specified period of time.

Moreover, it includes a description of the current marketing position of your company, a discussion of the target market for your goods and services, and a description of the marketing mix that a company is going to use to achieve their marketing goals .

11. Operations Plan

You must also include a section for your operations plan. This includes your strategic goals and objectives. Your operations plan describes milestones, conditions for success, and explains how or what portion of a strategic plan must be put into operation in a certain operational period. This is usually the basis for your annual operating budget request. It also addresses the following questions:

• What is our current standing now?
• Where do we want to be?
• How can we get there?
• How can we measure our progress?

12. Financial Plan

In this section, you must present a comprehensive evaluation of your company’s current pay as well as the future financial state— financial plan . This can be done through the use of the current known variables to forecast future income, asset values, etc., of the company. This also includes a budget that organizes company’s finances and a series of steps or specific goals for spending and saving in the future. This is sometimes referred to as an investment plan.

13. Attachments and Milestones

In this section, you must present the attachments that are necessary for the complete understanding of the above documents and sections that you have presented. You may also include the notes for your financial statement, which details the information that are not included in the financial statement. You may also see advertising and marketing business plan examples .

Furthermore, you may present the milestones that your company has reached at this point as well as the achievements that you have achieved so far.

Practical Bookkeeping Business Plan Example

Size: 854.2 KB

Well-Explained Bookkeeping Business Plan Example

Size: 556.4 KB

Quick Recap

Bookkeeping is important as it can help limit the pain of auditing, the files used for filing tax are already set in place, it can be used for simple analysis and management, it is the requirement of the law, and through bookkeeping, you can plan ahead.

Bookkeeping is really not a tough task. To perform bookkeeping, the following steps are necessary: prepare the source documents, determine the relevant information about each transaction, record journal entries into the general journal, perform end-of-period procedures, compile the adjusted trial balance, and lastly, close the books. You may also see hotel business plan examples .

However, before doing bookkeeping, you must plan ahead on what you are going to achieve. This can be done through making a simple business plan . The typical structure of a business plan involves the following: cover page, table of contents, executive summary, mission statement, business description, general SWOT analysis , industry background, competitor analysis , market analysis , marketing plan , operations plan, management summary, financial plan, and attachments and milestones.

To understand more about bookkeeping business plans, don’t forget to refer to the comprehensive and detailed examples of bookkeeping business plans above.

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8 Best Online Bookkeeping Services of 2024

Rosalie Murphy is a small-business writer at NerdWallet. Since 2021, she has covered business insurance, banking, credit cards and e-commerce software, and her reporting has been featured by The Associated Press, MarketWatch, Entrepreneur and many other publications. Rosalie studied journalism at the University of Southern California and holds a graduate certificate in Quantitative Business Management from Kent State University, where she's now pursuing an MBA. She is based in Chicago.

Sally Lauckner is an editor on NerdWallet's small-business team. She has over 15 years of experience in print and online journalism. Before joining NerdWallet in 2020, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content and specializing in business financing. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She is based in New York City.

Hillary Crawford is a small-business writer at NerdWallet, with a special focus on business software products. Her previous roles include news writer and associate West Coast editor at Bustle Digital Group, where she helped shape news and tech coverage. Her work has appeared in The Associated Press, The Washington Post, Yahoo Finance and Entrepreneur, in addition to other publications. She is based in Traverse City, Michigan.

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

The best bookkeeping services handle your target tasks without breaking your business’s budget, integrate with your accounting software and offer a dedicated line of communication with a live bookkeeper. In addition, consider the availability of add-on services like tax planning, payroll and human resources support.

NerdWallet's top picks for online bookkeeping services include:

Best overall: Bookkeeper360 .

Best for QuickBooks users: QuickBooks Live .

Best for tax support: 1-800Accountant .

Our complete list below includes why we selected each online bookkeeping service, monthly price details and features checklists to help you easily compare services.

Small-business bookkeeping is the process of accurately recording your business's financial activity. When bookkeeping tasks become too time-consuming to handle on your own, hiring an online bookkeeping service can be a worthwhile investment. These services are typically staffed by people who have access to your accounting software and help make sure none of your financial data slips through the cracks.

Some bookkeeping tasks you may choose to outsource to online services include:

Recording transactions.

Reconciling bank statements.

Handling accounts receivable.

Running financial reports.

Managing payroll.

Preparing tax forms.

At the very least, you can expect most bookkeeping services to input transactions, reconcile accounts and send you financial statements regularly. Most services touch base monthly, but in some cases, you can pay extra to receive weekly reports. Depending on the company, you can speak with your bookkeeper (or team of bookkeepers) as often as you'd like or at least a few times per month.

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250+ small-business products reviewed and rated by our team of experts.

95+ years of combined experience covering small business and personal finance.

75+ categories of best business software selections.

Objective and comprehensive business accounting software ratings rubric. ( Learn more about our star ratings .)

NerdWallet's small-business software content, including ratings, recommendations and reviews, is overseen by a team of writers and editors who specialize in business software, including payroll, accounting and payment processing. Their work has appeared in The Associated Press, The Washington Post, Nasdaq, Entrepreneur, ABC News, Yahoo Finance and other national and local media outlets. Each writer and editor follows NerdWallet's strict guidelines for editorial integrity to ensure accuracy and fairness in our coverage.

A closer look at our picks for the top bookkeeping services

Bookkeeper360: best overall bookkeeping service.

Bookkeeper360

Additional pricing tiers (per month) starting at: $399, $549, $749.  

$49 per month plus hourly cost for support for Pay-As-You-Go plan.

$399 per month for monthly cash basis bookkeeping.

$549 per month for weekly cash basis bookkeeping.

$549 per month for monthly accrual basis bookkeeping.

$749 per month for weekly accrual basis bookkeeping.

Why we picked it: Bookkeeper360 is our top selection for online bookkeeping service because of its scalability, wide range of add-on services and multiple accounting integrations. Some online bookkeeping services either only integrate with QuickBooks or use proprietary accounting software, which makes it difficult to switch accounting services down the road. But Bookkeeper 360 integrates with Xero and QuickBooks. If you’re looking to scale up as your business grows, you can upgrade to weekly (instead of monthly) financial reports and choose from a number of add-on services to receive support for payroll , human resources, invoicing and tax filing. This makes the product a good fit for small businesses of varying complexity.

Integrates with QuickBooks and Xero.

More complex businesses can subscribe to plans with advanced reporting and accrual basis accounting.

Offers add-ons for tax planning, payroll and HR, and back-office tasks like invoicing, bill pay and expense reimbursements.

Prices increase after business exceeds $20,000 in monthly expenses.

Merritt Bookkeeping: Best for businesses on a budget

Merritt Bookkeeping

$190 per month.

Why we picked it: Merritt’s bookkeepers work in QuickBooks to categorize your bank transactions each month and produce simple financial reports for you to work from. During tax season, the team will be in touch with your CPA as needed and will also issue 1099s. As you might expect based on the lower price point, Merritt’s offerings are lighter than some of its competitors: It doesn’t offer payroll or HR support, financial forecasting, accrual basis accounting or tax planning.

Flat rate of $190 per month is more affordable than other bookkeeping services.

Integrates with QuickBooks.

90-day money-back guarantee.

No add-on services, like tax planning or accrual basis accounting, outside of catch-up bookkeeping.

Bench: Best for new businesses

Additional pricing tiers (per month): $499.  

$299 per month for the Essential plan.

$499 per month for the Premium plan.

Why we picked it: Because Bench uses proprietary accounting software, it's best suited to businesses that are fairly new and haven't become too reliant on third-party accounting software yet. Although that lack of integration could make switching accounting software down the road a pain if you outgrow Bench, you can still access your financial data after canceling your subscription. It also offers a plan with unlimited income tax support and annual tax filing services.

Unlimited messaging and phone calls with your bookkeeper.

Premium plan covers annual income tax filing for businesses and individuals.

Offers add-ons for catch-up bookkeeping and specialized bookkeeping.

No integration with QuickBooks, Xero or other accounting software. Business owners have to use Bench’s proprietary software, which could make it hard to move to another provider in the future.

No invoicing, bill pay or payroll add-ons.

Pilot: Best for fast-growing startups

Plus onboarding fee equal to one month of bookkeeping. Custom pricing also available.  

$499 per month for the Starter plan (pre-revenue companies).

$699 per month for the Core plan.

Custom pricing for the Plus plan.

Why we picked it: Pilot caters to startup businesses at all stages by offering a lower-cost Starter plan for pre-revenue companies as well as add-on support for R&D tax credit services, stock administration and strategic financial planning support for CFOs. The company also calculates burn rate , an important metric for venture capital-backed companies. And while other services primarily focus on cash basis bookkeeping, Pilot stands out for operating on an accrual basis only.

Designed for startups that have high growth potential and use accrual basis accounting.

Offers separate tax preparation plans and add-ons for R&D tax claims, stock administration and billable expenses.

Integrates with QuickBooks, Shopify, Gusto and more.

Prices increase after business exceeds $30,000 in monthly expenses.

Mandatory onboarding fee equal to one month of bookkeeping.

» MORE: Best accounting software for startups

QuickBooks Live: Best for QuickBooks users

QuickBooks Live

Plus first-month cleanup fee. Price increases as average monthly expenses increase.  

$300 per month if your average monthly expenses are $0 to $10,000.

$500 per month if your average monthly expenses are $10,001 to $50,000.

$700 per month if your average monthly expenses are $50,001 or more.

Why we picked it: QuickBooks Live is a bookkeeping service available to QuickBooks Online users; you can subscribe to it through your account. When matching you with a bookkeeper, the company will try to select someone who has experience in your industry and has similar availability. Bookkeepers can provide monthly financial reports, but they can’t help with tax planning, sending invoices or managing payroll.

Fully integrated with QuickBooks Online.

If you think your bookkeeper has made a mistake, QuickBooks will evaluate the situation and correct errors at no additional cost.

No cap on meetings with your bookkeeper; QuickBooks says small-business owners usually schedule one or two video appointments per month.

No tax prep or accrual basis accounting, even as an add-on service.

Mandatory first-month setup fee to clean up your books.

Prices increase after business exceeds $10,000 in average monthly expenses.

» MORE: Explore QuickBooks pricing

1-800Accountant: Best for tax support

1-800Accountant

$179 per month, billed annually, for the Business plan (accounting support but no bookkeeping).

$239 per month, billed annually, for the Core Accounting plan (accounting and tax support but no bookkeeping).

$399 per month, billed annually, for the Enterprise plan (includes accounting, tax and bookkeeping support).

Why we picked it: Unlike some competitors that offer tax support only as an add-on, 1-800Accountant’s bookkeeping plan (Enterprise) includes it. On average, according to the company, this helps businesses save over $12,000 in taxes per year. The proprietary software also includes built-in accounting features like invoicing, bank connections, receipt storage and mileage tracking.

While 1-800Accountant offers less expensive plans that may be useful for businesses that need only tax advice and quarterly reviews, only its most expensive Enterprise plan comes with bookkeeping services.

Includes business and personal tax preparation, plus year-round tax advice.

Has add-on payroll services and catch-up bookkeeping.

Offers less expensive plans for businesses that need tax support and a dedicated accountant, but not bookkeeping assistance.

Accountant meetings occur quarterly, which is less frequent than some competitors.

Proprietary bookkeeping software could make it difficult to switch to another provider in the future.

Decimal: Best for project-based businesses

Quote-based.  

Quote-based.

Why we picked it: In addition to accounting and bookkeeping services, Decimal has add-ons for job costing and project-based accounting, which is a plus for businesses that need assistance gauging project profitability. Accounting software typically comes with project-tracking features, but analyzing the resulting figures can be time-consuming. Outsourcing the task can help you quickly parse out which types of projects are worth your business’s time and effort.

Add-ons for job costing and project-based accounting may be especially useful for project-based businesses. Other add-ons include inventory management, payroll and 1099 support.

Provides you with tax-ready financials, but recommends its partners for other tax support and CFO services.

inDinero: Best for midsize businesses

Additional pricing tiers (per month): $1,250, custom.  

Starting at $750 per month for the Essential plan.

Starting at $1,250 per month for the Growth plan.

Custom pricing for the Executive plan.

Why we picked it: Whereas multiple bookkeeping services integrate with QuickBooks Online and Xero, inDinero’s Growth plan also accommodates clients that work with NetSuite, a popular enterprise resource system for more complex, growing businesses. Note, however, that the lowest-tier Essential plan uses proprietary software and lacks integrations with QuickBooks Online or NetSuite. Considering the price point and more advanced CFO-level features you can add to your plan, inDinero is best suited for medium-sized and quickly growing businesses.

Integrates with NetSuite, making it a good fit for midsize businesses. It’s also compatible with QuickBooks Online.

Will provide financial reports as often as you’d like.

Customize plans to include other services like accounts receivable processing, inventory reconciliation and payroll support. Higher-tier plans enable accrual accounting.

Plans are expensive compared to competitors.

Custom plans make it difficult to predict exactly how much you’ll pay per month.

» MORE: Bookkeeping best practices for startups and small businesses

How to choose bookkeeping services

Ask yourself the following questions to find the right online bookkeeping service for your business:

Is the bookkeeping service compatible with your accounting method?

There are two accounting methods: cash basis and accrual basis . Cash basis accounting is much simpler, which is why many bookkeeping services offer it at a lower price. But accrual accounting can give you a better understanding of where your business stands. So, choose a service that does the right accounting for your business's size and complexity.

Does it integrate with your accounting software?

Lots of bookkeeping services are built to run on QuickBooks, an industry leader in accounting and bookkeeping software. Some services also support Xero , another popular cloud-based accounting software . If you're comfortable with your current software, ensure your bookkeeping service supports it.

Do you need add-on services outside of basic bookkeeping tasks?

Not all bookkeeping services offer the same add-on features. Some business owners, for example, might want their bookkeeper to handle payroll, HR or other back-office jobs like invoicing, bill pay and inventory management on top of fielding basic bookkeeping tasks. Or, if it isn’t already included, you may be looking for tax support to take some of the pressure off when it's time to file returns. These services can help you claim the correct small-business tax credits and deductions , prepare your returns and file them. Even if a bookkeeping service has all of these add-ons, they can be expensive, so be sure you understand the total cost before choosing a service.

Will you require catch-up bookkeeping services?

If you haven't always been diligent about your financial record-keeping, most bookkeeping services will go through your old receipts, invoices and bank statements to bring your books up to date. This service usually carries an additional fee, so it's important to price out your catch-up bookkeeping costs while searching for a bookkeeping service.

How often do you want to communicate with your bookkeeper?

Online bookkeeping services typically offer a dedicated contact or team — but these are still virtual bookkeepers , available by email or occasionally by phone. If you don't want to communicate virtually, these bookkeeper interview questions can help you find a resource near you.

Online services may offer one-on-one meetings, but you might have to pay more. If you want a higher level of support in the future, such as chief financial officer or CFO-style services, consider choosing a bookkeeping service that will allow you to upgrade later.

What’s your online bookkeeping services budget?

Online bookkeeping services typically range from around $200 per month to well over $500 per month if you opt for more frequent reports or back-office add-ons. Depending on the bookkeeping service, costs also rise when your business’s monthly expenses exceed a particular threshold. The decision comes down to whether the time saved is worth the expense.

When comparing services, ensure you're pricing out all the features you need, including add-on services like tax prep, payroll and HR. If you're considering a bookkeeping service that runs on QuickBooks or Xero, include the cost of that software, too. Take advantage of product demos and introductory calls to find the right service.

» MORE: Best accounting and bookkeeping apps

Frequently asked questions

The best bookkeeping services take care of basic bookkeeping tasks, like reconciling bank statements, inputting transactions and generating financial reports. You should be able to directly call or message your bookkeeper with questions whenever necessary, and some services offer add-ons for tax planning and payroll.

Accounting software makes it possible to handle bookkeeping tasks on your own and automate some of them, such as categorizing and matching transactions. Even with these features, though, you’ll still want to double-check for errors, which takes time. And the more complex your business’s financials, the more likely you’ll want to bring on a dedicated bookkeeping service.

If the hours you spend working with your accounting software could be better spent elsewhere and you’re already using the software as efficiently as possible, it might be time to hire an online bookkeeping service. Ultimately, it can benefit your business by freeing up your time and ensuring your books are up to date. This puts your business in a solid position come tax time and helps you keep a finger on the pulse of its financial state.

Bookkeepers and accountants both play a role in your business’s financial health, but business owners probably chat with their bookkeepers more frequently. Whereas accountants usually file your taxes and advise you on financial decisions, bookkeepers help maintain your books throughout the year by preparing monthly financial statements, recording transactions and reconciling bank statements.

Methodology

To determine the best bookkeeping services, NerdWallet considered the following features:

Affordability. Most of the bookkeeping services included start below $500 per month. 

Accounting software integrations. Ideally, bookkeeping services integrate with popular accounting software, like QuickBooks Online and Xero. Some offer their own proprietary bookkeeping software instead. 

Supported accounting methods. More complex small businesses should select a bookkeeping service that supports accrual basis accounting instead of only cash basis accounting. 

Availability of add-on features. These include tax support, payroll, inventory tracking and catch-up bookkeeping services. 

Bookkeeper communication. Unlimited messaging or phone calls with your dedicated bookkeeper or team of bookkeepers is a plus.

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For businesses

For accounting & bookkeeping firms, buy now pay later: unravelling the accounting implications for your business.

In the dynamic world of digital commerce, convenience is king, and the realm of payments is no exception. Enter Buy Now Pay Later (BNPL), an innovative service that's reshaping the way consumers approach online shopping. With its blend of financial flexibility and instant gratification, BNPL has proven irresistible for many shoppers. But, as you've probably guessed, it's not all smooth sailing. As you introduce this payment model to your business, it's akin to inviting an intricate puzzle into your accounting practices. 

In this article, we delve into why businesses are increasingly embracing BNPL, explore the accounting challenges it poses, and discuss how tools like Dext Commerce can help you navigate these financial waters with confidence.

What is Buy Now Pay Later?

Buy Now Pay Later (BNPL) is a financial service that allows customers to purchase items and then pay for them over a specified period of time, usually in instalments, rather than paying the full amount upfront. These services are often interest-free if paid within a certain period, but interest and fees can be charged if payments are late or missed.

Some of the well-known companies that offer BNPL services include:

• Klarna : Founded in Sweden in 2005, Klarna is one of the most popular BNPL services globally. It offers customers the opportunity to pay for items in four equal instalments, typically due every two weeks, or to finance large purchases over a longer period. Klarna conducts a soft credit check that doesn't impact the consumer's credit score.
• Affirm : Affirm , based in San Francisco, provides a BNPL service that allows customers to finance purchases over a period of 3, 6, or 12 months. One unique feature of Affirm is that it shows the total cost of the purchase, including interest, upfront. Affirm conducts a soft credit check which doesn't impact the consumer's credit score.
• PayPal Credit : PayPal Credit is a BNPL service from PayPal. It offers interest-free financing for purchases over a certain amount if paid in full within six months.
• Afterpay : An Australian company, Afterpay, allows customers to make purchases and pay for them in four equal payments due every two weeks. Like Klarna, Afterpay doesn't charge interest or fees for on-time payments. In Europe, it’s run by Clearpay .

Why businesses choose to offer BNPL

BNPL services are transforming the landscape of financial transactions by providing unprecedented flexibility to customers. This payment deferral option often nudges customers to make purchases, especially bigger-ticket ones, that they might otherwise postpone or even abandon due to immediate affordability constraints. Consequently, this can lead to an uplift in sales and conversion rates.

An equally important but less obvious advantage is the risk coverage that BNPL providers offer. When a customer chooses BNPL, the provider typically assumes the risk of default. This means if a customer fails to fulfil their payment obligations, the provider takes on the responsibility. Thus, businesses are shielded from the potential financial losses associated with customer non-payment. This is particularly beneficial for small to medium enterprises, for whom a significant default could have substantial impacts on their cash flow and profitability.

Furthermore, businesses that offer BNPL are viewed as more customer-centric, enhancing their brand image. This payment flexibility signals that the business understands and cares about its customers' financial needs, fostering a loyal customer base. In an increasingly competitive marketplace, this can be a key differentiator that promotes customer retention and growth.

Unravelling the Bookkeeping Maze of Buy Now Pay Later

The adoption of BNPL services, while advantageous, brings its own set of complexities to your accounting desk. Picture this: you have an online shop on Shopify and offer payment options such as credit card, PayPal, and Klarna. Each of these payment methods has its own distinct data source for transactions. Now, let's say a customer makes a purchase using Klarna. You're now handling data from both Shopify (the sale data) and Klarna (the processing fees). You can see how this can become a daunting jigsaw puzzle for manual reconciliation, and that's only with one transaction!

Furthermore, the risk of manual errors is substantial and the process is time-consuming. Having robust accounting systems and perhaps even the advice of a qualified accountant or financial advisor becomes critical.

In the face of these challenges, businesses using BNPL schemes should have robust accounting systems and procedures in place. Platforms like Dext Commerce are designed specifically to make this maze of transactions more navigable.

Integrating Dext Commerce with Buy Now Pay Later

Here are some ways that Dext Commerce can assist businesses dealing with challenges presented by Buy Now, Pay Later (BNPL) schemes:

1 - Automated Data Capture : Dext Commerce (former Greenback) is known for its capability to capture and categorise transaction data automatically from various sources, including e-commerce platforms, marketplaces and point-of-sale systems. This feature can help simplify the reconciliation process for businesses using BNPL schemes by ensuring all transaction data is captured accurately and consistently.

2 - Real-Time Visibility : By providing real-time visibility into transactions, Dext Commerce helps businesses track and manage BNPL transactions more effectively, aiding in revenue recognition and cash flow management .

3 - Integration with Accounting Software : Dext Commerce's integration with popular accounting software like QuickBooks and Xero streamlines the process of recording BNPL transactions, reducing the risk of errors and saving time.

4 - Expense Tracking : By tracking expenses associated with each transaction, including fees charged by BNPL providers, Dext Commerce helps businesses accurately account for these costs.

5 - Handling of Returns and Refunds : Dext Commerce can track returns and refunds at the transaction level, helping businesses manage these more effectively when they involve BNPL transactions.

Empowering customers with financial flexibility is the key driving force behind businesses offering BNPL services. However, this innovation does not come without its accounting challenges. With multiple data sources and the need for meticulous reconciliation, it's clear that managing BNPL transactions can be a complex affair.

The key to unlocking the benefits of BNPL while keeping your accounting house in order lies in leveraging technology. Through automated data capture, real-time visibility, seamless software integration, expense tracking, and efficient handling of returns and refunds, services like Dext Commerce offer a beacon of clarity amid the potential accounting maze of BNPL schemes.

Embracing BNPL services while also taming its accounting intricacies is not just about surviving in the modern digital commerce landscape - it's about thriving. As you venture into this new territory, remember: every challenge is an opportunity for growth, and the right tools can make the journey a rewarding one.

Now sure where to start? Check our Comprehensive Guide to Business Accounting Automation to get started.

Learn more about Dext Commerce , the best accounting automation tool for online sellers, and start a free trial !