Today, there are about 30.2 million businesses in the United States. If you’re dreaming of becoming part of this stat, then you might consider starting as a freelance accountant.
What is a freelance accountant, and what will you do? While you might not have the same benefits as a salaried/hourly employee, there will be plenty of perks to enjoy. Read on to explore this guide on what a freelance accountant is today!
What Is Freelance Accounting?
If you’re thinking of becoming a freelance accountant, you can find jobs on sites such as www.taxfyle.com/cpa-jobs. A freelance accountant is different than a Certified Public Accountant who works for an in-house department or accountancy firm.
Keep in mind that you’ll need to find your own clients if you go the freelance route. The good news is that many businesses are hiring freelance accountants in order to save on paying a full salary with benefits. There are even individuals who might hire you because they don’t want to use accounting software themselves.
The great part about going the freelance route is that you’ll have more flexibility. You’ll choose the hours that you work and when you go on vacation. This means that you can have other commitments while making an income.
Some tasks might include:
- Managing payroll
- Analyzing budgets and spending
- Auditing financial information
- Filing and preparing tax returns and accounts
- Submitting VAT returns
Necessary Requirements
In order to become a contract worker in the accounting field, you’ll need an accounting degree. This means a 4-year degree in business or accounting.
In order to receive the Certified Public Accountant certification, you’ll need a certain number of hours in accounting. This is just for the certification itself. While it’s not a requirement to have this certification as a freelance accountant, it’ll help you stand out from the crowd.
Next, you’ll need to choose a sub-specialization. This can be internal, public, management, internal, or government accounting.
Consider doing internships in order to get more experience under your belt. Have familiarity with advanced computer applications as well.
If you decide to move forward as a freelance accountant, it’s a good idea to start your own website to showcase your portfolio and work. Make sure that you’re familiar with different advanced computer applications as well. For all comments and messages, make sure that you answer them in a timely manner to have a positive outlook.
Have Business Skills
As a business owner, you’ll need to adopt business skills as time goes on. You’ll need to understand the different requirements when it comes to filing taxes for your own and other businesses.
Learn how to market yourself as well. That includes signing up for websites that have work, posting yourself on freelance sites, and sharing your information on sites such as LinkedIn to network.
Freelance Accounting Is Promising
As time goes on, the need for freelance accountants increases. If you decide that freelance accounting isn’t right for you, you can find jobs online or locally. That goes for freelance positions as well.
How Much Will You Earn?
Keep in mind that as a freelancer, you won’t have a steady income. Your money will depend on different clients and gigs that you can find.
While low earners can make an average of about $18,000, you can make up to $128,000. While salaried accountants don’t make this much.
The hidden benefit is that you can earn much more in less time due to finding high-paying clients. Once you secure these high-paying clients, you’re more likely to have long-term contracts in place for more steady pay.
Finding Freelance Accounting Jobs
There are plenty of websites and networking sites to market yourself. Check out Upwork, Fiverr, and Graphite for job openings. Don’t forget about the website freelancer as well. Paro is another option for finding jobs in financial analysis and bookkeeping.
Millions of jobs can be found on Upwork. It’s a company that’s based in the United States but has freelance jobs all around the world.
Graphite is for corporate clients. In order to qualify here, you’ll need to be part of an intense selection process. They often look for those who have experience with Bain and Company, Boston Consulting Group, and McKinsey and Company.
Low Overhead
The benefit of being a freelance accountant is that it’s a business with low overhead. As long as you have a laptop then you can do it from anywhere.
Make sure to check out the cloud since that’ll allow you to archive paper files and perform backups. Some providers even give you practice management software for free!
Use smart cloud accounting in order to answer questions that your current or potential clients might have. This will help you reduce the amount of in-person meetings that you’ll need. You’ll also be able to log in at the same time as the client as well.
As a freelance accountant, you can also increase the revenue that you receive per client. In order to achieve this, you can offer additional services that might pique their interest.
Exploring What a Freelance Accountant Does
After exploring this guide, you should have a better idea of what a freelance accountant does. Take your time deciding if this is the right career choice for your future.
Would you like to read more refreshing and informative content about businesses? Be sure to check out our other articles on our site today. From positivity to educational content, we have you covered.
