Beginner’s Guide to Start a Bookkeeping Business from Home in Singapore
Have you got keen accounting and bookkeeping skills? If you do, then why not consider starting a bookkeeping business from home in Singapore? It’s a great way to leverage the remote working norm that appears to be here to stay.
Home-based businesses are pretty popular as they are a convenient and safe way to generate income. Suppose you are able to offer services that are niche and in demand, so much the better. In that sense, bookkeeping appears to be a match made in heaven when it comes to home-based businesses.
It’s so versatile that you can have a flexible business model that facilitates quite a few options. For example, you can handle all services yourself or outsource to a reliable group of friends. You can also build up your business and sell it a few years down the line.
It’s a simple fact that every business needs its books kept in order. As such, bookkeeping is a service that is not going to go out of fashion anytime soon. This guide will walk you through the basics of setting up shop from home.
What Is Bookkeeping Business from Home?
Bookkeeping is an activity that records and tallies all financial transactions that occur in a business. Entries online or in physical ledgers have supporting documents to substantiate them, such as receipts, etc. It’s what the accounting department will rely on to prepare accounting statements and financial records, etc.
However, bookkeeping as a business can be immensely diversified these days. It is no longer about simple data entry only. Bookkeeping now includes services ranging from tax filings to KPI reviews and the preparation of financial statements.
Why Choose to Start a Bookkeeping Business from Home in Singapore?
Bookkeeping is very much in demand in Singapore, which is a global business and accounting hub. Finance-related services are a growing market sector, and accounting businesses are one of the most lucrative. Starting a bookkeeping business from home in Singapore is an excellent way to get in on the action.
Home-based businesses allow you to keep operational costs low, which you can then utilize towards your clients. By establishing routines and discipline in your work, you’ll be able to overcome the risks of working from home. You’ll enjoy the flexibility and luxury of working at your own pace, in comfortable surroundings. You can also say goodbye to stress factors such as rush hour commutes and negative office politics.
Requirements to a Start a Bookkeeping Business from Home
To start a bookkeeping business from home in Singapore is relatively easy. The Singapore Home Office Scheme allows you to operate from home as long as you follow the guidelines. According to ACRA, non-audit services, such as bookkeeping or accounting, don’t need registration as public accountants. However, certification does help, and agencies such as ACRA offer a variety of courses.
Next, consider if you want to operate as a sole proprietorship, a partnership, or a limited liability company. Registration, cost, and compliance vary, so do your due diligence first to see which one works best.
As a 21st-century bookkeeping enterprise, you need accounting technology to succeed. Do invest in the best app and cloud software for automation and remote work. Choose software that enables you and your client to secure online access and connectivity anytime, anywhere.
You will also need to get a good laptop, a big-screen desktop, and a reliable high-speed internet connection. Consider investing in good webcams and headphones as well. Along with the accounting software, this is where you need to spend a large part of your budget.
Guidelines for Starting a Bookkeeping Business from Home in Singapore
Starting a business becomes easier when you have a clear strategic, and structured plan in mind. As you write your business plan, keep it short and sweet, so you don’t lose focus along the way. This will be a strong selling point that can give you an edge over the competition.
Niching is a buzzword everyone uses these days and is something you should consider as well. Identify your target market and industry and consider the size of companies you want to handle. This will help you to establish a baseline and quantify the volume of work you can realistically do. It will also help you to find your niche and offer bespoke bookkeeping services.
Once your company is up, open a business bank account and get business insurance. Most importantly, create a business website, and establish a solid social media presence. Leverage digital tools to market your business, such as blogging, etc. You should also attend networking events to get your brand out there.
How to Grow a Bookkeeping Business from Home?
Growing any home-based business requires being smart and innovative about how you market your business. A popular business model right now comes with a subscription base, with modular plans to choose from. This enables savvy entrepreneurs to lock in clients for a longer return on investments and facilitate expansion.
Another trending business technique is to productize your bookkeeping services. This occurs when you can offer a comprehensive solution that ticks these boxes:
- Compatible software and technology
- Reliable service and support
- Smooth processes and operations
- Systematic and repeatable outcomes
Stay current and sign up for newsletters, attend industry trade events and take an online course or two. By keeping abreast with the latest trends, you can:
- Offer your clients innovative solutions.
- Stay ahead of the competition.
- Create more specialized niches.
- Leverage cutting-edge technology towards more comprehensive solutions.
There’s really no reason to delay starting successful bookkeeping business from home in Singapore. It’s a great business idea and very viable for anyone keen to start a home-based business. If you lack the know-how, there are plenty of reliable resources online that teach the basics of bookkeeping. With some practice and hard work, you can start small and grow big in no time at all.