5 Things I Wish I’d Known Before Starting My Bookkeeping Business

October 28, 2024

When I first started my bookkeeping business, I figured it would be all smooth sailing and spreadsheets. I had the passion, the know-how, and a serious love for organized numbers (yep, that’s me). But, as with any business, there were a few unexpected twists and turns. If you’re thinking about diving into the world of bookkeeping, let me save you some surprises! Here are five things I wish I’d known right off the bat.

1. Trust Isn’t Built Overnight (And No, There’s No Shortcut)

In the beginning, I thought, “Hey, who wouldn’t trust me with their books?” Turns out, letting a complete stranger handle your finances takes a bit of convincing. Business owners need to know you’re reliable, responsive, and genuinely in it to help them. Building that trust took time and lots of follow-through, but now those early clients are my biggest fans—and they even refer their friends.

Lesson learned: Prove your worth, be patient, and the trust (and clients) will roll in.

2. Get Ready to be Part Bookkeeper, Part Therapist

I signed up for balancing books, not helping clients breathe through cash flow crises. But here’s the reality: you’ll wear multiple hats as a bookkeeper, and “financial therapist” is a big one. Clients are stressed about cash flow, nervous about growth, or just plain overwhelmed. They don’t need a lecture—they need someone who can keep the finances straight and talk them through the tough stuff.

Lesson learned: Embrace the role of unofficial financial therapist. It’s incredibly rewarding, and hey, the pay is better than that of a therapist!

3. Your Processes Are More Important Than Your Coffee

When I started, I thought my trusty old spreadsheets would be enough to keep my business in check. Wrong. After a few clients turned into a few more clients, my “system” felt like it was about to crumble faster than a cookie in hot coffee. Setting up solid workflows early on—like automated invoicing and regular check-ins—has been a lifesaver for both my sanity and my clients’ peace of mind.

Lesson learned: Create processes and stick to them. Trust me, your coffee break depends on it!

4. Your Network is Basically Gold

At first, I figured I’d get all my clients through ads and online posts, but it turns out that meeting people face-to-face really works. Referrals from accountants, other business owners, and connections made at networking events were worth their weight in gold. Each introduction opened doors, and before I knew it, I had clients on top of clients (and I even made some great friends along the way).

Lesson learned: Build your network like you’d build a client list. The ROI is real.

5. Time Management Skills Will Save Your Life (and Weekends)

Entrepreneurship: where you work 80 hours a week to avoid a 40-hour job. When I started, I was juggling clients, managing my business, and wondering if I’d ever see my weekends again. I had to learn quickly that my time is my most valuable resource. I leaned into time-blocking, set strict working hours, and found that actually scheduling downtime keeps me going strong.

Lesson learned: Set boundaries with your time. You deserve a weekend, too!

So, there you have it: my top five “wish I’d known” tips for starting a bookkeeping business. It’s been a wild, rewarding ride, and every lesson has made me better at helping my clients. If you’re considering jumping into bookkeeping, know that the road has a few surprises—but it’s worth every minute.