There are those who struggle to balance their checkbook — when they get around to it once every six months or so. Then there are those who make handling quarterly payroll reports, accounts receivable and general ledgers look as easy as making change from a dollar.
Which one are you? If you love finances and have accounting expertise, there are plenty of entrepreneurs who could use your services. You don’t even need to be nearby: there are manyonline job opportunities to help out these small business owners.
Toni Burleson has been working remotely as a bookkeeper and virtual assistant for the last 16 years. We recently spoke to her about how she got started, what the job requires, and her advice for other financial experts who would like to explore online work.
From the Office to the Cloud
Toni gained plenty of business finance experience from handling the books as part of her office manager job. But it wasn’t until that job ended that she began to pursue bookkeeping as more than just a side responsibility.
Her new professional focus took root on one fateful day while watching a morning news show. A segment about the potential of online work captured her attention and she wondered, “Why don’t I give this a try?”
Setting up shop didn’t require much equipment. Toni’s home office needed:
- A computer
- Accounting software
- Microsoft Office
- Printer/fax machine
After hanging up her online shingle, she steadily gained experience and jobs. After a year, her online work experiment had turned into a career, paying her living expenses and allowing her to live the life she wanted. Since then, she hasn’t looked back. “I tell people I am going to retire with oDesk,” Toni said.
Crunching Numbers Remotely
Distance doesn’t hinder an online bookkeeper’s usefulness in any way. Toni has worked with clients around the U.S. and is able to carry out a wide variety of financial duties that keep their businesses moving:
- Data entry
- Daily transactions processing, including invoices, expenses, payments, and deposits
- Data review, looking for errors or changes
- Financial reports processing, including profit and loss, balance sheets, and cash flow statements
- Consultations on software issues & financial best practices
To take care of their books, Toni’s clients give her access to the financial information she needs, including accounting software files, bank and credit card statements, vendor bills, and sales/invoicing information.
“Most of my clients allow me direct access to their financial accounts so I can access this information on my own, but a handful of clients still send me this information upon my request via email. I then share files with the client using either Dropbox or email.”
Running a Virtual Service
Running her own bookkeeping business has required Toni to take the initiative in reaching out to potential clients. “You have to be self-motivated to find new work,” she said. “I don’t mind being out there looking for jobs.”
Pricing your services
Toni’s had to learn the art of providing a quote for services. It’s easy for those new to freelancing to underbid and sell themselves short. to avoid this, Toni goes over the project thoroughly when working on a quote.
Toni’s had to learn the art of providing a quote for services. It’s easy for those new to freelancing to underbid and sell themselves short. to avoid this, Toni goes over the project thoroughly when working on a quote.
Factors she considers when putting together a quote include:
- Number of transactions processed each month
- Number of financial accounts being handled
- Specific bookkeeping work that the client needs
- Any new gear (such as software) that she’ll need for the project
Choosing the right clients
Are all potential clients created equal? Toni has learned to spot certain behaviors that warn her to avoid a job altogether or, if she’s already on the job, to move on as soon as possible.
She says you should watch out for clients who, “Want to micromanage, as well as those who do not respond or provide information in a timely manner and then suddenly want results immediately.”
For her fellow financial experts considering a switch to working remotely, Toni has a few words of advice. First, she says, don’t view it as a get-rich quick scheme. “You’re building a business. It’s hard work to find the jobs, bid on the jobs, land the jobs, succeed at the jobs, keep the jobs.”
Second, she urges the importance of self-discipline. For an online career to succeed, being a self-starter is essential. “You have to be able to make yourself meet the deadlines and complete the projects on your own.”
Online work was a game changer for Toni’s career. Are you interested in remote bookkeeping? Have advice from your own experience in the field? Ask questions or share your thoughts in the comments section below.
