PROFIT margin for a bookkeeping business: BUDGET with income & expenses
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- Опубликовано: 20 июл 2020
- Profit margin for a bookkeeping business: typical budget with income & expenses. In this video I go through a standard income you can expect when you start a bookkeeping business--this has the bookkeeper working part time with 8 clients. Then, I break down all of the expenses that you can expect as a bookkeeper. This ranges from office supplies, to a virtual assistant to your QuickBooks Online subscription for your clients. Let me know in the comments if there is anything I am forgetting when it comes to bookkeeping business expenses!
Videos mentioned:
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How to become a bookkeeper (with chart): • How to become a BOOKKE...
How to get clients: • 20 ways to get bookkee...
What does a bookkeeper do? • WHAT DOES A BOOKKEEPER...
Day in the life playlist: • "Day in the life" of a...
Bookkeeper Launch video: • 10 FIRST IMPRESSIONS o...
Client onboarding: • One Client, START TO F...
How much to charge: • HOW MUCH to charge as ...
Services to offer: • BEGINNER services to o...
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10 reasons to start bookkeeping: • WHY START BOOKKEEPING?
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I'm curious, would you hire a virtual assistant as I mentioned? Or, do you prefer to do all of the business tasks yourself?
I would prefer to do it myself and then if I started feeling overwhelmed I would hire a VA.
@@sierralavender yeah, that's my thought as well 😊
Probably not in the beginning, eventually as the firm grows.
@@jussaracamacho4343 For sure!
I would use a VA for my business when the workload becomes too much and I need help. Thank you for this video very informative
Thanks for this video and your other videos. I find them very helpful
So glad you're finding value in Morgan's content! Let us know if there's anything specific you are interested in learning :) -Gabe (FinePoints Admin)
Megan - excellent videos!! Might want to factor in self-employment tax (15.3%), but to work with a tax advisor (CPA, EA) on deductions with a home office. Thank you!! Keep up the great work and content!
Great tip! Thanks so much!
Thank you for this! We would def love an updated version of how to start the business
Thanks for watching! You got it!
Thank you for sharing this video. I think it would help me out in my business if I watch the video again.
Thanks for watching Rickey!
Hi Morgan! I've been watching all your videos and you really got me motivated into moving forward with my business (I've been struggling with this for over a year now, not really knowing how to niche down on which service to provide, and finally feel ready thanks to you!! and settling on specializing in bookkeeping). Anyway, I'm in the process of creating my llc, and I was just wondering, sine you didn't include this in the expenses (unless you included the llc annual fee under business license -or is it separate?) would you recommend a registered agent? Do you yourself have one or are you your own RA? Thanks a ton!
You can get a free gmail address for your business, so it doesn't cost anything. Also, I pay about $115 per month for silver plan through my state's insurance exchange, as for me to get my health insurance through my husband's employer it would be about $400 per month for my share.
Would really appreciate an updated version of how to start the business.
Okay, good to know, thanks! I'll work on it. :)
❤
Can I make good money getting clients to bookkeep for property management? I have tons of experience.
Hi Morgan! Can I ask what business license you pay each year? I'm also in Portland and couldn't find any requirements for licenses for bookkeeping businesses in Portland, Multnomah County, or Oregon. Thanks!
I think that's correct that PDX doesn't require it. I pay in Beaverton. :)
@@FinePointsBookkeeping gotcha, thanks Morgan! Your content has been so helpful, thanks for all you do!
could you do a video on how to pay yourself
Yeah! I can maybe put that in a q&a coming up. Basically, you can just transfer money from your business account to your personal account (you could also write yourself a check or get out cash, however you want to do it). Then, you record the expense as an "owner's draw" equity account in QB when you see it show up on your business bank account. Does that make sense?
You have to pay for email? ... that is crazy
For the love of god, don't try to deduct your "Home office" expense for this kind of business for tax purposes, just don't. There is almost no easier way to trigger an audit for a small business then to try to deduct your home office. The requirements to prove it as a legitimate expense and prove its value is very high and ultiamtely almost never worth it, especially if that audit leads to other errors that on their own WOULDN'T have triggered an audit but now your on th hook for. And if you did this several years in a row, they will be very inclined to audit several years back to make you prove its legitimacy. Unless you have a dedicated and or isolated section of your home/property that is strictly for business use (eg: detached garage, mother in law suite, isolated room or seperate apartment) And it's size is large enough to warrent a real portion of either rent or mortagae costs, IT ISN'T WORTH THE HEADACHES!
Thank you for your feedback!
Krista (FinePoints Assistant)
@@FinePointsBookkeeping Welcome!