Are you an accountant looking for ways to supplement your income and gain new skills and experience? Pursuing a side hustle can offer a variety of benefits, including the potential for increased income and the ability to gain new skills and experience.
From virtual bookkeeping to financial planning, there are a variety of side hustles that could be a great fit for your skills and interests.
In this article, we will discuss the benefits of pursuing a side hustle as an accountant, and provide a list of side hustles that could be relevant to you. We will also provide tips for finding and securing work, and supply strategies for managing your time and energy effectively.
What are you waiting for? Let’s get into it…
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Why Should an Accountant Take on a Side Hustle?
Engaging in a side hustle as an accountant can proffer diverse benefits, encompassing the potential for increased revenue and the ability to cultivate new skills and experience. By engaging in additional work outside your customary job, you can supplement your income and potentially earn more than you would with only your principal job.
Moreover, a side hustle offers prospects for acquiring fresh proficiencies, acquiring novel experiences, and honing new areas of expertise that can be applied to your primary job or upcoming career prospects.
A side hustle also empowers you to explore your interests and passions, and provides the autonomy to be your own leader, which can be tremendously stimulating.
Side Hustles For Accountants
As an accountant, diversifying your income streams through a side hustle can be a smart move. There is always a fear when you start something new, but here are 8 side hustle ideas to consider that can potentially help you increase your income and gain new skills:
1. Virtual bookkeeping
Virtual bookkeeping is probably the first side hustle that everyone things of. IT involves providing bookkeeping services remotely for people and small businesses. IT can include tasks such as maintaining financial records, reconciling bank statements, preparing financial statements and tax returns, and providing financial reports to clients. Virtual bookkeeping can be an attractive option for accountants looking to supplement their income and gain experience in a specific area of accounting.
The earning potential for virtual bookkeeping services can be in the range of $25-$50 per hour, and skills required are bookkeeping, knowledge of accounting software, and understanding of accounting principles. With the rise of technology and internet access, virtual bookkeeping has become more popular and accessible for businesses and accountants.
2. Tax preparation
Assisting individuals and small businesses with their tax returns is a core part of tax preparation, and involves a range of tasks such as analysing financial data, computing taxes, and ensuring compliance with tax regulations. For accountants, tax preparation can be a profitable side hustle as it leverages their expertise in tax laws and regulations, and their analytical abilities.
The earning potential for tax preparation services ranges from $50 to $150 per hour, and requires a skill set comprising tax preparation, comprehensive knowledge of tax regulations, and proficiency in using tax software. As tax season approaches, many individuals and businesses will seek help with their tax preparation, presenting an ideal opportunity for accountants to earn extra income.
3. Financial planning
Assisting individuals and businesses with creating and implementing a plan to achieve their financial goals is the essence of financial planning. The role involves various responsibilities such as devising a budget, providing investment advice, and planning for retirement and estate management, along with providing recommendations on tax strategies and insurance planning. For accountants, financial planning is a popular side hustle since it capitalizes on their understanding of financial markets and products, and their proficiency in financial analysis.
The earning potential for financial planning services ranges from $75 to $200 per hour, and demands a skill set that includes financial planning, proficiency in investment knowledge, and an in-depth understanding of financial products. Given the financial challenges that many people face today, there is a growing need for professional financial guidance, which presents accountants with an excellent opportunity to earn extra income while assisting others.
4. Financial coaching
Guiding individuals with managing their personal finances, establishing financial objectives, and creating a plan to accomplish them is at the heart of financial coaching. The responsibilities involved can range from creating a budget, managing debt, and setting up a savings plan, to providing recommendations on financial decision making and aiding clients in recognizing and overcoming any behavioural issues that could hinder their financial success. Financial coaching presents a perfect fit for accountants seeking to work with individuals and help them change their financial behaviour, while leveraging their understanding of personal finance concepts.
The earning potential for financial coaching services ranges from $50 to $150 per hour, and demands a skill set that includes financial coaching, proficiency in personal finance concepts, and effective communication skills with clients. Many people lack the knowledge and skills required to manage their finances, making financial coaching an excellent opportunity for accountants to earn additional income while making a positive impact on people’s lives.
5. Online tutoring
Online tutoring is the act of providing instruction and guidance to students on a particular subject through an online platform. For accountants, this could include tutoring students on accounting, tax, and finance topics. Online tutoring presents a unique opportunity for accountants to share their knowledge and help others while earning extra income.
The earning potential for online tutoring ranges from $25 to $50 per hour. Skills required include teaching ability, knowledge of accounting, tax, and finance, and familiarity with online tutoring platforms. With the growing prevalence of e-learning and advancements in technology, online tutoring has become an increasingly popular way for students to access education. For accountants, this presents an attractive opportunity to provide their services and reach a wider audience.
6. Financial writing
Financial writing is the creation of written content on financial topics, including accounting, tax, and finance, such as blog posts, articles, and e-books. It is an excellent opportunity for accountants to showcase their expertise and knowledge through writing and provide valuable insights on financial concepts.
The earning potential for financial writing ranges from $50 to $200 per article, and the required skills include writing, accounting, tax, and finance knowledge. As the demand for financial content grows with the rise of digital media, financial writing is a lucrative way for accountants to expand their reach and earn additional income.
7. Consultancy work
Consultancy work involves providing expert advice and guidance to businesses on various financial matters, including financial strategy development, decision-making, and problem-solving. It’s an excellent opportunity for accountants with extensive knowledge and experience in specific areas of finance and accounting to help businesses improve their financial performance.
Consultants can earn between $100-$300 per hour, and the skills required include consulting, accounting, tax, and finance knowledge, as well as effective communication with clients. With the rapidly changing business landscape, many companies are looking for external expert advice, making consultancy work an attractive opportunity for accountants to earn extra income and have a positive impact on businesses.
8. Small business accounting
Providing accounting services to small business owners, small business accounting includes tasks such as invoicing, expense management, financial reporting, and other accounting-related tasks. It is a suitable job for accountants who want to work with small business owners and help them make business decisions with necessary financial information.
The earning potential for small business accounting can be in the range of $25-$50 per hour, and skills required are accounting, bookkeeping, and knowledge of accounting software. With a large number of small businesses in need of accounting assistance, small business accounting can provide accountants with an opportunity to earn additional income while helping small businesses succeed.
Finding and Securing Your Side Hustles
If you want to run a side business in accounting then you will need to find clients and secure work. Here are some methods that can help you find new clients and keep a good reputation:
- Networking: Attend industry events and conferences, join professional organizations, and connect with other accountants and business owners in your community. Building a network of contacts can help you find potential clients and learn about new opportunities.
- Building a portfolio: Create a portfolio of your work that showcases your skills and experience. This can include samples of financial statements, tax returns, and other documents you’ve prepared, as well as testimonials from satisfied clients.
- Leveraging social media and online platforms: Use social media and online platforms to promote your services and connect with potential clients. This can include creating a professional website, listing your services on online marketplaces, and using social media to share your expertise and reach a wider audience.
- Creating a strong online presence: Building a strong online presence is key to showcase your skills and services to potential clients. Consider creating a professional website, social media profile and if you have past work you can share, be sure to include it in your online portfolio.
- Be flexible: Be open to working with different types of clients and taking on different types of projects. This can help you expand your skill set and increase your earning potential.
- Create a niche: Create a niche for yourself by specializing in a particular area of accounting such as tax preparation for small businesses, or accounting for creative industries. This will help you stand out from the competition and make it easier to market yourself to potential clients.
- Be professional: Always conduct yourself in a professional manner and be responsive to clients. This will help build trust and loyalty, which can lead to repeat business and positive word-of-mouth referrals.
- Be prepared to market yourself: Be prepared to market yourself and your services. This can include creating flyers, brochures, and business cards, and developing a pricing strategy.
Finding the Balance
Balancing a side hustle with a full-time accounting job can be a challenging task, but it’s essential to ensure that you don’t neglect your responsibilities or burn yourself out. It requires proper planning, time management, and effective communication with your employer and clients to make it work.
One of the most crucial strategies for managing a side hustle and full-time job is to set clear boundaries. You need to establish clear boundaries between your side hustle and your full-time job, and make sure that you’re not taking on more work than you can handle. It’s essential to know your limits and set realistic expectations for both your full-time job and your side hustle.
Creating a schedule is another effective strategy for managing your time and energy. You need to create a schedule that allows you to manage your time effectively and stick to it as much as possible. This can include setting aside specific times of the day or week to focus on your side hustle and making sure that you’re taking regular breaks to rest and recharge.
Prioritizing your tasks is also critical to avoiding feeling overwhelmed. You need to prioritize your tasks and focus on the most important and urgent ones first. This can help you stay organized, manage your workload, and reduce stress.
If possible, delegate tasks to others to help you manage your workload. This can include hiring an assistant or outsourcing certain tasks to freelancers. Delegation can be an effective way to free up your time and focus on the most important aspects of your side hustle and full-time job.
Effective communication is essential for managing a side hustle and full-time job. It’s crucial to communicate with your employer and clients about your side hustle and make sure that they’re aware of your availability and any potential conflicts. You need to be upfront and honest with your employer and clients about your workload and the time commitments required for your side hustle.
It’s important to be realistic about what you can accomplish and not take on more than you can handle. You need to know your limits and be willing to say no to additional work if you’re already stretched too thin.
Finally, taking care of yourself is essential for managing a side hustle and full-time job effectively. You need to make sure that you’re getting enough sleep, eating well, and staying active. It’s essential to take care of your physical and mental health to avoid burning out.
Here we discussed the potential benefits of pursuing a side hustle as an accountant, including earning extra income and gaining experience in different areas of finance. We outline several potential side hustles, including online tutoring, financial writing, consultancy work, and small business accounting. The earning potential, required skills, and benefits of each side hustle are described.
We also provide tips for balancing a side hustle with a full-time accounting job, including setting clear boundaries, creating a schedule, prioritizing tasks, delegating tasks, communicating with employers and clients, being realistic, and taking care of yourself.
Overall, we emphasize the importance of finding a side hustle that aligns with your skills and interests, and that provides a meaningful way to share your knowledge and expertise in finance and accounting. By pursuing a side hustle, accountants can expand their professional horizons, build their personal brands, and enhance their financial security.