Business Ideas for Accountant Low Investment Business Ideas for Accountant
Are you an Accountant or want to become an accountant and want to know what businesses an accountant can do? so yes, in this article i will explain about 10 business ideas that any accountant can do easily.
Low Investment Business Ideas for Accountants
Every accountant has already a lot of knowledge about the business like documentation, taxation, sales, purchases, profit loss, balance sheet, etc. so it is very easy for accountants to start any business because they can fulfill basic documentation and can understand the basic needs of the business.
But before starting any business, you should keep in mind that every business takes some time to run properly. Try to give your 100% effort to run it and investing your time will not go in vain.
1 Freelance Book Keeping & Accounting
This is the basic work that every accountant can do easily. Try to connect with the small companies or factories which are running in your local area. Small companies don’t want to hire a full-time accountant. They want to hire a person who can come weekly once a day or daily for 1 or 2 hours to maintain their accounting and bookkeeping work.
So if you connect 20 Clients and charge Rs.3,000 on monthly basis then you can earn Rs.60,000 per month easily. But if you want to increase your clients, you have to hire someone to work with you. because you can’t handle lots of clients solely. You can find a learner to work with you because the learner can agree to work with a lower salary and also because he wants to learn the skill. So it will be a win-win working condition for both of you.
People called it Freelance accounting work also. if you do freelance accounting work you don’t need an office initially and you can handle this work from your home also. When your business starts growing, you can take an office on rent and hire more learners on salary and start connecting more clients to bring more business.
2 Compliance Work Office for ESI & PF
Today almost every company needs a person who can handle their compliance work like ESI work (Employees’ State Insurance), and PF Work (Provident Fund). In this work, you have to maintain ESI & PF reports, deposit ESI, and PF payments, help to withdraw the Funds from Department & maintain other departmental work for companies.
Compliance work is also easy to work for accountants. In this business, you don’t have to work a lot. You can finish the work of a company in 2 days in a month. So if you connect 25 Clients and charge Rs.2,500 for a month then you can earn Rs.62,500 per month easily.
Also, in this business, you don’t need any office. You can work from your home and lots of clients can allow you to work in their office freely. They can offer you a table and chair in their office to finish their work. and when your clients grow more you can take your own office on rent and hire people and increase business.
if you hire your own team and connect with 100 clients and take Rs.2,500 per client then you can earn Rs.250,000 per month, which can be a decent amount for you.
3 Teaching Classes of Accounts & Taxation
Lots of peoples want to learn about Taxation & accounting and wants to do a job. but fewer people can teach because very few people have deep knowledge of accounts & taxation.
So if you are a good accountant, you can start teaching about taxation – How to file Tax Return like GST Return Filing, Income Tax Return Filing, Tax depositing, How to maintain daily based accounting of a company in any software like Tally ERP, Busy Accounting Software, SAP Accounting Software, etc.
So you can open a small Institute or you can teach online also. but you should have proper knowledge of Accounts & Taxation. Big institutes charge 20 to 30 thousand as their fees for training in Taxation and Accounting. but If you take Rs.5,000 only for each student for the whole course of accounts and taxation and teach 100 students and the course duration is 2 months then still you can earn Rs. 250,000 per month easily.
After your institute runs amazing you can increase your fees also and you can run an amazing business.
4 Special Case Fighting Office
To start this business you should have professional knowledge about how to file any case. The case can be of any type like – Income Tax Case, Sales Tax Case, ESI Case, PF Case, Labour Law Case, Excise Duty Case, or any other case related to business.
In this business, you have to fight the case against the department. Lots of people are already doing this work and earning lakhs of rupees. if you take 20 thousand only for a single case and handle 10 cases per month then you can earn 2 Lakh rupees per month easily.
5 Launch Own Accounting Software
Accountants know very well how accounting works. If you are an accountant then you can launch your own accounting software in the market.
let me tell you how- you should contact a freelancer who has proper knowledge of making software. if you contact the software-making company, they will charge a big amount from you to make this software but if you contact a freelancer for making your accounting software, he will take a very small amount from you, or you can partner with him also in it.
After ready with your accounting software, start doing marketing. Try the cheapest way of marketing- advertise on Social media platforms like Facebook Marketing, Instagram Marketing, and other social media platforms. Social media marketing is the best and cheapest marketing strategy for everyone today. but you have to be patient.
In starting keep the software price very low. After some months your software will start selling. and if your software seems good then people will refer to other companies to use this software. and your software starts selling more and more and your business will grow faster.
But remember it can take some months or 2-3 years also. and one more thing to remember is that you have to provide technical support also to your clients, because if any error occurs in your software then, when the client will contact you, you should provide technical support also to make your software more better.
if you start an accounting software you can earn 20 Lakh rupees per month or more also but it takes time. So this is the blueprint of starting a software company. if you want that i should write more depth details about this business then kindly write in the comment box below then after some days i will all the more details to this article about the business.
6 Only MIS Reports Making
I am a Freelance MIS Reports making person. i teach Advance Excel also. You will not believe it – people don’t know how to make professional MIS reports to show their Bosses or Clients. People call me to make an MIS report and they ask me how much you will charge to make an automated MIS report in Excel. I tell them that i charge Rs.3000/- for a single report and they pay to me.
So if you know how to make MIS reports in Excel professionally then you can start this business. If you make 10 reports only in a month then you can make Rs.30,000/- per month easily.
7 Partnership with Other Business
Do you know lots of accounts that do? They do partnerships with small companies. Accountants invest some money in small company businesses and look after their accounts. Accountants are doing their jobs also and running part-time businesses also. but such types of accounts have money in their bank to invest it. so if you have spare money in your bank account then you can find some small companies
8 Invest in Stock Market
Stock Market or Share Market is a game of money. Lots of accountants what do – they do invest in the Stock market for a long time and lots of accountants play intraday trading in the Share market. but the long-term investment is better than intraday trading.
So my advice is for you, if you have a bank balance in your account then you should try investing in Stock Market for a long time. People are already earning lakhs of rupees with this business but this business has a huge loss also. So before start Investing in this business try to take proper knowledge of the Stock market.
9 Freelance Online Accounting
Do you know that you can take accounting work online also? Yes, there are a lot of websites where people provide work to freelancers. People upload requirements for accounting work also on that platforms. Here are some websites which provide work for freelancers- Fiverr.com, Upwork.com, Freelancer.com, PeoplePerHour.com, Aquent.com, Guru.com
On the above websites, you can take any type of work. You just have to make your profile on their website which is totally free to make. and start approaching the people who are providing work. but everywhere is heavy competition, so initially, it will be hard for you to take any project from their website.
To get your first project you should take minimum charges from the client. now slowly your clients will increase then you can increase your charges. People are already earning 2 to 3 Lakh Rupees per month from the above websites, but it takes time to reach that much amount of earning. keep patience and start working.
10 Publish Your Own Book
Do you know book publishing is also a very amazing source of revenue? Yes, if you are an expert in any work, you can publish your own book based on your own experience. So if you are an accountant then you can publish your book where you will explain – How to do proper accounting for a company, How to File Tax Returns, How to Deposit Taxes, and How to maintain a Book of Accounts in any company.
if you want to publish your book then you should explain everything about the topic which you want to cover so that after reading your book the buyer may get the value more than the price of the book. By publishing their own people are already earning lakhs of rupees every month. Initially, you should advertise your book online and offline also.
So friends in this article i have explained to you the business ideas which any accountant can do if he has a good experience in accounting work. if you have more ideas that an accountant can do easily, then kindly tell me in the comment box below, i will include them in the above list.
Thanks & you can check our other articles which are based on other profitable businesses.