Book keeping business: already a flooded business idea?

Posting an old idea to gather some
Insights. what are your thoughts on book keeping? Could also any body recommend an online way to study the course? Or part time anywhere in Sydney's west.

I am asking this as I recently started looking to learn book keeping to start of as part time to supplement. Please see, I am not totally new to this tax thing I have worked for an ATO contract in the past for well over a year. I am hopeful I can catch up.

Even If I don't start a business the qualification would still be worthy in my opinion.

Thanks in advance.

 

TAFE ? Bookkeeping inst generally taught or learned online. Many software providers offer online video guidance but its not great. The diligent part comes in reconciling and maintaining accurate records and getting GST and allocations right. Then there can be variations such as project costing, cost allocation, inventory, payroll, accrual v cash, manufacturing costing or other issues requiring specialised treatment etc. A example being say a project home builder who would allocate costs to each build and then use work in progress processes (based on project costing or jobs) to take up profit from time to time to match against progress claims etc. Its not just invoiced income less costs = profit.

Book keepers earn a low rate of $45-$65 incl GST per hour typically. As a consequence its hard to make high income when a 38hr week means a $100K income is max you can really earn if you are 100% utilised which is rare.

 

10yrs ago While we were struggling raising two kids under 2 with a mortgage, my wife did booking at nights to help with the $$$. She did this while on leave from her day job.

She charged a rate of $36/hr and worked for the local accountant, she usually only did 6hrs per week but that extra $$ made a nice difference to our miserable bank account each week.

She did the course through either Tafe or the community college.

 

Most is outsourced to offshore these days as they're willing to do it for a quarter or half of the cost.

 

I think it can definitely work but I would recommend getting at least BAS agent licence as businesses who would pay bookkeeper to get accounts organised wouldnt wana go to another place to lodge their BAS

 

Anyone has any recommendations for a good offshore book keeping service for a small business? i.e. rev under 500K

 

Perhaps look at the website: onlinejobs.ph

 

See if you can create a "point of difference" to set your self apart form all the other book keepers out there.