This could be anything from £50-£500 a month depending on the accounting services that will be included and the complexity of the accounts. For instance, you may charge more if the client wants to include payroll for a number of employees. The gig economy is still taking off, and it’s a great time for accountants and bookkeepers to jump on board.
Fortunately for today’s qualified workers, the gig economy is flourishing, and it offers accountants another opportunity to build a viable career. Jin is an LBS graduate and CPA in both China and the United States. He has helped solve complex accounting and reporting challenges with global clients. An Ernst & Young veteran, Jin has worked at large enterprises freelance accountant such as Sinopec and Vitol, before transitioning to working with startups. His expertise focuses on financial reporting, modeling, due diligence, serving as an interim CFO, and delivering internal process improvements. Val is a seasoned professional with broad experience working as a CFO and COO across various enterprises in Australia, the US, and the UK.
The business side of things
Allows corporations to quickly assemble teams that have the right skills for specific projects. Ensure that your resume is up-to-date and that your skills match the job postings you discover. This career requires financial and emotional resilience to weather fluctuations, as employee benefits are often less available.
The ideal candidate should demonstrate attention to detail, understanding of financial trends, and maintain confidentiality. Depending on the project, freelance accountants may also spend time researching industry trends, preparing financial statements, or providing advice on various financial matters. Secondly, the clients you’ll be working with will most likely be small businesses. This is because a lot of startups and SMEs want to save on costs, so will avoid bringing in a full-time accountant as it’s more cost-effective to hire a freelancer. You may even work for individuals who don’t want to manage their finances or have particularly complicated incomes and need help filing their tax returns.
Gain experience
The provided data for analysis will include balance sheets, income statements, and cash flow statements. Proficiency in Excel is highly crucial for seamless execution of tasks. Experience in financial analysis and modeling, risk assessment, and investment analysis will be beneficial.
- You also have more control over how much is on your plate to avoid experiencing burnout, which is very common in the industry.
- The more specialized your skill set is, the more high-paying jobs you can get.
- Finding a good work/life balance as a freelance accountant can be challenging because accounting tasks for businesses can seem endless.
- They help the senior managers of a company keep track of the current financial status of the business and to make better-informed decisions.
- The best way to approach it is one step at a time, so here’s our 12-step guide to becoming a self-employed accountant.
- With the ever-changing tax laws and accounting standards, the pressure to remain compliant adds an extra layer of stress.
Only 30-45% of US accountants are Certified Public Accountants or CPAs, which means it is not a requirement to work in the field. However, taking the licensing exam and becoming a CPA can give you an edge over others. CPAs earn some 10-15% more than regular accountants and are licensed to do specialized tasks, such as writing audited financial statements. Some provide accounting services with only a business degree, but it’s always better to have a formal training in accounting.
Are You an Accountant Looking To Sell Your Services?
Like the first two, you can find all kinds of services on Freelancer.com. You can post your accounting portfolio on the site and even chat with your clients on the progress of your work. That said, the benefit of that is you can actually earn so much more — that is, if you’re working consistently throughout the year and landing high-paying clients. One thing to prepare for as a freelancer is the lack of a fixed salary.
PARO is more specific to financial services, and accounting is listed among jobs such as bookkeeping, financial analysis and planning services, and even CFO services. The average annual earnings of freelance accountants is $64,990 per year, based on ZipRecruiter’s findings. The lowest earning freelance accountants make $18,000, while the highest earners make as much as $128,000. Knowing how to become a freelance accountant entails using financial software. Command of these tech tools is a must for keeping up with the demands of the job.
How Do I Prepare for Freelance Accountant Gigs?
You can bill by the hour, by project, or with an agreed monthly flat rate. They will receive payment according to the agreements they have between themselves and their clients. However, since a lot of this work can be done online, you may have more time for leisure and other activities. Since the accounting cycle is ongoing and never ceases, there is also a constant flow of accounting work. You must have motivation and drive, a sense of professionalism, and a desire for stability. You may also have to log payments and expenditures, including payroll, purchase orders, and invoices.