Right now is the perfect time to start an online business. With the COVID-19 pandemic forcing brick-and-mortar businesses to operate at limited capacity, it’s getting harder to generate a decent amount of income. Running an online business solves that problem because there’s little to no overhead eating up profits.
Although you could start an online business selling some kind of physical product, you’ll get stuck having to buy, store, pack, and ship items. You can outsource these tasks, but it will cost more money. The alternative is to sell services you can provide without any physical inventory.
If you’re looking for business ideas, here are several reasons why pursuing a career in accounting will help you build a profitable business.
Certified Public Accountants (CPAs) are in high demand
Regardless of how you specialize, becoming a CPA will put your services in high demand. Online financial services are quickly becoming the standard and businesses are making the switch by eliminating physical office locations. With the COVID-19 pandemic still in full effect, the demand for financial services combined with the need for remote services makes online accountants even more sought-after.
Accounting is a trusted position
Becoming a CPA means you’ll be a trusted advisor, helping people and business owners achieve their financial goals through smart planning and auditing.
Like most professional designations, becoming a CPA requires obtaining a license. To get licensed, you need at least a bachelor’s degree in accounting and you need to meet your state’s additional CPA requirements. Once you meet the qualifications, you’re eligible to take the exam. However, it’s critical that you take a CPA prep course.
Preparing for the CPA exam is intense, but rewarding
The process of becoming a CPA is intense, yet rewarding when you finally get your certification. Keep in mind that a large number of people don’t pass the exam on the first try, but with enough studying and a practice exam, you can be part of the 51% who do pass on the first try.
Don’t take the CPA exam without completing a prep course. A CPA prep course will prepare you for the exam in ways that you can’t prepare by studying. For example, you’ll get mock exams that are modeled after the real exam so you can get the authentic experience of how questions are worded and what kind of work you’ll need to perform.
The other reason you need to take a prep course is to get access to predictive scoring. Predictive scoring compares your practice exam scores to the real exam and estimates how you’ll score on the real exam.
Accounting benefits your business finances
Accounting isn’t just a skill you learn to earn money from other people. Your accounting skills will naturally benefit your own finances along with your business finances. Once you learn the curriculum for your degree, you’ll naturally apply what you learn to your own financial situation.
Another benefit is that you won’t have to do many of the tasks you’d normally pay someone else for like:
- Preparing your personal and business tax returns. Tax returns will be a breeze for you when you’re a licensed CPA.
- Getting tax advice. While you might need to get advice for complex situations, you won’t need to seek basic tax advice.
- Preparing your financial statements. Since you’ll be trained to prepare financial documents, you won’t need to pay anyone for this service.
- Bookkeeping. You can manage your own books until you’re ready to hire someone full-time.
Running an online accounting business can be lucrative
The most important reason you should consider a career in accounting is that it’s profitable. Any business you start will have potential, but an accounting business will command higher fees for less work. You’ll be paid mostly for your expertise rather than your hourly labor.
If you want to prepare tax returns, accounting can be even more profitable with less work. You can outsource your tax returns to a company that only handles tax returns. You’ll pay a flat fee per return and you can charge your clients a decent markup.
If you really want to make more money in accounting, you can start your own outsourced tax preparation company. It will take time to build, find the right team of certified accountants, and create a good workflow system. However, in the end, you’ll have a business that runs smoothly and generates income with little to no effort.
