gettin wet

Ok, so I'm an envious young professional who would love to make a jump into a big boat, nice lifestyle, etc. etc. So I am toying around with the idea of starting a Online/Remote Book Keeping Service to bring in some extra cash (boat fund). I have seen the idea thrown around for quite a while and thought it was a good idea so I think I am going to give it a shot.

Thought I would see what you guys had to say b/c most seem to be business savvy and I could use everyones .02. Plus, I figured I might even pick up a client or two

So here is my background & credentials:

I have a Bachelors Degree in Business Administration with Majors in both Finance & Management in which I graduated Cum Laude. I have been part of my family's small business for 6 years now in which I have done all the book keeping. I also worked in real estate/property management for 2 years and did all the book keeping for a company with 8 sets of books. I am very knowledgable about book keeping operations and standards as well as accounting practices. I am NOT a CPA or certified book keeper. However, I am looking into becoming certified. I mainly use Quickbooks programs, but could learn and adapt to other similar programs with ease. Overall, I am sharp with finances and numbers and small business management in general.

The way the service would work in a nutshell is the clients would fax/email documents daily/weekly. Once I received them I would process and record them. I would then either upload them directly onto the clients computer or send a file for upload. I can handle all sales information, A/R, A/P, Payroll, Payroll Tax Payments & Filings, Asset & Liability Tracking, Cash Management & Reconciliation, Financial Reports, etc.

This service is ideally suited for small businesses. It will enable them to save money by not having to hire an in house book keeper or use a CPA for everything. It will also enable them to focus upon their core business and making money instead of doing the books. Most importantly the books will get done and be up to date enabling business owners and managers to make important decisions based upon updated information. I have seen plenty of small businesses and startups that go under because they have no clue as to the financials of their business because either they don't understand how to correctly set them up and track them or they just can't find the time to do so.

I am sure I can help someone out & in return they would be helping me out to become a fellow OSO'er. Thanks guys in advance for your thoughts and support.

Chris Sunkin

My accountant is a trusted part of my business. It didn't start that way. It started years ago when he set me up with a paper system, then put me on one that was easier- a piece of software. Now he's part of whatever I do- plus, he got his JD and now he handles the legal issues of my accounting & taxes as well. it wasn't the labor-part of inputting numbers into an accounting system, it was... I had absolutely no idea what to write down and where. but I learned.

I suppose the question is back to you- why would someone want to use your service? Doesn't peachtree and Quickbooks own this segment of the market- the DIY guy. Maybe 30 years ago, prior to computer literacy being so high, but I don't know about today.

Or maye I'm just missing the concept.

My friend came from a similar background- he was a finance major in college. He was also pretty pissed about what he had to pay for a rat-hole apartment. Once he graduated, he made a deal with the family- he'd work in the family biz and they'd help him become a landlord. Today he's got almost $11mm in student rental properties and owns over 80% of it. The first years were brutal- electrician all day, remodeling old houses at night. Clearing clogged toilets, etc. Not very romantic for a college grad- especially since all his pals went to law school or got jobs that they wore suits to do. But he worked and sweat his balls off and hasn't put in a full day of work since his 40th birthday. Maybe works 20 weeks a year.

For what it's worth, focus your time & energy on things that will help others make more money. Counting it is the easy part.