This Side Gig Pays $2K a Month and Takes 5 Hours a Week (and You Probably Qualify)
Taking on a side gig can be a great way to earn extra cash to invest, pay down debt or simply afford everyday living. Dozens of side gigs are available, and some pay more than others.
One side gig stands out for its low time commitment and high earnings potential. Let’s talk about virtual bookkeeping, and how you can earn over $2,000 a month by working just five hours a week.
Take Action: One Overlooked Skill Could Generate $1K in Monthly Side Income
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What Is Virtual Bookkeeping?
Virtual bookkeeping is the process of providing remote accounting and financial support services, including transaction management, data entry and report generation. Companies will provide you with remote access to their accounting software, such as through cloud-based programs, to complete the work.
The Skills Needed for Virtual Bookkeeping
Virtual bookkeeping has low startup costs and requires little experience. To properly complete virtual bookkeeping, you will need a basic background in accounting fundamentals and accounting software. Many large accounting software programs, like QuickBooks Online, offer courses on how to use the program and best practices.
Beyond bookkeeping fundamentals, you should have strong communication skills, as you will talk with owners and managers about different transactions and tasks.
How To Get Started with Virtual Bookkeeping
To get started with virtual bookkeeping, complete all necessary training and courses first. This might include becoming certified through different accounting software platforms or taking an intro to accounting class. Once you have the necessary skills, advertise yourself online. Many virtual bookkeepers see success by going through freelance platforms, like Fiverr or Upwork. While these platforms take a small cut, they expose you to thousands of business opportunities.
What To Expect the First Month of Virtual Bookkeeping
It’s unrealistic to expect to make $2,000 in your first month of virtual bookkeeping. For example, new bookkeepers on Fiverr charge anywhere from $10 to $20 per hour, according to Fiverr. As your client list and experience grow, you can increase your hourly rate to between $50 and $100 per hour.
For example, in your first month, you might land only one client at $15 per hour. Let’s say that this client requires ten hours of work. Your first month’s earnings would be $150. Now, let’s say in the second month, you secure another client who also needs ten hours of work during the month. Now, you’re at about five hours a week, or 20 hours total, and earning $300.
It’s important to note that virtual bookkeepers are busier during the start of the month. This is because most of the work is complete shortly after month-end, such as reconciling bank accounts. As a result, expect to spend more time in the first couple weeks of the month compared to the second half.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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