Are you an accountant or auditor? Do you want to earn extra income while still keeping your day job? Then below are the top ten small business ideas for accountants and auditor

Even though accountants are seen as well-paid professionals, many of them are venturing into side businesses in order to make additional income. And there’s nothing wrong with this. In fact, it is considered smartness especially in this harsh economy.

So if you are an accountant or auditor, there are many business ideas that can give you additional income and more flexibility than your day job. And you will learn them here in this post. You should also keep in mind that this post is not in any way encouraging you to quit your day job soon.

Rather, it’s only opening your eyes to other lucrative opportunities you probably never knew existed. Without wasting time, below are ten profitable business ideas for accountants that you can explore to make more money.

Top 10 Small Business ideas for Accountants & Auditors in 2020

1. Bookkeeping

Bookkeeping is a lucrative side business of accountants. Businesses, both small and big need to maintain updated bookkeeping records. Although many software packages are now available for handling bookkeeping tasks, this doesn’t rule out the need for qualified bookkeepers. Working as bookkeeper requires both education and experience. As an accountant, you would have had both requirements.

2. Payroll service

A subsidiary of bookkeeping, offering payroll services is another lucrative side business for qualified accountants. Most companies require payroll services, and you as an accountant can make a lot of money rendering this in-demand services.

3. Tax preparation service

This business idea is very profitable because it caters to virtually all businesses as well as business-minded individuals. It involves preparing and evaluating tax payable on a business or other related assets. Being an accountant, chances are you have a solid background in tax preparation and evaluation. You can make money with these skills by starting a business that renders all services related to tax.

4. Blogging

If you enjoy writing and sharing your work experience (or hobby, or something else) with others, you can start a blog for the sake of offering valuable information that solves people’s problems and answers their burning questions. You can offer free tax and business-related advice. You can discuss your hobby. You write on any topic that you are knowledgeable and have a strong interest in. You can start making profits off your blog when you have built a large audience of loyal followers. This can take time, though.

5. Freelance writing

Being a specialist in the field of accounting, you can offer freelance writing services to clients. This entails writing articles on accounting and business in general, writing business plans, developing financial statements, and so on. You can hook up with clients’ offline by advertising your services to businesses around you and beyond.

You can also hook up with clients over the internet through freelance outsourcing sites like Freelancer, Elance, and Odesk. Another lucrative idea is to write articles for newspapers, business magazines, and other publications. Some of these publications pay as much as $1 per word.

6. Tutoring

Having spent some years of your past studying accounting, chances are that you can teach one of more core courses in accounting. In that case, you can make money by tutoring students of accounting in some of their core courses and you can do this part time. If you really know your stuff and are very good at imparting knowledge on others, you will attract lots of students and make lots of profit in the long term.

7. Consulting / financial advisor service

There is a booming demand for financial advisors and consultants. This is because more new small businesses spring up every day and business owners are ever in need of vital advice on how to keep their businesses alive. Similarly, individuals need financial advisors and consultants to advise them on how to overcome debt, plan for retirement, save more money, and so on. If you are very good at counselling others, this option is for you.

8. Selling accounting software

In order to save the cost of hiring in-house accountants and bookkeepers, many businesses are now going the way of automation. To make money from this trend, you can start selling software packages specially made for business owners to help them handle accounting, bookkeeping, and related tasks. If you are very innovative, you can develop your own idea into a software package and make even more money by selling it to businesses and individuals.

9. Microfinance

With hundreds of new small businesses springing every day, more business owners need funds in order to run their businesses and expand them. They approach microfinance banks for loans because they are friendlier with small businesses.

If you have the required capital and know-how, you can make huge profits by starting your own microfinance institution. Or better still, you can help these small business owners’ access loans from various financial institutions.

10. E-commerce

The internet is now a top-choice avenue for buying and selling of products and services. You too can tap from this trend by setting up an e-commerce store that offers various products for sale.