An accountant is a person who practices accounting or accountancy, which is the measurement or provision of assurance about financial information. Through this information, managers, investors, tax authorities and others are able to make a proper allocation of resource(s).
As an accountant you can perform accounting functions such as audits or financial statement analysis. You can get an employment with an accounting firm, or the accounting department of a company. Or, you can set up your own individual practice. In India, Accountants are given certifications by Institute of Chartered Accountants of India (ICAI) or Institute of Cost and Works Accountants of India (ICWAI). Still, if you have normal commerce qualifications like B.Com or M.Com you can work under other accountants, or independently.
Although, accountants are considered to be decently-paid professionals still, many of them are venturing into their own businesses in order to earn much more income. And actually, there’s nothing wrong with this. In fact, it is considered as a smart move in today’s era. So, are you an Accountant or Auditor? Are you also searching for some business options to maximise your earnings?
If yes, this article will prove to be quite handy, as here you are provided with some fruitful business ideas, which if pursued with diligence and determination can prove to be money-spinning.
Some of the business ideas for Accountants are as follows:
- Teaching: You must have spent many years, studying accountancy and other related subjects equipping you with the ability to teach any of the courses related to accounting to the students. In this case, you can either start teaching in any institute or school or college full time or work as a part-time tutor or lecturer. You will be paid handsomely for your labour in educating students. Thus you can considerably enhance your income by taking just a few lectures per week.
- Book keeping: Book keeping is one profit generating business for the accountants. Businesses, whether small or large need to maintain and update their book keeping records. Although, there are numerous software packages available in the market nowadays, this has neither replaced book keeping completely nor the need for the well-qualified book keepers. Working as a book keeper requires a lot of specialization and experience of accounting procedures. Book keeping is a stable career that can withstand any change in the requirements of professionals.
- Freelance writing: If you have expertise in the field of accounting coupled with the zeal of writing and expressing your views & ideas over the matters relating to accounting and business, then you can provide take up freelance writing to websites, publications and clients, which may involve, for example:
- Writing articles on accounting and business topics in general.
- Writing business plans.
- Self-help or guidebooks such as how to develop financial statements and so on.
- Own practice: Besides being an accountant, one can start practicing on one’s own or under a Chartered Accountant or Company Secretary or Cost Accountant. Else, if one has enough capital to invest then setting up one’s own firm and starting up practice from there can make you earn a plethora of clients who can provide you regular and lucrative source of income.
- Develop Accounting Application/Software: In order, to reduce the cost spent on hiring book keepers and accountants, many businesses are moving towards the way of complete digitalization and system automation. If you are innovative as well as updated and tech savvy enough, you can develop your idea into an app or software and it can turn out to be money spinning business if you sell the software to individuals and businesses. Otherwise, you can simply start selling software packages already designed for business owners to help them handle bookkeeping, accounting and the task related to it.
- Writing Up Accounting Books: If you are clear with all accounting concepts along with a strong hold on accounting you can write books accountancy or by joining hands with any other author for the students of 11th and 12th standards, for that you need to contact a publisher at first. One can even prepare Mock test papers or practice papers for quick revision on accountancy related subjects for school or college going students. Once your books become popular with students, you can earn a steady income on them year after year.
- E-Commerce: Internet is the new avenue as well as the preferred medium to purchase or sell any goods or services, nowadays. An Accountant can even start earning by this trend by just setting-up an E-Commerce portal and inviting vendors to place their deals or services on it. The deals made on the portal can make you earn money in the form of fixed/variable commission leading to regular income on the products sold.
- Micro Financing: Hundreds of start-up businesses are emerging on a daily basis and so is the need of business funds, arising day by day in order to run the businesses and expand them. Instead of big banks, businessmen prefer to approach microfinance firms for loans due to micro financing being friendlier with small businesses and start-ups. If you have the required capital, know-how and a clear vision of risks involved and financing acumen, you can make huge profits by starting your own microfinance institution. Or still, you can help these small business owners’ to access loans from various non-banking financial companies (NBFCs).
- Tax Preparation Service: This kind of business option is quite lucrative because it caters to virtually all businesses as well as business-minded individuals. It involves calculating and evaluating tax payable by an assessee on a business or other related assets. Being an accountant, there are chances that you might have a strong background in tax preparation and evaluation. You can make huge money with these skills by starting a business that renders all services related to various aspects of taxation.
- Coaching: In this competitive age, private coaching too has become a necessity apart from regular classes in an academic institution. Coaching, apart from regular academic subjects, also helps students in clearing entrance examinations of various professional courses like CA, ICWA, etc. If you have clear accounting concepts and you are good at imparting knowledge to others, you surely can attract lots of students and can start coaching classes. The good thing about this option is that it can be done from the comfort of your own home if you are running your own coaching institute or by delivering lectures at some specialized coaching institutions, either way you one can make good money in the long-run.
Important Instructions to Be Followed:
There are some important instructions which one should carefully go through and concepts one should properly bear in mind before taking up any of the above mentioned business options. Some of these guidelines are given below for your benefits:
- Obtaining proper qualifications.
- Determining the amount of capital to be invested in your venture.
- Researching out for the possible clients.
- Having properly updated accounts.
- Looking out & keeping a check on competitors.
To Conclude: So, dear Accountants, people with great ambitions like you who are interested in more than a static annual income can spread your wings to make the most of your profession to achieve a financial success. If you’re really willing to get creative, any of the aforementioned ideas can work wonders for you.