Becoming a Freelance Accountant

With an Accounting qualification, you can either work full-time for a company or start your own business. As a freelancer, you are more in control of your work.

When you study Accounting, you have the option of having a full-time job, or you can be a freelancer. To be successful as a freelance Accountant, you will need a good work ethic and an entrepreneurial spirit. Here are the steps that you can take to become a freelance Accountant:

  • Get qualified 
  • Register your business
  • Open a business bank account
  • Be a member of a professional body
  • Gain experience
  • Pick a niche
  • Sell service bundles
  • Market yourself

Get Qualified

Register Your Business

As a freelancer, you may want to start out as a sole trader and then set up a limited company as your business grows. Registering your freelancing business will give confidence to your clients. They will not hesitate to deal with your registered freelancing business. It will also give a semblance of order to your business. 

Open A Business Bank Account

Having a business bank account makes keeping track of your business income and expenses much easier. As an Accountant, it is prudent that you also keep your books in order. Practise what you encourage other businesses to implement. This way, you will be able to determine if your business is making a profit or not.

Be A Member Of A Professional Body

To be well-recognised as a freelance Accountant, your membership of Accounting professional bodies is important. Being a member of a professional body boosts your credentials. With an ICB Financial Accounting Qualification, you can be a member of the following bodies:

  • SAIT – South African Institute of Tax Professionals 
  • SAIBA – The South African Institute of Business Accountants 
  • IAB – International Association of Bookkeepers (UK)
  • IAAP – International Association of Accounting Professionals (UK)

Gain Experience

You are more likely to get hired by clients if you are more experienced. If you have just finished studying, here are some of the ways that you can gain experience:

  • Apply for entry-level positions – You can apply for entry-level jobs in Accounting in order for you to gain experience. Here are some of the entry-level Accounting careers that you can consider:
    • Accounting Assistant
    • Junior Financial Accountant
    • Bookkeeper
    • Budget Analyst
    • Accounting Clerk 
    • Account Payable Clerk
  • Volunteer – Volunteering is one other way that you can gain experience. You can volunteer for a charity or a community group
  • Internship – To gain experience, you can also look for an internship.  An internship offers you the following:
    • Practical work 
    • Career exploration and development
    • Learning new skills

Pick A Business Sector

As a freelance Accountant, it is possible for you to work across all industries. However, it is recommended that you specialise in certain industries. This will make you an expert in that specific industry. 

Industry-specific clients will be more likely to choose your services based on your expertise in a field. You will also market yourself much easier because you will target clients in your niche market.

Sell Service Bundles

Service bundles are a way to upsell your services by bundling them together in different packages with attractive prices. Here is  an example of Accounting bundles that you can sell:

  • Accounting –  Essential Services bundle
  • Accounting – Additional Services bundles
  • Full Accounting Services bundle (This will consist of a combination of the above two bundles) 

Market Yourself

An online footprint will assist you in digitally marketing yourself. Here is how you can set up your online presence:

  • Build a professional website
  • Be active on social media
  • Facilitate online payments
  • Drive traffic to your website by implementing a Search Engine Optimisation (SEO) strategy
  • List on all relevant online directories
  • Have customers review your services online 
  • Implement a Search Engine Marketing (SEM) strategy
  • Use SEM metrics for retargeting advertising

Is Being A Freelance Accountant Worth It?

Yes, freelance Accounting is a good career, here is why:

  • Flexibility – Freelance Accounting is flexible as you can work according to your own schedule. You can also work for a number of clients at the same. You will have control of what you will charge for your services and who you want to go work with. 
  • It is a scarce skill – Financial Accounting is a scarce skill. As a freelance Accountant, you will not struggle for clients as your services are in demand. Businesses need Accountants to put their books in order.  
  • Constant flow of income – As Financial Accounting is a scarce skill, your service will always be in demand. When your services are in demand, there will be a constant flow of income to your business. Freelance Accounting can be a financially rewarding career.
  • Not restricted to any industry – With freelance Accounting, you can have clients in any industry. Remember that every business or organisation needs an Accountant. 
  • No geographical limitations – With Accounting, you can work anywhere in the world. The Accounting profession works the same in any part of the globe.
  • You can work remotely – Accounting is one of the professions that you can work remotely

Which Freelancing Sites Is Best For Accountants?

With remote work gaining momentum by the day. As a freelance Accountant, you can market yourself on online sites that offer work to Accountants. Here are some of the sites that you can use to look for clients: 

What Does A Freelance Accountant Do?

Here are some of the duties of a freelance Accountant:

  • Manage all accounting transactions
  • Prepare budget forecasts
  • Publish financial statements 
  • Handle monthly, quarterly and annual financial closings
  • Reconcile accounts payable and receivable
  • Compute taxes and prepare tax returns
  • Manage balance sheets and profit/loss statements
  • Report on the company’s financial health and liquidity
  • Audit financial documents
  • Comply with financial policies and regulations

How Much Should I Charge As A Freelance Accountant In South Africa?

Freelance Accountants normally charge per hour. Charges for freelance Accountants differ depending on the experience that you have in the field. However, according to payscale.com the average charge per hour for freelance Accountants is R 103.00

How Do I Find Clients As A Freelance Accountant?

  • Identify your target market – You may want to offer your services to a particular industry, for example, restaurants. The advantage of this is that you understand the industry better than any other industry. Other restaurateurs will want to work with you if they know that you are serving their industry.
  • Ask for referrals – Ask for referrals from your satisfied customers. It is easier to get a client on referral by someone you are already working with.
  • Upsell complementary services – Increase your business by selling other services to the clients you already have. For example, if you are doing Bookkeeping tasks for your client, you can offer you can upsell a full accounting package to them. You can sweeten the deal by giving a discount.
  • Network – Attend events that give you an opportunity to network. These events can give you the chance to meet new prospects. Networking events are more effective for businesses that serve other businesses. It may also be a good idea to find out the attendees of the event.
  • Use social media effectively – Make extensive use of social media to market your business. Social media can reap great benefits if used wisely
  • Have a professional website – Have a great website that looks and feels professional. Make it easier for prospective clients to contact you and that your service packages can be well, understood.

Can I Work Online As An Accountant?

Yes, you can work online as an Accountant. The following skills will make you an effective online Accountant:

  • Numeracy skills
  • Computer skills
  • Communication skills
  • Time management skills 
  • Analysis skills
  • Critical thinking skills

Author: Collin Wilbesi
Editor: Sive Ncanywa
Date: July 12 , 2022