Top 7 Best Side Income Ideas For Accountants (2021)
Find out the best 7 side hustles for accountants to make some extra money!
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Having a side job has become a necessity these days, and almost everyone has considered making an extra income stream. Student debt, economic outlook and more have created worrying conditions for lots of people.
Home mortgages and student debt amount to several trillions in debt, and this has been a problem for several years now. It’s only natural for people to consider side jobs more often.
Recent graduates are the ones facing the largest struggle. Trying to keep their lives in order while having massive debt on their backs is difficult, to say the least. If you’re a recent accountant graduate, and you’re facing problems similar to what I just said, then don’t worry.
Today, we’ll go through 7 ideas that can help you make more money without having to sacrifice your full-time job.
This is a great choice for most people – not just accountants – looking to make extra money from their homes. You don’t need a lot of marketing experience (despite what the name suggests), and you can build a business for the long-term that can keep generating money while you focus on other things.
Affiliate marketing isn’t a new model, and it currently holds a significant part of the revenue generated through digital means.
The concept is fairly simple. You register at an affiliate program for a product you find interesting and know about. Once you receive your affiliate link, you promote it by placing it on content you generate (mostly through blogging). You direct traffic to your affiliate offer, and whenever someone purchases the product, you make a commission.
Stellar Data Recovery is an example you can use. It’s a company focused on information technology, and as the name says, the software helps people to recover data. It’s a great tool for entrepreneurs and accountants. Not only does it help you find missing files, but data recovery is a vital ability for all businesses.
The program offers a commission structure at 3 tiers:
- The entry level grants 30%.
- The performing level – generating over $5,000 monthly in sales – grants 40%.
- Supper affiliates who generate over $10,000 monthly get 50%.
The pricing range for their products is between $40 and $1,000, so you could be making as little as $12 or as much as $500 for every sale. You also get a cookie period for 240 days, so you don’t have to worry if your traffic doesn’t buy it the same day they see it.
It doesn’t need a lot of money to start, and it’s very flexible since you can work on it whenever you want and still make money while doing other things after you have your website and content running. You don’t need to be an expert, and you can learn everything online anyways. Customer aftercare is also not necessary as an affiliate marketing.
You don’t own the affiliate program, so conditions can change; this also means you’re not guaranteed an income level. It’s very competitive, and you can’t really create your own customer base since sales are for a third party.
Affiliate marketing covers a lot of ground, and learning can take a while. It’s completely free if you can research and find good resources by yourself, but there are great courses like the Authority Site System or AffiliateLab that offer a comprehensive-yet-affordable package. It saves a lot of time.
This industry is quite competitive, so you need to be creative if you want to capture an audience. You can use reviews of different products and include your affiliate offers or provide guides to solve common issues and offer your product as one of the solutions.
Marketing is the most important part of affiliate marketing, and email marketing is the most efficient method for affiliate marketer. You want to build a subscribers list through forms on your website and reach out to them with your offers. There are great tools that automate this process for you, and you only need to moderate your emails so that it doesn’t overwhelm your clients.
Amazon is the largest eCommerce company, and it covers a majority of all online sales. That’s particularly interesting when you consider that over half of its sales come from third parties – outside the company.
Amazon’s Fulfillment by Amazon plays a huge role in this. It’s basically a service in which you send your products to one of their warehouses and they take care of packaging and shipping them to your customers. You don’t have to worry about customer support, either.
You can sell countless things on the platform, and being an accountant already gives you an edge in organization and handling transactions. There aren’t really many accounting-centered products on Amazon, but your experience is a great asset for business management anyways.
You save a lot of time by simply sending them your products. You can offer great bonuses to your customers like customer support, fast delivery times, free shipping, and even Amazon Prime – all thanks to letting Amazon handle the process. You don’t have to worry about storage space either.
You do need to pay fees for the service. You basically lose control over the parts of your business handled by Amazon. Their returns policy also makes it easier for people to return products, and it can be tough to keep tabs on your inventory.
Amazon’s catalog is huge, so you should take your time to research how you can make your product easier to find for your customers. Similarly, you need to assess your competition: their descriptions, product pages, and pricing. People like Amazon because they can fin great prices, so consider this when pricing your products.
The descriptions for your products must be clear and attractive, as well as having good images on the side. You should consider hiring professionals for these images since a professional look makes your products look more valuable.
Recording financial transactions seems like wizardry for people with no experience on the subject. That means you can make good money by offering this service to different businesses.
Small ventures in particular might not have the resources necessary to hire someone to do this full-time, and that’s where the money is. Your average US bookkeeper makes nearly $60,000 in a year, and that’s too much for many smaller businesses, so you can fill that gap.
Of course, that means charging less because you work part-time. However, it’s still extra money you would be missing otherwise, and you don’t have to sacrifice your current job.
You can post your services on sites like Craigslist and network with different entrepreneurs to find work.
You can work during your free time. You can set hourly rates, and since the work is consistent, the potential income is good. You also need little money to start.
You’ll be responsible for the financial portion of the business, so you need to ensure their data is safe. It adds up to an already time-consuming job.
You can offer packages to your clients. Variety suggests more value, so you can charge a bit more while still having an edge over competitors. You should use recommendations and referrals to boost your chances to find a client.
A good investment to make is bookkeeper’s insurance, so consider getting one.
CPA exams are scary for a lot of people, but since you already went through that, you can help aspiring accountants and make money from it. Private tutoring is a growing industry, and you can take advantage of that.
Wyzant is a CPA tutoring platform where you can work. They offer experienced and professional tutors in financial accounting for people studying for these exams. The rates fall between $70 and $100 each hour.
Tutors are always in-demand from parents and students. It’s a flexible work, and you can schedule your tutoring to suit your daily tasks. You don’t need any investment before you start, and the hourly rates are great.
You need to be patient and adapt your teaching methods to each student. Preparing yourself can take a while, and some students might require longer sessions than others.
Clarify your cancellation policies to cover yourself in case a client cancels without notice.
Getting a tutoring certification should be a goal if you want to do this. You can get one from the American Tutoring Association and similar organizations.
It’s good to develop teaching methods for yourself, but make sure you can adapt these depending on your student to ensure their needs are met.
We go back to Amazon, this time with Kindle. Amazon is also responsible for a majority of all eBook sales on the internet, so it should be a priority if you’re good with writing and want to share your knowledge for extra money.
Not only does Kindle makes up most eBook sales today, but it’s also growing every year. As a professional, you surely have knowledge you can share. Maybe it’s theory; maybe it’s about ways to make your work more efficient, or maybe you just want to give people insight on certain processes and laws.
As long as it’s related to your subject matter, you can provide content that any entrepreneur or business owner would love to get. Just think about how many smaller ventures have trouble with their taxes and understanding the laws.
If you can write good information and make it easy to understand for the average Joe, you can make some good money publishing eBooks on Amazon Kindle.
You can enter the market a lot faster and make more money. It’s also quite inexpensive to write your own eBook, so profits are larger. You have full control over your work and how you price it, and you can offer people a quality product in short format. You can easily fix any mistake you make, and you can publish your eBook in both formats: print and digital.
It’s quite competitive. Add that to how some people don’t like eBooks, and it might be tough to get sales at first. You commit to Amazon for a while. Formatting your eBook could be difficult if it’s your first time doing it.
Not all types of eBooks have the same format. That’s why it’s important to think about what type you want to write (fiction, education, essay, etc) before you publish it. Amazon has specific format requirements, so make sure to go through them as well.
Kindle Direct Publishing (KDP) and KDP select are 2 different approaches. KDP alone lets you sell your work on different platforms by not binding you to any exclusivity to the company. KDP select grants Amazon exclusivity to distribute your work. You’re committed to work only with them for a while, so make sure you learn all the pros and cons before making a choice.
This is another way you can monetize your knowledge, and e-learning is estimated to grow several billions in the following years – just as it has done until now. Therefore, you might want to consider making a course yourself.
Udemy is the main reference when it comes to online learning, and it’s filled with paid and free courses on countless subjects. You don’t have to worry about fees for hosting courses on the platform, and you can release as many as you like.
There are 3 different payment approaches with Udemy, so make sure to learn about them before settling with the platform. However, you can make up to 97% of your revenue, so it’s worth taking a look.
Once you finish your course, you can go on with other goals while it keeps generating money. You can use your courses to open different doors like creating a personal brand, collaborating on other courses, and general recognition. You own your course as well.
Setting up a course can be time-consuming and quite overwhelming, especially if it’s your first time. There’s also no guarantee that your course will sell.
The first – and most important – step is to figure out what’s your niche and audience. Doing so will give you a solid idea of how your course will perform. If you have a website, take a look at its analytics and how people respond to your content. Once you determine your audience’s needs, structuring your content will be much easier.
This one is fairly self-explanatory, so I won’t dwell too much on it.
Most people struggle with their taxes, and the fear of filling out forms incorrectly is crippling for a lot of people. That’s why tax assistants often make slightly over $20 every hour, so there’s no reason not to consider it.
Taxes are part of our lives, so you’ll have work for a long time. It’s satisfying to help others, and you can schedule your work however you want.
You’re responsible for people’s taxes, so it’s a stressful job. It can also eat away at your free time if you’re not careful.
Tax consulting is quite a broad sector, so make sure you focus on certain areas depending on your skills. Learn about your competitors, what the most competitive areas are, and how much they charge so you can adapt your business to the market.