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Five ways accountants can earn money on the side
There’s nothing wrong with wanting something a little extra. After all, it could mean rewarding yourself after a hard busy season with a material item or planning a vacation where work is the last thing on your mind. Bumping up the income, you make to treat yourself without worrying about any sacrifices only helps matters.
According to PayScale and GlassDoor, the typical annual income for a CPA in the United States ranges between $64,000 and $67,000. Overall, this is a decent wage for many, but there is room for growth. And while firms are gearing up to increase their employees’ salaries in response to inflation, that may come at the end of its fiscal year and not in time to make a difference in the near future.
There are opportunities if you want something different and desire to leverage some of your spare time to earn extra income. For accountants, regardless of their experience, there are several opportunities to join the gig economy and earn money freelancing. This blog post will go over five of the best situations for accountants wanting to make extra money.
- Bookkeeping
This is an ideal choice for accountants. At many firms, bookkeeping is offered as a bread and butter service, giving countless CPAs the experience needed to turn this line of work into a steady stream of income. Small business owners are great at many things. They offer great products and services for local communities and have built a business their families can rely on. Every business requires back-end operations, but not every small business owner has proficiency in this area. This is where you can swoop in, save their day, and cash in. Programs like QuickBooks Online, Xero, and many others give accountants opportunities to work virtually with clients nationwide.
- Consultation work
With your years of experience in the field, you’ve likely encountered every financial situation you can imagine. Why not take advantage of that past and turn it into additional income. As a veteran accountant, you can turn knowledge into a sustainable consulting practice. If your firm doesn’t offer consultation services, you could speak to existing clients about any interest they may have in you advising their business. Cold calling businesses and using your social media to spread the word about your new enterprise are also ways to bring in new clients. It’s helpful to scout the local landscape to ascertain how much the average hourly rate is to remain competitive. Platforms like Upwork also connect you to individuals looking for consulting services.
- Tutoring
If you’re a CPA, you already know how difficult it is to earn that license. You spent long hours studying for the exam, have at least a college degree, and you have years of in-the-field knowledge to supplement your foundation of knowledge. There are, however, countless young aspiring accountants looking to absorb as much information as possible to graduate college and pass their CPA exam. If you have a few hours after work to spare, you can turn your experience into a thriving tutoring business. Social media and starting a website are great ways to begin to market this. All it takes is a few moments to condense your experience and how it can help students, and you’ll be able to start this side hustle. You can also reach out to local colleges and offer your services to clubs and classes to reach more potential customers. Many university accounting departments' curricula are out of date. There is a disconnect between what the actual world requires and what students are taught in the classroom.
- Write blogs
While your degree may revolve around finances, your side hustle can be a way to exercise your writing skills. With your wealth of knowledge working in the field, you can turn your website into a platform that individuals rely on to learn more about their finances and how to manage them. Additionally, countless content agencies are looking for writers proficient in this subject. It’s easy to get started, and you’re not subject to specific hours or topic ideas. Using your website to publish your content could be a great resource to market any services you already offer and convert more readers into clients.
- Freelance
If you love your job, there’s a way to keep doing it while being your boss. Freelance accounting lets you pick your desired schedule and the number of jobs you want to complete throughout the year to earn money on the side without sacrificing too much of your time. Freelance accountants can make up to $100 per job and an extra $15,000 of additional income each year. To start is simple. Platforms like Taxfyle connect accountants to clients who need work filing their personal tax returns or small business taxes. And suppose you’re worried that work will dwindle during the offseason. In that case, Taxfyle offers outsourcing services for firms nationwide so that accountants like you can continue making extra money outside of tax season.
Why wait to start making money on the side? With Taxfyle, you can start as a freelance accountant in only a few steps. Once you’re onboarded, you’ll join our Pro team and have access to our job routing platform. From then, you can pick and choose the jobs you want and start cashing in your entry into the gig economy.
