20 Profitable Business Ideas For Accountants (Ultimate List)
Are you looking to start an accounting business but not sure which area to focus on?
The good news is there are several low-investment accounting business ideas you can start in 2023.
We put together a list of 20 most profitable accounting business ideas you can start today.
For each accounting business idea, we’ll show real-world examples of other businesses to help you see what it takes.
Here they are:
1. Start a career coaching business
A career coach is an experienced professional who helps people adjust and improve their career paths through one-on-one guidance and advice. The career coach guides people on:
- Goal-setting
- Resume building
- Interview practices
- Overcoming career anxiety
- Starting a business.
To become a career coach, decide the industry you want to serve, and earn relevant qualifications. It would help if you gain professional experience in that career line and develop the skills you need to run the business. Earning a professional certification will help you in attracting clients.
Hi, I’m Patrick Curtis and I’m the CEO and Founder of Wall Street Oasis, the largest online community focused on careers in finance.
The community has now reached over 100 million visitors over its 14-year history and is currently getting over 2 million visits per month.
2. Become an author
Writing a book is one of the most satisfying experiences you can have as a professional. It gives structure, meaning, and direction and helps you build your professional credentials.
The passion to write is something that comes from deep within. That passion leads to a warm-up to the idea of becoming an author. However, the path to being an author is not so easy. To become an author you need to research topics and spent many hours writing something meaningful.
Authoring a book is many people's dream and also a money-making profession. One can make handsome money by becoming an author. To become an author you have to take some inspiration from your older famous author who is became succeeded as an author.
My name is Nick Thacker, and I’m a full-time author of thriller and action-adventure novels. I write in the same genres as Dan Brown, Clive Cussler, James Rollins, and Lee Child, and my main series is about a Yellowstone park ranger named Harvey Bennett. Most of my readers are 45 years old and up, about 50/50 men/women, and the vast majority of my sales come from Amazon (either directly or through Kindle Unlimited, where I’m paid based on pages read).
I started writing back in 2011, but it was never something I thought I could do full-time. I was working a 9-5 job and I eventually realized I was making more by writing than I was at the day job, so I quit. Today, I’m pulling in about $10,000 a month on the low-end, and up to $20,000 during a heavy promotion or launch period.
3. Become a financial advisor
Financial advisors advise individuals and businesses, helping them reach their financial goals sooner. To become a certified financial advisor, you must complete a degree course and an internship. Then, go beyond the education and work experience, and find a job where you can practice the skills and knowledge. Financial advisors can work in several places, including banks, brokerage firms, insurance companies, and wealth management firms.
Pursue finance-related certifications and licensure examinations to help you become certified specialists and differentiate yourself from the competition.
Hello! My name is Michelle Schroeder-Gardner, and I run Making Sense of Cents, a personal finance and lifestyle website that helps readers earn more, save more, and live more.
I earn around $100,000 a month from Making Sense of Cents and have made over $5,000,000 from it over the years. Much of it is profit, as my expenses are extremely low. I am the only full-time employee of my business, but I do outsource some work. I have a virtual assistant, an editor, and a technical manager.
4. Start a tutoring business
Starting a tutoring side hustle is a great way for teachers and students to earn extra monthly income. If you are considering becoming a tutor, find an ideal tutoring niche, and craft a tutoring website. Then, find your tutoring clients and market your side hustle online. You can choose to offer online tutoring as a part-time or full-time engagement.
Hey everyone! My name is Adam Shlomi and I am a 22-year-old senior at Georgetown University from South Florida. I am the founder of SoFlo SAT Tutoring, an online SAT/ACT tutoring company that provides exceptional test prep to students across the country. I started this business in my bedroom almost a year ago while I was recovering from ankle surgery. I couldn’t walk for 6 months and SoFlo gave me the motivation to get up in the morning.
SoFlo currently brings in average revenue of $15,000 a month and has seen a linear increase in student sign-ups each month since its official inception in March 2019. Since our customer lifetime is short –our students study for and take the SAT, get the score they want, and then no longer require our services– we invest in and rely heavily on the quality of the service we provide to attract future customers. Happy customers and significant score increases have helped spread the word and grow the brand.
5. Start a freelance writing business
Freelance writing can be a good career choice for professional writers for offering writing services to different clients via online platforms. Working as a freelancer gives you the flexibility to define your work schedule. You can work from home at any time. Freelance writers work across various niches, writing about various topics assigned by the client,
To earn good money as a freelance writer, you need the following personal qualities:
- Strong writing skills
- Ability to meet deadlines
- Stay on the cutting edge
- Be a self-starter
- Be up-to-date with the current writing tools & writing trends
- Proper communication skills
My name is David Tile. I own and operate a Content Writing Service, under the banner Article-Writing.co.
We don’t consider ourselves a content marketing firm. But a firm dedicated to the business of writing. Project management offers most often attached to marketing agencies. We work against marketing briefs delivering content on time and under budget.
6. Start an online community
Online communities bring people who share common values together. For anyone looking to start a side hustle and earn money, you need to figure out the best online communities to participate. More important, you need to figure out on how to translate your online community membership into dollars. Ideas of how to earn through online communities include:
- Selling your products
- Promoting affiliate links for a commission
- Run ads
- Sell online community membership
- Start your own online community and charge for sponsored content
My name is Phil Strazzulla and I run SelectSoftware. We are an expert online review site for HR software - basically the NerdWallet/WireCutter for all of the different HR software categories out there.
Over the past 3 months, the organic search traffic to SelectSoftware has been growing at around 30% per month, and in August 2019 we had our first month of revenues with a little over $1k/mo.
7. Start a crypto tax business
The tax code is a complex system that has been in place for decades. As the new age of currency, cryptocurrency, is introduced to the world, it has become increasingly difficult to keep up with the changes.
In 2017, the number of people who owned bitcoin in the United States was 1.5 million.
There are many tax services available online that are designed specifically for cryptocurrency traders and investors. These services will help crypto owners file their taxes quickly and painlessly so they can get back on track with their investments!
Hello, I am Vamshi Vangapally, CEO and Co-founder of BearTax. We built a platform for cryptocurrency traders and accountants to help them consolidate trades and calculate taxes without heavy lifting.
Started as a tool addressing the need of the hour in early 2018, we became one of the top cryptocurrency tax software in the US, Australia, Canada and India. With our legal and taxation partnerships across the countries, we are now serving more than 10,000 users across the globe.
8. Create an online course
Online course businesses are one of the fastest-growing online business models. Creating an online course is an awesome way to generate extra income because it allows you to monetize the knowledge you already have. More people are taking online courses every day, and the COVID pandemic has accelerated that, with some online learning platforms having seen 15-fold growth in the number of users.
Another advantage is that these new platforms are so easy to use for instructors that you don't have to worry at all about the tech side of the business. You just need to focus on creating exciting content that is informational & engaging at the same time.
Starting an online course allows you to eliminate some of the huge costs associated with setting up a physical training facility, and it's a great way to reach as many people as possible.
Hey! We are Kelan and Brittany Kline the founders and co-owners of the popular personal finance blog The Savvy Couple.
We are currently on pace to make over $250,000 this year alone with our personal finance blog!
9. Start a blog
In recent years, blogging has become a highly sought-after & lucrative Business. This location-independent business is a creative outlet to reach a broader audience and even work at any time. According to Optinmonster’s list of blogging statistics and facts:
- Blogs have been rated as the 5th most trustworthy source of gathering online information.
- 77% of internet users read blogs.
- Each month, approximately 409 million people view more than 20 billion pages.
Originally blogging started as an online journal, but today it is a highly profitable career option. Many people are choosing blogging as their full-time career and are earning their bread and butter from this profession.
If you want to start blogging as a side hustle or as a full-time profession, choose a niche you will enjoy writing about and have a content strategy ready. Then, create a mailing list, and decide on a good blog posting routine to keep your audience engaged.
Hey! We are Kelan and Brittany Kline the founders and co-owners of the popular personal finance blog The Savvy Couple.
We are currently on pace to make over $250,000 this year alone with our personal finance blog!
10. Start a payroll business
The global HR payroll software market is expected to grow at 11.2% CAGR to reach $15.37 Billion. The growing workforce and the current trends in the job market led to increased demand for payroll systems.
To start a payroll system, identify a growing field and understand its practice. Then, start making connections with those you know need the payroll system. Establish the system, set new clients and service rates, and create a standard agreement for clients.
Started as an all-remote company back in 2015 when remote work was still seen as an exotic perk reserved for digital nomads, Transformify grew up exponentially over the years.
Speaking of budgets, due to Covid-19, budget controls have become more robust than ever before and the businesses no longer have the luxury to underutilize their teams. The share of contingent workers and international contractors working on a project basis is constantly increasing. An interesting study published by SAP Fieldglass reveals that 42% of the workforce spend is already going to external resources - international contractors, consultants, guest lecturers, freelancers, etc.
11. Start an online payment service
An online payment service provider is a third-party company that provides a payment platform for businesses that accept online payment methods like debit cards, credit cards, cash cards, etc. Building an online payment platform is a great way of achieving financial freedom. This is because the payment platform charges the stores and service providers a convenience fee for using their services, generating a passive income for the business owners.
If you plan to build an online payment solution, focus on building a solution that will process different payment types.
Started as an all-remote company back in 2015 when remote work was still seen as an exotic perk reserved for digital nomads, Transformify grew up exponentially over the years.
Speaking of budgets, due to Covid-19, budget controls have become more robust than ever before and the businesses no longer have the luxury to underutilize their teams. The share of contingent workers and international contractors working on a project basis is constantly increasing. An interesting study published by SAP Fieldglass reveals that 42% of the workforce spend is already going to external resources - international contractors, consultants, guest lecturers, freelancers, etc.
12. Start an accounting software business
Accounting software is an important part of any business. Without a definitive accounting system, businesses cannot keep track of debtors, creditors, assets, and liabilities.
According to experts, demand for new and advanced accounting software is increasing than conventional software. Besides, conventional accounting software lacks technological competitiveness, which creates an environment for expansion and upgradation of the accounting software market.
Are you looking for a business idea within the accounting sector? If you understand how accounting systems work, you can build modern accounting software that helps businesses manage accounts receivables, payables, and the general ledger, among others.
I founded TenantCloud as a way to help landlords manage their rental properties and assist with finding tenants. There are over 15 million DIY landlords in the U.S. and they own 21 million rentals and house 60 million tenants.
Our first revenue was in 2018 and currently, we are on track to do near $15 million at the end of 2021.
13. Start a bookkeeping service
As the nature of business changes, bookkeeping is an essential function that is on-demand across all business sectors.
Bookkeeping services support businesses by handling their accounts receivables, creating and sending invoices to the correct accounts, and processing accounts payable to ensure business owners settle them when due.
To become a bookkeeper, pick the niche market, choose a bookkeeping software, and set up the necessary business infrastructure. You need a website, an address, client database software, and file-sharing tools where your clients can access records on demand.
It’s been an incredibly hard journey that’s come with many challenges, including leaving behind a comfortable salary with benefits. But it’s also been undeniably one of the most rewarding experiences for the both of us as it’s given us so much more time to spend with our family. And that means more to us than anything.
14. Start a tax preparation business
Do you have experience in tax preparation? You can capitalize on your math abilities and attention to detail by starting a tax preparation business.
Basic tax types include:
- Individual income taxes
- Corporate income taxes
- Sales taxes
- Property taxes
To start a taxation business, you can use an in-home taxation preparation service or build taxation software. Taxation experts can specialize in certain taxation types or offer general tax consultations.
15. Become a CPA
A certified Public Accountant (CPA) is a trusted financial advisor who helps individuals and businesses plan and reach their financial goals. The roles of a CPA include analyzing financial records to prepare tax returns, creating budget reports, and conducting audits for clients.
To become a CPA, you must complete a program of study in accounting. The accounting education lets you earn a professional designation through a combination of education, experience, and licensing.
16. Start a forensic accountancy service
A forensic accounting service investigates fraud, bribery, money laundering, and embezzlement by analyzing financial records and transactions and tracing assets.
The demand for forensic accounting services is growing because of the tightening economic conditions and the increasing scrutiny of how companies are governed. Businesses and governments hire forensic accountants and auditors to help them in detecting and preventing or helping them take legal action against wrongdoing.
To become a forensic accountant, you must earn a master’s degree in an accredited accounting or financial program.
17. Start a credit repair business
Credit repair involves restoring or correcting a poor credit score by pointing out untrue or incorrect listings from a credit report. The demand for credit repair services is increasing tremendously.
According to a report, the global credit repair services market is estimated to grow at a CAGR of 13.76%, reaching approximately $7,000 in a few years.
The increased demand for credit repair services is because people are after removing negative items from their credit reports so they can reach a higher FICO score and obtain credit. Therefore, starting a credit repair company can be a rewarding and fun business. To start a credit repair company, you need trained and certified staff.
My name is Mark Sias, and my wife Grace and I started a business called Noble Notary & Legal Document Preparers. This business is a Florida dba held by G & M Sias companies, LLC.
We generate approximately 15,000/month in profits, conservativly, and in many cases much more, as our overhead, inventory, and advertising expenditures are extremely low.
18. Start an auditing firm
Auditing firms collate, check, and analyze financial control systems and accounts to gauge levels of financial risk within organizations.
To practice auditing, you must meet the qualifications to receive a registration certificate. The capabilities include a bachelor’s degree in accounting and taking up necessary CPA certifications so you master the accounting functions.
To start an auditing firm, figure out your niche and create a business plan and budget. Auditing is highly regulated, so you must achieve the regulations, qualifications and licensing issues to practice.
19. Start a risk management consulting business
A risk management consultant is an advisor who helps individuals and businesses assess their risks and develop a plan to minimize their risk exposure.
To become a risk management consultant, register for a bachelor’s degree in business management, statistics, finance, or a related area. Earning specific fellowship certifications and professional credentials will help you become a professional risk management expert.
20. Start a real estate appraisal service
Starting a real estate appraisal service is a great way to get involved in the industry without having to buy or sell property. As a real estate appraiser, you'll be responsible for estimating the value of properties. This can involve anything from single-family homes to commercial buildings.
To be successful, you'll need to have a strong understanding of the real estate market and the factors that affect property values. You'll also need to be licensed in your state. But, if you're up for the challenge, starting a real estate appraisal business can be a great way to make money in the industry.
Licensed appraisers can make between $40,000 and 100K. They can work for an appraisal management company (AMC), lending institution or government agency. Salary starts at about 40k with top end reaching up to 120 K depending on experience.
Starting a real estate appraisal business offers a niche opportunity that can be very profitable. Appraisers can often work from home, making it a great option for those who want the flexibility of being their own boss.
With the increase in transactions, there is a need for appraisers to accurately value properties. If you have the skills and experience, starting your own appraisal business can be a great way to make money in the real estate industry.
It 's important to note that, while there is a demand for appraisers, the industry is highly regulated. You'll need to be licensed and have the proper credentials to operate your business.
Also Read: Finance Business Ideas
Article Sources:
- Accounting industry in the U.S. - statistics & facts at Statista
- Accounting Statistics & Facts at Balancing Everything
- 25 Important Accounting Statistics by Actual Experts for 2022 at Fit Small Business
- 47 Accounting industry statistics you should know at Content Snare
Hey! 👋 I'm Pat Walls, the founder of Starter Story.
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