10 Side Hustles for Accountants to Make Extra Money
Are you an accountant looking for ways to earn extra income outside of your full-time job?
Accounting side hustles can be a great way to supplement your income, gain new experiences, and expand your skill set.
In this blog, we will explore 10 different side hustle ideas that accountants can pursue to earn more money.
Accounting Side Hustle
Accountants have several side hustle options, including freelancing, tutoring, bookkeeping, part-time tax/financial planning/investment analyst work, forensic accounting, software training, business consulting, and virtual CFO roles.
1. Freelancing
Freelancing is an excellent side hustle option for accountants passionate about their careers and wanting to use their expertise to make additional money.
As freelancers, they may provide businesses or individuals with accounting services such as financial analysis, budgeting, and modeling.
Before you begin freelancing, you must have a solid accounting foundation.
While managing clients and providing quality work on schedule, you will also need good communication and time management abilities.
The potential earnings of freelance accountants might vary greatly based on their services, degree of expertise, and the demand for their abilities.
2. Tutoring
Accountants may teach students studying accounting or finance to help them understand complex concepts, prepare for examinations, and improve their grades.
Tutoring requires a time commitment that varies based on your availability and workload.
Some tutors choose to work part-time, while others work full-time.
As a side hustle, tutoring sessions may be scheduled around your regular employment and other responsibilities, making it a versatile option for many.
3. Bookkeeping
Bookkeeping may be a lucrative side venture for accountants who have the necessary skills and competence to handle financial records for small firms.
As a side hustle, it allows accountants to work from home, pick their own clients, and make additional money on their own terms.
Bookkeeping may also be a great opportunity for accountants to hone their abilities and remain up-to-date on the latest accounting software and technology.
This is especially important for accountants looking to change careers or advance in their present one.
4. Tax Professional
For accountants, tax preparation and consulting may be a profitable and flexible side hustle.
Tax specialists assist people and corporations in navigating complicated tax rules and regulations in order to optimize tax savings.
Tax experts may charge by the hour or by the project and the fees can be quite lucrative.
It is crucial to remember, however, that tax preparation requires a high degree of experience and attention to detail.
Accountants who do tax preparation as a side business must be ready to put in the time and effort necessary to keep current on tax rules and regulations.
5. Financial Planner
Another side hustle that accountants might pursue is becoming a financial planner.
Financial planning involves helping clients in managing their finances and assets to achieve their financial goals.
As an accountant, you already have a solid foundation in financial management, so becoming a financial planner is a logical progression.
Consider getting a professional certification, such as the Certified Financial Planner (CFP).
This will help you establish credibility with prospective customers while also demonstrating your industry expertise.
6. Accounting Software Trainer
Becoming an accounting software trainer can be an excellent side hustle for accountants knowledgeable in popular accounting software packages like QuickBooks, Xero, or Wave.
As an accounting software trainer, you will teach others how to use accounting software to manage their finances and accounts.
You can offer training services on a freelance basis or work with a training company to deliver training sessions to their clients.
Depending on your client's needs, you can also offer one-on-one or group training sessions, which can be conducted remotely or in person.
7. Investment Analyst
As an accountant, you can use your skills in financial analysis to help clients make smart investment decisions by working as an investment analyst.
If you want to learn more and be more respected in this field, you might want to get more training or a certificate in investment analysis.
The best thing about doing investment analysis as a side hustle is that you might be able to make a lot of money.
You can charge clients by the hour or for a set amount, and if they are wealthy, the money can add up quickly.
It is important to note that investment analysis can be a challenging and time-consuming side business.
In order to provide your customers with the best possible recommendations, you will need to dedicate a significant amount of time to research and analysis.
8. Forensic Accounting
Forensic accounting can be a challenging but rewarding side hustle for accountants interested in investigating financial fraud or irregularities.
As a forensic accountant, you would use your accounting skills to examine financial records and transactions to uncover fraudulent or illegal activity.
A strong understanding of accounting principles and identifying patterns or anomalies in financial data is essential in this side hustle.
Forensic accountants can work with law enforcement agencies, legal firms, or private companies to investigate financial crimes such as embezzlement, money laundering, or tax fraud.
9. Business Consulting
Working as a business consultant might be a good side hustle if you have a great grasp of business operations and financial management.
As a business consultant, your role is to help small business owners, entrepreneurs, or larger businesses to develop strategies to increase profitability, minimize expenses, and streamline operations.
Additionally, you may also offer guidance on financial planning, budgeting, and forecasting.
However, due to the demanding nature of the work and the requirement for exceptional interpersonal skills, it may not be the most suitable career path for everyone.
10. Virtual CFO
Becoming a Virtual CFO (Chief Financial Officer) can be a lucrative side hustle for accountants who possess financial management expertise and want to increase their income.
Essentially, a Virtual CFO is an accountant who remotely provides financial management services to clients, which can include financial planning, budgeting, forecasting, and strategic analysis.
One of the significant advantages of working as a Virtual CFO is the freedom it offers.
This flexibility allows accountants to set their own schedules and work from home or any location with an internet connection, making it an ideal side business for those with existing full-time jobs or other commitments.
Crushing Your Side Hustle as an Accountant
Marketing your services as an accountant is essential if you want to stay in business.
You'll need to create a system for acquiring new clients as well as keeping current ones.
To get started, consider the following action items:
Develop a strong online presence: Optimize website for search engines, ensure social media accounts are active and engaging
Encourage word-of-mouth referrals from current clients
Attend industry events and conferences to network with potential clients and other professionals
Make a to-do list and prioritize tasks based on urgency and importance
Use scheduling software and project management tools to manage time effectively
Set boundaries to maintain work-life balance while pursuing side hustles
Avoid taking on too much work and learn to say no when necessary.
Following the advice above should keep your business in good shape.
Turn Your Accounting Side Hustle into a Full-Time Business
As an accountant, diversifying your income through a side hustle can be a valuable way to enhance your financial stability and achieve your personal and professional goals.
To give you some inspiration, consider exploring the following side hustle ideas:
Freelancing
Tutoring
Bookkeeping
Tax professional
Financial planner
Accounting software trainer
Investment analyst
Forensic accounting
Business consulting
Virtual CFO
By exploring these new opportunities, you can increase your income, gain new skills, and find fulfillment in your career as an accountant.
