Best 25 Business ideas for Accounting Graduates. Graduating from a top-notch business school is just the beginning of your journey and not the end. To become a successful entrepreneur, one has to think out of the box and innovate.
That’s where we come into the picture with our blog on 25 best business ideas for accounting graduates:
Best 25 Business ideas for Accounting Graduates
1) Accounting firm:
The most traditional and time-tested business idea for accounting graduates, the success of Big Four or PwC is a testimony to this. You can either start your own practice and charge clients on an hourly basis. Make sure you keep it small and serve niche market segments that value quality at reasonable rates.
Or if starting from scratch doesn’t sound right to you, you can always partner with someone to start a practice. Here is the link to our post about how to start an accounting firm.
2) Accounting firms for SMEs:
If you are looking for something quick and less time-consuming, this option suits you well. Start off as an outsourced accounting firm to small businesses and later transition into your own practice. You can take the help of the following website to get direct clients:
3) Reselling Accounting Software:
This option takes practically no time and doesn’t require much money to start off. All you need is a laptop and Internet connection, the rest of everything is just running business affairs online. You can become a reseller for Xero or FreeAgent easily.
4) Accounting Services for Cryptocurrency:
Blockchain technology is hot right now and there are cryptocurrencies sprouting like mushrooms. This provides an excellent opportunity to start your accounting consultancy firm which focuses exclusively on cryptocurrencies, ICOs, etc. Here is the blog post I wrote about accounting services for cryptocurrency.
5) Start a coaching center:
Many of the top-notch business schools have started offering entrepreneurship programs. This is a great opportunity for accounting graduates to start an MBA coaching center that focuses on entrepreneurial skills. The demand for such courses is going to be high in times to come and you can make some good money out of it.
6) Accounting Franchise:
You can also start your own accounting franchise by tying up with big-wigs in the industry. Here is the link to our post where we have discussed different types of franchise business models.
7) Accounting Portal:
Instead of starting your own practice, you can always start an accounting portal that offers bookkeeping services online for small businesses. The best part is that it does not require much money and time to start off.
8) Accounting Software Distribution:
If you have a knack for numbers and excel sheets, then this business idea is perfect for you. This could be as simple as helping companies in the implementation of accounting software like Xero or as huge as advising on best practices related to management accounting.
9) Accounting Outsourcing:
You can also provide outsourced accounting services to small businesses by helping them keep their books up-to-date. This is great if you want to start something on your own, but don’t have the capital or time for it.
10) Start an Accounting Blog:
If you are good with words and like writing about business, accounting, and tax topics then blogging is a great option for you. You can start a blog on your own or also contribute to existing platforms like Forbes or Entrepreneur.com. The sky is the limit with this business idea – just make sure that you have a regular readership and don’t spam people.
11) Accounting/taxation software development:
A small-time entrepreneur I know has developed a mobile app that calculates Income Tax, TDS, and GST. You can also develop similar apps or work on developing accounting/ taxation software for SMEs. Here is the post I wrote about how to start an online business with low investment.
12) Accounting coaching for students:
This is an excellent part-time business idea I recently came across. These days, MBAs are becoming very common in India; most of them study liberal arts (like psychology, English, etc.) in college and then opt for MBA when the need arises. This leads to a lot of career confusion among these graduates. You can help them by offering coaching classes that focus on their future career goals and how they should prepare for them.
13) Accounting Jobs:
Not an entrepreneurial idea but worth considering if you want to work in the accounting field. Here are some good websites to look for jobs in the accountancy business.
14) Accounting conference/trade show organizing:
If you are good with words and know how to organize events, then you can try your hand at organizing conferences or trade shows. You can look at existing platforms like The Big 10 Global Accounting Network which organizes annual accounting events.
15) Tax Return Preparation:
This is one of the most common business ideas for accountants. Tax return preparation is a very popular business idea in the USA, wherein you can start by helping individuals and small businesses with tax returns. As you gain experience, you can expand your clientele to large-scale companies as well. Here are some good resources on how to prepare taxes.
16) Family Accountant:
Another interesting idea is to work as a family accountant for people who have businesses or those with high incomes. You can help them manage their accounts and prepare taxes on time.
17) Accounting Tutor:
This is one of the most common types of business ideas that accountants pursue – teaching school/college students and helping them solve important problems related to accounting. You can start this business on your own or work for other tutors who are already established. Here is a list of 25 free websites to learn to account online.
18) Accounting Software Sales:
If you have a knack for selling products, then one of the most profitable accounting businesses you can look at is software sales. Most accountancy practices that deal with a lot of small businesses use a number of accounting software to manage their books – you can sell these products and earn commissions for every sale.
19) Accounting Firm Assistant:
You can also look for assistantship positions at established accountancy firms – either as an assistant or as a manager (if there is an opening). This can be a great way to get into the field and learn a lot.
20) Accounts Payable:
If you have a knack for numbers then accounts payable is a great side business idea that can work as an addition to your full-time job or as a standalone business. You will be responsible for paying suppliers of companies by check, credit card, or through a wire transfer depending on the company’s preferences. Here is a guide to setting up accounts payable system.
21) Accounts Receivable:
This is another great accounting business idea that you can start as a side-business or as a full-time job. In this, your role will be to collect payment from clients by phone calls, emails, or even text messages.
22) International Accounting:
If you were an accounting student who studied international business, then this is a great side business idea for you to look into. You can start your own practice helping companies that are looking to expand globally or have already started doing so. Here are some resources on how to become an international accounting consultant.
23) Book Keeping:
The simplest form of accounting is bookkeeping. If you are looking for a way to work independently without much supervision, then this is one business idea that you should consider. You can teach yourself the basics of Excel or QuickBooks and start keeping track of books for businesses today.
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24) Accounting Software Development:
With the growth of SaaS and cloud-based solutions, there is a huge demand for accounting software solutions. You can look at this as an opportunity to start an in-house solutions company catering only to accountants or you can partner with existing players such as FreshBooks and add on their functionalities to your client’s businesses.
25) Inventory and Inventory Software:
If you want to become the go-to person in your area for inventory management, then this is a great business idea that can take off with minimal investment. You just need to create a website or use an existing one such as Voluum to start advertising your services.
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Best 25 Business ideas for Accounting Graduates
These were the 25 best business ideas for accounting graduates, but there are many more options if you want to get serious about this. You can either go all out and start your own business or work for someone else who already has a firm up-and-running.
Whatever path you choose, accountancy is always going to remain in demand. So let the CAs come over, while you become an entrepreneur!
Please do share your comments below. If you have any questions, feel free to ask me in the comments section or directly on my social media profiles. I’d be happy to help! 🙂
Adios & Take care till next time,