Overview of a Bookkeeping Business in Nigeria

Every business needs the services of a bookkeeper however not all can afford to maintain one on a full time employment. This void creates business opportunities for people with bookkeeping skills and others that do not know a thing about bookkeeping and accounting however are ready to learn. Bookkeepers are in charge of maintaining the books of account of organisations. They determine, categorize and document the financial transactions of entities every day. Their services allow entrepreneurs and various other stake holders to evaluate business performance over a particular period of time and in making decisions. Their services can likewise help businesses determine problems that might jeorpardize success like fraud. A bookkeeping business is a basic, affordable and lucrative venture. It can be run from house, on a small scale or on a large scale with lots of workers and large customers. The business is not regulated. Thus, it does not need any type of degree or certification.

Potentials of a Bookkeeping Business in Nigeria

With the daily increase in industrial businesses, the need for bookkeeping services is constantly growing in Nigeria. As a result of paltry of available records, it is challenging to place the national value of the industry however areas such as Lagos, Abuja, Port-Harcourt, Ibadan, Benin City, Kano, Kaduna and Jos are experiencing an increase in industrial firms and businesses, which requires more bookkeeping services. If you are aiming to begin a bookkeeping solution in Nigeria or any other part of Africa as a whole, this article is a comprehensive guide to help you begin on the right path.

Steps to Setting up a Bookkeeping Business in Nigeria

1. Draft a Business Plan:

   A business without an efficient business plan is not likely to be successful in a competitive environment. The bookkeeping business is no exemption to this guideline. A potential bookkeeper have to write a business plan for guide and focus. He should to start with, obtain his business to work on a piece of paper, much like every other major entrepreneur ought to do.

2. Register Your Business Name with the C.A.C To give your business a professional projection, you must have a distinct name. The name must be appealing, very easy to remember, concise and precise and must explain the nature of your business in a clear term.
3. Conduct a Feasibility Study To begin a bookkeeping business, it is very important to ensure that some basic things are sorted out before setting out. Determine your ultimate objective and targets for the business. Identify your business scope - helping small businesses, real estate, government, and any other solution. Likewise, identify your target market and conduct a comprehensive research on the possible success rate of the business in your chosen area.
4. Identify the cost of your services and how you plan to charge customers Some bookkeepers charge monthly, others charge per hour, some charge on a weekly basis while some charge per work quantity. What is necessary is that the charges ought to be able to maintain your expenses, stand-out amongst competitors and eventually, give net profit for you as the business owner.
5. Get yourself a laptop Choose and understand an accounting package to ensure your work easier. Those who are new to bookkeeping are encouraged to familiarise themselves with QuickBooks. It is more easy to use compared to Peachtree and does not need a great deal of accounting knowledge.
6. Market your services You can begin with the grocery store or store near to your residence. Build a website or a blog site to enable you to create more awareness for your business. Open a Facebook page and on social forum like Nairaland. Inform your families about your new business and convince them to spread the word.

Overview of The Template

The Template gives concrete financial plan and projections for setting up a Bookkeeping Services shop. Real business insights are included in this financial template to attract investors, grants and loans to make the business concern a reality.

The excel template is easy to use and modify. Current Real life prices were used in drafting this template by our team of seasoned accountants and financial analysts. The template is suitable for small and emerging businesses who see themselves giants in the various industries in 5 years time.

Features

1. Comprehensive Income Statement (Trading, Profit & Loss Account)
2. Statement of Financial Position (Balance Sheet)
3. Cashflow Statements

Use Scenarios

This excel template is most suitable for the following:

1. Promoters of existing and New Start-up Businesses that need funding in form of grants,loans,partnerships etc. from governement agencies and venture capitalists.
2. Business and Financial Analysts working on viability and feasibility of a Bookkeeping Services business in Nigeria.
3. Business Administration and Entrepreneurship students who need a comprehensive financial plan for a Business Plan.
4. Investors and Venture Capitalist who need financial analysis of the Bookkeeping Services business for informed decision making.
5. Entrepreneurs who need expansion ideas for their businesses.