Challenges bookkeepers face Most people would say that the work of a bookkeeper is hard. In addition to having basic bookkeeping education, one should be familiar with laws. Frequent changes in the legislation further complicate this work.

Yes, a bookkeeping business can be very profitable. In fact, ZipRecruiter reports that the national average income for an independent bookkeeper is $56,100, though some report income as high as $122,000. The cost of doing business is relatively low, mostly related to bookkeeping software, so profit margins are high.

The cash-based accounting method is the simplest method, and makes it easier to track your cash flow in real time. You record transactions when the money actually enters or leaves your business, even if they were earned or billed earlier.