Bookkeeping is definitely tedious since the bookkeeper needs to manage financial information both in digital and physical platforms, but the job becomes much more difficult if the person-in-charge is not cultivating healthy habits that allow them and their team to keep things organized.

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.

Here's an easy way to think about it—bookkeepers lay the groundwork by recording financial transactions so that accountants can analyze financial statements and provide strategic recommendations.

A COA is a list of the account names a company uses to label transactions and keep tabs on its finances. You use a COA to organize transactions into groups, which in turn helps you track money coming in and out of the company. COAs are typically made up of five main accounts, with each having multiple subaccounts.