As an accountant, you put in long hours and diligently crunch numbers. But maybe it's not enough. Like many professionals, your income might not stretch far enough to cover all of your expenses and financial goals.
You're certainly not alone.
But a side hustle tailored to your unique skills as an accountant would undoubtedly help. It would allow you to make ends meet, secure a better financial future, and have a little “extra” just for fun.
We've compiled a list of 25 side hustles specifically for accountants. But, launching a successful side hustle requires more than just having the skills.
You must effectively market your side hustle services to find clients and grow your side business.
In the sections below, we'll not only explore various side hustles for accountants but also provide some insights to help you market them. However, for a more comprehensive tutorial to marketing your side hustle, our full guide covers twenty-one strategies in-depth.
Disclaimer:
Please note that the starting budgets and income potential provided in this article are only rough estimates and can vary significantly depending on various factors. These factors may include but are not limited to your location, experience level, competition, target market, marketing strategy, and overall economic conditions. The figures mentioned are not guaranteed and should be used for informational purposes only.
We encourage you to conduct thorough research and consult with professionals in your field to gain a better understanding of the costs and potential earnings associated with your chosen side hustle. For additional information on income potential, you may refer to resources such as the Bureau of Labor Statistics, Glassdoor, and PayScale, which provide salary and income data for various professions and industries.
Side Hustles for Accountants
1. Bookkeeping Services
For accountants, offering bookkeeping services is generally an easy transition. And depending on your background can build on your existing skills and knowledge.
Many small businesses and individuals need help managing their finances (and I can say from experience that this is definitely true. I should have had someone helping me a long time ago).
Anyway, helping people with their finances and books is a great side hustle.
You can start by helping small businesses in your area, professionals, and individuals with businesses at home. You can also find clients using freelance platforms like Upwork and Freelancer.
As you gain experience, you can expand your clientele and even specialize.
Starting Budget Estimate: $0 – $500 (depending on software requirements and marketing materials)
Resources: QuickBooks Online Certification, Freelancer, Upwork
Income Potential: $20 – $30 per hour for simple bookkeeping services. C.P.A.s often charge significantly more ($200 – $250 per hour), so your income potential will depend on the type of client and their needs.
2. Tax Preparation Services
Undoubtedly, tax season is one of the most stressful times for many people and businesses. Again, I can also say from experience that this is especially true. In fact, tax season is approaching quickly, and I'm already feeling the stress.
As an accountant, you can help your clients understand the tax code, file their returns on time, and save money with various deductions they may need to be made aware of.
Start by promoting your services to family and friends, and then grow through word-of-mouth and online marketing. Make sure to stay up to date on local tax laws and regulations.
Starting Budget Estimate: $0 – $1000 (depending on whether you need tax software, training, and marketing/advertising for client acquisition)
Resources: I.R.S. Annual Filing Season Program, Turbotax
Income Potential: Tax preparers can charge between $100 – $500 per return, depending on the complexity of the tax situation.
3. Financial Planning
Financial planning is another excellent side hustle for accountants. You can help clients make informed decisions about their personal or business finances, such as budgeting, investing, and debt management.
The best place to begin is with people in your “sphere of influence,” so to speak, but you can follow that up with online marketing, social media, and of course, referrals.
You can also join online platforms like Fiverr to find clients in need of financial consulting services.
Starting Budget Estimate: $0 – $1000 (depending on marketing and certification costs/annual fees)
Resources: Certified Financial Planner (C.F.P.) Certification, Fiverr
Income Potential: Financial planners typically charge between 0.25% – 1% of their client's assets annually, or $90 – $500 per hour.
4. Budgeting and Expense Tracking
This is similar to bookkeeping but a little less formal. You can help individuals and businesses create budgets and track their expenses from an accountant's perspective.
We should all have this knowledge, but many of us don't. Or at least we don't apply the knowledge we have. Your expertise is invaluable for helping clients reach their financial goals.
Again, this is a service you can offer friends and family. However, they may want to keep their financial situation private since you and they are close.
But they can recommend people they know. Online marketing and knocking on doors are other ways to find clients.
You can also teach people to use budgeting platforms like Mint or Y.N.A.B.
Starting Budget Estimate: $0 – $500 (depending on marketing/advertising costs for client acquisition)
Resources: Mint.com, You Need a Budget
Income Potential: $30 – $75 per hour for budgeting and expense planning or training services.
5. Accounting Software Training
You most likely have extensive knowledge and experience with accounting software. That puts you in a perfect position to offer training that helps individuals and businesses learn how to use these tools effectively.
You can provide one-on-one training, group workshops, or online courses.
A good place to start is with local businesses, but you can also promote your services online. Consider partnering with local community centers or coworking spaces to offer workshops.
Starting Budget Estimate: $0 – $1000 (depending on marketing and course creation costs)
Resources: QuickBooks ProAdvisor Program, Xero Advisor Certification
Income Potential: Accounting software trainers typically earn $25 – $30 per hour, but you can also charge flat rates for individual or group classes.
6. Virtual C.F.O. Services
Many small businesses can't afford a full-time Chief Financial Officer (C.F.O.), but still require high-level financial expertise.
This provides accountants with a unique opportunity.
As a virtual C.F.O., you can provide strategic financial guidance and management on a part-time or project basis.
A good place to start is with your current network and clients, as long as you're not stepping on your companies toes. You can also research local businesses to identify suitable candidates and then schedule a time to see them.
Another place to find virtual C.F.O. gigs is on sites like V.C.F.O. or Paro.
Starting Budget Estimate: $0 – $1000 (depending on marketing/advertising costs for client acquisition)
Income Potential: Virtual C.F.O.s can charge between $3,000 – $10,000 per month, depending on the complexity and scope of the work.
7. Accounts Receivable Management
Of all the services a business needs, A.R. is certainly one of the most important. And in most cases, it's not one they enjoy doing.
Small businesses that can't afford a full-time A.R. person provide a great opportunity for this side hustle.
Your invoicing, payment tracking, and collections expertise can ensure businesses receive timely payments and maintain healthy cash flow.
And since small businesses often develop strong relationships with their customers, an unbiased, objective third party is often required for effective collections.
In addition to local business, you can check out sites like Indeed for remote accounts receivable jobs.
Software like Invoiced and Melio can also help you provide A.R. services for your clients.
Starting Budget Estimate: $0 – $500 (depending on marketing/advertising costs for client acquisition)
Income Potential: Companies like Axim charge between $500 – $7000 per month, so your income potential can vary greatly. And it highly depends on the business size and the number of invoices you process.
You can charge more if debt collection services are included.
8. Accounts Payable Management
If you're providing A.R. services to a business, offer to handle their A.P. requirements as well.
Of course, many businesses you solicit might only need one or the other, but offering a wide range of these services will only help you land more clients.
Like AR, your skills in invoice processing, payment scheduling, and vendor management will help businesses maintain good relationships with their suppliers and avoid late payment penalties.
In addition to Invoiced and Melio, Bill.com and Tipalti can help you automate this service freeing you up to provide other services your clients need.
Starting Budget Estimate: $0 – $500 (depending on marketing/advertising costs for client acquisition)
Income Potential: A.P. management consultants can charge by the invoice, by the hour, or a monthly flat fee. And the amount you vary based on the number of invoices per month, invoice complexity, turnaround time, etc.
According to a study by Ardent Partners in 2019, the all-inclusive cost to process a single invoice was $11.57, but you're also competing with A.P. automation companies who charge as little as $3.00 – $4.00. It's not a perfect science, but that should provide a rough benchmark.
9. Financial Forecasting and Modeling
Financial forecasting and modeling are other services some businesses require to make informed decisions about their future operations and growth.
As an accountant, you can use your financial analysis and projections expertise to create detailed forecasts and models for clients.
In addition to local and online marketing to find clients, you can create educational content about financial forecasting and modeling on sites like LinkedIn and Medium to establish yourself as an expert in the field.
Starting Budget Estimate: $0 – $1000 (depending on marketing/advertising costs for client acquisition, training, and software requirements)
Resources: Accounting Tools Financial Forecasting Course, PlanGuru
Income Potential: Financial forecasting and modeling consultants charge similar rates as financial planners, which can be in the $90 – $500 range depending on size, complexity, and the industry.
10. Inventory Management Consulting
Efficient inventory management is critical for businesses to minimize costs and maximize profits.
I have a background in automotive parts distribution (which now seems like an entirely different life). But, as a district manager, part of my job was flying around the country doing branch audits. So I know firsthand the value of inventory management.
Auditing inventory and investigating discrepancies can be challenging and time-consuming, and it's certainly a job some businesses are happy to outsource. And many would happily hire an expert to help them get control of their inventory.
So this is another great side hustle for an accountant.
You can help clients optimize inventory levels and implement effective inventory control systems. You can also improve their overall supply chain management and train staff on effective strategies to keep up with discrepancies in real-time.
Software like TradeGecko and Unleashed can be helpful when managing client inventory.
Starting Budget Estimate: $0 – $1000 (depending on marketing/advertising costs for client acquisition and software requirements)
Resources: TradeGecko, UnleashedSoftware
Income Potential: The national average for an “employed” inventory management consultant is $21 per hour, according to Zip Recruiter. Sites like Salary.com put that hourly rate as high as $97.
If it's your side hustle and you're the boss, you would receive the full contract rate from your client (unless you have an employee to pay). Therefore $50 – $150 per hour would not be unreasonable.
11. Financial Risk Management Consulting
Similar to financial forecasting and modeling, financial risk management is also critical for most businesses. But, not all small and medium-sized businesses can afford someone full-time.
As a consultant, you can help them protect their assets, operations, and cash flow. In addition, your accounting expertise can help clients identify, assess, and mitigate various financial risks, such as market, credit, and operational risk.
Organizations like G.A.R.P. (Global Association of Risk Professionals) provide courses that teach the foundations of financial risk and financial risk regulation.
Starting Budget Estimate: $0 – $2000 (depending on certification requirements and marketing/advertising costs for client acquisition)
Resources: G.A.R.P. Financial Risk Manager (F.R.M.) Certification
Income Potential: $32 – $59 per hour, depending on the complexity and industry.
12. Financial Coaching
Financial coaching is a growing field that helps individuals and families improve their financial well-being by setting and achieving financial goals.
You can use your budgeting, debt management, and financial planning expertise to coach clients toward financial success.
Financial Coach Academy and Ramsey Solutions offer specific training to become a financial coach. However, the cost might stretch your budget. If you're fully committed to becoming a financial coach, though, it's something to consider.
Starting Budget Estimate: $0 – $3000+ (depending on training, marketing, and course creation costs)
Resources: FinancialCoachAcademy, Ramsey Solutions Financial Coach Training
Income Potential: $50 – $150 per hour or a flat fee for group sessions or workshops. However, the national average is $19 per hour if you're working as an employee.
13. Grant Writing Services
Non-profits and small businesses often require grant funding to support their programs and projects. As an accountant, your financial expertise and writing skills can help clients identify grant opportunities and prepare compelling grant proposals.
Start by offering your services to local non-profits and small businesses, and then build your network through referrals. You can also join platforms like GrantWriterTeam to find clients.
Starting Budget Estimate: $0 – $1000 (depending on marketing/advertising costs for client acquisition)
Resources: GrantWriterTeam.com
Income Potential: $20 – $150 per hour or a flat fee per project, depending on the complexity and scope of the work, as well as experience.
14. Payroll Services
Hiring someone full-time to manage payroll is another area many small businesses can't afford. But they also can't afford not to have someone handle it.
That's an opportunity for you to offer payroll services to clients part-time. Your expertise in accounting is perfect for accurately processing employee pay, deductions, and tax filings and ensuring compliance with labor and tax regulations.
Begin by offering your services to local small businesses and expand your client base through online marketing, referrals, and networking. And you can partner with companies like Gusto to help manage payroll for as few as 1-2 clients or 50+.
Starting Budget Estimate: $0 – $1000 (depending on marketing/advertising costs for client acquisition and software requirements)
Resources: Gusto.com
Income Potential: $65 – $125/month per client, depending on the number of employees and payroll predictability. You can charge more for companies with 20+ employees and/or additional complexity and services such as check stuffing and mailing, quarterly reporting, etc.
15. Business Valuation Services
Business valuation is essential for business owners looking to sell their business, merge with another company, or raise capital.
Your financial analysis skills can help clients determine the fair market value of their business.
Becoming a member of professional associations like the American Society of Appraisers (A.S.A.) or the Institute of Business Appraisers provides additional credibility. It can also be a source of leads.
Starting Budget Estimate: $0 – $1000 (depending on marketing/advertising costs for client acquisition and annual certification/membership subscriptions)
Resources: Appraisers.org, National Association of Certified Valuators and Analysts
Income Potential: Valuation consultants can charge in the ballpark of $6,000 – $20,000 per valuation, depending on the size of the business and the scope of the valuation. However, smaller businesses can be in the $1,000 – $3,000 range.
16. Financial Statement Preparation and Analysis
Financial statement preparation and analysis is another essential service many businesses require to understand their financial performance and make informed decisions.
As an accountant, you can help clients create accurate financial statements, such as income statements, balance sheets, and cash flow statements. As a result, you can provide valuable insights into their financial health.
Also, you can create educational content about financial statement preparation and analysis to build credibility in the field.
Starting Budget Estimate: $0 – $200 (depending on marketing/advertising costs for client acquisition)
Resources: Spotlight Reporting
Income Potential: $1200 – $5000 per review, depending on the size, complexity, and the industry.
17. Mergers and Acquisitions Consultant
Mergers and acquisitions (M&A) can be complex and risky for any business. An accountant's financial expertise is critical to the process.
You can help clients with valuation, negotiation, and integration.
Professional associations like the Association for Corporate Growth (A.C.G.) offer Middle-Market Professional (M.M.P.) certification, which covers topics such as valuation analysis and merger modeling.
Starting Budget Estimate: $0 – $3,000 (depending on marketing/advertising costs for client acquisition and certification requirements)
Resources: A.C.G.
Income Potential: The average annual salary for a full-time consultant is in the $140,000 range, plus bonuses, commissions, etc. As a part-time side hustle, M&A Advisors charge 8% to 12% commission for businesses under $1M.
18. Outsourced Controller Services
Accountants can provide a combination of services mentioned in this list, in which case you may be considered an outsourced controller. Many small to medium-sized businesses can't afford a full-time controller to provide financial oversight and management.
This is somewhat similar to the Virtual C.F.O. role, but can also include some of the more tedious duties and responsibilities such as payroll, A.R., A.P., and general accounting.
You can also join platforms like inDinero or ScaleFactor to find clients in need of outsourced controller services.
Starting Budget Estimate: $0 – $500 (depending on marketing/advertising costs for client acquisition)
Resources: inDinero
Income Potential: $2,000 – $3,500 per month, depending on the size and complexity of the business.
19. Government Contracting Consulting
Government contracts can be a lucrative opportunity for businesses, but the bidding process can be complex and competitive. As an accountant, you can help clients navigate the government contracting process, including registration, proposal writing, and contract compliance.
Professional associations like the National Contract Management Association and the Association of Procurement Technical Assistance Centers provide training and certification.
Starting Budget Estimate: $0 – $500 (depending on certification requirements and marketing/advertising costs for client acquisition)
Income Potential: $50 – $200 per hour would be a general estimate, but for reference, the average annual salary for government contract consulting is in the ballpark of $70,000 – $85,000.
20. Financial Planning for Divorce
Divorce is an emotionally draining time for individuals. When you add the financial challenges to it, it can be overwhelming.
As an accountant, you can help clients navigate the financial complexities of divorce, including asset division, tax implications, and budgeting for post-divorce life.
The Institute for Divorce Financial Analysts (I.D.F.A.) provides learning resources and marketing materials. You can also access events and training from the Association of Divorce Financial Planners.
Starting Budget Estimate: $0 – $500 (depending on marketing/advertising costs for client acquisition)
Resources: IDFA, ADFPonline
Income Potential: $150 – $450 per hour, depending on the complexity of the client's situation.
21. Fraud Examination
Fraud examination is a specialized area of accounting that involves detecting, investigating, and preventing financial fraud.
As an accountant, you can help clients identify potential fraud risks, investigate suspicious activities, and implement effective internal controls to minimize the likelihood of fraud.
Your potential client base is relatively small compared to many other side hustles. However, fraud examination is generally a more exciting and appealing corner of accounting and could be worth the extra effort of establishing yourself as an expert.
Organizations like the Association of Certified Fraud Examiners and the Institute of Internal Auditors provide certification courses.
Starting Budget Estimate: $0 – $1500 (depending on certification requirements and marketing/advertising costs for client acquisition)
Income Potential: Although the average base salary for fraud examiners is around $88,000, part-time consultants can charge between $50 – $200 per hour depending on the scope and complexity of the project.
22. Cost Segregation Studies
Cost segregation is a tax planning strategy that involves identifying and classifying assets within a property to accelerate depreciation deductions.
As an accountant, you can help clients conduct cost segregation studies to optimize their tax savings and improve cash flow.
The American Society of Cost Segregation Professionals provides memberships, certification training, and resources.
Starting Budget Estimate: $0 – $1000 (depending on certifications, membership requirements, and marketing/advertising costs for client acquisition)
Resources: ASCSP
Income Potential: Cost segregation studies can range between $5,000 and $15,000 depending on the size and type of the property, as well as the number of tenants.
23. Creating and Selling Accounting Templates
Accounting templates can save time and simplify tasks for individuals and businesses, making them a valuable resource.
With our accounting prowess, you can create and sell customizable accounting templates for various tasks, such as budgeting, financial statements, and invoicing.
Start by creating a portfolio of templates using tools like Canva.com. You can then sell them on your own website or online marketplaces like Etsy or Template.net. You can also promote your templates through social media, online forums, and networking events.
Starting Budget Estimate: $0 – $100 (depending on marketing/advertising costs)
Resources: Canva, Etsy, Template.net
Income Potential: $2 – $10 per template, depending on specific customizations. Complete template bundles specific to an individual business' requirements can be anywhere from $50 – $150.
24. Financial Content Writing or Blogging
Financial content writing and blogging can help individuals and businesses better understand complex accounting topics and make informed financial decisions.
As an accountant, you can share your expertise by writing articles, blog posts, and other content for websites, magazines, or your own blog.
Start by pitching your writing services to financial websites, blogging platforms like LinkedIn and Medium, and various print publications. Post your writing services on freelance platforms like Upwork and Writeraccess.
You can also create your own blog and monetize it through affiliate marketing, sponsored content, display ads, and product sales.
To drive traffic to your website, you can use search engine optimization (SEO), social media, online forums, and networking events.
Starting Budget Estimate: $0 – $200 (depending on website hosting and marketing costs)
Resources: How To Become a Freelance Writer
Income Potential: Financial content writers typically charge between $0.10 – $1.00 per word, while bloggers can earn varying income depending on website traffic and monetization strategies.
25. Start a YouTube Channel about Accounting Topics
Creating a YouTube channel focused on accounting topics can be a great way to share your expertise and experience while educating people and building a personal brand.
As an accountant, you can create engaging content on topics like tax planning, budgeting, financial analysis, estate planning, and just about anything accounting and financial related.
Start by researching popular accounting topics and creating a content plan for your YouTube channel. You can monetize your channel with advertising, sponsorships, or product sales.
Get traffic to your channel by targeting high search volume topics and keywords, and promoting it on social media, online forums, and networking events.
Starting Budget Estimate: $0 – $1000 (depending on equipment costs and marketing expenses)
Resources: YouTube
Income Potential: The income potential for YouTube channels varies, but successful creators can earn significant income, as much as six or seven figures per year, through advertising, sponsorships, and product sales.
26. (Bonus) Start a Podcast about Accounting Topics
Similar to starting a YouTube channel, if you're not fond of getting in front of a camera, you can start a podcast.
Creating podcast episodes centered around accounting and financial planning topics is a great way to build credibility in your field and educate listeners who want to improve their financial situation.
You can talk about a wide range of topics, such as tax planning, budgeting, markets, F.I.R.E. (financial independence, retire early), and numerous other accounting and finance-related subjects.
Begin by exploring the most popular finance and accounting subjects and develop a content strategy for your podcast.
Advertisements, sponsorships, and product sales are great ways of generating revenue with podcasts.
Starting Budget Estimate: $0 – $500 (depending on equipment costs and marketing expenses)
Resources: Anchor.fm
Income Potential: Like other content platforms, such as YouTube or your own blog, income potential varies. Successful creators can earn thousands (even tens of thousands) of dollars per month through advertising, sponsorships, and product sales.
But also, like those other platforms, building your audience can take significant time.
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