NEW ERRORS & OMISSIONS INSURANCE

NEW ERRORS & OMISSIONS INSURANCE
Available Now!!
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Canadian Bookkeepers Association is excited to announce that a new E&O Insurance policy is now available to all CBA members through AXA Insurance and Marsh Canada.

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Why Errors & Omissions?
Errors & Omissions Insurance provides you, the business owner, with protection & peace of mind in the event of a conflict arising because of an unhappy client. We are all human and we all do make mistakes from time to time…E&O coverage can protect a business from winding up in a situation where he or she can’t cover legal
expenses or damages due to a conflict. Like vehicle insurance, E&O insurance should be something that every CBA member should have and as a member, you can have a fantastic policy at an affordable price.

Click here for the application form.

Starting a Professional Bookkeeping Business

There is great demand for professional bookkeepers in today’s market.   Small business has grown considerably over the past 10 years and represents over 23% of the GDP.  According to a CIBC World Market report, self employment is rising the fastest amongst young Canadians age 15-24 and older Canadians age 55+.  There is more continued strong growth among older self-employed Canadians.  The number of small enterprises run by older Canadians has risen by an impressive 35% since 2001.  These “Seniorpreneurs” currently account for a record one in four self employed and represent more than 30% of the total work force over the age of 55.  

These statistics make starting a professional bookkeeping business very attractive.  The accounting software for small business has come a long way since the early days of self employment.  The bookkeeping packages are more versatile to business owners requirements and enable the professional bookkeeper more flexibility with time management and reporting.

Question:  How do you start a professional bookkeeping business in today’s market? 

Answer:  There are many resources in each province in Canada and also with the Canada Revenue Agency that will guide any new entrepreneur through the “process” of getting any small business started. 

1. Before you even contemplate starting your own professional bookkeeping business, you will need current written references about your work as a professional bookkeeper and you should have at least three years direct professional bookkeeping experience, with education, in a Canadian environment.  Being a member of a professional organization will also assist with getting your business up and running.

2. Ensure your business idea is valid for the marketplace.  In this case bookkeeping/accounting will always be a service that is needed.

3.  Write a business plan.   I like to call this your “architectural plan for your business”.   The purpose of the business plan is to guide you through the first stages of building your business and act as a bench marker for your business goals.   Suggest starting with a six month plan, first, and refer to it often.  If you are going off track it will guide you back.

That should get you started.   Having your own professional bookkeeping business is very hard work.  It is also very rewarding work when you assist a small business owner in achieving their goals. 

Lastly, a reminder that you are a “professional” bookkeeper.  That is what differentiates you.