How to Make More Money as an Accountant
20 Nov, 20231-2 minutes
In this blog, you will learn:
- How much a fully qualified Accountant can earn.
- How to make more money as an Accountant.
- Side hustles alongside your current full time job.
- Where to apply for the best accountancy jobs.
Struggling to boost your income or stretch your wage? Looking for ways to make more money as an Accountant?
Throughout this blog, we’re delving into expert tips, advice, and 9 potential side hustle ideas to help you boost your financial success. We also explore additional qualifications and strategies that can enhance your earning potential in the accounting field.
Side hustles to make more money as an Accountant
9 side hustles to make more money as an Accountant include:
- Write a blog.
- Write a book or ebook.
- Teach/tutor.
- Create an online presence.
- Consult/coach.
- Start a business.
- Podcast.
- Freelance accounting.
- Freelance writing.
Write a blog
Starting an accounting blog can be a great way to earn a bit of extra money and utilise your knowledge and expertise. Create valuable content for trainee Accountants or professionals in the accounting industry and generate revenue from users who visit your website.
Look for highlights and current trends or topics in the industry and start writing some tips, advice or facts from a professional Accountant in the business. Plan your posts and leave space and time to react to trending topics to gain traffic from search engines. As traffic grows, monetise your content with advertisements.
Write a book or ebook
If you love blogging, why not decide to compile your knowledge, information and content into one source of information? As an experienced professional, you could write and self-publish a book or an ebook for consumers to gain knowledge and advice from your experience.
If you’re a keen writer, you could self-publish as many books as you want focusing on specific areas of accounting or subjects you’re most knowledgeable in. Once you’ve completed your book, you can publish it for free with Amazon Kindle Publishing and set your price and royalty rate.
You can choose to promote the book and drive sales but you don’t have to keep updating and creating content once it's been published. Your publication could act as an example of your work and demonstrate your expertise which could possibly lead to more clients or opportunities.
Teach/tutor
Teaching or tutoring is one of the most profitable and rewarding ways to make extra money as an Accountant. There are many opportunities available for Certified Accountants to teach students such as in person or virtual classes, one to one tutorships or by creating an online course.
According to Guru99, online learning is just as effective as conventional in-person learning and reduces study time by as much as 60% for students and employees. Accountants can create as many courses as they want to give professionals a chance to enhance their skills, or provide a starter course for students or trainee Accountants.
E-learning can improve retention rate because students can comfortably work, research or revise in their time and at the comfort of their own place. Teach or tutor individuals in your spare time. Advertise your online or in-person tutoring services and set up your own hours and rates. Anyone can create their own virtual course, whether it’s focused on bookkeeping basics or advanced accounting.
Create an online presence
Social media can open up a world of earning opportunities for Accountants; it can be done in various ways, such as creating informative videos, providing advice or discussing the daily tasks and responsibilities of an Accountant.
Sharing your knowledge on a social media channel like Youtube is similar to writing a blog or a book but is a virtual way of communicating, teaching and advising. Books, blogs and Youtube channels allow content and information to be consumed anytime, anywhere, making the potential for earning money limitless.
Like with blogs and social media, a Youtube channel requires patience and once you’ve accumulated enough subscribers, you’ll get notification of your eligibility so you can apply to earn a proportion of the revenue from adverts on your videos. Or you can earn money on YouTube by being sponsored to promote certain products or, of course, promote your own.
Consult/coach
You can offer consultation for businesses of all sizes, but small businesses will likely be the most interested in your services. They may not have the resources or budget to hire a larger consulting firm and turn to an expert.
There are many different ways you can consult for businesses. You can help clients with their finances, advise them on tax planning, or help them set up their own internal accounting and bookkeeping processes. The options to make money are endless, depending on your specific areas of expertise.
It’s also possible to offer consulting to families and individuals. For example, you can offer tax planning services to help people save money on their taxes. You can also offer financial coaching services to help people make sound investment decisions or plan for retirement. This option provides better income potential than some other CPA side hustles.
Start a business
This is more specific than other side hustles, but requires effort, dedication and the right skills and resources. Accountants need to make sure they know the basics of their specialist subject before they determine what services they want to offer clients e.g. bookkeeping tasks, managing income and expenses and tax preparation services.
Accountants can start networking to build their client base and decide their own market rates and competitive prices to ensure profits.
Podcast
Podcasts are a great way for Accountants to share industry knowledge and engage with audiences while generating extra revenue.
One of the greatest benefits of podcasting as a side hustle is that it is relatively easy to set up and requires minimal maintenance. Accountants can create episodes in their own time, in the comfort of their own home and even monetize them through sponsorships, donations or advertisements.
Podcasting is an easy way to start earning extra income with minimal effort and Accountants can interview professionals in the business on their podcasts to build better relationships with current and prospective clients.
Freelance accounting
Why not start your own accounting business? As a freelance Accountant you have the freedom to work with small businesses and new start-ups that want to avoid the high cost of employing an in-house Accountant.
With the right qualifications, Accountants can establish and build their business model, or work with sole traders who need support with their finances and tax returns.
Common tasks carried out by freelance Accountants include:
- Managing payroll.
- Preparing and filing accounts and tax returns.
- Analysing spending and budgets.
- Auditing financial information.
Freelance writing
Accountants could also benefit from freelance writing e.g. authoring articles for magazines and publications. This could provide Accountants with the opportunity to build their professional portfolio.
As a freelance writer, Accountants have the flexibility to work according to their own schedule and take on projects that interest them. It doesn’t require a lot of investment in terms of money or time, so it’s an easy way to earn extra money as an Accountant.
How much can a fully qualified Accountant earn?
A great way to make more money as an Accountant is to gain qualifications and valuable accreditations to enhance your knowledge and increase your chances of growing professionally. Accountants can enhance their careers, earn more benefits and make more money by becoming fully a qualified Accountant.
There are several qualifications Accountants can gain such as ACCA, CGMA or CIA to become a highly sought-after finance professional known as a Chartered Accountant. According to a recent survey by Stott and May, the average salary for newly qualified Accountants is £48,100, and can be expected to increase with experience.
The highest salary in ACCA
As an ACCA-certified professional, Accountants have the potential to earn an ACCA salary that reflects their skills, expertise and experience. The ACCA qualification can open doors to rewarding career opportunities with competitive compensation packages.
According to Totaljobs, the average UK ACCA salary overall is £35,000 to £58,000, which can vary depending on experience, skills and location.
Salary also varies based on the industry as finance, consulting, and banking professionals typically earn higher wages than other industries. However the highest-paying job at ACCA is a Senior Investigations Officer (Solicitor) with a salary of £63,685 per year.
Does ACCA increase salary?
Gradually, Accountants' pay scale can increase when they earn significant experience on the job and depending on the sector and specialism. However, having an additional qualification like ACCA may command higher salaries, as their experience, skills and qualifications can be more valuable than basic accounting services.
Gaining a qualification like ACCA could be an incentive to give Accountants the opportunity to charge more for their services, increase their worth and put them in higher demand.
Is ACCA prestigious?
The ACCA is a prestigious accounting qualification that offers advanced learning and an in-depth understanding of financial accounting, auditing, strategic management and more. The ACCA title is prestigious as it is a recognised qualification worldwide and as a result ACCA-certified professionals are offered highly competitive salaries.
What does the highest paid Accountant make?
In order to make the most money, Accountants need to become ICAEW Chartered Accountants. According to data by Stott and May, the average global salary for someone with the ICAEW certification is £130,000.
Accounting jobs
Searching for your dream accounting job? We work with hundreds of accountancy practices all over the UK on a range of different in-practice and in-industry positions.
If you can’t find what you’re looking for why not upload your CV and one of our consultants will contact you when something relevant becomes available.
If you’re looking for ways to advance your accounting career or advice on how to choose an accountancy practice that’s right for you, why not take a look at one of our recent articles?
Accounting recruitment services
If you’re looking for qualified and experienced accounting staff, check out all the accountancy recruitment services currently available or contact Managing Consultant, Matt Byne-Fraser to discover more information.
Or why not read a recent interview with Matt which details his experiences of recruiting within the field of accountancy?
Meet Matt Byrne-Fraser
Who is Spencer Clarke Group?
We are a recruitment agency that thinks outside of the box and goes above and beyond for our candidates and clients. Since 2017, we have worked hard to innovate the recruitment industry and enhance the candidate recruitment experience.
From prioritising candidates' mental health and work life balance, to matching them with a job that has the ability to boost their salary, we are passionate about creating a positive influence.
Whether its individuals seeking a new career, or enterprises looking to expand their growth and potential, we’re determined to remodel employee engagement and shape a better future for all.
We operate in two sectors:
In eleven specialisms:
Healthcare, Social Care & Nursing
Corporate Functions & Business Support
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