The number of individuals that are becoming members of the gig economy is on the rise. There are many reasons for this. The gig economy and side hustles offer flexible, lucrative, and in many cases fun employment opportunities. Here, we will outline the best side gigs for accountants and finance professionals.
What is the Gig Economy?
Today, everyone is connected through technology. Whether it is on social media platforms, or even more professional sites like Microsoft Teams, Skype, or GoToMeetings. This suite of software has enabled people to work wherever, whenever, and however they please.
In simple terms, the gig economy is a generalization of all flexible, temporary, or freelance jobs. One of the largest benefits of the gig economy is that those involved in this space can work on their terms. It also offers businesses flexibility when it comes time to increase headcount.
Between 2018 and 2023, the global gig economy is expected to grow from $204 billion to $455. This makes total sense considering the advantages, plus the lasting effects of the great resignation.
A huge portion of the gig economy is made up of financial services positions. This means that if you have finance experience or are an accountant, you have a leg up. Because those involved can work on their own terms, many people can start side gigs or side hustles. Due to the level of flexibility, they can continue to work their normal 9-5 job. In their off time, they can work at the side gig or side hustle of their choosing.
Side gigs give you the opportunity to work as much or as little as you want. If you want some extra income to help you build your emergency fund, or help you save for a new car, a side gig is perfect for you.
Best Side Gigs for Accountants
Accountants and finance professionals have some great skills under their belts. This puts them in a competitive position to find a side gig or start a side hustle. For instance, companies are always looking for short term freelancers or contractors that can help them with budgeting, bookkeeping, and all the other facets of finance and accounting.
So, here are the best side gigs for accountants.
Being an accountant, especially a CPA, has many benefits. You get to work in a rewarding industry and have the ability to earn a very good living. These are some of the reasons why so many students are studying to become accountants. Even individuals outside of school are looking to learn more about finance and accounting to advance in their current position.
The fact that so many people want to become an accountant is opening up many doors for those who are currently in the field. This is especially true if you are a Certified Public Accountant (CPA) or Certified Management Accountant (CMA).
One of the best side gigs for accountants is to become an accounting tutor! There are many opportunities to do this. The best part is that they pay pretty well. If you are looking to tutor, there are also many platforms you can do this through. You can work with schools and colleges directly, work with online tutoring companies, or even start your own tutoring business.
Tutoring can also help you stay current with new tax laws, regulations, and accounting principals. This can ultimately help you in your current job if you are tutoring on the side, or help you advance to a better position.
Freelance Through Paro
Do you love the type of accounting or finance job you have, but are bored working for the same company? Maybe you want to break out of your current 9-5 schedule and have more flexibility to support a healthier work/life balance. If this sounds like you, then you should consider becoming a freelancer on Paro.
Paro is democratizing access to the business solutions that companies of all sizes need. They do this by relying on their network of freelancers. Paro has recognized that the best person for a job may not be based locally. With this in mind, they help various types of clients achieve their goals by providing immediate access to their exclusive network of remote finance experts.
Over the course of the last year, many finance and accounting professionals have left the corporate world to pursue ventures of their own, or to freelance. Paro can help you land a freelance role for a wide variety of businesses as an accountant, bookkeeper, tax specialist, or CPA. This service can even help you attain an opportunity such as a controller, financial analyst, auditor, as well as a CFO.
Wondering about all of the administrative tasks that are associated with being a freelancer? Well, Paro can help you with this as well. Paro can manage marketing and back office functions such as invoicing and project support for you. This will give you more time to focus on the tasks at hand.
Paro doesn’t only connect businesses in need to freelancers willing to work – they attract and retain top talent by empowering entrepreneurial finance professionals to build their own business, doing what they love. Paro is not just a site where you can find work as a freelancer. This organization is there to help you along the way, and has the goal of encouraging you to build your own business on the platform. The best part is that it is completely on your own terms.
Paro can help you take charge of your career. If you are interested in changing the trajectory of your professional life, learn more about Paro’s services and how you can join their elite network of remote finance and accounting experts.
Start a Website or Blog
Another one of the best side gigs for accountants and finance professionals is to start a website or a blog. While it may take you some time to start making money this way, it can be a great way to generate passive income over time.
Although you probably won’t start making money as soon as you create your website, there are some benefits to pursuing this side gig. First, the start-up costs are very low. You can buy a domain for $10 a year. There are websites such as WordPress and Squarespace that can help you create your website too, making this process very easy. Besides these expenses, the only other resource you will expend is your time. Lastly, you can make this site truly yours – you just have to come up with an idea.
Over the last several years, there have been many popular accounting and finance related blogs created. If you go down a similar path, you will have a platform to share your thoughts and ideas on different topics relevant to the industry. You can create content based on emerging accounting and finance technology, discuss trends in the stock market, detail new tax regulations, and much more. There really is no limit.
When it comes time to monetize your site after getting consistent web traffic and rankings, you have several options. You can rely on ad revenue like the majority of websites. You can also go down the social influencer path and even create an accounting or finance TikTok account.
If you do decide to start creating content and sharing it on a public site that you create, be sure to inform your Human Resources department prior to making any posts (if you are currently employed). You may need to get approval for any articles you want to share with the world.
Sharing your website with potential employers can also come with its benefits. It will show the company you are interviewing with that you are passionate about the industry. Plus, it is a testament to the fact that you are willing to learn on your own time.
Tips Before Entering the Gig Economy
If you are looking to start a side gig or side hustle, there are a couple things you should know before diving in. Note that this really depends on the type of opportunity you are seeking, so not all of the tips may be applicable. Looking to start your own business on the side? Then you should definitely consider these. If you plan on becoming a freelancer for an existing company, you may not need to worry as much.
That being said, and depending on the type of gig you are looking to start, you may need to legally form a business. The most popular business entity type is a Limited Liability Company, or LLC. Another thing you may want to consider is liability insurance. There are many types that offer differing levels of coverage. Be sure to purchase the right type of insurance for your situation.
Creating a business entity, in conjunction with liability insurance, can protect you and your assets in case operations don’t go as planned.
Best Side Gigs For Accountants and Finance Professionals – Summary
Getting a side gig or starting a side hustle can be a very rewarding venture. Not only will it help you improve your financial health and better your finances, but it has the opportunity to teach you more about the accounting and financial services industry. Plus, you can do all of this on your own terms, being as flexible as you want.
So, where do you begin? First determine what type of side gig or side hustle you want. The best side gigs for accountants include tutoring, freelancing through a service like Paro, or creating your own website or blog.
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