Bill Von Fumetti is a Certified Public Accountant (or CPA for short) who helps people start and grow their own six-figure bookkeeping biz. If you ever wonder what bookkeepers do, he’ll be in QuickBooks showing you how it works and how the said software does most of the heavy lifting in the biz. Should you let Bill be your guide in making this booming bookkeeping biz a reality? Is starting a bookkeeping biz even worth it? See my answers below.
First of all, I just wanna share how QuickBooks, the accounting software recommended by Bill, got dragged in the recent FTX collapse. In particular, the use of QuickBooks here highlights the incompetence of the said crypto exchange platform. Some would argue it’s a deliberate attempt to reduce paper trail [conspiracy alert], but that’s besides the point.
The point is, QuickBooks is not that bad, but not “for a multibillion dollar company” good. Keep that in mind if you’ve got eyes on handling companies with massive amounts of assets like FTX [hope it doesn’t end up like the latter, though]. If your hopes are that high, then Bill’s course won’t really help ya.
I’m half kidding if it wasn’t obvious. Sad to say, the chance of bookkeeping for a (sane) multibillion dollar company as a work-from-home bookkeeper is very, very low, if not zero. It’s just the way it is, not really Bill’s fault.
The reason I say this is to temper your expectations with QuickBooks. Don’t expect a goldmine just because you know how to use one. Also, I just want to share how this incident shows that life imitates art. If you’ve watched the Breaking Bad series, you’ll get the sense of déjà vu seeing the use of an Intuit software (Intuit being the creator of QuickBooks) get questioned in real life.
Anyhow, enough with QuickBooks. Time to start answering the questions I listed above. For question number one, I’ll say Bill can be your guide, but he’s definitely not the best guide you can get. Means he’s legit, really knows what he’s talking about and all that, but there’s a lot left to be desired when it comes to his pricing.
Let’s start off with the positives. It’s good that the dude emphasizes the importance of marketing, besides knowing the technical stuff of bookkeeping. That’s because being a “good” bookkeeper is not enough to get clients, you gotta know how to present yourself too as one. This marketing edge is especially needed by non-CPA peeps.
To add, it’s commendable that he also includes live coaching calls weekly in his course aside from the usual course materials (prerecorded video lessons). The more, the merrier, I s’pose. Not that the course material is completely terrible, though.
Sure, it’s boring [chalkboard typa presentation as you’d expect from a coach that already started going gray and bald-ish] but, at least, it’s pretty comprehensive with modules titled as follows: Setting Up Your Business, Bookkeeping Fundamentals, Quickbooks Mastery, Monthly Bookkeeping Service delivery, Marketing Strategies, Pricing Your Services, and Closing the Deal.
Now, here’s the catch. Bill Von Fumetti’s Booming Bookkeeping Business course cost a whopping $1,997 (or 12 monthly payments of $197). Even with the coaching calls, I think it’s still too pricey given there’s a lot of free content out there like the one offered by the makers of QuickBooks themselves. And if they’re not free, lotta paid courses of similar quality are still much affordable than Bill’s.
In addition, your Gs are better spent on taking exams like the one offered by AIPB to become a Certified Bookkeeper (CB). That’s actually one effective way to market yourself and show you’re the real deal. Can’t really say the same when you try to flex your “education” with Bill, don’t even try.
Now, is a bookkeeping biz even worth it? If you’re not from the US, then completely forget about it. With Bill’s approach, it’s very much needed to get approved in Intuit’s ProAdvisor. Unless Intuit made big changes that I’m somehow not aware of, they won’t allow anyone outside the States to get in there. There’s a workaround, but doing it is such a hassle and a bit fishy similar to using a virtual PO box for GMB.
Most importantly, things are not looking great for bookkeeping even if you’re from the US. The $100k a year biz claimed by Bill is just a pipedream knowing how the top 20% of bookkeepers, the ones you can loosely call as the cream of the crop, is only earning around $63.9k on the average. And yet you still have to make tons of cold calls before coming close to that lesser figure. Not mah biz of choice, I’m afraid.