We all have bills to pay, and more people are looking for ways to supplement their income. As an accountant, you have a unique skillset to make some extra change, and you've probably started thinking about the types of side hustle for accountants that may be available to you.
Find out more about the best accounting side hustles, where to find them, how much you could make, and if an additional licensure is beneficial to your long-term salary goals.
Why look for an accounting side hustle?
There are many reasons to take on some extra work. If you’re just starting your accounting career, you likely aren’t yet in an upper-level position with a larger paycheck that goes with the title.
You might be looking at expenses like student loans, car payments, or monthly rent. Or, perhaps you are saving for a new house or an exciting trip you've had on your bucket list.
Whatever the reason, having extra money in your account is always a good thing!
What to consider when choosing an accounting side hustle
If you’ve decided to look for extra work, there are several factors that you want to keep in mind to choose the best accounting side hustle for you.
Ask yourself the following questions:
- How much time are you willing to invest each week or month?
- How much do you want to make per hour or per month?
- What skills are your strongest to leverage?
- Do you need any additional licensing or permits?
Best side hustles for accountants
There are many side hustles for accountants that could benefit your bank account, without taking over your full-time gig.
Bookkeeping
As a contractual bookkeeper, you will organize and report on the financials of businesses and individuals alike.
PROS:
| CONS:
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Average hourly earnings:$24 - $60 (depending on skills, experience, and credentials)1 | |
Tutoring
There’s ample opportunity to teach your skillsets to students and younger professionals, through both online platforms and perhaps a local program.
PROS:
| CONS:
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Average hourly earnings:$25 - $100 (depending on skills, experience, and credentials)2 | |
Financial coach
Many individuals seek guidance on how to save, spend, and budget their hard-earned paychecks. With this accounting side hustle, you can use your expertise in accounting to help clients reach their financial goals.
PROS:
| CONS:
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Average hourly earnings:$20 - $100 (depending on skills, experience, and credentials)1 | |
Tax preparation
For those who don’t understand or have the time to do their own taxes, you can step in as the accounting expert to take it off their plate.
PROS:
| CONS:
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Average earnings:$250-$1000 (depending on tax return size and commission)1 | |
Accounting side hustle or additional licensure: which is better?
There’s a time and place for everything—including taking on an accounting side hustle vs. advancing your career through additional licensures. Likewise, there is no saying that you can’t do both!
If you are a new accountant, you may not have any additional credentials yet, but you may need money now. This would be a great time to consider a side hustle, helping you pay off student loans or get your financial footing as you plan toward CPA licensure.
However, if you plan on sticking with a side hustle only and not working toward licensure, you will negatively impact your career trajectory and salary potential. An accounting side hustle is a great addition before or after you’ve earned professional credentials, but it shouldn’t be the only way that you’re looking to advance your career.
Consider the long-term earning potential you'll unlock with a CPA license.
Benefits of earning your CPA license | |
| This CPA salary guide details that CPAs earn an average $60,874 - $150,612 annually, whereas non-CPA-licensed accountants earn an average yearly salary of just $47,138 - $82,167. As a higher-earning professional in your full-time position, you may find that you do not need to look for extra work, or can enjoy more flexibility and freedom in the hours you do hustle. |
| If you do maintain an accounting side hustle, your services are worth more per hour if you have a CPA license. With this additional validation of your expertise, you have greater reputability to take on new clients—and charge them a more premium rate. |
| CPAs can offer a broader range of accounting services than non-licensed accountants. There are many tasks a CPA can do that an accountant can’t, which gives you more options to grow an accounting side hustle that’s interesting, lucrative, and convenient for you. |
In this light, earning your CPA license is well worth the time and investment—even if it means shifting your focus away from an accounting side hustle until after you’ve completed licensure.
This will open greater opportunities in your full-time and side hustle ventures, as well as increase your earning potential in both these arenas.
Start boosting your earning potential
Rather than building a side hustle that will consume another 20 hours per week of your time, consider investing in earning your CPA license and securing your long-term career growth. It may not earn you the big bucks now, but it will boost your income in the future.
Learn more about the path to becoming a CPA, with everything that you need to know about the CPA Exam, preparing to pass, and the steps to full licensure. Download our FREE CPA Exam Guide to get started.
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