According to data gathered by PayScale and GlassDoor, the average salary for a CPA in the United States is anywhere between $64,000 and $67,000 a year. All things considered, this is a comfortable and livable income for many individuals, but there’s definitely room for improvement. Many accounting professionals who want to increase their paychecks will pursue more education and advancement in their chosen careers, which is an excellent and highly recommended method of doing so.
But what if you wanted to try something different? Maybe you’re sick of school, you want to make a difference in the world, or you simply feel as though you have other talents and interests that you wish to harness. In these cases, why not try looking for a unique and rewarding accounting side hustle?
I found myself in a similar situation not too long ago. Even though I had a rewarding career as a CPA, I wanted to pursue other interests as well. That’s when I started Crush the CPA and started my own side hustle as a web entrepreneur.
If you’re interested in shaking things up as well, consider some of these viable secondary careers and income sources that are perfect for CPAs and other accounting professionals!
Accounting Consultant and Bookkeeper
This first accounting side hustle has the most direct connection to a CPA’s main career. In fact, it’s not uncommon to find this kind of business opportunity simply falling in your lap while working as a professional accountant for a major business firm. I’ve heard stories of CPAs being recommended by their employers as accounting consultants at other companies, as well as having friends and family refer them to clients for individual bookkeeping.
With tax deadlines just around the corner, this is the best time of the year to pursue bookkeeping as an accounting side hustle. However, there are two hurdles you need to consider with this source of income.
First, you should do some research into other bookkeepers and accounting consultancy services in your area to determine a reasonable hourly rate to charge. You don’t want to charge too much and scare away clients, but it can be even worse to charge too little and devalue your knowledge and experience. Second, you’ll need to be careful that you don’t take on so many clients or gigs that it starts to cut into your main source of income. Once you’ve settled these issues, this is easily one of the best sources of side cash for any certified accountant!
Writing and Tutoring
This one hits close to home, since it’s remarkably similar to what I’ve been working on at Accounting Institute for Success. In fact, this source of side revenue is another opportunity that is highly likely to fall in the lap of established CPAs and other accounting professionals with enough networking.
According to the Bureau of Labor Statistics, the job outlook for CPAs is expected to grow by 10% over the next 7 years, higher than the average industry’s job growth in the same time period. That means there are currently a higher number of students currently looking to fill accounting roles. These students are likely starting to research the CPA Exam and feeling in over their heads. That’s where you come in!
There are several opportunities for educational side hustles, depending on your availability and comfort level. If you’re more introverted or can’t devote several hours each week to live instruction, try writing and self-publishing a guide book with helpful information and practice questions. Alternatively, consider live instruction with in-person or virtual lectures using streaming services like YouTube and Skype.
Ultimately, if you’ve passed the CPA exam, you may be a useful resource to students who are considering their own CPA journey.
The Bottom Line
There are countless possibilities for generating extra income on the side, whether you want to relate them to your current income source or if you want to pursue separate hobbies and interests. The only limit is your motivation and imagination; that means there’s no excuse if you feel like your talents and knowledge are underappreciated.
What are you waiting for?
All royalty-free images are from Pixabay.
