Do you know that many Indians from small cities are doing remote accounting work for US SMEs, CPAs, and other clients—that too without having fancy degrees like CA, CS, or MBA?

US Business is one of the largest startup markets in the world. Businesses, especially startups and other SMEs, are always on the lookout for people who can take on their non-core yet important tasks like accounting and bookkeeping.

And, the market size?

According to the US Small Business Administration Office of Advocacy, there are 33.2 million small businesses —all of these businesses need support for finance, tax and compliance.

You can easily provide cost-effective assistance to such businesses and earn dollars, all from the comfort of your own home!

And for those eyeing to settle abroad, this could be your golden ticket to getting a call from international clients to move your base there!

Don’t believe me? 

Well, let me show you how people are already benefiting from it!

Look at Ankit here. He has bagged a whooping $90k+ earning and that too by just charging $15/hr. He doesn’t hold any fancy degree but just some genuine skills and knowledge.

Now, look at Siddhartha. He has managed to set up his own agency for providing assistance to foreign clients and has secured more than a million dollars! The hourly rate? Only $10/hr!

But what tasks can you perform to join the same league? 

Well one such important task is to maintain their accounting books perfectly. And we all know what is the most important accounting book – the Balance Sheet!

So why exactly is this work valued?

Startups and SMEs will always be looking for fundraising opportunities. 

Even if they are not, they need their accounting books to be right—because, well, you wouldn’t want authorities knocking on your door! 

Here are some of the repercussions of errors or inaccuracies in the balance sheet within the context of the US:

1. Regulatory penalties: Inaccurate financial reporting can lead to violations of laws and regulations, such as those enforced by the U.S. Securities and Exchange Commission (SEC). This could result in fines, sanctions, and other legal penalties.
2. Auditing Issues: If errors are found during an audit, it can lead to a qualified audit opinion, which can diminish investor confidence and complicate financial relationships with creditors and banks.
3. Tax Implications: Incorrect balance sheets can lead to erroneous tax filings, potentially resulting in audits by the Internal Revenue System (IRS), additional taxes, penalties, or interest charges due to under-reported liabilities or overreported assets.
4. Investors Distrust: Investors rely heavily on financial statements to make informed decisions. Inaccuracies can erode trust and lead to a decline in stock prices, loss of investor support, or difficulty in raising capital.
5. Operational Impact: An inaccurate balance sheet might lead management to make poor strategic decisions due to a misunderstood financial position. For example, Companies may overextend themselves based on overstated assets or underperform for obligations not properly accounted for.

But Sonali, I don’t know anything about the US accounting system and standards!

Don’t worry, I am here to help you with it.

First of all, let me tell you that, just like in the Indian context, we use Indian Accounting Standards, in the US context, we have something called GAAP.

The Financial Accounting Standards Board (FASB) has given a set of accounting standards, procedures, and rules that are followed by the public and private companies registered in the USA. These rules and procedures form GAAP. 

In the USA, the companies, while preparing their financial statements, are bound to follow the GAAP standards. This is different from the standards we learn here in India.

So how do I use GAAP to prepare Balance Sheets for US Businesses?

Don’t worry, we have you covered! 

Our expert, Priyanka Sinnarkar, has prepared a video on “How To Prepare a US Company’s Balance Sheet” to help you understand the entire process in under 10 minutes! She discusses everything you need to know about preparing that error-free balance sheet. 

After learning this, you’ll be able to approach potential US clients and pitch your work to them and easily earn $100-$250 per assignment.