Even a person who is not an accountant can offer financial services to businesses and individuals, provided they do not attempt services that are beyond their scope of ability. Financial planning should be left to the professionals and investing tips should only be given to friends and relatives at no charge. When dealing in financial services, billing and invoicing will usually provide a good business opportunity.
There is one business opportunity circulating around the internet about foreign currency exchange online. The pitch does not promise any get rich quick scheme, rather it is fairly up front in it offer of receiving income ranging between one and three percent. The idea is for people to devote money, from $50 on up, that enables another online company to accept foreign currency and exchange it online. The commission on the exchange rate is paid to all participants, much like that of a partnership, on a daily basis.
While the earnings on monetary exchange is relatively low, it is purported to be higher than most savings accounts. Additionally, the sales pitch includes the potential for additional income if the initial investment is higher. Like all programs on the internet, caution is needed to verify its credibility before ending any money to anyone.
Many small businesses do not have the expertise to follow up on bills that may go unpaid for months. Most businesses will send out a bill and may even keep track of when and if the bill is paid in full. Others may be too busy with other things to worry about smaller accounts and concentrate only on the large unpaid bills. By offering to send out the bills and track who pays and who doesn’t can take a burden off the business owner and the typically small staff. Payment can be arranged by percentage or a flat monthly fee.
Invoicing is another area where many small businesses lack the ability or computer software to maintain accurate records. They may also need payroll tracking along with other personnel record keeping that a small staff cannot tackle. Offering this type of service may require some special accounting training or at least some good payroll and expense software to enable your business to keep up with the needs for many different businesses.
Collection agents can usually receive a large percentage of outstanding bills if they are successful in collecting on outstanding debt. However, it does take a certain type of personality to be successful in bill collecting and federal and state laws will have to be adhered to in order to stay out of legal trouble. Cheque collections also offer some opportunity but with recent changes in the way cheques are processed by many companies, bad cheques may quickly become a thing of the past.
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