Have you ever wondered what a bookkeeper is? Perhaps you are wondering how to become one and if it is possible. Professional assistance is recommended if you plan to pursue a career as a bookkeeper or simply want to make more money. Read on to learn more about the job, the education requirements, and compensation. Whatever your reasons for learning about this career, you'll be happy that you did.
Doing job
The job duties of a bookkeeper include balancing the ledgers, creating financial statements, reconciling accounts, and reporting. A bookkeeper's job requires accuracy, confidentiality, and exceptional organizational skills in a fast-paced environment. They may also be responsible accounts payable and receivable management. The bookkeeper might also be responsible for other tasks like performing sales tax payments.
While bookkeepers typically have at least a bachelor's degree, some may qualify without a college degree. Some employers might offer entry-level job opportunities that do not require a high school diploma. Bookkeepers might also hold certifications from organizations such the Association of Certified Public Bookkeepers. Additional training might include finance and accounting. Business often ask for specific qualifications, such experience and relevant training, when posting job openings.
Education required
As the cost of higher education continues to rise, an associate's or bachelor's degree is not always necessary for a career as a bookkeeper. High school education is often sufficient. This degree gives aspiring bookkeepers the basics of math, writing, communication and other skills they need to succeed in their job. Additionally, they can learn valuable skills in time management, teamwork, and organization. For advancement, a bachelor's might be beneficial.
You'll need to be able to do basic math as a bookkeeper. It's helpful to have some knowledge about spreadsheets, but not necessary to be an expert. You need to be able read software and manage your personal time. Clients expect bookkeepers to use accounting software in order to keep track their accounts. You should also be able to learn new software. Employers are more likely to hire someone who has experience or certifications in a particular field.
Compensation
Based on experience, the compensation of a bookkeeper will vary. Bookkeepers who are self-employed can earn anywhere from $20 to $70 an hour. Bookkeepers with higher salaries are in the financial services and energy industries. Bookkeepers who work in companies with complex business models often earn higher salaries. An hourly salary for a bookkeeper is between $20 and $40.
In the coming years, there is expected to be a decrease in the national demand for bookkeepers. However, bookkeeper openings in some states like Arizona, Utah, Delaware, and Texas are expected to grow by as much at 4% over ten years. Florida, Maryland, Nevada and Nevada will experience growth of approximately 7.9%. Bookkeepers earn the highest salaries in San Francisco and Boston. This career is best pursued by those who have the education and skills.
FAQ
What is bookkeeping?
Bookkeeping refers to the process of keeping financial records for individuals, companies, or organizations. This includes all income and expenses related to business.
Bookkeepers track all financial information such as receipts, invoices, bills, payments, deposits, interest earned on investments, etc. They also prepare tax reports and other reports.
How does an accountant work?
Accountants work with clients to ensure they make the most out of their money.
They collaborate closely with professionals like lawyers, bankers and auditors.
They also assist internal departments such as human resources, marketing, sales, and customer service.
Accountants are responsible to ensure that the books balance.
They determine the tax due and collect it.
They also prepare financial statements which show how well the company is performing financially.
Why is reconciliation so important?
It's vital as mistakes may happen, and you don't know what to do. Mistakes include incorrect entries, missing entries, duplicate entries, etc.
These problems can cause serious consequences, including inaccurate financial statements, missed deadlines, overspending, and bankruptcy.
Statistics
- Employment of accountants and auditors is projected to grow four percent through 2029, according to the BLS—a rate of growth that is about average for all occupations nationwide.1 (rasmussen.edu)
- a little over 40% of accountants have earned a bachelor's degree. (yourfreecareertest.com)
- Given that over 40% of people in this career field have earned a bachelor's degree, we're listing a bachelor's degree in accounting as step one so you can be competitive in the job market. (yourfreecareertest.com)
- "Durham Technical Community College reported that the most difficult part of their job was not maintaining financial records, which accounted for 50 percent of their time. (kpmgspark.com)
- BooksTime makes sure your numbers are 100% accurate (bookstime.com)
External Links
How To
How to Get an Accounting Degree
Accounting is the act of recording financial transactions. Accounting includes the recording of transactions by individuals, businesses, and governments. Accounting refers to bookkeeping records. Accounting professionals create reports based upon these data in order to assist companies and organizations with making decisions.
There are two types if accountancy: general (or corporate), and managerial. General accounting focuses on the reporting and measurement of business performance. Management accounting focuses on measuring, analyzing, and managing the resources of organizations.
A bachelor's degree in accounting prepares students to work as entry-level accountants. Graduates can choose to specialize or study areas such as finance, taxation, management, and auditing.
For students interested in pursuing a career of accounting, they should be able to understand basic economic concepts such as supply/demand, cost-benefit analysis (MBT), marginal utility theory, consumer behavior and price elasticity of demand. They need to know about accounting principles, international trade, microeconomics, macroeconomics and the various accounting software programs.
Students interested in pursuing a Master's degree in accounting must have passed at least six semesters of college courses, including Microeconomic Theory; Macroeconomic Theory; International Trade; Business Economics; Financial Management; Auditing Principles & Procedures; Accounting Information Systems; Cost Analysis; Taxation; Managerial Accounting; Human Resource Management; Finance & Banking; Statistics; Mathematics; Computer Applications; and English Language Skills. Graduate Level Examination must be passed by students. This examination is usually taken after the completion of three years of study.
Candidates must complete four years in undergraduate and four years in postgraduate studies to become certified public accountants. Candidats must take additional exams to be eligible for registration.