If you are in the market for a new job and are wondering how much to expect as an accounting bookkeeper, here are some details to consider. Both jobs are very similar. However, the former requires a different set skills and can command an even higher salary. These are the main elements that determine the salary of a bookkeeper.
The growth of jobs for auditors and accountants is expected to continue
According to the U.S. Bureau of Labor Statistics, there will be an average growth of 7% in auditors and accountants between 2012-2030. These jobs will be more popular than those in other occupations. It is predicted that 135,000 more jobs will be created each year. Many of these new positions will be created by replacing workers who retire or leave the workforce. You will face fierce competition to fill these new positions so an advanced degree can help you stay ahead of the rest.
The field of accounting will continue to grow despite the challenges presented by globalization. According to BLS, this is due in part to globalization. Increased globalization will continue to drive demand for accountants, and complicated tax laws will make them more in demand. The BLS expects that technology and international trade will also lead to an increase in the number of employees. The BLS warns that these projections of growth are only for national purposes and your local conditions may differ.
Your potential to earn
The earning potential of an accountant is much higher than the entry-level level bookkeeper. It also tends to grow with experience. Bookkeepers can move to bookkeeping when their salaries rise. It is similar to the job of an accountant. Bookkeepers can be more competitive than accountants due to their lower education requirements. The average bookkeeper's salary is $36,130 per annum.
Accounting professionals can earn a lot of money depending on their education and previous experience. The graduate-level programs prepare you to work in senior accounting positions that pay more than those at entry-level. Accounting degrees can also be helpful if you wish to become a manager. Accounting has many specializations, so the job description is broad.
Education requirements
You will need to be able to use technology and mathematics well as a solid math background in order to work as an accountant bookkeeper. A bookkeeper must be meticulous and possess excellent interpersonal skills. A college degree is not required, but continuing education can increase your chances for finding the right job. Most employers expect bookkeepers to have at least a high school degree. Although a college degree does not guarantee a higher salary, it will help you land the job.
Although an Associate's Degree is sufficient to qualify you for a bookkeeping job, it's worthwhile to obtain a college degree to make yourself stand out from your competition and to earn more. The U.S. Department of Labor states that the average salary for a bookkeeper is $37,250. However, a graduate with a four-year degree can earn up to $51,640.
Bonuses
Bonuses are a form or compensation that employees receive when they achieve specific company goals or work on a particular project. While bonuses are typically given for a variety of reasons, they are generally low for an accounting bookkeeping salary. One-tenth (or 1%) of bookkeepers reported receiving a bonus within the past year. Eighty per cent said they haven't received one. These bonuses were from zero percent to three percent of an employee’s annual salary. The most frequent form of bonus is an Individual Performance Bonus.
The ideal incentive to motivate employees is a bonus for new clients that equals 10 percent to 20% of their first-year fees. This bonus will be worth 20x its cost and return 2000%. The productivity bonus system requires additional net-billed-fee sums for each staff member, but it is less work-intensive than an overtime system. Similarly, a productivity bonus is paid when staff members perform better than expected. It should be paid within thirty days of the close-of-fiscal year.
FAQ
What is an audit?
An audit is an examination of the financial statements of a company. Auditors examine the financial statements of a company to verify that they are correct.
Auditors look for discrepancies between what was reported and what actually happened.
They also make sure that the financial statements are correctly prepared.
What are the differences between different bookkeeping systems?
There are three main types in bookkeeping: computerized (manual), hybrid (computerized) and hybrid.
Manual bookkeeping means using pen and paper to maintain records. This method requires constant attention.
Computerized bookkeeping is a way to keep track of finances using software programs. It saves time and effort.
Hybrid Bookkeeping is a hybrid of manual and computerized methods.
How long does it usually take to become a certified accountant?
Passing the CPA exam is required to become an accountant. The average person who wants to become an accountant studies for approximately 4 years before sitting for the exam.
After passing the exam, one must be an associate for at most 3 years in order to become a certified public accounting (CPA) after passing it.
Statistics
- a little over 40% of accountants have earned a bachelor's degree. (yourfreecareertest.com)
- In fact, a TD Bank survey polled over 500 U.S. small business owners discovered that bookkeeping is their most hated, with the next most hated task falling a whopping 24% behind. (kpmgspark.com)
- 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)
- BooksTime makes sure your numbers are 100% accurate (bookstime.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)
External Links
How To
How to bookkeeping
There are many different types of accounting software. Some are free, some cost money, but most offer basic features such as invoicing, billing, inventory management, payroll processing, point-of-sale systems, and financial reporting. This list will give you a quick overview of some of the most popular accounting packages.
Free Accounting Software: Most accounting software is free and available for personal use. Although it may not have all the functionality you need (e.g., you can't create your own reports), it is easy to use. Many programs are free and allow you to save data to Excel spreadsheets. This is useful if you need to analyze your own business numbers.
Paid accounting software: Paid accounts can be used by businesses with multiple employees. They typically include powerful tools for managing employee records, tracking sales and expenses, generating reports, and automating processes. Most paid programs require at least one year's subscription fee, although there are several companies offering subscriptions that last less than six months.
Cloud Accounting Software: With cloud accounting software, you can access your files online from any device using smartphones or tablets. This program has gained popularity due to the fact that it frees up space on your hard drive, reduces clutter, is easier to use remotely, and also makes work more efficient. You don't even need to install any additional software. All that is required to access cloud storage services is an Internet connection.
Desktop Accounting Software: Desktop accounting software is similar to cloud accounting software, except that it runs locally on your computer. Desktop software allows you to access your files anywhere, even via mobile devices, just like cloud software. However, unlike cloud software, you must install the software on your computer before you can use it.
Mobile Accounting Software - Mobile accounting software is specially designed for small devices such as smartphones and tablets. These programs allow you to manage finances from anywhere. They offer fewer functions than desktop programs, but are still useful for those who travel a lot or run errands.
Online Accounting Software - Online accounting software was created primarily to serve small businesses. It includes everything that a traditional desktop package does plus a few extra bells and whistles. Online software doesn't need to be installed. All you have to do is log on and get started using it. You can also save money and avoid the overheads of a local office.