- Who is a Bookkeeper?
- Key Job Responsibilities of a Bookkeeper
- Required Qualification/Education
- What makes you qualified for this job?
- Top Companies/Organizations Hiring Bookkeeper
- Bookkeeper Salary Statistics
Who is a Bookkeeper?
A bookkeeper is an individual who has to record and maintain a business’s financial transactions. This includes purchase, sales revenue, expenses, payments, invoices, etc. A bookkeeper has to make sure that the entire financial data is recorded in general ledgers which are then used to produce the balance sheet and income statement.
In simpler words, we usually call the bookkeeper a central hub for almost all the financial and payroll information in a company. He has to oversee the first six steps of the Accounting Cycle (the last two are mostly taken care of by an accountant). Bookkeepers are given tasks like paying bills and collecting debts. Then they have to run all the payrolls and submit government forms. Similarly, they have to make sales tax payments and do payroll deductions as well. So overall, a bookkeeper has a lot on his plate.
Related: Best Online Bookkeeping Classes & Courses
Key Job Responsibilities of a Bookkeeper
Just like we have mentioned above, a bookkeeper has a lot on his plate all the time. And that is why below, we have summarized some of the key responsibilities of a bookkeeper.
- Update and maintain the general ledger.
- Record all the debits and credits.
- Account reconciliation as well to verify the accuracy of transactions.
- Use all his knowledge of local laws to comply with reporting requirements.
- Monitor any variances from the projected budget.
- Process all the checks and understand the ledgers.
- Record day-to-day financial transactions and the posting process.
- Maintain the trial balance; this is done by the reconciliation of general ledgers.
- Work with an accountant whenever necessary.
- Reconcile sales taxes and payroll taxes, and all the bank accounts at the end of each month.
- Process accounts receivable and payable.
- To become a bookkeeper, you need a proper degree. An Associate’s degree in Accounting or Business Administration is required. Or a degree in any relevant field would also count.
- A high school diploma plus excellent knowledge of general accounting principles is required.
Relevant In-demand Certifications:
- ACCA via edX
- 105,894+ already enrolled!
- 5-8 hours per week of effort required!
- The Open University via Futurelearn
- 81,256+ already enrolled!
- ★★★★★ (143 Ratings)
- Irfan Sharif via Udemy
- 85,787+ already enrolled!
- ★★★★★ (3,293 Ratings)
What makes you qualified for this job?
Both hard and soft skills play a vital part in becoming proficient at anything and bookkeeping also demands some skills to perform well.
- Good understanding of different accounting software like Xero, MYOB, and Quickbooks is required.
- As a bookkeeper, you should have good knowledge of IFRS, U.S GAAP, and any other relevant accounting framework.
- Similarly, knowledge of Zoho, Fresh Books, and other related applications is also required.
- Excellent knowledge of MS Excel and general accounting principles.
- Excellent time management skills to cope with strict deadlines.
- Attention to detail and accuracy of work is very important in this field.
- Good communication skills to share technical information in easy and understandable way.
Top Companies/Organizations Bookkeeper
Accounting or bookkeeping is a profession that is not going away any time soon why because every business needs a bookkeeper or a person who can help with taxes and financials. Even 96,000 new accounting jobs are projected from 2020 to 2030 which clearly states this field to be a steady one.
Top companies like Intuit, Safeway, Robert Half, Kroger, The Home Depot, H & R Block, and many others hire bookkeepers who can take care of the financials of these companies. Sure many companies tend to hire bookkeepers but know that each company has its own requirements and expectations from the employer and it varies from company to company.
Bookkeepers can work easily in industries like retail, finance and insurance, professional, technical services, wholesale trade, healthcare, social assistance, and many others.
Bookkeeper Salary Statistics
This section contains salary statistics of a bookkeeper working in different major countries. Getting an overview of salary statistics in these major countries would give you an idea of how much you can earn in a particular country.
|Country||Average Salary (Yearly)|
The average annual salary of a bookkeeper working in the US is around $70,788.
Working in Canada as a bookkeeper can help you earn around $51,821.
In England, the average annual salary of a bookkeeper is £28,750.
In India, working as a bookkeeper can help you make an average annual salary of ₹108,441.
In Australia, you can expect to make an average annual salary of AS$68,267.
- Please note that mentioned salary stats are as of 06th September, 2022.