Is Bookkeeping A Good Career Choice?

Are you considering a career change and wondering if bookkeeping is your right choice? Bookkeeping can offer many opportunities - from working with numbers to providing financial planning services - but it’s not necessarily the right fit for everyone. In this blog post, we’ll explore what it takes to succeed in bookkeeping and delve into some of the unique challenges of this job.

We’ll discuss everything from skills to education requirements, outlining why bookkeeping could be an ideal position for you! Read on to learn how to make a successful career in bookkeeping, whether you're just starting out or just interested.

What Is A Bookkeeper?

In order to ensure that a company runs efficiently, having a bookkeeper on staff is essential. In addition, bookkeepers make it possible for business owners to delegate their time and resources to other projects since they precisely record and manage all financial documents.

This is because bookkeepers assure their customers that their financial matters are in capable hands. Bookkeepers are responsible for a wide range of tasks, including the following:

• Record keeping
• Accurate financial reports & data entry
• Outline key business metrics
• Manage accounts receivable/payable and process payroll
• Budget maintenance
• Business Activity Statements (BAS) and compliance preparation
• Invoice creation
• Monitor debts and overdue accounts
• End-of-year reporting

A company may ensure its financial records are always updated with factual data by assigning financial administration to a trained bookkeeper. This makes it possible for the company to handle its finances and other financial matters more easily.

Bookkeepers also provide proprietors of businesses with the sense of security that comes from knowing they are adequately prepared for any possible audits and have specific info that has been cross-referenced.

What Do Bookkeepers Do?

Bookkeepers may do various jobs depending on their employers' or clients' needs. Bookkeepers work for private and non-profit organisations.

Bookkeepers are typically responsible for the process of transaction records in a corporation's financial documents. When anything is acquired for an organisation, for instance, the individual who made the purchase will often provide the accountant with a purchase order specifying the activity and the items bought. Then, after ensuring that the operation is classified appropriately and entering it into the accounting data system, the bookkeeper will check their work.

Bookkeepers are also responsible for handling outgoing payments. In point of fact, certain bookkeepers in larger businesses are recognised as "accounts payable bookkeepers." These bookkeepers specialise in ensuring that all of the organisation's invoices are paid in a timely manner and are hence called "accounts payable bookkeepers."

Bookkeepers are also responsible for recording inbound payments, which refers to the cash an organisation receives from customers and other companies. It is possible that an entry will be generated for every individual sale.

A lot of bookkeepers are responsible for a variety of tasks. It frequently varies depending on the requirements of the organisation for which they work. Bookkeeping tasks include ensuring payments are completed in a timely manner, reconciling bank and credit card accounts, recording bills as they are obtained for later payment, and recording bills for later payment.

Benefits Of Being A Bookkeeper

While it might be intimidating to acquire the abilities necessary to become a great bookkeeper, the field of bookkeeping itself offers a lot of professional satisfaction. Bookkeeping is a profession that is multifaceted and essential to the operation of every firm. As a result, it provides dependable and easily accessible work and prospects on a global scale.

Many types of organisations need accounting services, making it a diverse career in terms of location and industry. Bookkeepers have several alternatives, allowing them to work in their field of interest. Many bookkeepers go into higher-paying accounting jobs. Bookkeepers can work freelance, part-time, or full-time, giving them a lot of freedom.

The greatest method to break into bookkeeping is through continuous training. Students who earn a certification in bookkeeping are able to handle higher bookkeeping obligations, like filing tax returns, and are also eligible for a wider variety of job prospects. Not only would having these certifications boost your employability, but in comparison to the criteria for accounting, they won't take up nearly as much of your time.

What’s The Difference Between Bookkeeping And Accounting?

Bookkeeping and accounting may seem similar, but there are several key differences. Bookkeeping requires less education than accounting, although the activities are similar.

Many see accounting as a natural professional path. The differences between bookkeeping and accounting are:

1. Tasks

Bookkeepers and accountants are responsible for doing tasks that are rather distinct from one another. Bookkeepers concentrate on precision and information management. Accountants are further trained to make forecasts, understand, and evaluate information.

While both careers require financial and mathematical abilities, bookkeepers concentrate on exactness and managing information, whereas accountants can perform estimates, explanations, and info analyses.

Bookkeepers serve an organisational duty, compiling information and providing documents for accountants to evolve into analytical reports. Accountants, on the other hand, might provide financial analysis and information.

2. Education 

There are no educational requirements beyond a high school diploma to work as a bookkeeper; nevertheless, prospective bookkeepers with education and a Certificate in Accounting and Bookkeeping have a better chance of being hired in today's highly competitive job market.

Furthering one's schooling is strongly encouraged for those interested in pursuing a career in bookkeeping. Specialised courses provide crucial information in important competencies like report creation and software competency, and these sessions are strongly advisable.

In addition, in order to lodge tax returns, bookkeepers are needed to have their BAS certification. A BAS certification necessitates the accomplishment of pertinent GST & BAS units, an age requirement of 18 years, professional liability insurance, and 1000 hours of practical experience in the past 4 years for an acknowledged association participant or 1400 hours without membership. A minimum age of 18 and an age limit 18 for non-members of organisations are also required.

To put this into perspective, most accountants hold a Bachelor of Science degree in Accounting or the Certified Public Accountant (CPA) designation. In addition, under the regulations of the many professional accounting associations in Australia, accountants are subject to stringent criteria and norms of practice.

How To Become A Bookkeeper in Australia

Despite the absence of formal prerequisites for working as a bookkeeper, if you do not have professional certification and perhaps some domain expertise, you might very well find it challenging to be successful in the industry, and you also might not be eligible for registration as a BAS agent or become certificated in this career path. However, there are pertinent qualifications despite the need for legal formalities for working as a bookkeeper.

Step 1: While in high school, focus on improving your English, mathematics, and information technology skills (it is feasible to become proficient in spreadsheet and bookkeeping software). Taking some classes directly related to the workplace may also be beneficial.

Step 2: Pick the road that's right for you:

• Completing a Certificate IV in Accounting and Bookkeeping from a certified training organisation or an equivalent qualification is required. This could need as little as 12 weeks of full-time study or as much as 24 months of dedication.

• Try a traineeship to make money while getting the training, certification, and experience you need.

• Getting a diploma in accounting may take one to two years.

• A bachelor's degree in accounting requires at least three years of full-time study, but bookkeeping jobs seldom demand it. However, with this degree, you can apply for more professional roles immediately after graduation.

Step 3: Complete between one thousand and one and four hundred hours of working expertise under the direction of a qualified ABS Agent.

Step 4 is to sign with the Tax Practitioners Board (TPB) in order to qualify as a BAS Agent; examine the criteria in your state or region as they might differ from those in other states or territories. In order to lawfully provide particular services, you will be required to carry out the steps mentioned above.

Step 5: After that, consider applying for the position of Certified Bookkeeper since this will demonstrate to prospective consumers that you are a trustworthy and dependable business partner.

Step 6: Never stop studying, and make sure your software capabilities are always up to date.

Tips For A Successful Bookkeeping Career

1. Work On Your Teamwork Skills

In every career, you must work hard to become an asset to the team and be highly effective! Bookkeepers must establish good ties with accountants in a firm; thus, they should try to do so.

Bookkeepers and accountants generally work together to resolve finance department difficulties quickly. When bookkeepers maintain clear and precise records, it makes it significantly simpler for the finance department to perform efficiently.

The life of the bookkeeper is made a lot simpler by the accountant, who is responsible for managing the more technical details of the company's accounts. However, a good accounting team can only function with the contribution of a knowledgeable bookkeeper.

Issues will likely crop up as a direct consequence of your firm's records not being properly managed! The primary responsibility of the bookkeeper is to check that all of the figures that are recorded are accurate and correct.

2. Choose The Right Courses

Even though it is conceivable to get a job as a bookkeeper, even if you do not have any prior expertise, you will have a much higher chance of getting the post you desire if you have the appropriate schooling. This is because certifications in accounting and bookkeeping are accessible in a wide range of specialisations.

There are classes available that cover a significant number of the essentials, such as applicable payroll and practical payroll, computerised and applied bookkeeping, as well as manual bookkeeping. It is good advice that you contact a representative at one of the numerous bookkeeping organisations for recommendations on what opportunity may also be correct for you.

Based on your objectives, one class is better adapted to you than another class, so it is important that you seek guidance from an individual who works at one of these organisations.

3. Get Qualified

When you have the appropriate certifications, your odds of landing the bookkeeping job of your dreams considerably improve. You may demonstrate that you possess the necessary expertise by earning the necessary certificates and qualifications, which will assist you in being a genuinely useful part of any accounting team you join.

Qualifications needed to pursue a job as a bookkeeper who works for themselves are on par with those required for other careers. You can manage your own books once you have obtained the relevant certificates and acquired the essential knowledge and abilities.

Beginning an accounting-related career as a licensed bookkeeper, chartered accountant, or accounting professional is a straightforward next step from here.

4. Consider Online Or Distance Learning

Do not really restrict your training in bookkeeping to the options open in your immediate area! You can choose from a wide variety of excellent bookkeeping classes that are offered online.

You can get all the guidance and help you need from industry professionals via email, phone, and online interfaces from the comfort of your home and at your own pace.

Distance learning is becoming popular in bookkeeping and other fields. This is because you can get superb schooling through distance learning while still tending to your other responsibilities and keeping your normal routine. Therefore, distance learning is an option that should be considered if you want to have a successful career as a bookkeeper.

Why is a Bookkeeping Certificate Worth It or Not?

After addressing everything, let's discuss why you should acquire an accounting certificate. Bookkeepers need technical and knowledge skills.

Calculation, organisation, and the ability to enter data accurately and quickly are all essential skills. In contrast, you must have experience working with modern bookkeeping software such as Quickbooks, Xero, or something similar. When considering you for a position, a company will look at your talents and expertise in all these areas.

After high school, one can apply for an accounting job. If so, you must prove you completed high school topics. It must also contain General Mathematics, Accounting, English, and other courses that indicate your education and aptitude to do the work.

However, certain positions demand more than a high school graduation. Thus, you must enrol in certificate courses that will improve your accounting skills, give you industry knowledge, and boost your CV.

University students, especially those studying business, accounting, and finance, might serve as bookkeepers. Bookkeeping is a fantastic match for students since they may work from home or part-time. In this situation, you will additionally require a certificate to bolster the expertise and experience listed on your resume.

On the other hand, you won't need a certificate if you have a high school diploma and studied business or accounting as your primary subject in school. Participants will get the skills and information necessary to maintain accurate books through the coursework offered in these programs.

If you've done an internship or apprenticeship in bookkeeping or accounting, the employer won't search for any qualifications in your application. Bookkeeping certification, on the other hand, usually puts you ahead of your competitors in the job market.

How Do Bookkeepers Work Remotely?

Bookkeepers may now work from home or anywhere, thanks to technology. Bookkeepers can work remotely with a laptop, a good phone, and an internet connection.

Bookkeepers may now work remotely since many accounting software are housed on the cloud. You may access a company's accounting system and current data from anywhere.

This was unthinkable just a few years ago. Most organisations utilising computerised accounting systems install accounting software on their PCs and link them via a local area network. Accessing a company's accounting system requires a computer on the premises.

This no longer applies.

If you provide virtual bookkeeping, prospective clients will register an account and give you a password to access their accounting system remotely. You can call or email customers. Despite living near certain clients, you are not required to interact with them.

A Profession That’s In Demand

The job of keeping books is relatively easy. It's the kind of information you can pick up on the job, through independent study, or even in a classroom setting at a college or university. The mathematical calculations that are required for bookkeeping are also manageable. A bookkeeper must be able to add, subtract, multiply, and divide to do their job.

Is it a difficult job to keep the books?

No, if you follow a strategy to establish and grow your virtual bookkeeping service from scratch.

Bookkeepers help organisations organise their finances and allow staff time to focus on other tasks. Bookkeepers are needed!

There is no explanation for why you can't build a successful virtual bookkeeping firm into something you'll be pleased with if you put in the effort to promote your services effectively and deliver high-quality work to your clients.

Conclusion

In conclusion, bookkeeping emerges as a commendable career choice for those inclined towards organisation, detail, and a steady work environment. Its universal demand across various industries offers a stable career path with employment and freelance work opportunities. The digital transformation in accounting practices adds an exciting edge, promising continual learning and adaptation.

While it may not offer the dynamism of some professions, bookkeeping stands out for its clear career trajectory, potential for work-life balance, and the satisfaction of playing a crucial role in the financial health of businesses. Ideal for systematic thinkers who find comfort in numbers and systems, bookkeeping is not just a good career choice but a cornerstone in business.

Content Summary

• Bookkeeping can offer many opportunities - from working with numbers to providing financial planning services - but it's not necessarily the right fit for everyone.
• We'll discuss everything from skills to education requirements, outlining why bookkeeping could be an ideal position for you!
• Read on to learn how to make a successful career in bookkeeping, whether you're just starting out or just interested.
• In order to ensure that a company runs efficiently, having a bookkeeper on staff is essential.
• Bookkeepers are also responsible for handling outgoing payments.
• In point of fact, certain bookkeepers in larger businesses are recognised as "accounts payable bookkeepers."
• A lot of bookkeepers are responsible for a variety of tasks.
• It frequently varies depending on the requirements of the organisation for which they work.
• While it might be intimidating to acquire the abilities necessary to become a great bookkeeper, the field of bookkeeping itself offers a lot of professional satisfaction.
• Bookkeeping is a profession that is multifaceted and essential to the operation of every firm.
• Bookkeepers have several alternatives, allowing them to work in their field of interest.
• Many bookkeepers go into higher-paying accounting jobs.
• The greatest method to break into bookkeeping is through continuous training.
• Students who earn a certification in bookkeeping are able to handle higher bookkeeping obligations, like filing tax returns, and are also eligible for a wider variety of job prospects.
• Bookkeeping and accounting may seem similar, but there are several key differences.
• Bookkeeping requires less education than accounting, although the activities are similar.
• There are no educational requirements beyond a high school diploma to work as a bookkeeper; nevertheless, prospective bookkeepers with education and a Certificate in Accounting and Bookkeeping have a better chance of being hired in today's highly competitive job market.
• Despite the absence of formal prerequisites for working as a bookkeeper, if you do not have professional certification and perhaps some domain expertise, you might very well find it challenging to be successful in the industry, and you also might not be eligible for registration as a BAS agent or become certificated in this career path.
• However, there are pertinent qualifications despite the need for legal formalities for working as a bookkeeper.
• While in high school, focus on improving your English, mathematics, and information technology skills (it is feasible to become proficient in spreadsheet and bookkeeping software).
• Completing a Certificate IV in Accounting and Bookkeeping from a certified training organisation or an equivalent qualification is required.
• Try a traineeship to make money while getting the training, certification, and experience you need.
• Getting a diploma in accounting may take one to two years.
• A bachelor's degree in accounting requires at least three years of full-time study, but bookkeeping jobs seldom demand it.
• In every career, you must work hard to become an asset to the team and be highly effective!
• However, a good accounting team can only function with the contribution of a knowledgeable bookkeeper.
• The primary responsibility of the bookkeeper is to check that all of the figures that are recorded are accurate and correct.
• Even though it is conceivable to get a job as a bookkeeper, even if you do not have any prior expertise, you will have a much higher chance of getting the post you desire if you have the appropriate schooling.
• When you have the appropriate certifications, your odds of landing the bookkeeping job of your dreams considerably improve.
• You may demonstrate that you possess the necessary expertise by earning the necessary certificates and qualifications, which will assist you in being a genuinely useful part of any accounting team you join.
• Do not really restrict your training in bookkeeping to the options open in your immediate area!
• Distance learning is becoming popular in bookkeeping and other fields.
• Therefore, distance learning is an option that should be considered if you want to have a successful career as a bookkeeper.
• After addressing everything, let's discuss why you should acquire an accounting certificate.
• In contrast, you must have experience working with modern bookkeeping software such as Quickbooks, Xero, or something similar.
• After high school, one can apply for an accounting job.
• However, certain positions demand more than a high school graduation.
• Thus, you must enrol in certificate courses that will improve your accounting skills, give you industry knowledge, and boost your CV. University students, especially those studying business, accounting, and finance, might serve as bookkeepers.
• In this situation, you will additionally require a certificate to bolster the expertise and experience listed on your resume.
• On the other hand, you won't need a certificate if you have a high school diploma and studied business or accounting as your primary subject in school.
• If you've done an internship or apprenticeship in bookkeeping or accounting, the employer won't search for any qualifications in your application.
• Bookkeeping certification, on the other hand, usually puts you ahead of your competitors in the job market.
• Bookkeepers may now work from home or anywhere, thanks to technology.
• You may access a company's accounting system and current data from anywhere.
• The job of keeping books is relatively easy.
• It's the kind of information you can pick up on the job, through independent study, or even in a classroom setting at a college or university.
• The mathematical calculations that are required for bookkeeping are also manageable.
• Is it a difficult job to keep the books? No, if you follow a strategy to establish and grow your virtual bookkeeping service from scratch.
• There is no explanation for why you can't build a successful virtual bookkeeping firm into something you'll be pleased with if you put in the effort to promote your services effectively and deliver high-quality work to your clients.
• In conclusion, bookkeeping emerges as a commendable career choice for those inclined towards organisation, detail, and a steady work environment.
• Its universal demand across various industries offers a stable career path with employment and freelance work opportunities.
• While it may not offer the dynamism of some professions, bookkeeping stands out for its clear career trajectory, potential for work-life balance, and the satisfaction of playing a crucial role in the financial health of businesses.
• Ideal for systematic thinkers who find comfort in numbers and systems, bookkeeping is not just a good career choice but a cornerstone in business.