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Overview of Careers in Bookkeeping
Bookkeeping refers to the recording of day to day financial transactions of the business in order to ascertain the financial position. There are various types of opportunities to make a career in bookkeeping since it is the core of the financial world which deals with numbers, thus providing a crucial service to the business as well as to enhance the professional opportunities for individuals to excel in the field.
#1 – Accountant
Who is an Accountant?
Is the one who has been employed by the companies to do the daily accounting of the transactions, which may include purchase, sale, receivable, payable, and bank reconciliations.
Accountant – Job Description
Responsibilities
His job is to make sure all the income and expenses are captured in the accounting system and keep track of the same.
Designation
Accountant
Actual Role
He will work with multiple junior accountants to perform the daily task by following the desired internal process for payments and receipts.
Job Statistics
As per the Bureau of Labour statistics of the US, the number of jobs in this category was 14,24,000 as of 2016 and is expected to grow by 6% from 2018 to 2028.
Demand for Accountants will continue to grow due to the increase in the number of companies getting registered on a yearly basis.
Education Requirement
A Bachelors Degree / Masters degree in accountancy
Recommended Courses
Graduation/MBA
Positives
As the economy grows, the number of workers required to do the job also increases.
Negatives
Long Working Hours and daily routine work can be boredom.
#2 – Payroll Processing Manager
Who is the Payroll processing Manager?
Is the one who takes care of the entire payroll operations of the company.
Payroll Processing Manager – Job Description
Responsibilities
His job is to make sure all the employee’s salaries are processed on time and also their safety in the organization.
Designation
Payroll manager
Actual Role
He will work closely with the HR department to process the salary payments on a monthly basis and takes care of the entire employee database in the organization.
Job Statistics
There are no specific statistics displayed on the bachelor of labor studies website. Top Companies: All types of corporates.
Top Companies
All types of corporates
Salary
The Median Annual Salary for a payroll manager may range anywhere between $50,000 to $75,000
Demand & Supply
Demand for payroll managers is on the rise with many companies expanding their operations and employing more people.
Education Requirement
A Bachelors Degree / Masters degree in accountancy
Recommended Courses
Graduation/MBA
Positives
As the economy grows, the number of workers required to do the job also increases.
Negatives
To keep the employee database up to date is not an easy job.
#3 – Financial Managers
Who is Financial Manager?
Is the one who leads a team of junior-level accountants under him and directly reports to the chief financial officer of the company.
Financial Manager – Job Description
Responsibilities
His job is to make sure all the systems and processes are in place and all the transactions are getting accounted for on a daily basis within the desired tat.
Designation
Senior Accountant
Actual Role
This is to supervise the tasks of the junior accountants and manage the team on a daily basis so that there are no hiccups.
Job Statistics
As per the Bureau of Labour statistics of the US, the number of jobs in this category was 6,53,600 as of 2018 and is expected to grow by 16% from 2018 to 2028.
Demand for financial managers will continue to grow seeing the demand of the position since a very less number of people actually take this profile as their careers.
Education Requirement
CPA/MBA
Recommended Courses
CPA/MBA
Positives
The job of financial managers including risk management continues to grow.
Negatives
Long Working Hours and daily monitoring of the people are required.
#4 – Budget Analyst
Who is Budget Analyst?
Is the one who prepares the Company’s budget, keeping in mind the Current Performance, Expected Growth Opportunity, Regulatory Framework, and the Target Market to be approached in the long term?
Budget Analyst – Job Description
Responsibilities
Responsible for preparing periodic budgets to support the accounting function.
Designation
Budget Analyst
Actual Role
Data Crunching in Excel.
Job Statistics
As per the Bureau of Labour statistics of the US, the number of jobs in this category was 58,400 as of 2016 and is expected to grow by 7% from 2018 to 2026.
Top Companies
All large corporates.
Salary
The median annual salary for a personal budget analyst as of 2018 was $ 76,220.
Demand & Supply
A very high demanded profile since the analyst works very closely with the CFO of the company and prepares the variance on a monthly basis in order to major the performance.
Education Requirement
CPA / MBA from Tier -1 Universities with at least 5-10 Yrs of Exp
Recommended Courses
CPA/ MBA
Positives
Analytical Skills become Sharp and chance to interact with the top management on a daily basis
Negatives
Extensive Data Crunching sitting on a desk can be boredom.
#5 – Chief Financial Officer
Who is Chief Financial Officer?
It is the topmost position in the field of accountancy a person can reach in his career.
Chief Financial Officer – Job Description
Responsibilities
Responsible for managing the financial operations of the company and take strategic steps in order to make the company profitable.
Designation
CFO
Actual Role
Manages all the departments in the company including accounts, admin, HR, treasury, compliance, etc.
Job Statistics
No data has been shared on the Bureau of Labour statistics of the US.
Top Companies
All large corporates.
Salary
The median annual salary for a CF position can be anywhere between $2,00,000 to $5,00,000.
Demand & Supply
High demand since a tactful person is required to handle this position.
Education Requirement
CFA/CPA / MBA from Tier -1 Universities with at least 5-10 Yrs of Exp
Recommended Courses
CFA/CPA/ MBA
Positives
Extensive knowledge of finance.
Negatives
Responsible for any kind of wrongdoings or financial fraud in the company.
#6 – Auditors
Who is Auditor?
They are the ones who will actually certify the financial statements prepared by the CFO of the company and is the most crucial position in the field of finance as, without audit, the financials are not acceptable in the market.
Auditor – Job Description
Responsibilities
Responsible for auditing the books of accounts of the company and certifying the financial statements whether they display a true and fair view of the business operations and performance of the company.
Designation
Auditor
Actual Role
To check the vouchers, bank accounts of the company in order to establish the genuineness of the transaction
Job Statistics
No data has been shared on the Bureau of Labour statistics of US
Top Companies
All large corporates and Big4 CA firms in the world.
Salary
The Median Annual Salary for an auditor position can be anywhere between $1,00,000 to $3,00,000.
Demand & Supply
High demand due to the knowledge and analytical skills.
Education Requirement
CFA/CPA / MBA from Tier -1 Universities with at least 5-10 Yrs of Exp
Recommended Courses
CFA/CPA/ MBA
Positives
Extensive Knowledge
Negatives
Responsible for any kind of wrongdoings in the company.
Bookkeeping Career Activities
An individual may pursue multiple kinds of careers in the bookkeeping profession. We can divide the list into the below-mentioned buckets :
Daily recording of transactions: This is probably the beginner level for any person to start his career since he is required to record all the day to day financial transactions in the bank account of the company.
Preparing financial statements: This is an intermediary stage wherein, after recording all the transactions, financial statements need to be prepared by one person on each reporting date.
Analyzing the financials: This is the last stage in the bookkeeping profession wherein an individual is expected to provide a detailed analysis to the management about the business performance of the company as compared to its previous years and also to the peer companies.
This has been a guide to Careers in Bookkeeping. Here we provide the list of top 6 bookkeeping career opportunities that a person can reach in his career, including Accountant, Payroll Accounting Processing Officer, Financial Manager, Auditors, etc. You may also have a look at the below articles –
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