Careers in Bookkeeping

Publication Date :

02 Nov, 2019

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Table Of Contents

List of Top 6 Careers in Bookkeeping

Below mentioned are some of the career opportunities in the Bookkeeping profile that a person can reach in his career.

List of Top 6 Careers in Bookkeeping

Overview of Careers in Bookkeeping

Bookkeeping refers to recording the business's day-to-day financial transactions to ascertain its financial position. There are various opportunities to make a career in bookkeeping since it is the core of the financial world that deals with numbers, thus providing an essential service to the business and enhancing the professional opportunities for individuals to excel in the field.

#1 - Accountant

It is the one who the companies have employed 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 ensure 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 US Bureau of Labor Statistics, 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.
Top Companies	All types of corporates.
Salary	The median annual salary for an accountant as of May 2018 was $ 70,500, per the US Bureau of Labour statistics.
Demand & Supply	Demand for Accountants will continue to grow due to the increase in the number of companies registered annually.
Education Requirement	A Bachelor's Degree / Master's 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 boring.

#2 - 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 ensure all the employees' salaries are processed on time and their safety in the organization.
Designation	Payroll manager
Actual Role	He will work closely with the HR department to process the monthly salary payments and take 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 corporations.
Top Companies	All types of corporates.
Salary	The Median Annual Salary for a payroll manager may range anywhere from $50,000 to $75,000
Demand & Supply	Demand for payroll managers is rising, with many companies expanding their operations and employing more people.
Education Requirement	A Bachelor's Degree / Master's degree in accountancy
Recommended Courses	Graduation/MBA
Positives	As the economy grows, the number of workers required to do the job also increases.
Negatives	Keeping the employee database up to date is not an easy job.

#3 - Financial Managers

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 ensure all the systems and processes are in place, and all the transactions are accounted for daily within the desired tat.
Designation	Senior Accountant
Actual Role	This is to supervise the tasks of the junior accountants and manage the team daily, so there are no hiccups.
Job Statistics	According to the US Bureau of Labor Statistics, 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.
Top Companies	All types of corporations.
Salary	The median annual salary for a senior analyst as of May 2018 was $ 1,27,990, per the US Bureau of Labour statistics.
Demand & Supply	Demand for financial managers will continue to grow, seeing the demand for the position since fewer people take this profile as their career.
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

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.Responsible for preparing periodic budgets to support the accounting function.
Designation	Budget Analyst
Actual Role	Data Crunching in Excel.
Job Statistics	As per the US Bureau of Labor Statistics, 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 corporations.
Salary	The median annual salary for a personal budget analyst as of 2018 was $ 76,220.
Demand & Supply	A very high demand profile since the analyst works very closely with the CFO of the company and prepares the variance monthly to major the performance.
Education Requirement	CPA / MBA from Tier -1 Universities with at least 5-10 Yrs of Experience.
Recommended Courses	CPA/ MBA
Positives	Analytical Skills have become Sharp, and a chance to interact with the top management daily.
Negatives	Extensive Data Crunching sitting at a desk can be boring.

#5 - Chief Financial Officer

It is the topmost position in accountancy a person can reach in his career.

Chief Financial Officer - Job Description

Responsibilities	Responsible for managing the company's financial operations and taking strategic steps 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 US Bureau of Labor statistics.
Top Companies	All large corporations.
Salary	A CFO position's median annual salary can be 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 Experience.
Recommended Courses	CFA/CPA/ MBA
Positives	Extensive knowledge of finance.
Negatives	Responsible for any wrongdoings or financial fraud in the company.

#6 - Auditors

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 and bank accounts of the company to establish the genuineness of the transaction.
Job Statistics	No data has been shared on the Bureau of Labor statistics of the US.
Top Companies	All large corporations and Big4 CA firms in the world.
Salary	The Median Annual Salary for an auditor can be 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 Experience.
Recommended Courses	CFA/CPA/ MBA
Positives	Extensive Knowledge
Negatives	Responsible for any 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 company's bank account.
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 company's business performance compared to its previous years and peer companies.
Budgeting: The person must work closely with the accounts, cash flow, product, and management to draft a reasonable budget for the company and the road map to advance.