Careers in Bookkeeping

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.

Accountant
Payroll processing manager
Financial managers
Budget Analyst
Chief Financial Officer
Auditors

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 is 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 at 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 as per the Bureau of Labour statistics of the US.
Demand & Supply	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 at 16% from 2018 to 2028.
Top Companies	All types of corporates.
Salary	The median annual salary for a senior analyst as of May 2018 was $ 1,27,990 as per the Bureau of Labour statistics of the US.
Demand & Supply	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 is 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 US, the number of jobs in this category was 58,400 as of 2016 and is expected to grow at 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 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.
Budgeting: In this, the person is required to work very closely with the accounts, cash flow, product, and management in order to draft a suitable budget for the company and the road map to march ahead.