The world of business is comprised of various aspects such as production, marketing, sales, human resources and finance. In general, finance is one of the most important functions of a business organization since businesses typically prosper from revenue. The preparation and maintenance of financial transactions in an organization is generally done by a bookkeeper.
Bookkeeping refers to an art of recording, classifying and summarizing accounting transactions. Unlike an accountant, bookkeepers are typically not responsible for interpreting financial results.
A bookkeeper generally plays an essential role in the preparation of financial accounts for both big organizations and small businesses. When bookkeeping for small businesses, bookkeepers may oversee all accounts for that particular business. Basic functions of a bookkeeper typically include:
- Inputting journal entries,
- Preparing ledger accounts and trial balances
- Ensuring accurate information
- Ensuring timely receipt and payments
- Preparing monthly bank reconciliation statements
- Monitoring the sale, purchase, repair of fixed assets
- Ensuring their proper recording and division in capital and revenue
- Collecting and submitting tax payments
- Maintaining payroll, and annual budgets*
These responsibilities typically require a highly experienced and organized person. There generally aren’t fixed qualifications to become a bookkeeper, however, several organizations prefer candidates that hold an Associate’s degree in finance or business. While degree holders are typically preferred, a highly-skilled candidate without a degree may still qualify. Since several businesses rely on computers, a bookkeeper generally must be efficient with computers and software.
In general, a career in bookkeeping requires dedication. Several organizations are seeking bookkeepers that have a solid knowledge about accounting and technology and can handle a fast-paced environment. Bookkeepers may not be limited to just the preparation of accounts; they may also be responsible for the company’s tax payments. According to the Bureau of Labor Statistics, the average compensation is around $16 an hour or an annual salary of $34,000 for those with three to five years of prior experience.**
As a bookkeeper, you may have several career opportunities from the variety of environments and businesses that require bookkeeping. If bookkeeping isn’t the career for you, you may be able to apply the knowledge you gained from studying numbers and bookkeeping to several other positions.
Want to pursue a career as a bookkeeper? Get more information about programs in your area or online using our business degree finder at the top of this page. ↑
For more information, please visit: