Bookkeeping Trends for 2023

Bookkeepers still play important roles on accounting teams, especially in the small business world. This bookkeeper salary guide explores ways for emerging and established bookkeepers to improve their job prospects are bookkeepers in demand and earning power. What’s more, a bookkeeping certification will help you hone your skills and provide more in-depth job training. This also provides a competitive advantage for bookkeepers beginning their careers.

Some bookkeepers focus solely on “write up” work, which basically consists of compiling the books quickly, usually for tax preparation purposes. Other bookkeepers provide “full-charge” services and can even serve as a financial controller for your company. While the basics of accounting haven’t changed in over 500 years, the practice of bookkeeping has. Bookkeeping was once done manually using actual books called journals and ledgers. Because bookkeeping is based on double-entry accounting, each transaction affects two accounts — one gets debited and the other is credited.

Bookkeeping Services Market Regional Insights

If you’re a seasoned bookkeeper, however, a bookkeeping certification may not be worth it. With years of experience under your belt, it’s likely that you already have the skills and credibility required to do your job well. Employers are less likely to ask for certified evidence of your skills if you’ve been working as a bookkeeper for years. If you’re looking online for bookkeeping certifications, you’ve probably already run into information about accounting programs.

Now one bookkeeper can manage the bookkeeping for several businesses in fewer than eight hours a day. If you’re ready to take bookkeeping off your plate and delegate this task to someone else, it can be hard to know where to look. Start by reaching out to other business owners for recommendations, searching online for providers and checking out reviews on Google or Yelp. If you don’t feel comfortable with a freelancer, there are many firms that offer bookkeeping services as well. Accountants typically have at least a bachelor’s degree in accounting, and many go on to become certified public accountants (CPAs) or certified management accountants (CMAs). Bookkeepers might also have degrees in accounting, but most have either technical certifications or on-the-job experience.

Accounts Payable/Accounts Receivable

By adding the proper training, a bookkeeper can take on different roles within the company. This means better coverage when employees go on vacation, but it also creates greater job satisfaction. It arms the bookkeeper with important knowledge and experience that can be used to climb within the company itself. Although the overall trend of bookkeepers has gone down somewhat over the past several years, overall employment is still above 1.7 million.

Let’s explore what bookkeepers do, some of the benefits of bookkeeping, and your options for using a bookkeeper. Get the latest news on our products, services, discounts, and special offers delivered directly to your mailbox. If your bookkeeper bills your customers or pays your vendors and employees, make sure you have proper checks and balances in place to mitigate the possibility of fraud.

Are bookkeeping and accounting different?

Demand remains steady for accurate financial recording and reporting to satisfy legal tax and compliance obligations. Even with AI solutions, the “garbage in, garbage out” principle means real-world transactions still need careful human input. The process of maintaining certification can help you keep your skills sharp over time as well. To renew your certification, you must complete continuing coursework, attend professional development programs and take part in training workshops. While these requirements may sound tedious, they could benefit your career in the long term.

• What’s more, a bookkeeping certification will help you hone your skills and provide more in-depth job training.
• Demand remains steady for accurate financial recording and reporting to satisfy legal tax and compliance obligations.
• Bookkeeping is broadly defined as the recording of financial transactions for a business.
• Advances in accounting software are largely responsible for the evolving bookkeeper’s role, which has reduced time spent on routine tasks, allowing for a greater focus on strategic, value-adding tasks.
• The system you choose to use doesn’t need to be complicated and the ledgers should be straightforward, especially if you have just a few or no employees.
• Becoming a specialist in areas underserved by automated solutions can be quite lucrative.
• Many businesses prefer to outsource bookkeeping functions to specialized service providers, as it allows them to focus on their core business activities and minimize overhead costs.