Bookkeeping and Payroll
If you have an aptitude for numbers and an affinity for business, bookkeeping may be the perfect fit for you. Payroll and bookkeeping clerks are financial record keepers. They maintain and update accounting records, including records that track profit and loss, expenditures, receipts, and payable accounts. Both bookkeepers and payroll clerks make numerous computations every day and must have a facility for using computers to record and calculate data.
Daily Tasks
Bookkeepers and payroll clerks have a range of responsibilities, including:
- Tracking some or all of a company's accounts
- Recording a firm's debits and credits
- Preparing financial summaries for supervisors
- Producing financial statements.
- Handling employee payroll
- Preparing invoices
- Balancing receipts
- Preparing bank deposits to send cash, checks, or other payments to the bank
Bookkeepers and payroll clerks work regular business hours in an office environment. They can find employment in most industries and at all levels of government. Accounting, tax preparation, bookkeeping and payroll service industries, local and state government, and healthcare organizations are among the largest employers of these professionals.
Education & Training
The minimum educational requirement for bookkeepers and payroll clerks is a high school degree. However, postsecondary education is becoming an increasingly important requirement for some positions. Many employers require that applicants possess an associate's degree in business or accounting. Additionally, employers generally require applicants have a combination of accounting coursework and relevant work experience.
After securing a position, bookkeepers and payroll clerks often receive on-the-job training to learn company procedures. They may be required to complete some formal classroom instruction as well, which may include training in special computer software.
Bookkeepers and payroll professionals can also become certified. The American Institute of Professional Bookkeepers awards the Certified Bookkeeper (CB) designation, which confirms a professional's ability to perform bookkeeping responsibilities. Certification is conferred upon candidates who have two years of bookkeeping experience, have passed an examination, and adhere to a code of ethics.
Salary & Employment Outlook
The median annual salary of bookkeepers and payroll clerks is approximately $32,500, with the middle 50 percent earning between $26,000 and $40,000 per year. The highest 10 percent earn more than $49,000 annually, while the bottom 10 percent earn less than $20,000 per year.
Employment opportunities for bookkeeping and payroll accountants abound in the United States. According to the U.S. Bureau of Labor Statistics, employment of these professionals is expected to grow by 10 percent through 2018. It has one of the most rapid growth rates of all professions, with approximately 212,000 new employment opportunities expected over the decade. Job openings include not only full-time employment, but also temporary and part-time work.
Characteristics of a Successful Bookkeeper
Successful bookkeepers and payroll clerks possess honed communication skills and a strong attention to detail. They must be careful, organized, and trustworthy. As in other accounting specialties, these professionals frequently handle confidential material, so earning and maintaining the trust of an employer is paramount.
Article Resources:
U.S. Bureau of Labor Statistics: Bookkeeping, Accounting, and Auditing Clerks