Bookkeeper

Category:

Role Overview

The Bookkeeper is responsible for managing financial records and transactions to ensure the accuracy and integrity of the organization's financial statements. This role plays a vital part in supporting departments by providing timely financial information for decision-making and compliance. Working closely within the finance team, the Bookkeeper ensures that all accounting entries are up-to-date and financial reports are generated efficiently, contributing to the overall financial health of the organization.

Key Skills Required

Roles & Responsibilities

•Transaction Recording
Record all financial transactions in the organization's accounting system, ensuring accuracy and compliance with financial policies and procedures, to maintain up-to-date financial data.
•Bank Reconciliation
Perform monthly reconciliation of bank statements to accounting records to identify and resolve discrepancies, ensuring accurate cash flow tracking and financial data integrity.
•Accounts Payable Management
Process vendor invoices, prepare checks, and schedule payments to ensure timely and accurate settlement of liabilities, tracking outstanding balances to avoid late fees or disputes.
•Accounts Receivable Processing
Issue and follow-up on customer invoices, record receipts, and monitor outstanding amounts. Implement strategies to ensure timely collection of receivables.
•Financial Reporting Assistance
Assist in the preparation of financial reports by verifying transaction data, ensuring compliance with accounting standards, and supporting the senior accountant with report generation.
•Expense Tracking
Monitor and classify company expenses, ensuring appropriate cost allocation and adherence to budgetary constraints. Prepare monthly summaries for management review.
•Payroll Processing Support
Assist in processing payroll by ensuring accurate record-keeping of employee hours, deductions, and benefits, facilitating timely wage payments and compliance with labor laws.

Typical Required Skills and Qualifications

•2+ years of experience in bookkeeping or accounting roles
•Proficiency in accounting software such as QuickBooks or Xero
•Strong organizational skills and attention to detail
•Knowledge of tax regulations and filing processes

Trends & Outlook

Emerging Trends

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The integration of AI and machine learning into bookkeeping software is expected to enhance accuracy and efficiency, thus transforming the role to stress analytical and managerial duties.
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There is a growing trend for bookkeepers to be reskilled in financial analysis roles, with many transitioning to more strategic positions in finance departments.

In-Demand Skills

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Proficiency in accounting software such as QuickBooks and Excel is required in over 70% of job postings for Bookkeepers.
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Bookkeepers increasingly need soft skills like attention to detail and organizational abilities, with 65% of employers seeking these attributes.

Industry Expansion

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Employment of bookkeeping, accounting, and auditing clerks is projected to decline 3% from 2022 to 2032. This decline is primarily due to increasing automation and software advancements.
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Despite the overall decline, specific regions such as Texas and California have shown a relatively higher demand for manual bookkeeping skills due to local business practices.

Overview

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The demand for Bookkeepers is steady, with approximately 1.7 million bookkeeping jobs accounted for in the U.S., primarily serving small to medium-sized businesses.

Salary Insights

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The median annual wage for bookkeepers in the U.S. is $45,560, with wages typically ranging between $37,000 and $55,000. Salaries tend to be higher in urban centers like New York City and San Francisco.