Top 5 Bookkeeping Skills in Demand 2024

Bookkeepers are a crucial part for any for businesses, helping maintain accurate financial records and ensure smooth operations. As businesses grow and regulations evolve, the demand for certain bookkeeping skills continues to rise. Whether you’re looking to enter the field or enhance your abilities, here are the top bookkeeping skills that are sought for in a bookkeeper’s resume! 

 

Top Bookkeeping Skills in Demand 2024

 1. Financial Record Keeping

One of the core responsibilities of a bookkeeper is maintaining accurate financial records. This involves tracking expenses, revenue, and ensuring all financial transactions are properly documented. With the rise of digital tools, proficiency in software like Xero, MYOB, and QuickBooks is now essential for efficient record keeping. Accurate records help businesses make informed financial decisions, and this skill is the backbone of successful bookkeeping. 

 2. Understanding of Taxation Rules

Bookkeepers are often tasked with managing tax-related matters for businesses, particularly preparing for tax filing and handling business activity statements (BAS). Knowledge of Australia’s Goods and Services Tax (GST) and tax obligations is crucial for compliance. Bookkeepers who stay updated on tax laws can help businesses avoid penalties and ensure smooth tax reporting. 

3. Payroll Management

Handling payroll is another crucial bookkeeping skill. This includes calculating wages, managing employee benefits, and ensuring correct deductions. A strong grasp of payroll software and compliance with Fair Work regulations is essential for businesses to avoid legal issues. Staying informed on award rates, superannuation, and leave entitlements in Australia is key to payroll accuracy. You can refer to the Fair Work Ombudsman for details on payroll obligations. 

4. Data Analysis and Reporting

Beyond record-keeping, bookkeepers are now expected to provide insightful financial reports. Data analysis is becoming an in-demand skill as businesses require regular updates on their financial health. This includes generating balance sheets, profit and loss statements, and other key reports that provide a clear picture of the business’s financial performance. Proficiency in Excel and accounting software reporting features can significantly improve a bookkeeper’s ability to support strategic decision-making. 

 5. Attention to Detail and Accuracy

The nature of bookkeeping demands a high level of precision. Errors in financial records can lead to significant issues, including incorrect tax filings or payroll errors. Attention to detail ensures accuracy in tracking and reconciling transactions, which helps avoid financial discrepancies. This skill is non-negotiable for every professional bookkeeper, and developing it can set you apart in the field. 

 

Develop Your Bookkeeping Skills with GBCA’s Self-Paced Course 

As the demand for highly skilled bookkeepers grows, there’s no better time to invest in your education. The self-paced Certificate IV in Accounting and Bookkeeping program offered by GBCA provides a flexible way to develop these in-demand skills while working at your own pace. The course is nationally accredited, and with experienced trainers from the industry, you’ll gain hands-on experience in bookkeeping practices that meet industry standards.  

Reach out and start your journey to becoming a qualified bookkeeper today!

The Job of a Bookkeeper: A Comprehensive Overview 

A bookkeeper plays an important role in managing a business’s financial transactions, such as income, expenses, and liabilities. Hence, bookkeepers are in high demand across all industries. In this blog, we are going to explore the daily tasks of a bookkeeper, salary expectations, and requirements to become one. 

The day-to-day tasks of a bookkeeper  

While the work of a bookkeeper varies depending on the needs of the business, they are commonly expected to handle the following main tasks (according to the Victorian Skill Gateway): 

  • Keeping financial records, and maintaining and balancing accounts using manual and computerised systems 
  • Monitoring cash flow and lines of credit 
  • Producing financial statements, budget and expenditure reports and analyses along with account books, ledgers and accounting software packages 
  • Preparing invoices, purchase orders and bank deposits 
  • Reconciling accounts against monthly bank statements 
  • Verifying recorded transactions and reporting issues to management 

Salary expectations and working arrangement 

The average annual salary for bookkeepers in Australia ranges from $65,000 to $80,000 per year, or $30-40 per hour. Entry-level positions start at $65,000 per year, while most experienced workers make up to $90,000 per annual. According to the Australian government’s Labour Market Insights, 75% of workers earn more than $1031 per week, and 25% of workers earn more than $1412 per week. 

Bookkeeping can be done on a part-time or full-time basis, making this a flexible career option for those who have family or study commitments outside of work. Furthermore, the rise of cloud-based accounting software allows even more locational flexibility for bookkeepers, as they can work from anywhere. With such a significant perk, only 33% of employed bookkeepers are working full-time hours. 

Skill requirements 

As bookkeepers are required to deal with long lists of financial transactions and assist the cash flow of a business, being accurate and responsible are critical attributes. Here are other skill requirements crucial for the job. 

  • Fundamental accounting and business knowledge 
  • Understanding accounting best practices 
  • Being detail-oriented 
  • Strong analytical thinking skills 
  • Technical proficiency in accounting software, such as MYOB, Xero and Quickbooks etc. 
  • Proficiency in Microsoft Excel 
  • Professionalism and organisation skills 

How to become a bookkeeper 

Bookkeepers are in high demand in Australia, particularly in small and medium-sized businesses. With the increasing focus on financial management and record keeping, bookkeepers are an essential part of any organisation. To become a bookkeeper, you should enrol in Certificate IV in Accounting and Bookkeeping.  

The Certificate IV in Accounting and Bookkeeping course reflects the job roles of contract bookkeepers and employees executing bookkeeping tasks for different organisations.  

GBCA offers a Certificate IV in Accounting and Bookkeeping program that covers essential practical skills such as processing financial transactions and extracting interim reports, administering subsidiary accounts and ledgers, and establishing and maintaining payroll systems. Through the course, you acquire the knowledge and skills to manage a variety of situations in financial transactions and become an essential part in business operation.  

If you are interested in starting your career as a bookkeeping professional, enrol in Certificate IV in Accounting and Bookkeeping today or reach out to us via enquiries@gbca.edu.au for any further questions. 

 

Recommended reads 

Unlock Your Potential with a Bookkeeper Course at GBCA | GBCA  

Certificate IV in Accounting and Bookkeeping: A Course Overview | GBCA 

 

Certificate IV in Accounting and Bookkeeping: A Course Overview

As the demand for accounting professionals in Australia rises significantly in the next 3 years, the Certificate IV in Accounting and Bookkeeping is a valuable asset to give you a head start on your accounting career. At GBCA, we provide quality hands-on training for prospective accountants through the Certificate IV in Accounting and Bookkeeping training program. In this blog, we’ll explore the overview of this Certificate IV course – including course objectives, structure and content, course delivery, and future career paths.  

Course objectives 

As a course that satisfies the Australian Qualifications Framework (AQF) guidelines, the Certificate IV in Accounting and Bookkeeping reflects the job roles of contract bookkeepers and employees performing bookkeeping tasks for organisations in a range of industries. Upon the completion of the course, students will be able to have a sound understanding and practice of: 

  • Establishing and maintaining manual and computerised accounting systems  
  • Completing Business Activity Statements (BAS) and other office financial statements 
  • Developing bookkeeping management systems for organisations 
  • General administration  

Structure and Content 

The Certificate IV in Accounting and Bookkeeping course spans over a total of 13 units, which is composed of 10 core units and 3 electives. The course curriculum takes students through a series of different accounting tasks such as designing and producing spreadsheets, preparing operational budgets, preparing financial reports and establishing payroll systems. Students will utilise the MYOB software as well as detailed, step-by-step instructions to perform tasks and will be closely accompanied by trainers.  

To examine students’ knowledge throughout the course, there is a variety of assessment methods incorporated, such as written questions, practical activities, role plays, case studies, and projects. 

Recommended read: What is Bookkeeping? 

Course delivery 

Delivery mode: The course is delivered in a hybrid mode between face-to-face and online learning. 

Duration: The course is delivered over a maximum of one year, including public holidays and term break. Fastrack learners may complete the course in a shorter duration. 

Schedule: Two sessions will take place every week. 

Recommended read: Unlock Your Potential with a Bookkeeper Course at GBCA. 

Future career paths 

With the Certificate IV in Accounting and Bookkeeping, you can proceed to the following career options:  

  • Payroll Officer 
  • Bookkeeper 
  • Accounts Administrator 
  • Accounts Payable & Receivable Officer 
  • Finance Sector Team Leader 

The Certificate IV in Accounting and Bookkeeping is a great way to kickstart your accounting career and open the doors to multiple opportunities. If you have any questions, don’t hesitate to make an enquiry now at enquiries@gbca.edu.au.