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
