Bookkeeping Trends for 2023

As businesses expand internationally, the need for experts who can navigate complex international financial regulations becomes paramount. You may be hoping for the best and have a few college courses in your back pocket. Even with these tools, you may not have the expertise you need to handle the responsibilities of a bookkeeper. As you dive deeper into the bookkeeping process, it may be tempting to blur the lines between your personal and business finances, but it’s not the best idea.

If you are an external auditor, you will most likely have a job at a public accounting firm, and you will need to have a CPA license, plus a college degree, and often a master’s degree. Bookkeepers who are interested in switching jobs but do not have https://www.bookstime.com/ a college degree might consider becoming an EA after a stint with the IRS. This job doesn’t require a college degree, only five years of tax experience with the IRS. If you are already a CPA, you can act as an enrolled agent without passing the exam.

Double-entry bookkeeping

The Bureau of Labor Statistics (BLS) expects 6% job growth in this field from 2021 to 2031. Unlike careers such as law and medicine, in which state licensing boards determine how much education you need, with accounting and bookkeeping, the companies doing the hiring decide what to require of candidates. This is projected, according to Gartner’s IT spending forecast, to increase overall market spend to AU$109.1 billion, up from $96.8 billion in 2020. As expected, there is an increasing demand for bookkeepers who have certified qualifications and are registered with Association of Accounting Technicians or the Australian Bookkeepers Association.

Small businesses may prefer to handle their books themselves, but hiring a professional bookkeeper can be helpful. The demand for bookkeepers is expected to decrease by 4% over the next decade. The Accounting Today 2022 Year Ahead Survey shows that 51% of firms list their biggest challenge as keeping is bookkeeping in demand up with regulatory change. As legislative changes show no sign of slowing, remaining compliant will continue to be an issue for many firms. When taking into account the skills shortage and retention crises, there’s no time to waste putting time and resources into building capacity within your firm.

Is Bookkeeping Certification Worth It? Salary And Job Growth

It isn’t hard to get a bookkeeper job if you know where to look for them and how to sell yourself. As a bookkeeper, you need to be able to work by yourself and communicate well with your clients. You should also commit to lifelong learning to stay on top of the current rules and regulations. If you want to work independently as an accountant, you will need to hold a certification that is equal to a bachelor’s degree. The Bookkeeper Launch is an in-depth bookkeeping course that teaches you all the skills you need to become a successful bookkeeper. Having your own business, you can set your own rate, which can be higher (but keep in mind what other bookkeepers charge their clients so you don’t scare away potential clients).

As technology continues to reshape industries, the role of accountants is not exempt. The integration of advanced technologies like artificial intelligence and blockchain necessitates accountants to adapt, creating a demand for those with a keen understanding of both finance and technology. As we step into 2024, the trajectory for accountants’ demand continues its upward spiral. Join us on this insightful journey as we delve into the reasons behind this surge and why pursuing a career in accounting might just be the golden ticket to professional success.