Bookkeeping Services Market Size 2024 To 2031 Share, Trend, Growth And Industry Analysis

In September 2022, Payscale reported an average annual base salary of about $50,430 for full-charge bookkeepers. In terms of pay, bookkeepers tend to earn the most by working in niche industries. Compared to other major employment sectors for bookkeepers, they host relatively few jobs. As such, candidates should expect a more competitive landscape if applying for available openings.

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Future-proofing your bookkeeping function

As a result, the profession’s growth rates have slowed, but the Strategic Finance article notes growing gaps between the number of open jobs and the number of people qualified to fill them. Bookkeeping tasks provide the records necessary to understand a business’s finances as well as recognize any monetary issues that may need to be addressed. Proper planning and scheduling is key since staying on top of records on a weekly or monthly basis will provide a clear overview of an organization’s financial health. Of the several trends in bookkeeping that have arisen over the past several years, the most important is the emphasis on industry qualifications.

• To learn more about accounting terms, check out our guide for accounting terminology.
• This bookkeeper salary guide explores ways for emerging and established bookkeepers to improve their job prospects and earning power.
• Employers are less likely to ask for certified evidence of your skills if you’ve been working as a bookkeeper for years.
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• In this day and age, the providers you contract with don’t need to be in the same city, state or even time zone as you.
• Bookkeeping serves as more of a preliminary function through the straightforward recording and organizing of financial information.

While some routine number-crunching tasks are being automated, the human touch remains essential for small business success. That personal relationship and tacit knowledge are hard to replace with software algorithms alone. Top bookkeeping professionals earn their trusted advisor status through responsibility, discretion and service over many years. The US Bureau of Labor Statistics (BLS) estimates employment for bookkeeping, accounting and auditing clerks will grow by 2% from 2022 to 2032. While relatively small, this is in line with the average job growth across all occupations. The short answer is yes – being a bookkeeper can still be a lucrative and steady career in 2024 and beyond.

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As a result, the same amount of bookkeeping work can be done with fewer employees, which typically leads to less demand within the job market. However, as more of their routine tasks become automated, bookkeepers may be expected to take on more analytical and advisory roles. Accountants, on the other hand, use the information provided by bookkeepers to summarize a business’s financial position and render financial advice to the business owner.

Automated retrieval programs (commonly called “robots” or “bots”) can cause delays and interfere with other customers’ timely access to information. Therefore, bot activity that doesn’t conform to BLS usage policy is prohibited. According to BLS data from May 2021, the top 10% of bookkeepers earned median base salaries of $61,980 per year.

Playbook for CPA and Bookkeeping Triumphs

It made me think, “Hmm, maybe there are other companies out there that need my help.” This eventually led to the start of my business. Accounting programs offer the most direct training for a career in bookkeeping. However, students majoring in other business- or math-related subjects can also qualify for these positions.

If you’re just launching your bookkeeping career, a professional certification can set you apart from the competition. This credential can boost your credibility in the eyes of potential employers, especially if are bookkeepers in demand you’re just breaking into the job market. A Sage survey has shown that 62% of accounting professionals agree that today’s accountancy training program will not be enough to run a successful practice by 2030.