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It is not uncommon for an experienced bookkeeper to make a career transition into accounting or another profession. Usually, the entry-level salary for both bookkeepers and accountants tends to be similar however, the earning potential of an accountant tends to increase as their career progress. A multinational corporation performs hundreds of transactions a second, while a small business might perform less than a hundred in a day. Bigger companies tend to offer better compensation for bookkeepers this is largely due to the increased volume of transactions and data. However, compensation will widely vary depending on the employer, location, and candidate experience. Monitor any variances from the projected budgetĪ bookkeeper can expect to earn a salary in the range of $30,000-$60,000 a year in the US.Use knowledge of local laws to comply with reporting requirements.Account reconciliation to assert the accuracy of transactions.
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It is indispensable to have a knowledge of accounting and to understand how to use accounting software systems. While there is a general overlap between the two professions, there are a few distinctions that are later discussed in this article.īeing consistent, accurate, and minimizing errors are key characteristics that employers are seeking for this position. The bookkeeper is generally responsible for overseeing the first six steps of the Accounting Cycle, while the last two are typically taken care of by an accountant. They will record financial data into general ledgers, which are used to produce the balance sheet and income statement. A Bookkeeper is responsible for recording and maintaining a business’ financial transactions, such as purchases, expenses, sales revenue, invoices, and payments.