How to Become a Bookkeeper(5 courses)
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Definition of Bookkeeper
Bookkeepers are in charge of producing and maintaining financial records for a business or organisation, recording transactions, updating statements and verifying accuracy as well as generating financial statements and other reports for managers and supervisors.
Utilising specialised accounting software, spreadsheets and databases, Bookkeepers enter information from receipts and bills into computers in order to generate reports and collate data as well as often taking on additional responsibilities like invoicing, purchasing and payroll, requiring them to occasionally communicate with clients.
Some Bookkeepers are responsible for maintaining an entire organisationâ€™s accounts, known as the general ledger, while others operate as accounting clerks, handling specific tasks as part of a larger team. They prepare bank deposits, verify receipts, send payments and keep track of overdue accounts.
What are the responsibilities of a Bookkeeper ?
- Producing statements, budget reports and financial analyses using accounting software.
- Reviewing bank statements and reconciling accounts.
- Monitoring and verifying recorded transactions and identifying and reporting irregularities.
- Maintaining financial records and balancing accounts.
- Tracking cash flow and credit lines and reporting to management.
- Generating purchase orders, invoices and bank deposits.
- Preparing reports on tax entitlements and obligations such as GST.
- Calculating interest on investments and managing business repayments.
Career Outlook for Bookkeeper
The average age of people working as is 47 with 7.50% of them being male. 31.60% of are employed full-time and they typically work around 37 hours per week.
Unemployment is below average and, with A Bachelor Degree or higher, the average Community Worker can earn around $1,000 per week Before Tax. In 2015 there were 99,800 working and the future growth of the profession is predicted to be in decline, with numbers around 88,400 in 2020.