Bookkeeping, Accounting, and Auditing Clerks

Industry Basics:

Every organization employs bookkeeping, accounts and auditing clerks to organize and manage the financial records. The key tasks of all three professions revolve around keeping record of financial expenditures, tabulating expenditures, receipts, reconciling statements, maintaining and updating records of accounts receivable and accounts payable. Other tasks include: payroll management, inventory purchase, billing etc.

Industry Outlook:

Employment opportunities are expected to grow at a much slower pace than the average growth among all occupations (as per projections for year 2014). The less than average growth can be a result of:

• Computerization of accounting tasks
• Outsourcing jobs to low wage countries

Positive job prospects are projected for those who are certified and have considerable experience in their field. Job prospects will also see continued growth for those who can provide a wide array of book keeping and accounting activities rather than specialized tasks alone.

Designation and Roles:

The key roles and designations in this sector are:

• Bookkeeping Clerks: record all financial transactions and generate required financial reports.
• Accounting Clerks: Maintain accounts of financial transactions, review details posted to each account, generate reports. Account handling can also be specific such as account receivable clerk, account payable clerk etc.
• Auditor: reviews the details posted in each account and accuracy of the account statements generated by bookkeeping clerks and accountants.

Skill or Education Required:

• A minimum qualification of high school degree is required to qualify as an entry level bookkeeper, accountant or auditor.
• Associate degree in accounting or business may be required for certain organizations
• Experience is crucial in career growth in all three sectors
• Most book keepers, auditors and accounting clerks once employed receive on the job training which helps them learn accounting and company procedures better.
• A certified bookkeeper from the American Institute of Professional Bookkeepers assures skill and knowledge of accounting practices.

Remuneration:

The median annual earning for all three designations is: $28,570. The top 10% of all bookkeepers, accountants and auditors currently employed earn more than: $43,570 while the bottom 10% are earning: $18,580

Conclusion:

• Job requirements include keeping record of financial expenditures, tabulating expenditures, receipts, reconciling statements, maintaining and updating records of accounts receivable and accounts payable.
• Employment opportunities are expected to grow at a much slower pace than the average growth among all occupations
• A minimum qualification of high school degree is required to qualify as an entry level bookkeeper, accountant or auditor