Accounting

What is the Main Difference Between an Accountant and a Bookkeeper?

Would you like to start a satisfying career in the accounting and finance sector? There is a range of roles to pick from, but two which can be necessary for successful businesses are an accountant and bookkeepers.

An accountant and bookkeepers are usually perplexed, with many different folks thinking they’re the same position. Even though these are very similar in that both of them work together with financial data, they may be two totally different disciplines and also the duties of each rarely overlap. So, exactly what is the distinction, and which is the best match for your occupation?

What does a Bookkeeper Do?

As a bookkeeper, you’ll be accountable for handling a business’s daily funds, so you’ll have to have a passion for amounts. You’ll be likely to history any financial transactions in the common ledger and ensure all monetary records are maintained current and organised. This allows an enterprise to get a precise take a look at how their money is (including sales, costs and the important thing), at any given time.

Your part as a bookkeeper could also extend to invoicing customers, chasing customers for payments, paying suppliers and processing payroll.

Bookkeeping is a very popular occupation, although the dimensions of this field have remained similar in Australia over the past five years and are also supposed to keep the same on the following five years. In accordance with Job Outlook, there are expected to be around ten thousand bookkeeper career opportunities each year, though, in a variety of claims and areas across Modern Australia. This can be mainly as a result of staff turnover.

Full-time bookkeepers can expect to gain around $1,234 AU weekly, that is slightly beneath the ‘all job’ average of $1,460 AU. However, earnings can improve with experience. You can find opportunities to work full-time and part-time, though a sizable percentage of individuals, 67%, of work only part-time.

What Does an Accountant Do?

Being an accountant, you will be accountable for processing accounts and working on tax returns. You’ll need to be able to interpret, evaluate, summarise and document on a business’s monetary info. This allows enterprises to learn their finances much better, that may help with the strategic plan. You might be able to recognise expense lessening options, strategies to maximise earnings and give another expert consultancy, on places such as taxation or financial planning.

Simply being analytical is a must-have ‘soft’ skill for being an accountant, but it’s important too that you’re capable of connecting clearly and effectively also, be systematic and expect to work tirelessly.

Based on Job Outlook, the number of Accountants has grown throughout the last five years, and it is expected to develop from 199,200 in 2018 to 207,200 by 2023. It is also approximated that you will find around 16,800 new career opportunities annually, composed of staff turnover and new job availabilities. This means your skills could possibly be very popular.

Full-time accountants should expect to make around $1,600 weekly, which happens to be much higher compared to the ‘all job’ common. There is also the opportunity of this salary to increase with practical experience. In contrast to bookkeeping, where many individuals proved helpful part-time, as being an accountant, 80% are full-time workers.

Starting a Career as an Accountant or Bookkeeper

Whether you decide to grow to be an accountant or perhaps a bookkeeper, you have got to get the proper qualifications. Like a bookkeeper, you may need a formal certification, for instance, a certificate IV or higher. You’ll also require conventional credentials being an accountant, at the diploma of accounting or higher.

With Oscar Academy’ FNS40217 Certificate in accounting and bookkeeping, you are going to develop the fundamental expertise you ought to get in this interesting area. You will have the opportunity to create a range of skills covering up bookkeeping and financial planning, bookkeeping, auditing, payroll and much more.

If you’re considering starting up a profession as a bookkeeper or accountant, exactly what are you waiting for? Enrol in a recognised training course now and develop the required expertise to accept the next phase towards your dream career.

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