![]() This is why they must pay attention to detail to catch even the most minor errors and discrepancies.īookkeeping vs Accounting: Which Is Best for You?īookkeeping serves as the liaison between business and accounting. Accountants are professionals who study tiny details to form a bigger picture. Accountants must use critical thinking to solve problems and interpret the meaning of the client’s financial records. Accountants should be able to present their financial findings simply and concisely to colleagues and people with no prior knowledge of the field. Living in an ever-changing world, accountants should be able to adapt to changes in technology and businesses. Since the skills mentioned in the bookkeeper section are also very much relevant to accountants, in this section, we’ll mention four other skills necessary for a skilled accountant. What skills do you need to succeed as an accountant? After graduating, you should get certified by CPA (Certified Public Accountant) and continue your education yearly to uphold your certification. These programs are perfect if you want to get started in the industry or deepen your knowledge in the field. The University of the Potomac offers outstanding programs in accounting for associate’s, bachelor’s, and master’s degrees. However, a degree in accounting will open the door to more opportunities. ![]() What credentials do you need as an accountant?Īccountants don’t necessarily need a degree to get started in the industry. Typically, the hourly rate ranges from $150 to $400 per hour. Like bookkeepers, accountants’ amount charged depends on factors like experience, location, client size, and service type. They’re also responsible for performing periodic audits, preparing taxes, and consulting for corporations. What does an accountant do?Īn accountant is in charge of making financial statements (income, balance, and cash flow). The financial reports are detailed based on the thousands of little transactions that help form a bigger picture of the whole financial situation and its problems. As the name suggests, bookkeepers should be able to solve any problems that can arise in the work environment, be they technical or work-related problems.Īccounting refers to the task of analyzing the financial situation of a business over a period of time and reporting financial reports to the client. Being that most data entry nowadays is done digitally, tech-savviness is a must-have skill. Numbers are a huge portion of bookkeeping that’s why bookkeepers must have in-depth knowledge of arithmetic operations and calculations. Bookkeepers must be able to efficiently classify data into specific systems (single-entry or double-entry bookkeeping systems) and have a simple method of recording data, be that manually on paper or digitally on Excel, Google Sheets, or bookkeeping software. The key skills each successful bookkeeper should have are: What skills do you need to succeed as a bookkeeper? To increase your employment opportunities, you should get certified by the AIPB (American Institute of Professional Bookkeepers) or the NACPB (National Association of Certified Public Bookkeepers). The University of the Potomac offers both bachelor’s and associate’s programs in accounting, perfect for gaining the necessary skills and knowledge needed in the work environment. Most vacancies require a bachelor’s degree or an associate’s degree in accounting. What credentials do you need as a bookkeeper? ![]() However, the average hourly wage in the U.S is $22 per hour, whereas esteemed bookkeepers in major cities can charge up to $500 per hour. The amount bookkeepers charge depends on several factors, such as location, experience, size of clients, or types of service. What does a bookkeeper do?īesides recording, collecting, classifying, and organizing each business transaction, bookkeepers also handle day-to-day financial activities, create financial reports, manage employee payroll, and keep clients updated on the financial situation. They do this through different bookkeeping systems the business chooses, be they receipts, invoices, or purchase orders. ![]() Bookkeepers collect, record, and organize each transaction made through business operations.
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