Are you looking for a career change? Would a switch of pace give you peace of mind? If so, bookkeeping is a rewarding business where big money is waiting for you to make it.
Bookkeepers are one of the backbone roles in finance which help UK businesses tick over smoothly. Without them, accountants would have to work twice as hard to record your accounts and work out how much you owe for tax. This job role keeps things neat, records receipts as you go, and allows you to operate in the full and certain knowledge that your books are taken care of, even if you take a week off.
Here is everything you need to know about the role of bookkeeper, so you can decide if it is the right role to train for. A career in finance is always lucrative, so how does bookkeeping measure up?
What Exactly does a Bookkeeper do?
Firstly, let’s define what a bookkeeper actually does with their time, so you can decide if it’s right for you.
Bookkeepers are one of the backups businesses have against making mistakes with taxes, financial data, and potentially missing huge investment opportunities. The main task of a bookkeeper is to meticulously ‘keep’ the books belonging to whichever business employs them. This means they account for receipts, expenditure, and seasonal sales hikes. Bookkeepers help the company keep all this information noted down. They then use this data to help their employer prepare accounts. For this reason, bookkeepers may also be known as “accounts clerks” in Britain.
What’s the Difference Between a Bookkeeper and an Accountant?
Bookkeepers, or accounts clerks, keep the books neat along the way throughout the year. They will turn this information, neatly stored and easy to understand, ready for the accountant to prepare them for the final submission. Why do you require both kinds of employees to prepare your accounts? For ease, speed, and an up-to-date record of exactly what you have in the bank.
Accountants…
Accountants are usually outsourced. Businesses hire agencies, firms, or solo accountants to complete the tax of putting the documentation in place to submit your books to HMRC. Once the accountant receives those books, they can accurately complete the maths which decides which tax bracket you fall into.
Bookkeepers….
Bookkeepers, on the other hand, prepare this information as you go along. They usually work on the business’s behalf, and they spend their days processing invoices. They may run the payroll department. They deal with the finances which affect profit and expenditure accounts and ensure that it is all entered into the right programs, forms, and formats which make it simple for an accountant to calculate.
Why would you do this? Accountants have high fees that get higher the more you use them. Employing a bookkeeper both keeps you updated and keeps that tax fear at bay.
Where to Find Work as a Bookkeeper?
The best places to find work as a bookkeeper in the UK are mainly online. However, don’t waste your time searching endlessly for work when you can do it the easy way. Upload your CV to a UK jobsite to find bookkeeper jobs while you are offline. Post your skills and let agencies, employers, and talent spotters come to you.
What Qualifications do you Need to be a Bookkeeper?
To work in bookkeeping, you can work your way up through the payroll department. If you wish to go straight into this career path after graduation, you should study a BSc (HONS) in Mathematics, Bookkeeping, or a similar/related qualification. You will improve your chances of landing a job if you have an apprenticeship in payroll behind you, too.
What is a Bookkeeper’s Salary in the UK?
A bookkeeper can earn a starting salary of £1,600 a month here in the UK. This can go all the way up to £32,000 per year if you stay in the career long enough. You can acquire better salaries by acquiring skills in multiple bookkeeping programs. You can also expect to earn more as a senior or management level bookkeeper.
Do you need a License to become a Bookkeeper?
If you wish to practice as a bookkeeper in the UK, you should take part in the Practice License Scheme run by the institute of certified bookkeepers. You only ought to do this if you are running your own practice as a bookkeeping business. There are no legal requirements on qualifications to become a UK bookkeeper, but if you want a chance in this competitive market, extra certification plus a degree combined with job experience, are the best ways to advise clients the right way.