Trends for Bookkeeping Jobs in 2023

In terms of average pay rates, BLS data from May 2021 identifies the District of Columbia, Massachusetts, Washington, California, and Connecticut as the top-paying areas. Regarding overall job numbers, the BLS ranks California, Texas, Florida, New York, and Pennsylvania as the states with the highest employment levels. In September 2022, Payscale placed the national U.S. average rate for bookkeepers at $18.46 per hour. Bookkeepers should research local average rates to ensure they price their services competitively. According to BLS data from May 2021, the top 10% of bookkeepers earned median base salaries of $61,980 per year.

Also, note that the degree-related salaries cover all accounting professionals who hold that degree. Industry observers agree that software improvements have made bookkeeping more efficient. As a result, the profession's growth rates have slowed, but the Strategic Finance article notes growing gaps between the number of open jobs and the number of people qualified to fill them. Bookkeepers who keep adapting and learning have a positive future ahead of them.

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Many of the duties and responsibilities of bookkeeping are done alone and thus can be quite solitary. With fewer daily interactions, introverts can better manage the amount of social energy they prefer to expend in day-to-day life. At Keeper, we’re on a mission to help people overcome the complexity of taxes. We’ve provided this information for educational purposes, and it does not constitute tax, legal, or accounting advice. If you would like a tax expert to clarify it for you, feel free to sign up for Keeper.

• Already there is a demand for certified and experienced bookkeepers, and it will get increasingly difficult for those without these credentials to find work.
• Organizations understand the importance of having reliable and competent professionals managing their finances.
• The average age of bookkeepers is 40+ years years old, representing 81% of the bookkeeper population.
• With fewer daily interactions, introverts can better manage the amount of social energy they prefer to expend in day-to-day life.
• The role of a bookkeeper is indispensable in any organization, ensuring that financial transactions are recorded and classified properly.
• Online solutions simplify the process and enable business owners to manage financial data with precision.

Many businesses prefer to outsource bookkeeping functions to specialized service providers, as it allows them to focus on their core business activities and minimize overhead costs. Additionally, advancements in technology have made it easier for bookkeeping service providers to deliver their services remotely, further fueling the growth of this market. Therefore, the bookkeeping services market growth is anticipated to grow on the basis of these driving factors. The latest trends in the bookkeeping services market are focused on leveraging technology to improve efficiency and provide more strategic value to clients. Providers that stay ahead of these trends are well-positioned to meet the evolving needs of their clients and succeed in an increasingly competitive marketplace. Furthermore, Cloud-based accounting software has become increasingly popular in recent years, and this trend is expected to continue.

Bookkeepers are in great demand

There are dozens and dozens of bookkeeping options available and the choices may seem overwhelming. We’ve analyzed and rated the best online bookkeeping services to help you make the best decision when choosing the right one. Of the several trends in bookkeeping that have arisen over the past several years, the most important is the emphasis on industry qualifications.

The bookkeeper job market is expected to shrink by -1.5% between 2016 and 2026. Bookkeepers commonly use software like QuickBooks and Xero, which are popular in the industry. They also rely on tools such as spreadsheets, calculators, and receipt scanners to efficiently manage financial records and transactions.

Bookkeeper job growth rate over time

The other driver of technology in this space will be the demand by bookkeepers for remote work or advanced virtual connections with their clients. According to Wolters Kluwer, some 43% of firms are either planning to, or in the process of, downgrading their brick-and-mortar businesses or moving to a virtual-only presence. One of the main reasons for the focus on industry qualifications is that bookkeeper skills can be transferred to other positions, or a wider remit, like financial or office manager roles, or analysts. According to the Bureau of Labor Statistics, jobs for bookkeeping, accounting, and auditing clerks are expected to grow by 4% from 2019 to 2029.

With technology quickly advancing, and automated solutions becoming increasingly available, it can be difficult to determine whether or not there is still a need for manual bookkeeping services. Additionally, many businesses are now turning to digital tools and cloud-based software to streamline their bookkeeping processes, so having experience in this area is increasingly important. As a result, the demand for bookkeepers is expected to grow substantially in the coming years.

Along with this, bookkeeping tasks can now be automated through advanced technology which can reduce the demand for traditional bookkeeping services. Consequently, the demand for service can be restricted by such factors that can pause the growth of the market. The increasing number of bookkeepers in are bookkeepers in demand the U.S. reflects the growing recognition of their vital role in the financial well-being of businesses, especially in an era of complexity and uncertainty. As businesses continue to grapple with the intricacies of finance, bookkeepers are there to provide clarity, efficiency, and peace of mind.

Overall, this job can be very intensive and demanding, as there may be deadlines that need to be met and numerous accounting operations to manage. To be a successful bookkeeper requires a strong work ethic, excellent organizational skills, and the ability to work independently in order to ensure detailed and accurate records are maintained. Bookkeepers can be hired by small businesses, large corporations, hospitals, or government organizations on a part-time or full-time basis. Bookkeepers record transactions, reconcile bank accounts, and report financial information such as revenue and expenses to management. Some industry experts believe that not enough bookkeepers are emerging to fill available job openings, indicating opportunities for professionals with the right skills. Bookkeeper salary levels vary by location, based on factors like local labor market conditions and local living costs.