is bookkeeping hard

Another difficult aspect of being an accountant is understanding tax law. While having a bachelor’s degree in accounting is great for your resume, you’ll still find the competition for certain jobs pretty stiff. Many entry-level jobs in accounting involve bookkeeping, for example.

Growth for accountants and auditors is expected to continue for the next several years. The Bureau of Labor Statistics (BLS) expects 6% job growth in this field from 2021 to 2031. This is an important thing to consider to make sure you end up in a career that you enjoy. When CNBC brought this discrepancy to the NRF’s attention earlier this year, the firm didn’t revise the data point in its survey. It did use the correct figure in its 2022 report when it compared that year’s losses with the prior years. In a previous NRF shrink survey, it reported that retailers saw $94.5 billion in inventory losses in 2021.

Get started in bookkeeping

These courses provide you with a robust set of skills and knowledge that go above and beyond what many employers are looking for. Since business revenue and expenses change day by day, you’re going to constantly be redoing your work. Since accounting is a type of education that builds on itself, if you don’t grasp the basics, then you’re going to struggle with the more advanced concepts.

In bookkeeping, extra hours are typical during the busy tax season of January to mid-April. There are various career paths for accountants (and some for bookkeepers), from working as a forensic accountant to becoming a financial auditor or an enrolled agent. In fact, some bookkeepers in larger organizations are known as “accounts payable bookkeepers” and specialize in making sure all of the organization’s bills are paid on-time. The NRF’s studies are the best guess the industry can make about how shrink affects companies. The media widely reports on them, and lawmakers use them as evidence when they call for stricter laws and regulations. There are a couple of U.S. professional organizations that can certify those who want to become bookkeepers for small businesses.

Bookkeeping vs. Accounting: An Overview

As long as you have a passion for learning, upskill yourself regularly, and show interest in sorting out finances, I promise, bookkeeping isn’t going to be a big hurdle for you. Are you wondering if accounting and bookkeeping are the same thing? The two are similar (and that’s why a lot of people mix them up), but there are some main differences between the two jobs. Most companies with computerized accounting systems used to have accounting software loaded on each computer they used, and it was all tied together through a local network. To access a company’s accounting system, you had to do so from a company computer on the company premises. The American Institute of Professional Bookkeepers, for example, grants the Certified Bookkeeper Designation.

While accounting can be a lucrative long-term career, most accountants, unlike corporate attorneys or investment bankers, do not command huge salaries during the first few years. The great thing about bookkeeping is that you can learn how to do the work on-the-job. While there are schools that offer two-year degree programs in accounting or bookkeeping, there is no formal requirement that you have a degree to work in the field.

So, is bookkeeping a difficult job?

Bookkeeping is the daily financial tracking of all of your daily financial transactions. The bookkeeper of a business might choose to use online bookkeeping software to track everything. Financial reporting provides an overview of the financial performance of a business.

For example, if you’re involved with projections, then you may need to know some basic algebra to use certain formulas to make those projections. In most cases, you only need to know basic math to become an accountant. If you’re an accountant who also advises businesses, then you may have someone else crunch the numbers for you. Perhaps one of the main reasons that people think accounting is difficult is because it involves math.

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