Bookkeeping is one of the several accounting careers that can be considered to be a kick-start to several higher accounting jobs. The salary range for these professionals has been averaged between US$35,000 to US$45,000 p.a. Certainly, the salary depends on several factors, some of which are discussed in this article.
Some of the factors on which the salary depends, include the level of duties that bookkeepers are expected to perform, employer type, benefits the employee is getting, work experience, and job location. Generally, the better education and work experience one has, higher are the salaries. For instance, a candidate having a high school diploma certificate with negligible work experience may have to work at lower wages in the initial years. Similarly, a candidate with a higher degree, for example, a bachelor’s accounting degree, will have high chances of getting paid well. It is a trend that smaller firms prefer to recruit bookkeepers with low experience, and hence lower salaries (to be within their budget), while big firms recruit quality and highly experienced bookkeepers.
Based on Work Experience
Work experience is a major component for salary negotiation in any profession. If you have decent experience, you can confidently talk to your employer and can be free in expressing your needs. Here is the salary break up depending on work experience (as per median hourly rate).
- Less than a year: US$10.00 to US$14.00
- Between 1 to 4 years: US$10.50 to US$15.50
- Between 5 to 9 years: US$12.50 to US$18.00
- Between 10 to 20 years: US$14.00 to US$20.00
Based on Employer Type
Employer size is another parameter that decides the salary. Bookkeepers who’re employed in large corporations and accounts departments earn decent salaries. Hence, depending on employer size, salaries vary. Mentioned below are several employer type and their salaries (median hourly range).
- Private firms: US$12.00 to US$18.00
- A mid range company: US$11.50 to US$18.00
- Non governmental organization: US$12.50 to US$17.50
- School districts: US$11.50 to US$16.46
- Government (Federal): US$10.00 to US$12.00
- Franchise: US$9.00 to US$14.50
- College/University: US$12.00 to 17.47
Based on State/Work Location
Every city has a specific standard of living. Cities where cost of living is higher, generally pay higher to their employees so that they can manage to live in that area with comfort. In US, every state has its own economic factors. The salary varies as mentioned further depending on states.
- California: US$12.90 to US$20.44
- Texas: US$10.40 to US$15.50
- Florida: US$11.90 to US$16.10
- New York: US$12.00 to US$19.00
- Illinois: US$12.00 to US$17.40
- Washington: US$12.90 to US$18.30
As we can see, the salary is dependent on several factors. Career opportunities in the field of bookkeeping have shot up in the recent years, and hence, there are bright chances of success. The most important factor is to constantly upgrade your skills, so that you’ve got something new to present at all times.