Benefits Of Studying Bookkeeping In Australia

Are you considering moving to Australia and looking for a new career path that provides stability and potential? Then, bookkeeping might be the right fit. Not only is bookkeeping an in-demand field worldwide but it's especially sought after in Australia due to many businesses' need for qualified financial professionals. 

With plenty of employment opportunities available, studying bookkeeping can open up exciting possibilities both within the industry and abroad — from major market centres like Sydney to smaller regional towns. 

By receiving the proper training, you'll have a greater chance of success as you navigate through this fast-paced world of finance, which offers some amazing benefits along the way, including job security, competitive salaries and fulfilling careers! 

So jump-start your journey by discovering how studying bookkeeping in Australia can push your professional development ahead full steam ahead.

Let's get started!

What Is Bookkeeping?

The processes of documenting, summarising, and reporting financial transactions that pertain to your company are referred to as bookkeeping. Tracking and organising your financial data in order to generate reliable financial reports, whether they are monthly reports or annual statements, is the practice that is referred to as financial statement preparation. 

Your books might be your own private books, or they may be the bookkeeping for a business whose books you are maintaining for them. Either way, you are maintaining books of some kind.

Having accurate financial records is an essential component of successfully operating any kind of company, be it a sole proprietorship, a collaboration, or a company. When you do not even have a person who is skilful at maintaining the books, it can result in blunders and missteps that can adversely impact your company on a variety of different levels. 

This can range from late payments to the inability to precisely portray future financial achievement because records are not even being kept properly. If you do not even have a person who is talented at maintaining the books, you should hire a bookkeeper who is.

Duties Of A Bookkeeper

You will be responsible for the corporation's economic matters when you take on the role of bookkeeper at this organisation. You will be responsible for keeping track of the amount of cash that is going into the firm as well as the amount of cash that is leaving the firm, ensuring that all information is correct, and submitting taxes on the firm's behalf. 

This isn't something you can just perform on your own without any prior training or expertise; it requires both of those things. In addition, in order to provide your customer with the best possible service, you must possess a fundamental understanding of accounting and bookkeeping.

As a bookkeeper, you will be responsible for various tasks throughout your career, including the preparation of monthly financial reports and the upkeep of records pertaining to payroll. 

You must still possess a thorough knowledge of payroll, even if you don't do this yourself so that you understand what is going on when it comes to paying a worker. This is necessary so that you can pay them correctly. In addition, you will not be capable of providing excellent service to your customers if you do not have this expertise.

You must also be conscious that maintaining accurate books of account is not a simple task. Although it's undeniable that certain individuals are born with a natural talent for it, the vast majority of individuals who are just starting out have had to learn the skills through some sort of formal education or training.

The Similarities Between Bookkeeping and Accounting 

Bookkeeping and accounting could look extremely similar to someone who isn't familiar with either one of them. Regardless of the fact that both deal with monetary operations and numbers, they are not interchangeable in any way because of the distinct disparities between the two. 

In certain circumstances, the line between bookkeeping and accounting might be difficult to distinguish. For example, several companies employ a bookkeeper who is responsible for a wider variety of tasks in addition to simply recording payments and ensuring that the books are kept up to date.

In a similar vein, accountants are sometimes required to perform accounting work in addition to examining the data and information that is given by a customer.

Bookkeepers and accountants are both capable of working with numbers. Still, accountants have more extensive education and extra certifications, which enables them to perform a wider variety of services than bookkeepers. For example, bookkeepers are responsible for keeping records of financial transactions.

The Primary Differences Between Bookkeeping And Accounting  

Bookkeeping is only one aspect of accounting, which covers a much broader scope. Bookkeeping is one of the abilities that accountants have honed over the years. Still, they also possess a wide range of other abilities that enable them to analyse, evaluate, and understand financial data. 

In contrast to accounting, which is primarily concerned with the recording of data, these services involve the creation of reports, the provision of suggestions and advice, the preparation of tax returns, and the provision of consulting services. Bookkeepers are mainly responsible for preparing the required info and laying the framework for accountants to move forwards.

If you are interested in working in the financial services area for a significant amount of time, becoming an accountant is your best bet. A bookkeeper is responsible for keeping track of and classifying the everyday financial transactions of a company (e.g., sales, payroll, payment of bills, etc.). They place a higher priority on the maintenance of correct records than they do on the comprehension of information and analytics. An accountant utilises the data that is given by the bookkeeper.

Bookkeeping occupations typically pay less and give fewer prospects for growth than accounting jobs, which pay more. But, throughout the meantime, if you're not prepared to invest in a long-term role, but you still desire to get a taste of the financial services sector, a job as a bookkeeper might be a good fit for you.

It is essential to have a solid understanding of the differences between accounting and bookkeeping before choosing a career in either of these two areas. For example, bookkeepers are responsible for recording and organising all of a company's daily financial activities. In contrast, accountants are more concerned with the overall picture than the details.

Becoming a bookkeeper is an excellent location to begin a professional career if you wish to create a sufficient living while also preparing for your long-term professional ambitions. However, when selecting a path to take in one's professional life, one must also take into account the educational prerequisites.

Reasons Why You Should Take Bookkeeping Courses

1. Offers Flexibility

If you choose a position in the field of bookkeeping as a future career, you may find that you are given the luxury of flexible working hours. You may have the opportunity to work either full-time or part-time as a bookkeeper, depending on the organisation for which you are now employed. People who already have a lot going on in their lives, such as families and several jobs, will profit from this option.

In addition to the option of working full or part-time, another perk of becoming a bookkeeper is the ability to conduct business from the comfort of your own home, providing you even more versatility in your schedule. In either case, attending bookkeeping classes gives you the freedom to design a work plan that is tailored to your own needs. This is a significant benefit.

2. Gives an Easy Start

To participate in this program, the only need is that you have a high school diploma or equivalent. This makes entering the bookkeeping industry one of the most accessible fields available. As a result, bookkeeping is an excellent career option for individuals with little to no expertise and who have just recently graduated from high school. In addition to that, it is an excellent choice for individuals who are interested in switching careers.

You will be able to gain knowledge on various parts of bookkeeping that are necessary for the job if you enrol in a class that focuses on bookkeeping. This comprises the processes that are engaged in bookkeeping, cost accounting, payroll, as well as other things, as well as software that is utilised in the office. As a consequence of this, it may not take very long after you finish your training before you find work in this industry.

3. Start Your Own Business

In order to successfully launch a company, you will need to have extensive expertise in the industry that you intend to enter. You will gain extensive knowledge about ledgers, trial balances, payrolls, accounting, and other areas that can help you launch a thriving company if you take bookkeeping classes.

4. Having a Secure Job

Stability is one of the most significant elements to consider when looking for a good line of work. If you have sufficient work security, you will have no concerns about being fired, which is particularly important during tough economic times when the loss of an income source will be disastrous. Because employment in bookkeeping is constantly in need, enrolling in bookkeeping classes ensures that you will have a secure job after you complete your training.

Bookkeepers are in high demand because every firm in the sector needs a person to handle and analyse their records, which is the reason bookkeepers are continuously looking for work. If you possess training in this subject, you won't have to worry about obtaining a job that will give you stability and safety in your career.

5. Good Career Development

If you take a degree in bookkeeping and find work straight away, you may immediately begin exerting effort to go up the ranks and achieve your goals. However, because this is such a broad profession, there are always new facets of the work that you must study and become proficient in. And provided that you continue to educate yourself and broaden your knowledge, you will be given a plethora of options to land higher-level jobs that pay much more once you reach that point in your career.

In bookkeeping training, you get to begin as a bookkeeper in various enterprises. Then, you will be able to make the transition into other careers, like being a financial advisor, accountant or working in another job that is connected to this industry as you gain more skills and expertise.

6. Big Salary Possibility

Attending a course in bookkeeping should be near the highest on your list of options if monetary compensation is one of the criteria that you place the most weight on when evaluating potential jobs. 

Even if you're just beginning out, this industry may be capable of providing you with a significant degree of financial security. Therefore, it is important for people to think about how much cash they will make in any given line of work before deciding whether or not the work will be worthwhile.

If you work as a bookkeeper, you have the potential to generate a large and stable salary that will free you from the stress of worrying about money matters. Moreover, if you've operated for a sufficient amount of time and have gained sufficient skills and expertise, you may be eligible for a better compensation in exchange for your talents.

How To Become A Bookkeeper In Australia?  

Bookkeepers are accountable for creating income reports and other documents for management and supervisors, in addition to keeping the company's financial documents, monitoring transactions, upgrading statements, and improving the accuracy.

Bookkeepers are responsible for generating reports and organising data by utilising accounting software, spreadsheets, and databases to record data collected via receipts, invoices, and bills. They will also be assigned other duties like procuring items, handling payroll, and issuing invoices, each of which could need them to interact with customers occasionally.

For purposes of taxation, the preparation and filing of Business Activity Statements (BAS) could, in some instances, call for the employment of a bookkeeper. Therefore, it is necessary to register as a BAS Agent with the Tax Practitioners Board; however, doing so will boost the career opportunities available to bookkeepers.

Do things like spreadsheets, databases, and numbers help you to relax? Do you think that accuracy and organisation give you a sense of gratification? If this describes you, then you have arrived at the correct spot; follow these instructions to begin your career as a bookkeeper. 

You will be capable of working in any kind of company once you have completed the FNS40217 Certificate IV in Accounting and Bookkeeping program since it will provide you with the necessary skills and information. 

 Step 1: Complete a certificate course 

Earning a degree IV or higher in bookkeeping or accounting is the initial requirement for those who wish to work in the field of bookkeeping. You will be taught how to keep records, operate with accounting software, and generate reports during the duration of this class. You are also advised to finish the GST and BAS units included in the certificate courses before applying to become a BAS Agent. This is because the courses count towards the certification.

Step 2: Get some work experience 

After obtaining your Cert IV certification, you will be equipped with the fundamental abilities necessary to apply for bookkeeping employment; nevertheless, you will not be capable of performing tasks linked to BAS until you have achieved further qualifications. 

You will require 1400 hours of relevant employment experience in order to produce legally and lodge Business Activity Statements. Therefore, you should begin contacting people to locate a registered BAS Agent from whom you may train, whether as a volunteer, an intern, or a bookkeeper at an entry-level position.

Step 3: Become a BAS Agent 

After establishing that you have sufficient expertise in GST and BAS processes, you are now able to submit an application to the Tax Practitioners Board in order to qualify as a registered BAS Agent. Although having a certification as a BAS Agent is not necessary to begin a profession as a bookkeeper, having one will significantly increase the number of job prospects available to you.

Step 4: Obtain insurance 

Once you have met the requirements to become a BAS Agent and have enrolled with the government, you will be subject to a professional conduct code. One of the obligations imposed on you by this code is that you keep a particular level of Professional Indemnity (PI) Insurance. This insurance safeguards bookkeepers from customer losses that may have been brought on by the bookkeeper's own carelessness or mistakes.

What Is A Bookkeeping Certification?

A certificate in bookkeeping is a professional credential that reflects an individual's level of competence in bookkeeping topics connected to the management of a firm's financial statements and operations. The certificate indicates this level of skill. Completing coursework at colleges or membership in recognised professional groups can award certifications.

Bookkeepers can increase their possibilities for career advancement and monetary gain by spending on professional qualifications. Bookkeepers make a median annual salary of $70,000. Still, experts who can show expertise in assisting companies in the management of their enterprises have the opportunity to score much more than that. 

Even though bookkeepers do not need to be certified in order to get work, taking the time to gain qualifications can be beneficial because it increases the number of job prospects available and the possible earnings.

FNS40217 Certificate IV In Accounting And Bookkeeping Course Information 

The obligations of contractual bookkeepers, BAS Agents, and staff who undertake bookkeeping functions for companies in a diverse range of industries are covered in the FNS40217 Certificate IV in accounting and bookkeeping course.

In addition to advising taxpayers and advocating for them in discussions with the Commissioner concerning activity statements, it requires the preparation and submission of corporate and instalment activity declarations. 

These professionals rely on their theoretical and specialised knowledge as well as their talents to operate independently and apply their judgement when carrying out duties that are both routine and non-routine.

The regulatory standards that apply to work activities in professional domains where this certification might well be applied are subject to this certification. 

Individuals who offer their services in return for remuneration or another advantage in the form of a business activity statement (BAS) are required to sign up with the Tax Practitioners Board (TPB). The Telecommunications and Postal Branch (TPB) recognises this degree as fulfilling the educational necessary for registration at this time.

The government of Australia has given the FNS40217 Certificate IV in Accounting and Bookkeeping programme the go-light. In order to get your FNS40217 Certificate IV in Accounting and Bookkeeping, you will need to demonstrate that you have successfully completed eight (8) mandatory units as well as five (5) elective units. 

The accounting and bookkeeping electives that students must take in order to earn this certification were selected by the Southern Academy of Business and Technology to guarantee that students acquire a diverse set of skills and competencies in these areas.

Why Should You Earn a Bookkeeping Certification?

Bookkeepers who make investments in ongoing training and accreditation are more marketable in the sector in which they operate. Employers are always looking for the most qualified candidates, and certification demonstrates a dedication to both the profession and to ongoing improvement.

• Bookkeepers who have obtained certification have demonstrated their ability to grasp data collecting and analyse information in a manner that assists leaders in making well-informed choices.

• Certification is becoming an increasingly common prerequisite for jobs, creating openings for individuals willing to invest in their ongoing education.

• A great number of individuals claim that they are bookkeepers; nevertheless, certification proves that a person genuinely possesses the skills necessary to generate precise financial data.

• A person who has obtained certification can show that they are at the forefront of their field, making them eligible for higher compensation and more prospects.

• The technology used in bookkeeping is always evolving, and those with credentials are up-to-date and proficient in the most recent software.