Bookkeeping Salary: How Much Does A Bookkeeper Make Globally?
Athika Rahma
SEO Specialist Virtual Assistant at SGBVA
Ever thought about pursuing a career in bookkeeping or curious about bookkeeping salary? Bookkeeping might not always steal the spotlight, but it’s a crucial job that keeps businesses running smoothly. Bookkeepers track daily financial transactions, ensure tax compliance, and maintain organized records, helping businesses stay on top of their finances. But how much can a bookkeeper actually earn? Let’s break it down!
In this article...
What Does a Bookkeeper Do?
Before we talk about bookkeeping salary, let’s quickly go over what a bookkeeper actually does.
Bookkeepers are responsible for managing and maintaining financial records for a company. This means they track all sorts of financial transactions, from purchases and sales to payments and receipts.
They manage accounts payable (what a company owes) and accounts receivable (what a company is owed), reconcile bank statements, and sometimes even assist with payroll and tax preparation. So, if you’re meticulous, detail-oriented, and love working with numbers, bookkeeping can be a great career choice.
Responsibilities of a Bookkeeper
A bookkeeper’s job is all about managing financial records for a business. Here are the key responsibilities:
- Recording Transactions: Tracking daily purchases, sales, payments, and receipts.
- Managing Accounts: Handling accounts payable (money owed) and accounts receivable (money due).
- Reconciliation: Ensuring bank statements and financial records match.
- Financial Reporting: Preparing key reports like balance sheets and cash flow statements.
- Payroll Management: Processing payroll and ensuring tax compliance.
- Tax Preparation: Assisting with tax filing and ensuring compliance with regulations.
Skills and Qualifications Needed
To excel as a bookkeeper, you’ll need these key skills:
- Education: A degree in accounting or related field is preferred, but experience is valuable too.
- Attention to Detail: Accuracy is crucial to avoid costly mistakes.
- Technical Skills: Proficiency with accounting software (QuickBooks, Xero) and spreadsheets (Excel).
- Communication: Clear communication skills are important for dealing with clients and colleagues.
- Time Management: Juggling multiple tasks effectively and meeting deadlines.
- Problem-Solving: The ability to identify and resolve discrepancies.
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Global Bookkeeping Salary Overview
Bookkeeping salary can vary significantly depending on where you are in the world. Factors like the cost of living, demand for financial services, and local economic conditions all play a role in determining how much bookkeepers earn. Here’s a look at what bookkeepers make in several different countries.
Bookkeeping Salaries in Singapore
Singapore is one of the wealthier countries in Southeast Asia, and its bookkeepers earn a decent salary for the region. According to Payscale, on average, bookkeeping salary in Singapore is expected around 3,640 SGD per month, which is about 2,700 USD. Of course, salaries can vary depending on experience and qualifications. Entry-level positions typically start at around 1,750 SGD per month, but experienced bookkeepers can earn as much as 5,720 SGD.
In Singapore, bookkeepers with more than 20 years of experience can pull in salaries around 5,460 SGD per month. So, if you’re thinking of a long-term career in bookkeeping, Singapore is a pretty solid choice, especially with the country’s well-established economy and financial infrastructure.
Bookkeeping Salaries in Indonesia
In Indonesia, the bookkeeping salary is lower compared to Singapore. On average, bookkeepers earn between 4,500,000 IDR and 5,750,000 IDR per month, which is roughly 300 to 380 USD. The relatively lower salary reflects Indonesia’s economic conditions and the demand for financial services. However, in major urban centers like Jakarta, salaries can sometimes be on the higher end of the scale.
Although the salary may be lower than what you’d find in wealthier countries, Indonesia has a lower cost of living, which means the wages stretch further. This makes bookkeeping a good career choice for those who want to work in finance without the high cost of living found in other parts of Asia.
Bookkeeping Salaries in Malaysia
In Malaysia, the bookkeeping salary range between 3,000 MYR and 4,500 MYR monthly, which is about 700 USD to 1,050 USD. Entry-level positions usually start at around 3,000 MYR, while those with a few years of experience can earn up to 4,500 MYR per month. The bookkeeping salary varies depending on the location within Malaysia. For example, positions in Kuala Lumpur, the country’s capital, typically pay more than those in smaller towns.
Just like Indonesia, Malaysia’s cost of living is relatively lower, which means the salary, while not as high as in other parts of the world, is still competitive within the region. Bookkeepers in Malaysia can expect to earn a comfortable living while benefiting from the country’s growing economy.
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Bookkeeping Salaries in the United States
In the United States, the salary for bookkeepers is considerably higher. On average, a bookkeeper in the U.S. makes around 44,720 USD per year, which translates to about 21 USD per hour. Of course, there’s quite a bit of variation across the country.
For example, bookkeeping salary in more expensive states like California or New York are much higher than those in lower-cost areas like Mississippi.
The highest paying states tend to be those with major financial hubs, like Massachusetts, where the bookkeeping salary per hour is around 21.83 USD. On the flip side, Mississippi has one of the lowest wages, with bookkeepers earning about 13.17 USD per hour.
Bookkeeping Salaries in Germany
In Germany, bookkeepers can expect to earn around 1,720 EUR per month, or about 1,850 USD. The range typically falls between 790 EUR and 2,730 EUR depending on experience, location, and the size of the company. For entry-level positions, salaries may start at around 900 EUR, while those with 20+ years of experience can earn up to 2,550 EUR.
Germany has a strong economy, and with the rise of digital accounting tools, bookkeepers in Germany can expect steady demand for their services. The bookkeeping salary here is decent, especially considering Germany’s relatively high standard of living, but it’s still lower than what you might find in the U.S. or Singapore.
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Factors That Affect Bookkeeping Salaries
So, what determines the bookkeeping salary? Several factors come into play, and it’s important to consider these when choosing where to work or deciding whether to pursue a career in bookkeeping.
Experience
As with many jobs, the more experience you have, the higher your bookkeeping salary will be. Most bookkeepers can expect to earn a significant pay increase as they build their careers and gain more skills.
Location
The cost of living in different cities or countries plays a big role in salary differences. For example, urban areas and capital cities tend to offer higher salaries, as they have a higher cost of living and greater demand for skilled professionals.
Education and Certification
In many countries, bookkeepers with formal qualifications, such as a degree in accounting or finance, or professional certifications like Certified Bookkeeper (CB), tend to earn more bookkeeping salary than those without these credentials.
Industry
The industry you work in also affects salary. Bookkeepers in high-demand industries, such as finance or technology, may earn more than those working in retail or hospitality.
Also read: What Is The First Step of Becoming a Virtual Assistant?
Want to Be a High-Paying Bookkeeper?
You can kickstart your career as a bookkeeper by becoming a virtual assistant today! This offers you the chance to work remotely, from anywhere in the world. Plus, you’ll have the opportunity to earn more by landing clients from various countries.
To get started, simply do some quick research on what it means to be a bookkeeper VA. You don’t have to worry about finding resources–start with SGB VA free webinar. Hosted by our mentor, Tania Gromenko, this webinar provides valuable insights into becoming a virtual assistant.
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