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10 Benefits of studying Bookkeeping and Accounting in Australia 

Accounting and bookkeeping are both important business functions, but they are not the same. There are significant distinctions between bookkeepers and accountants. This guide will go over the major distinctions and provide you with all of the information you need to know about bookkeeping vs accounting.  

 

What is Bookkeeping?  

Bookkeeping is primarily concerned with the recording of financial transactions and the accuracy of information. If your company employs a bookkeeper, for example, they will record transactions on a daily or weekly basis to ensure you have a chronological record of incoming and outgoing payments.

Bookkeepers are in charge of keeping the books and preparing information for accountants. The primary goal of bookkeeping is to keep a logical, organized record of transactions.  

 

What is Accounting?  

Accounting entails analyzing, evaluating, summarizing, and interpreting a person’s or a business’s financial situation using the information provided by bookkeepers.

Accountants use this data and their expertise and skills to create reports and communications that provide accurate information about the client’s financial situation. Accountants can provide tailored advice based on a client’s finances, as well as services such as tax preparation and filing.

In this case, an accountant will use financial records and accounts to determine how much tax the client owes, prepare and file the return, and arrange for timely payment.  

 

The similarities between Bookkeeping and Accounting 

To the untrained eye, bookkeeping and accounting may appear to be very similar. There are differences between the two, despite the fact that they both deal with financial transactions and numbers. The distinction between bookkeeping and accounting may become blurred in some cases. Many businesses hire a bookkeeper who does more than just record payments and keeps the books up to date.

Similarly, accountants are sometimes involved in accounting as well as analysing information and data provided by a client. 

Both bookkeepers and accountants have the ability to work with numbers, but accountants have more advanced training and additional qualifications that allow them to provide a more diverse range of services. 

 

The primary differences between bookkeeping and accounting  

Accounting encompasses far more than bookkeeping. Accountants have experience with bookkeeping, but they also have a variety of other skills that allow them to analyze, evaluate, and interpret financial data. They can create reports, provide advice and recommendations, prepare tax returns, and provide consulting services, whereas bookkeeping is primarily concerned with the data recording. Bookkeepers essentially prepare the information and lay the groundwork for accountants to proceed.  

Being an accountant is the best option if you want to work in the financial services industry for a long time. A bookkeeper records and categorises a corporation’s daily financial transactions (e.g., sales, payroll, payment of bills, etc.). They are more concerned with keeping accurate records than with comprehending data and analytics. An accountant uses the information provided by the bookkeeper. 

Accounting jobs offer more opportunities for advancement and higher pay than bookkeeping jobs. In the meantime, if you aren’t ready to commit to a long-term position but want to get a taste of the financial services industry, a career in bookkeeping may be a good fit. 

When deciding on a career in either field, it’s critical to understand the distinctions between accounting and bookkeeping. Bookkeepers keep track of a business’s daily financial transactions. Accountants, on the other hand, care more about the big picture. 

If you want to make a decent living while planning your long-term professional goals, becoming a bookkeeper is a great place to start. The educational requirements are another factor to consider when choosing a career path.  

 

What are the most important benefits of pursuing an accounting course?  

There are numerous reasons to pursue an accounting degree and a career as an accountant. The following are the top ten.  

 

  • Accounting can serve as a solid foundation for almost any career path

Accounting credentials are always valuable. An accounting degree could serve as the foundation for a future career in finance or economics. Even if you eventually changed careers, you’d still have a set of skills and knowledge that many employers would value.

An accredited qualification demonstrates to employers that you are good with numbers, can manage meticulous record-keeping and reporting, and are familiar with budgets and financial forecasting. These are all valuable traits and skills to have regardless of your role. To be a great accountant, you don’t even have to be a math genius.  

 

  • Accountants earn a higher-than-average salary

Accountants earn around $1,660 per week, which is $200 more than the national average, according to the federal government’s Job Outlook website. Of course, when you first start out in the industry, your pay will be a little lower. However, your earning potential will grow with time and experience.  

 

  • There are plenty of different roles out there available 

Accountants and bookkeepers have more opportunities than you might think. For example, you could start your career as an Accounts Payable or Receivable Clerk but then move into tax accounting or financial planning. You could even work as a Forensic Accountant, assisting law enforcement in the detection of crimes such as fraud and embezzlement.  

 

  • Accounting and finance are essential to every industry in Australia

Accounting is used by all businesses to manage their finances, regardless of industry. This means that if you have an accounting or bookkeeping qualification, you could work in a variety of different types of businesses.  

 

  • It is a growing industry with room for expansion

Working in financial services will allow you to join a workforce of over 800,000 professionals that is still growing. This means that there are numerous career opportunities for professionals with the necessary skills and knowledge in this dependable and stable industry.

If you want to advance in your career and have your sights set on the top job, taking an accounting course could be a good place to start. With the right training, hard work, and dedication, you could one day aspire to be a Finance Director or Chief Financial Officer.  

 

  • You could start your own business

Have you ever fantasised about being your own boss? If you pursue an accounting degree, you may be able to start your own business.  

Some small businesses do not generate enough revenue to justify hiring a full-time accountant or bookkeeper. Instead, a much more cost-effective solution would be for them to hire an accounting professional when their advice and expertise are required, such as around tax time. This is an excellent opportunity for self-employed accounting and bookkeeping professionals to step in and help.  

 

  • Your job may allow you to travel

Every country speaks the same language, and that language is the language of numbers. Math does not differ according to country. Numbers are always the same. And there will always be a need for financial professionals, both domestically and internationally. 

Working in accounting may provide you with international travel opportunities, particularly if you end up working for a global company with multiple offices around the world. 

A job as an Auditor, on the other hand, may require you to physically visit sites, which would entail local travel.  

 

  • You can study accounting online  

Accounting and finance are just two of the many different courses available online today. Many people study online for a variety of reasons. Sometimes it’s because they have other commitments that prevent them from studying full-time on campus, such as a full-time job, a family, or both. It’s sometimes because getting to a physical campus is difficult. Other times, people simply prefer to study online because it allows them to study whenever and wherever they want.   

We provide a variety of online accounting courses, including nationally recognised qualifications and non-accredited short courses.   

The FNS40217 Certificate IV in Accounting and Bookkeeping is an excellent place to start your accounting career. This course was created by industry professionals to teach you everything you need to know about getting started in the industry.   

The FNS50217 Diploma of Accounting will teach you the enhanced skills and knowledge required to advance your career or take on a supervisory role. However, in order to study for this qualification, you must first complete some prerequisites.  

 

  • You can study accounting online 

Accounting and finance are just two of the many different courses available online today. Many people study online for a variety of reasons. Sometimes it’s because they have other commitments that prevent them from studying full-time on campus, such as a full-time job, a family, or both. It’s sometimes because getting to a physical campus is difficult. Other times, people simply prefer to study online because it allows them to study whenever and wherever they want.  

We provide a variety of online accounting courses, including nationally recognised qualifications and non-accredited short courses.  

The FNS40217 Certificate IV in Accounting and Bookkeeping is an excellent place to start your accounting career. This course was created by industry professionals to teach you everything you need to know about getting started in the industry.  

The FNS50217 Diploma of Accounting will teach you the enhanced skills and knowledge required to advance your career or take on a supervisory role. However, in order to study for this qualification, you must first complete some prerequisites.  

 

  • You can work from anywhere 

Some accounting jobs may allow you to travel, and others may allow you to work remotely.  

When the COVID-19 pandemic first broke out, the finance industry was among the first to respond. This is an industry that has always been driven by innovative new technological developments, and the Australian finance sector proved to be responsive and flexible when it came to adjusting to the ‘new normal.’  

More and more businesses in Australia are providing their employees with flexible options that allow them to work from home. This can also benefit workers who do not live within commuting distance of the company but can still work from home.  

 

  • Career flexibility 

‘Accounting is the business language,’ says legendary investor Warren Buffett.  

A solid foundation in accounting, like mastering a language, allows a professional to access a diverse range of roles in various businesses.  

Accounting students are not required to work as ‘traditional’ accountants, recording transactions in ledgers and preparing profit and loss statements.  

The time spent on calculations and transactional tasks can be greatly reduced as AI technology advances. Accountants can specialise in strategic aspects of finance such as forecasting and analysis. At that level, an accounting role can include the process of converting numbers into insights that can have a real impact on a company’s decision-making.  

 

Accounting, in fact, opens the door to a wide range of interconnected careers, including:  

  • Finance Management   
  • Business Management   
  • Strategy & development  
  • Investment Advisory  
  • Risk Management  
  • Entrepreneurship  

 

What Is an Accountant’s Basic Role?  

The primary concerns of an accountant are providing financial advice or money rotations, as well as preparing and settling the period’s accounting records. Accountants are responsible for maintaining the accuracy of business financial terms, records, bills, taxes, and overall cost transactions. So, here are some additional roles as an accountant:  

  • Organize the company’s financial records and any other accounting statement books that are required.  
  • All cash and accrual statements should be reviewed for greater accuracy in the final accounting paper.  
  • Suggest and provide financial advice on how to reduce and increase revenues and profits.  
  • Financial Bookkeeping tasks, as well as recording important notes against events  
  • Ensure that records and statements are kept in accordance with accounting law and the country’s financial rules.  
  • Calculate accrued taxes, prepare tax returns, and ensure timely payment while keeping the company’s benefits in mind.  
  • In order to stay current, inspect account books and accounting information systems.  
  • Provide auditing services in accordance with the company’s requirements and timeframes.  

 

Reasons to Consider Bookkeeping as your Career  

Accountants are the backbone of any business and a fantastic career choice in terms of job stability and salary. Accountants play critical roles in all organisations, from ensuring that money flows to keep the doors open and the lights on.  

Has this changed as a result of technological progress? What can you expect from accounting jobs in the future?  

Accounting is an excellent field to work in if you want a stable job with many opportunities. If you’re considering a career in bookkeeping, you’ve probably got a few questions. Continue reading to learn about the numerous advantages of working in bookkeeping.  

 

Excellent Jobs Prospects 

Bookkeepers are in high demand, and their numbers are growing. You’ll have a good chance of finding work once you’ve finished your education. Bookkeepers are in high demand all over the world, so if you want to work abroad, you should consider bookkeeping. 

As a bookkeeper, you can work in a variety of industries. Some people work in finance, but you could also work in retail, healthcare, or insurance; the options are endless! 

If you get bored easily in your current job, this is a great career path for you. You will be able to travel and work in a variety of settings, ensuring that your job never becomes monotonous. 

 

You Have Control Over Your Career 

A bookkeeper’s duties and responsibilities differ from those of an accountant. Despite having similar goals, they operate at different stages of the financial cycle. Nonetheless, both career paths are critical in the financial sector 

You can choose where you want to go and how quickly you want to grow if you start your career in bookkeeping. 

A Certificate IV in Accounting and Bookkeeping could help you break into the industry. Nonetheless, if you want to work in accounting or auditing, you can simply obtain additional qualifications, such as a TAFE course. 

Bookkeepers may work part-time or full-time, depending on their needs. Longer workdays are common during tax season and the fiscal year’s end. Monday through Friday, bookkeepers typically work normal business hours. 

 

High Earning Potential  

In today’s world, having a consistent wage can provide a lot of security. Bookkeepers earn a good living that grows with experience. In Australia, the average annual salary for a bookkeeper is $56,000.  

You can easily advance to higher-paying positions within the industry. Consider a career in accounting if you want to earn enough money to pursue lifelong goals such as travel and homeownership.  

You can advance your career by taking a TAFE course. Certificate IV in Accounting and Bookkeeping (FNS40217) is the most direct path to gaining valuable on-the-job experience.  

 

Technological Skills Are Required  

Many bookkeeping jobs necessitate the use of a variety of computer software and systems, as well as a number of technical duties and practical skills as well. 

Because many bookkeeping tasks have been moved to cloud-based systems such as MYOB and Xero, strong computer skills are required.  

Although manual calculations will still be required to ensure accuracy in bookkeeping activities and responsibilities, having a thorough knowledge of IT-related accounting skills will put you ahead of the competition.  

Bookkeeping uses digital apps to make the job easier. If you require additional training after landing a job in bookkeeping, you can enroll in a TAFE course. The majority of applications, on the other hand, are simple to use and should not cause you any problems.  

 

How to become a bookkeeper in Australia?  

Bookkeepers are in charge of maintaining a company’s financial records, monitoring transactions, updating statements, and ensuring accuracy, as well as producing financial statements and other reports for management and supervisors.  

Bookkeepers record information from receipts, invoices, and bills using accounting software, spreadsheets, and databases to generate reports and collate data. They will also be given additional responsibilities such as purchasing, payroll, and invoicing, which may require them to communicate with clients on occasion.  

A Bookkeeper may be required in some cases to prepare and file Business Activity Statements (BAS) for tax purposes. This requires registration as a BAS Agent with the Tax Practitioners Board and will improve any Bookkeeper’s employment prospects.  

Do numbers, databases, and spreadsheets calm you down? Do you find satisfaction in precision and order? If so then you are at the right place, take these steps to become a bookkeeper. By completing the course FNS40217 Certificate IV in Accounting and Bookkeeping you will get the proper skills and knowledge required to work in any kind of firm. 

 

 Step 1: Complete a certificate course 

The first step in becoming a bookkeeper is to earn a certificate IV or higher in bookkeeping or accounting. This course will teach you how to prepare reports, work with accounting software, and keep records. In order to apply for BAS Agent registration, it is also recommended that you complete GST and BAS units within the certificate courses.  

 

Step 2: Get some work experience 

You will have the basic skills required to apply for bookkeeping roles once you have obtained your Cert IV qualification, but you will be unable to perform BAS related tasks until you are more qualified. To legally prepare and lodge Business Activity Statements, you will need 1400 hours of relevant work experience, so start knocking on doors to find a registered BAS Agent from whom you can learn, either as a volunteer, intern, or entry-level book-keeper.  

 

Step 3: Become a BAS Agent 

You can now apply to the Tax Practitioners Board to become a registered BAS Agent after demonstrating your experience and knowledge of GST and BAS procedures. While a BAS Agent qualification is not required for a career as a bookkeeper, it will greatly improve your employment opportunities.  

 

Step 4: Obtain insurance 

You will be bound by a code of professional conduct once you have qualified and registered as a BAS Agent. This code imposes certain requirements, one of which is that you maintain a certain level of Professional Indemnity (PI) Insurance. This insurance protects Bookkeepers from client losses caused by the Bookkeeper’s negligence or errors.  

 

FNS40217 CERTIFICATE IV IN ACCOUNTING AND BOOKKEEPING COURSE INFORMATION  

The FNS40217 Certificate IV in accounting and bookkeeping course covers the duties of contract bookkeepers, BAS Agents, and employees performing bookkeeping duties for businesses in a variety of industries.  

It entails preparing and submitting business and installment activity statements, as well as providing advice to taxpayers and representing them in interactions with the Commissioner regarding activity statements. When performing routine and non-routine tasks, these professionals use their theoretical and specialised knowledge and abilities to work independently and use their judgment.  

Work functions in the occupational fields where this qualification may be used are subject to regulatory requirements. Individuals who provide a business activity statement (BAS) service in exchange for payment or another benefit must register with the Tax Practitioners Board (TPB). This qualification is currently recognised by the TPB as meeting the educational requirements for registration.  

The Australian government has approved the FNS40217 Certificate IV in Accounting and Bookkeeping course. The successful completion of eight (8) core units and five (5) elective units is required for the FNS40217 Certificate IV in Accounting and Bookkeeping. The electives for this qualification were chosen by the Southern Academy of Business and Technology to ensure that students achieve a broad range of knowledge and skills in Accounting and Bookkeeping.  

 

Entry Requirements  

The Southern Academy of Business and Technology has the following admission requirements for international students:  

  • You must be at least 18 years old to take part. 
  • You must have an IELTS score of 5.5 or higher (test results must be no more than 2 years old).  
  • Have completed Year 12 in Australia or its equivalent.  

  

International students who can provide documented evidence of any of the following may be exempt from demonstrating English language proficiency:  

  • For five years, the student must have successfully completed their education in an English-speaking country.  
  • The student has completed a Certificate IV level course at an Australian RTO for at least 6 months.  
  • An English Placement Test was successfully completed by the student.  
  • In Australia, the student successfully completed a foundation course.  
  • The student has completed their high school education in English.  
  • Students must also attend a course entry interview to determine their suitability for the course.