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What is The Bookkeeping Salary in Australia and How Much Can I Earn?
When considering a career in bookkeeping, one of the essential factors that you should consider is the salary. Salary plays a vital role in determining whether a career path is viable and sustainable in the long run. As you start to consider the bookkeeping profession in Australia, as a student, a learner, a job seeker, or a career changer, the question remains: What is the bookkeeping salary in Australia, and how much can you earn?
What is bookkeeping?
Bookkeeping is a very diverse profession that requires a range of skills, from basic data entry to balance sheet preparation, tax payments, and payroll management. These skills are all essential in keeping the books of a company accurate and up-to-date. As a result of these roles and responsibilities, the salary for bookkeepers in Australia varies. Various factors such as experience, location, industry, and job opportunity contribute to an individual’s earning capacity in the industry.
How much can I earn as a bookkeeper?
The average annual salary for a Bookkeeper in Australia typically falls between $65,000 and $80,000. However, this can vary depending on the source of information. For instance, according to some career advice websites, the average salary is around $69,237 per year, while other job search websites indicate that it could be as high as $75,000 per year or $38.46 per hour.
When considering additional compensation such as bonuses and profit sharing, the total pay range could be anywhere from AU$48k to AU$82k as per salary data. Specifically, in Adelaide, the highest reported hourly wage for a Bookkeeper is A$38.89.
It’s also worth mentioning that the level of experience and the company one works for can greatly influence these numbers. Senior bookkeepers, for example, can earn between $40 – $60 per hour according to information provided by tax professionals.
Location is another important factor that affects a bookkeeper’s earning potential in Australia. Bookkeepers working in big cities such as Sydney and Melbourne can expect a higher salary compared to those working in regional towns that have a smaller labour market. The reason for this difference in salary is the higher cost of living associated with the major cities. For example, in Sydney and Melbourne, the average salary for a bookkeeper is around $75,000 per year, while in regional areas such as Adelaide and Brisbane, it can range between $61,000 and $68,000.
Another crucial factor that affects the bookkeeping salary in Australia is the industry you choose to work in. Bookkeepers can find employment opportunities in various industries such as finance, healthcare, retail, government agencies, and more. The industry you work in may determine your earning potential, depending on the demand for bookkeepers and the specific skills required.
For example, according to salary data, bookkeepers working in the finance sector tend to earn more than those working in healthcare or retail. This is because financial institutions often require bookkeepers with advanced skills and experience to handle more complex financial transactions.
The bookkeeping industry in Australia is also segmented into different industries. Different industries require the bookkeeper to take on additional roles and responsibilities, such as construction bookkeeping or legal bookkeeping, which, in turn, may result in higher salaries. For example, according to Indeed Australia, the salary for a legal bookkeeper can range from $58,000 to $74,000 per annum.
The demand for bookkeepers in Australia is expected to grow over the next five years. As per , there will be approximately 35,000 job openings for bookkeepers in the next five years, with a strong employment growth rate of 8.5%. This is good news for those considering a career in bookkeeping as it means there will be plenty of job opportunities and potential for career advancement. Additionally, with a shortage of skilled bookkeepers in the country, there is potential for higher salaries and better job security.
Bookkeeping is an essential part of business operations and plays a crucial role in ensuring that businesses are profitable and sustainable in the long run. Many bookkeeping professionals start their careers at the entry-level and earn lower salaries, but over time, as they gain more experience, their salary potential increases. To maximise your earning potential, you can invest in industry-specific training and certifications. Overall, a career in bookkeeping can be financially rewarding, with earning potential ranging from $40,000 to $75,000 per annum, depending on your qualifications, experience, and location.
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