How to Work in Accounting and Bookkeeping

How to Apply for Accounting and Bookkeeping Programs, What to Expect, and Why It’s a Great Career Choice

Accounting and bookkeeping are two of the most fundamental components of any business or organization. These fields are integral to financial management, tax compliance, and strategic decision-making. Whether you’re looking to pursue a career as an accountant, a bookkeeper, or in a related financial role, obtaining the right education and credentials can help you unlock a range of career opportunities. This guide will walk you through the process of applying for accounting and bookkeeping programs, what you can expect during your studies, how to pay for your education, and why pursuing a career in these fields is an excellent choice.

What is Accounting and Bookkeeping?

Accounting and bookkeeping are both essential parts of financial management within businesses, nonprofits, and government entities. While the two terms are often used interchangeably, they involve distinct processes:

• Bookkeeping: This refers to the process of recording and organizing financial transactions, such as sales, purchases, receipts, and payments. Bookkeepers typically maintain general ledgers, track expenses, and manage accounts payable and receivable.
• Accounting: Accounting involves interpreting, classifying, analyzing, reporting, and summarizing financial data. Accountants use the information recorded by bookkeepers to create financial statements, prepare tax returns, perform audits, and advise on financial planning.

Common Accounting and Bookkeeping Careers

Both accounting and bookkeeping offer various career paths, with opportunities to specialize in different areas. Some common career choices in these fields include:

• Certified Public Accountant (CPA): A CPA is an accountant who has passed the Uniform CPA Exam and met the state licensing requirements. CPAs often work in tax preparation, auditing, or consulting.
• Bookkeeper: A bookkeeper records financial transactions, tracks expenses, and ensures the company’s financial records are up to date.
• Accounts Payable/Receivable Specialist: These professionals manage a company’s outgoing and incoming payments, ensuring bills are paid on time and money is collected from customers.
• Tax Preparer: Tax preparers assist individuals and businesses in filing their tax returns and ensuring they comply with tax laws.
• Financial Analyst: A financial analyst evaluates and interprets financial data to help businesses make informed decisions about investments, budgeting, and forecasting.
• Auditor: Auditors examine financial statements and business operations to ensure accuracy, compliance with laws, and identify areas for improvement.

Types of Accounting and Bookkeeping Programs

There are several different types of educational programs you can pursue in accounting and bookkeeping. Depending on your career goals, you can choose from short-term certificates, associate degrees, or even bachelor’s degrees. Here’s an overview of the most common options:

Accounting and Bookkeeping Certificates

Accounting and bookkeeping certificate programs are designed to provide you with the essential skills you need to work in these fields. They are typically shorter in duration than degree programs, often taking anywhere from a few months to a year to complete. These programs focus on practical knowledge, including bookkeeping techniques, tax laws, financial reporting, and basic accounting principles. Certificate programs are ideal for individuals who want to enter the workforce quickly, or for those who are looking to enhance their existing skills.

• Bookkeeping Certificate: Focuses on the core skills needed for bookkeeping, including tracking financial transactions, reconciling accounts, and preparing financial reports.
• Accounting Certificate: Provides more advanced training in accounting, including cost accounting, financial management, and financial statement preparation.
• Tax Preparer Certificate: Focuses specifically on tax laws, tax preparation, and filing returns for individuals and businesses.

Associate Degree in Accounting

An associate degree in accounting typically takes two years to complete and provides a more in-depth education in accounting and finance. This program includes both core business courses (like business law, economics, and marketing) and specialized accounting courses, such as:

• Financial Accounting
• Managerial Accounting
• Business Law and Ethics
• Cost Accounting
• Computerized Accounting Systems
• Income Tax Preparation

Many associate degree programs also offer internships or practical experience, which can help you gain hands-on skills that are highly valued by employers.

Bachelor’s Degree in Accounting

A bachelor’s degree in accounting is typically a four-year program that offers a comprehensive education in accounting and finance. Students in a bachelor’s degree program will learn advanced accounting principles and gain expertise in auditing, financial analysis, tax preparation, and business law. A bachelor’s degree can also serve as a stepping stone toward obtaining certifications like the CPA. Many accounting professionals pursue this degree if they plan to work for large firms or handle more complex financial tasks.

How to Apply for Accounting and Bookkeeping Programs

Getting started in accounting or bookkeeping requires careful research and preparation. Here are the general steps you’ll need to take when applying to a certificate or degree program:

Step 1: Research Programs

The first step is to identify the programs that align with your career goals. When researching programs, consider the following factors:

• Program Type: Do you want to pursue a certificate, associate degree, or bachelor’s degree? Consider the length of the program and the level of education required for the career you’re interested in.
• Accreditation: Make sure the program is accredited by a recognized body, such as the Accrediting Council for Accountancy and Taxation (ACAT) or Accreditation Council for Business Schools and Programs (ACBSP).
• Cost: Compare the tuition rates of different programs, and make sure to check for any hidden fees such as lab fees, technology fees, or materials costs.
• Online or In-Person: Many schools offer online programs, which may be more flexible for students with work or family commitments.

Step 2: Meet Admission Requirements

Once you’ve found the program that interests you, review the admission requirements. Most certificate and associate degree programs will ask for the following:

• High School Diploma or GED: Most programs require a high school diploma or equivalent. Some programs may allow students to apply with relevant work experience if they do not have a formal educational background.
• Transcripts: You will likely need to submit official transcripts from high school (or previous colleges if applicable) as part of your application.
• Entrance Exams: Some programs may require you to take a math or general knowledge exam, especially if you’re entering an associate degree or bachelor’s program.
• Personal Statement or Essay: Many schools may ask for a short personal statement or essay that explains why you are interested in accounting and your career goals.

Step 3: Apply and Register

After gathering the required materials, submit your application to the program of your choice. Once accepted, you’ll need to register for courses and decide whether you want to pursue the program full-time or part-time. Some schools may also require you to attend an orientation or introductory session before you begin your classes.

How to Pay for Accounting and Bookkeeping Programs

Accounting and bookkeeping programs can be affordable, but it’s important to explore your options for financial aid. Here are some ways to pay for your education:

• Financial Aid: Completing the Free Application for Federal Student Aid (FAFSA) will determine whether you are eligible for federal grants, loans, or work-study programs. Many schools also offer institutional financial aid.
• Scholarships: There are many scholarships available for students pursuing accounting and bookkeeping degrees. Some organizations to consider include the American Institute of CPAs (AICPA) and the National Association of Tax Professionals (NATP).
• Employer Tuition Assistance: If you are currently employed, check with your employer to see if they offer tuition reimbursement programs for employees pursuing educational programs.
• GI Bill: Military veterans and active-duty personnel may be eligible to use their GI Bill benefits to cover the costs of accounting or bookkeeping programs.
• Payment Plans: Many schools offer payment plans that allow you to pay for your tuition in installments, which can make the costs more manageable.

Why Accounting and Bookkeeping are Great Career Choices

Accounting and bookkeeping are not just stable, in-demand fields—they also offer a variety of career benefits:

• Job Stability: Almost every business needs accountants and bookkeepers, which translates to strong job demand. The U.S. Bureau of Labor Statistics reports that employment in accounting and auditing is projected to grow by 6% through 2029, faster than the average for all occupations.
• Competitive Salaries: Accountants and bookkeepers can earn solid salaries, with the median annual wage for accountants in 2023 at $78,000, and bookkeepers earning a median annual salary of $47,000. Salary potential increases as you gain experience and certifications.
• Career Flexibility: The skills you gain through accounting and bookkeeping programs can be applied across many industries, including finance, healthcare, government, and education. This flexibility allows you to work in a field you’re passionate about.
• Opportunities for Advancement: You can further your career by obtaining certifications like the CPA (Certified Public Accountant) or CMA (Certified Management Accountant), which open doors to higher-paying roles in management or specialized areas.
• Job Satisfaction: Many accounting and bookkeeping professionals find their work rewarding because it involves solving problems, helping businesses stay financially healthy, and making an impact on the success of the organization.

Pursuing a career in accounting or bookkeeping offers a wide range of opportunities. Whether you choose to pursue a certificate or a degree, these fields are rewarding and provide job stability, competitive salaries, and room for growth. With the right education and determination, you can build a successful career in this essential and respected field.