Accounting and payroll administration goes beyond managing excel sheets, ledgers, and invoices. Accounting and payroll managers play a critical role in managing the economic impact of COVID-19, helping businesses sustain and evolve during uncertain and changing times.
Before you decide if an accounting and payroll career is a good choice for you, you need to think about factors such as:
- What does day to day work involve?
- How much money you could make, growth opportunities in this domain?
- How much investment in terms of money and time is required?
In this post, we will cover five things that you should consider before deciding on a career in professional accounting and payroll:
1. Are these professions going to be in demand?
Accounting and payroll professionals are in demand in almost every sector and have different job prospects depending on where they work. Job opportunities for accounting professionals are good in Ontario over the next three years.
As more and more companies adapt to digital transformation, professionals with technical skills will be in high demand.
According to the Ontario government, accounting clerks, payroll administrators, and bookkeepers are expected to grow 12 to 13 percent between 2021 –2025.
2. How much can you earn as an accounting and payroll professional?
Return on investment should be an essential factor while deciding on a career path. In addition, you want to be sure about a decent income upon graduation.
According to the Government of Canada Job Bank, accounting clerks and assistants earn an average wage of $21.63 per hour.
Payroll administrators and related professionals can earn up to $35.07 per hour in Canada.
3. What do Accounting and Payroll Professionals do?
Some organizations split accounting and payroll into two separate functions. However, in smaller companies, it’s common for the roles to be combined.
If you pursue an accounting and payroll career, you can expect to be responsible for:
- Maintaining the general ledger.
- Enter, check and manage transactions – accounts payable and receivable, purchase orders, payroll, invoices, purchase orders, and bank statements, using manual and computerized systems.
- Gather data and documents, estimate revenues, expenses for budgeting.
- Prepare cost statements or reports to calculate and manage costs of material, overhead expenses, quotations, and price lists.
- Providing information and answering any queries employees may have related to payroll.
- Manage employee timesheets, electronic and manual, and calculate payable hours, bonuses, commissions, tax, and deductions.
- Maintain employee records, issue paychecks, and manage direct deposits.
- Maintain employee files and record systems.
- Provide administrative assistance to the accounting department as required.
4. What skills and traits do you need?
Gone are the days when accounting professionals were stuck behind a desk crunching numbers. With changes in the overall business domain, people working in the field need interpersonal skills and technology. Here are some of the must-have skills and traits you need:
- Attention to Detail – It is one of the most crucial skills that every accounting-related professional needs. All of it requires a detail-oriented person, from matching invoices to purchase orders, reconciling bank statements, to filing documents.
- Software Skills: Apart from standard applications such as MS Office, you should be familiar with software like QuickBooks and Sage. Before you apply for any job, ensure you have enough practical exposure to the latest version of the software.
- Number Skills: Although computers take care of most calculations, strong mental math will help you spot any inaccuracies.
- People and Communication Skills – Payroll professionals play an active role in an organization and communicate information verbally, through emails, and written reports. For example, you might have to help fellow employees understand payroll-related queries or do a presentation to senior management; good communication skills will help you in day-to-day activities and career progression.
- Integrity: You will be working with confidential data about the business; thus, ensuring transparency of the work you do should be a priority. High standards of honesty and building trust among superiors and co-workers is essential.
- Multi-Tasking and Time Management: You must have the ability to manage multiple tasks at once promptly. You might be dragged in various directions, especially if you are handling numerous roles. Good time management skills will help you be more productive and give better results at work.
5. Pros and Cons of working as Accounting and Payroll professional
Before you commit to a career ins payroll and accounting, you should know the complete picture of what working in this field is like and how you can better prepare for the job:
Here are some pros:
You can work in any industry: You could work in healthcare, retail, education, government, manufacturing, in fact, every sector. But, from small or medium-sized businesses to multinational companies, the demand for trained professionals is constant.
Flexibility: Whether you are looking to work from home or go down the self-employment route, bookkeepers and accounting clerks can work remotely and with multiple businesses.
Career Advancement Opportunities: A diploma in Professional Accounting and Payroll Administration can get you started on a lucrative career path. Additional certifications such as Payroll Compliance Practitioner or a degree in accounting management can help your career growth exponentially.
Let us talk about the cons:
Stuck at desk: If you do not enjoy sitting for long hours in front of a computer, you might have to rethink your career choice.
Job Pressure and Tight Deadlines: Although each job comes with its pressure, you will be processing payroll, creating financial reports, and would be required to work quickly and accurately managing even the minutest of details. During tax season, you might not extend away from the 9 to 5 schedule.
Do you think Accounting and Payroll Administration is Right for you?
If the payroll and accounting field seems like a good fit, the proper training can help you achieve your career goals.
BizTech College’s Professional Accounting and Payroll Administration diploma program is designed to facilitate students with a versatile skill-set.
With a focus on both theoretical and practical skills, our graduates are equipped with skills to secure employment in various business settings.
Need more info? Click Below!