Bookkeeping can help you make enough money if you have the right skills and experience with you. It is a great job which pays you well depending on your location and expertise.
But the question which arises is how much do bookkeepers actually earn in UK? Well, in UK, the salaries of bookkeepers depend on their location, skills, and various other factors.
In this guide, we’ll break down the factors which influence the pay of bookkeepers and how much they actually make in bookkeeping services.
Average Salaries of Bookkeepers in UK
According to National Career Service UK,
The average salary of a bookkeeper annually, ranges from £18,000 to £35,000 depending on their experience.
The salary is somehow lesser at initial level for the ones who have just started their career in bookkeeping while the experienced professionals can get up to £18,000 per year. Most bookkeepers work between 37 to 39 hours a week, usually during office hours which are between 8am to 6pm. Your qualifications, experience, and location can greatly influence the pay you receive as a bookkeeper.
Factors that Influence Salaries of Bookkeepers
There are certain factors that influence the salaries of bookkeepers. They are;
- Level of Experience
The experience of bookkeepers plays a major role in their pay scale. Entry-level bookkeepers or those individuals who have just started their career in it often start at a lower pay scale. By the time, as you gain experience and become more efficient in your job, your salary is more likely to increase.
- Qualifications
Formal qualifications can greatly influence your salaries, resulting in better pay rates. Qualifications such as those from ACCA, AAT, can make a major difference. Seniors or specialised bookkeeping roles require these qualifications and offer a competitive salary to the one who meets all the expectations.
- Location
Your salary as a bookkeeper is significantly impacted by the location you work in UK. Bookkeepers in larger cities earn more due to higher living costs and have a greater demand for skilled financial professionals. Whereas, salaries in rural areas or small towns may be lower due to the cost of living. So, you can get the pay depending on where you work.
- Industry-Specific
The money which bookkeepers make are highly influenced by the industry in which they work. Some industries require a thorough financial management which raises the pay of bookkeepers.
For example, bookkeeping roles in finance or tech sectors frequently offer higher pay as compared to the retail or non-profit organisations.
- Company Size
The size and type of the business you work for can also impact what you earn as a bookkeeper. Larger companies offer more salaries than the smaller ones since they have greater budgets which allows them to offer higher salaries. Smaller firms on the other hand pay less because of their limited financial resources but they offer you valuable experience.
- Training and Certification
Earning certifications and professional training beyond the basic qualifications can increase your value in the job market. Taking payroll, taxation, or software courses like Xero or QuickBooks will help you stand out from the competition in the market and will result in opening better-paying opportunities for you.
- Market Dynamics
The demand for bookkeepers may change over time depending on the economy. When businesses expand, there is more need for financial tracking which can raise salaries and job availability. On the other hand, during economic downturns, opportunities may become very limited which can greatly impact the salaries and pay rates.
Conclusion
In UK, bookkeeping can be a well-paying career. But, it is only possible when you keep the above-mentioned factors in your mind. From level of experience to qualifications and certification, each factor plays a crucial role in shaping your salary.
There is a great opportunity for growth of people in the field of bookkeeping but it takes time. What matters the most is your experience, training, and specialisation. Knowing and understanding all these factors can help you make wiser decisions and maximise your earning potential.
