Understanding the Bachelors in Accounting Salary Scale

Entering the workforce with a bachelor’s degree in accounting opens doors to various career paths with competitive salaries. Most accountants perform basic duties like preparing financial statements, performing audits, processing payroll, and managing taxation. However, the range in salary largely depends on one’s experience, location, and specialty area.

A recent graduate with a bachelor’s degree in accounting can expect an average salary of around $50,000 per annum in the United States. However, there are opportunities for growth and increased income as one gains experience and further education in the field. After two to three years of experience, the salary can increase up to $60,000 – $70,000, while with more than five years of experience, an accountant can expect to earn on average $70,000 – $80,000.

Specialization in Accounting

Specializing in a particular area of accounting can also influence the salary scale of a bachelor’s degree holder in accounting. Specialized accountants often earn more due to their niche knowledge and skills. Some popular specializations include Forensic Accounting, Management Accounting, Financial Analysis, Tax Accounting, and more.

Furthermore, professionals holding certified credentials, such as the Certified Public Accountant (CPA) designation, significantly increase their earning potential. On average, CPAs earn 10-15% more than those without the certification. Similarly, a Certified Management Accountant (CMA) or a Certified Internal Auditor (CIA) can also expect a boost in their income.

Role of Geographical Location

The geographical location of an accountant’s job also plays a significant role in determining their salary. For instance, metropolitan areas with a higher density of corporations and businesses, such as New York, Washington DC, and San Francisco, tend to pay higher salaries than rural areas.

Fixed Assets and QuickBooks Online

Key to the role of any accountant is managing assets – an essential part of which is ‘fixed assets’. Let’s explore what this role means when using one of the popular accounting software, QuickBooks Online.

Fixed assets in QuickBooks Online represents long-term tangible pieces of property or equipment that a company owns and uses in its operations to generate income. Managing fixed assets efficiently is not just critical for accurate financial reporting but also for determining the net worth of a business, tax calculations, and making informed strategic decisions.

QuickBooks Online provides features and functionalities to handle this important task effectively. It allows accountants to track the purchase, depreciation, and disposal of assets. This simplifies the complex processes of calculating depreciation, creating depreciation schedules, and generating accurate financial statements, ultimately adding value to a business’s financial management system.

Conclusion

In conclusion, holding a bachelor’s degree in accounting, combined with specialization, certification and efficient handling of tasks such as managing fixed assets in QuickBooks Online, can pave the way for a rewarding career with a competitive salary. It’s about equipping oneself with the right skills, knowledge, and tools to ride the wave of monetary success in the accounting world.