Whether you're a student, recent graduate, or looking for a career change, understanding the benefits and pathways in these fields is crucial for making an informed decision.
While accounting is a popular choice, it's important to note that not everyone needs or wants to become an accountant. The financial sector offers diverse roles, including bookkeeping, which provides its own set of rewarding opportunities.
Is accounting or bookkeeping the right career for you? Read on to find out.

Job Stability and Demand 

Accountants are always in high demand across various sectors. Whether in private firms, public sectors, or non-profits, the need for financial expertise ensures excellent job security in the accounting profession.

Diverse Career Paths

An accounting career offers numerous pathways. You can become a management accountant, forensic accountant, or even specialise in tax or auditing. The various types of accountants allow you to find a niche that suits your interests and skills.

Financial Rewards 

Accounting is known for its competitive salaries and benefits. As you gain experience and possibly become an AAT Professional Accountant or an ACCA qualified accountant, your earning potential significantly increases. The financial rewards can lead to a lucrative and stable career.
Professional Development 

The field of accounting provides ample opportunities for continuous learning and growth. Pursuing certifications and memberships can enhance your credentials and career prospects.

Cyclical Workload

The accounting field often follows cyclical patterns, with busy periods during tax season and financial year-ends. While these times can be demanding, they also offer opportunities for professional growth and the satisfaction of meeting important deadlines.

Problem Solving and Analytical Skills 

Working with financial information involves daily problem solving and analytical challenges. If you enjoy dissecting data and creating solutions, accounting can be an intellectually stimulating and rewarding career.

Flexibility and Work-Life Balance 

Like many professional careers, accounting can have busy periods that require extra hours. However, many firms are increasingly recognising the importance of work-life balance, offering flexible working arrangements and support during peak times. 

Continuous Learning

Accounting is a field that values ongoing education. It’s important that accountants stay updated on new laws and regulations, which provides opportunities for personal development and ensures you're always at the forefront of financial practices. Browse the types of accounting courses available here.

What is a Career in Bookkeeping Like?

A lot of the above points can be said for a career in bookkeeping. Bookkeepers handle a range of essential financial responsibilities, including:

• Managing self-assessment taxation
• Assisting with corporation taxation
• Overseeing payroll management
• Maintaining accurate financial records

Here's why considering a career in bookkeeping might be the right choice for you:

Stepping Stone or Long-Term Career 

Bookkeeping can be an excellent entry point into the financial world or a rewarding long-term career. It provides a solid foundation in financial principles and practices. 

Bookkeeping allows you to learn accounting concepts without the pressure of full accountant responsibilities, plus you may be able to specialise in areas like forensic bookkeeping or financial analysis. If you desire, bookkeeping can pose a good opportunity to transition into accounting or other financial roles.

Direct Impact on Business Success

As a bookkeeper, you'll play a crucial role in helping businesses maintain financial health and make informed decisions. For example by:

• Providing critical financial insights to business owners and managers
• Helping identify areas for cost savings and revenue growth
• Ensuring compliance with tax laws and regulations
• Contributing to strategic financial planning

Flexibility and Work-Life Balance

As with accounting roles, bookkeeping has the potential to offer various work arrangements to suit different lifestyles. For example, you may be able to work flexible hours or work remotely, part-time, or you may even be able to work freelance or start your own bookkeeping business.

Lower Barrier to Entry
Compared to becoming a certified accountant, bookkeeping has a lower barrier to entry. There is a shorter training period required to start working as a bookkeeper when compared to an accountant, and while there are various certification options available, they are not always mandatory. Despite this, there is usually ample opportunity for learning on the job and gaining experience.

Strong Foundation for Financial Literacy

Bookkeeping provides a practical education in personal and business finance. You’ll be able to develop skills applicable to both personal financial management and gain insight into how businesses operate and how financial decisions are made. A career as a bookkeeper will help you build a strong foundation for any future financial endeavours or investments.

Considerations Before Starting Your Financial Career

Personal Interests and Strengths 

Reflect on whether you enjoy working with numbers, solving problems, and conducting financial analysis. Your personal interests and strengths should align with the demands of your chosen path.

Career Goals and Aspirations 

Consider your long-term professional goals and how an accounting or bookkeeping career aligns with them. Explore the different areas of accounting and bookkeeping to find a path that fits your aspirations.

Educational and Certification Requirements 

Understand the educational requirements and certifications needed for your chosen career. Both accounting and bookkeeping offer various levels of entry and advancement opportunities, with bookkeeping requiring less time to begin practising.

Work Environment Preferences 

Think about the type of work environment that suits you best. Whether you prefer a corporate setting, small business environment or consultancy role, ensure it matches your career expectations. Accountancy and bookkeeping jobs vary widely, so it's essential to research different roles and specialisations to find the best fit for you.

Thinking of embarking upon a finance career?

Careers in accounting and bookkeeping offer stability, diverse opportunities, and the potential for an improved lifestyle. While challenges exist, such as the need for attention to detail and ongoing education, the rewards often outweigh these aspects.

By carefully considering these factors, you can determine if a path in the financial sector is right for you. Remember, whether you choose accounting or bookkeeping, you'll be embarking on a career that offers the potential for growth, financial stability, and personal satisfaction.

About The Author

Piotr Kubalka is CEO of J. Dauman & Co, a West London accounting firm within the J. Dauman Group. With extensive experience as a chartered accountant and business advisor, he's passionate about helping UK companies grow and expand into European markets. Piotr's expertise spans multiple sectors, developed through years of work in both British and international markets. His leadership has cemented J. Dauman & Co's position as a trusted financial partner for growing businesses looking for bookkeeping support, payroll services, tax planning and strategic support.