Is The Accounting Profession Dying

record every penny

Michael Burdick is the CEO ofParo, the outsourced finance and accounting department for growing businesses.Paro’s purpose is to empower people to do what they love. Change isn’t comfortable — especially when it comes to industries steeped in tradition, such as accounting. Whether they welcome the innovation or loathe the disruption, accounting firms are forced to adjust as their previously static sector grapples with major change. Almost every organization has an accounting department to maintain and close books in a timely manner. It is also a known fact that the accounting function is always considered an overload. I have heard in various leadership forums that accounting is a dying profession.

You’d think that embalmers would have a steady rate of employment, seeing as hundreds of thousands of people die every day. Kiplinger reports that jobs for embalmers are expected to grow but only 0.4%. Over the last decade, however, the number of embalmers has declined by over 50%. A lot of this is due to the rise of cremation, a much more affordable option for most people. The Bureau of Labor Statistics estimates that postal workers make a median of about $56,790, which isn’t bad for a job that doesn’t require a college diploma. However, this may not be a very viable career for much longer.

Bookkeeping is the recording of financial events that take place in a company. Any process of recording financial data is considered bookkeeping and is the first step of data entry into the accounting system. Standard methods of bookkeeping are the double-entry bookkeeping system and the single-entry bookkeeping system. Good bookkeeping practices are essential for a business to succeed, especially when it comes to the tax-paying season.

However, the classified balance sheet growth rate just isn’t great, sitting at a measly 8%. However, AmoMedia shows that this job isn’t all it’s cracked up to be. With an average annual salary of only $22,300 and a projected job growth rate of only 2%, it’s almost not worth it.

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Since the late ’90s, the need for mobile homes has shrunk consistently. Therefore, the demand for those that build them is shrinking as well. Kiplinger projects that the need for prefabricated home builders will fall by about 7.8% over the next ten years. All you need is a high school diploma and some on the job training to be a jeweler, and just with that, you’ll make about $38,200, according to the Bureau of Labor Statistics. However, most of these jobs are being sent overseas for cheaper labor, and the BLS estimates that jeweler jobs will decline by 11% by 2024. The Bureau of Labor Statistics puts a radio or TV announcer making around $32,383 and a bleak projected decrease of about 10% by 2026.

Healthcare accountants do much of the same work as certified public accountants and other accounting professionals. Bookkeeping as we knew it may very well be dying out, but the practice will not and, as I have argued, has become more widespread in just terms of the number of people who actually do it . This is not something to bemoan, as it is good for accountants’ clients as well as for accountants themselves; we’re now liberated to focus on more profitable work and to take on more clients.

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The previous gradual decade-long decline in the economy leads many people to decide not to pursue professional work, including the accounting profession. Think about thousands upon thousands of pages of tax code which is changing often. If humans are passing laws, those laws will need interpretation by human accountants and CPAs. As a note, I wrote separate blog post explaining why accounting is still better profession than law.

Challenges for accounting firms offering bookkeeping services

Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. A small business can likely do all its own bookkeeping using accounting software. Many of the operations are automated in the software, making it easy to get accurate debits and credits entered.

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Working From Home is Here to Stay in Connecticut.

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They must pay attention to detail in order to avoid making errors and recognize errors that others have made. With appropriate experience and additional education, some bookkeeping, accounting, and auditing clerks may become accountants or auditors. Bookkeeping agencies and bookkeepers who work as independent contractors should have professional liability insurance. This type of insurance protects a bookkeeper from the type of risks that aren’t covered by general commercial liability policies. These risks include lawsuits over any type of loss a client incurs over bookkeeping errors.

But the scenario is getting different from previous, nowadays, the popularity of bookkeeping is rising on high. If you don’t know what you’re doing and don’t think you can afford a bookkeeper, you may well be unaware of how bad your books are as long as bank accounts are linked to quickbooks or whatever. Versus previously, when you had no choice but to be more active about bookkeeping.

Is It Specialist A Good Career

Your bookkeeping service might have a payroll offering, or they might assist you in the processing of paychecks or tax payments and forms. These roles being impacted are typically processing type accounting roles such as accounts payables and receivables. Like many professional office-based roles, artificial intelligence and technology advancements will have an impact, redefining roles. I would say that routine mindless accounting is dead or dying niche.


That dwarfs the number of QuickBooks ProAdvisors, which is around 50,000. Critics say that it is hypocritical of Intuit to say that it supports the bookkeeping community that promotes its products while surreptitiously building a potential competitor. The ultimate goal, the critics say, is to eliminate the human element entirely. As with the TurboTax Live offering, QuickBooks Live customers will be able to access bookkeepers via video chat embedded directly in the QuickBooks application in their web browsers.

Bookkeepers may also be required to produce monthly reports of the business’s finances. Other duties of a bookkeeper include credit control, which they do by following up on unpaid invoices and managing accounts receivable. Becoming a bookkeeper doesn’t mean clients will be knocking on your virtual door each day asking for your services. There will be a need to cold pitch businesses or apply to positions online. The best way to get clients is by having a portfolio from past experiences as a bookkeeper.

If you’re studying accounting, you’re learning practical and well-defined skills employers need for a specific set of roles. This gives you a much clearer career path compared to someone who chooses to study English or philosophy where the potential career outcomes are more open-ended. Again I agree with Paul, packages are becoming designed in a way that you dont need to be an accountant to use them.

  • With access to large amounts of data, companies can now make better-informed decisions about their finances.
  • Accounting is typically a standard 9-to-5 job, except for certain times of the year with impending deadlines.
  • You could work in a bookkeeping job where you interact with loads of clients.

Join the chamber of commerce or other business groups in your area. Business owners like to hire someone they trust if they’re giving access to their bank accounts and financial data. Do a good job for one client and you’ll start getting referrals. I also talk about how you can adapt your bookkeeping business to level up on the “robots.” Accounting is not a dying field, the role of accounting is still in demand.

More and more listeners prefer that over their local, drive- disc jockey. Advancement in elevator technology made them easy to operate for everyone and eliminated the need for a human attendant. While you still may see a few elevator operators here and there, today, they are mostly a novelty. Video technology is more accurate than humans are and sports organizations like FIFA are already using it to regulate games.

quickbooks live

Remote work has expanded across nearly every field, including bookkeeping. If you find someone who is a good fit for your business needs, it doesn’t matter if they are in California while you work from New York. You’ll want to create a contract that outlines details, such as deadlines, rates and expectations so that everyone is on the same page. While any competent employee can handle bookkeeping, accounting is typically handled by a licensed professional. It also includes more advanced tasks such as the preparation of yearly statements, required quarterly reporting and tax materials. According to Indeed the percentage of matching job postings for bookkeepers has dropped from 0.6 prior to 2006 to less than 0.2 after 2013.

It’s a ‘win-win’ situation for all concerned, bar those who exclusively market themselves as bookkeepers. Many successful YouTubers, influencers, bloggers, or even tik toc need to file their taxes too. And if they start making good money they hire bookkeepers, accountants, or CPAs. This is a new type of business that did not exist 30 years ago. The major concern of many accounting students and accounting professionals is whether accounting is becoming obsolete.

About 12 percent of bookkeepers work in professional, scientific and technical services. If you find that you have a talent for and enjoy the process, you may consider starting your own bookkeeping business providing this service to others. There’s always a demand for experienced, efficient bookkeepers in nearly every industry. Companies often outsource the organization of their finances to independent professionals, then hire accountants for more complex issues and tax filing.


Jim Molinelli is a licensed architect who has taught architecture at Texas A&M University. But he doesn’t see a bright future for people looking to get into the field. The number of agricultural workers declined 8 percent from 2010 to 2020, according to the Bureau of Labor Statistics. Yes, there are still a few people who work as operators, but their numbers have been declining for decades and are projected to fall another 33 percent in the next 10 years. These workers are expected to be the hardest hit in an overall decline in opportunities for the broader category of office and administrative workers. Blame the internet and its burgeoning business of flower delivery, as well as a push by supermarkets to bolster their floral departments and sell loose flowers directly to customers.