The number of payroll and bookkeeping jobs is steadily rising in 2024. According to the Bureau of Labor Statistics, the number of payroll jobs increased by an impressive 255,000 every month in 2023! (Source: BLS)
The number of bookkeeping and payroll courses has also increased to meet the demand for finance professionals in this sector.
Ireland is one of the many places where this boom in bookkeeping and payroll employment can be seen.
Payroll jobs in Ireland are in extremely high demand. An entry level position as a payroll officer can earn you as much as €37,000 and this figure can rise to €58,000 with experience. (Source: Talent.com)
Jobs in finance are among the most sought-after vocations in Ireland, including home-based bookkeeping jobs, part-time bookkeeping jobs, HR payroll jobs and accounting bookkeeping jobs!
This is similar to most of the leading nations worldwide.
A payroll career is a great option for those looking to prosper financially.
Wondering how to make the most of this growing demand?
Studying a bookkeeping or payroll course and payroll accounting courses can help you enter this sector of finance smoothly.
Whether you are a student looking for bookkeeping and payroll courses or are an experienced finance professional looking to change your career path, this article has some valuable information for you.
This article shall cover the following questions and topics:
- What is bookkeeping and payroll?
- What salary is offered for payroll Jobs?
- What are the differences between bookkeeping and payroll?
What jobs can you choose after completing your bookkeeping and payroll course?
Here are the top bookkeeping jobs to choose from in 2024:
- Accountant
- Budget Analyst
- Bookkeeper
- Accounts Payable Officer
Here are the top payroll jobs to choose from in 2024:
- Payroll Officer
- Financial Management Specialist
- Auditor
- Chief Financial Officer (CFO)
- Payroll Processing manager
Are bookkeeping and payroll jobs stable and secure?
So why are payroll careers so prosperous in a time of uncertainty for every other field, will AI not replace bookkeeping and payroll jobs?
In their recent blog, Forbes mentioned that among the long list of jobs that AI is all set to replace, with its automation, Finance is one sector that still relies on human intervention to a great extent. (Source: Forbes)
Here’s the good news, bookkeeping and payroll jobs are here to stay. The number of businesses compared to last year's statistics has significantly increased globally.
The U.S Bureau of Labor Statistics reported that payroll employment increased by 353,000 new vacancies in January 2024, while the unemployment rate for bookkeeping and payroll graduates remains at a mere 3.7%. (Source: BLS)
What is a bookkeeping and payroll course?
To understand this, let’s clarify the difference between bookkeeping and payroll in finance.
- What is bookkeeping?
Bookkeeping is the practice of recording a business’ day-to-day financial transactions and ensuring no loss of funds through unseen expenditures.
- What is payroll?
Payroll is the sector of finance that helps a business keep track of its employee records, salaries, tax deductions, bonuses, and other employee-related costs to the company.
- Is bookkeeping the same as accounting?
Bookkeeping and accounting are related, however, accountants use the data collected and stored by bookkeepers, to process their calculations. Also, accountants are generally more educated and hold a higher position on the corporate ladder when compared to bookkeepers.
This is mainly because, to become an accountant you would be required to undertake nearly 3-6 years of full-time study. ACCA, CPA, AAT, Post Graduate Diploma in Accounting, Diploma in Leadership etc. are some reputed accreditations that qualify scores of students every year, initiating their accounting careers in the process.
Bookkeeping is essentially a stepping stone and an entry point for anyone looking to start in finance.
If you wish to become an accountant, you can consider the ACCA course. The main reason for this suggestion is that the ACCA courses provide a strong foundational base in accounting for students from every sector and industry.
Important differences between bookkeeping and payroll:
Factors | Bookkeeping | Payroll |
Educational Requirement | · No specific educational requirements. · Minimum High School or General Educational Development (GED)Certificate. · May require other competencies and skills not taught in school like bookkeeping software, Databases and Excel. (Source: Accounting.com) | · Minimum of High School Diploma or GED certificate. · Accounting certification is most preferred. · Certain countries require applicants to be graduates of one of the following courses: Certificate Course in Accounting, like ACCA, CPA etc., MCom Finance or BCom in Accountancy. (Source: Collegedunia) |
Salary/Pay per year in Ireland | A bookkeeper earns around €35,106 in Ireland. You may draw higher salaries as you increase in your years of experience. (Source: Ireland) | A payroll job can pay you anywhere between €28,000-38,000 in Ireland. They may also receive an annual additional cash compensation of €1000-2500. (Source: Glassdoor) |
Career Path | A bookkeeper starts in an entry-level position and can advance to the position of ‘Accounting Technician’ with years of experience. (Source: Gov.uk) | A payroll employee is usually more well-paid and can advance to management levels within the payroll department with experience, certificate courses, or higher education. |
Bookkeeping and Payroll courses are here to stay. As businesses grow and evolve, the workforce they hire also increases in number. Due to the constant business hiring process, Bookkeeping and Payroll professionals are of acute importance.
If you are looking to start your career in this field, consider IBAT’s Bookkeeping and Payroll course. This course has seen many of its graduates working in key financial centers such as the Irish Exchange, Central Bank of Ireland, Vodafone, AIB, Primark and many more!
Click here to learn more.
This article was written by Rebecca Paulraj
FAQ
Q: What are the career prospects after completing a bookkeeping and payroll course?
A: The career prospects after completing a Bookkeeping and Payroll course are large. You can start working in entry-level positions within the first year of your graduation and with experience and upskilling, you can apply for positions such as Auditor, Financial Manager, Payroll Manager etc.
Q: Can I take a bookkeeping and payroll course online?
A: Yes. IBAT offers you a proven and successful Bookkeeping and Payroll course which is available online.
Q: How can a bookkeeper become an accountant?
A: Traditionally speaking, a bookkeeper becomes an accountant once they undertake a thorough certificate course in accounting. Bookkeepers report to accountants and are not on the same level as accountants.