Diploma in Bookkeeping and Payroll Accounting

Bookkeeping and Payroll Accounting — Overview

Bookkeeping – Businesses need to keep track of all day-to-day financial transactions that take place. A bookkeeper records and organizes those transactions in the correct log book and helps the business understand what money is being taken in (sales, receipts) and what money is going out (purchases, expense reimbursement, bills paid). Most often these log books are electronic and utilize an accounting software program. Bookkeepers may also be asked to prepare charts and reports for upper management.

Payroll Accounting – Employers pay out a very large sum of money for employee compensation. Because it is such a large part of the company’s expenses and can be complicated, some companies have accounting clerks that specialize in this area of bookkeeping. Payroll processors may keep track of financial logs that include employee bonuses, overtime pay, workers compensation tracking, maternity pay, tuition reimbursement, and many other scenarios in which a company pays out money on an employee’s behalf. They may also be responsible for time-card collection and attendance tracking. Many mid-size to large companies use a software program specifically created for payroll and attendance functions.

Bookkeeping and Payroll Accounting — Is it for you?

Professionals working in accounting-related fields must be detail-oriented because financial data is very precise and leaves no room for error. In addition, accounting and payroll clerks should be comfortable working with numbers and using a computer, enjoy paperwork, and be able to perform their work with minimal supervision.