become a general ledger accountant

A general ledger accountant is a professional who keeps a company’s main accounting record, also known as the general ledger, properly balanced. They are full-time employees who record day-to-day transactions and check the ledger on a monthly and annual basis while also filling out reports and making presentations to the executives of the company they work for. While general ledger accountants are hired for their expertise in budgeting the general accounting record, they can also help a business with payroll, internal audits, and other necessary accounting jobs. This is a well-paid job that has benefits and drawbacks, but is a perfect position for anyone who is analytical, enjoys solving problems, has a good eye for detail, and enjoys working in a team.

Salary

A general ledger accountant’s salary is determined by their hourly rate, bonuses, and potential profit sharing. According to Payscale, the current median salary for this profession is around $52,000, with some accountants reporting salaries as high as $68,000 after bonuses and profit sharing amounts are added in.

Beginning Salary

The beginning salary for a general ledger accountant can vary based on the city in which a professional can find a job. Beginning pay can start as low as $30,000 and reach up to $55,000; cost of living as well as demand is thought to be the cause of the range of annual salaries.

Key Responsibilities

The key responsibility of a general ledger accountant is to ensure that a business or company’s accounts are balanced properly on a daily basis. This requires the accountant to keep track of the ledger on a daily, weekly, monthly, and annual basis in order to provide reports and balance sheets that provide information on the current state of an organization’s finances. These accountants may also assist with other accounting responsibilities, such as internal audits, payroll, budget consulting, and more.

Necessary Skills

General ledger accountants are required to have exceptional skills in payroll, budgeting, general accounting, bookkeeping, and business infrastructure as it relates to accounting. In addition, they must also be able to work both as part of a team and alone, with or without supervision, and be able to communicate with the various levels of executives at an organization. General ledger accountants are expected to be detail-oriented and accurate with their work as well as continuing to educate themselves on accounting technology advancements.

Degree and Education Requirements

General ledger accountants either have a bachelor’s or associate’s degree in business or accounting, with an accounting degree being preferred by most employers. These degrees are generally accredited by the Association to Advance Collegiate Schools of Business International and are accredited through the Accounting subfield the association is noted for. It is not necessary to get a graduate or postgraduate degree in accounting for this profession, but it has been shown to increase annual earnings by around $10,000. Along with an undergraduate education, most accountants pursue licensure after they graduate; the Certified Public Accountant endorsement is the most popular among the professionals in this field. Further endorsements, which can be found at accredited universities and colleges, can be earned after an undergraduate degree has been earned and can lead to specialization within an industry, such as technology, governmental accounting, and international business. Endorsements are not necessary in order to find a job but can be helpful when vying for a competitive position.

Pros and Cons

There are pros and cons to a career as a general ledger accountant. One of the advantages include that because accounting is a universal need, there will always be jobs for accountants. Accountants also have the ability to earn more as their career progresses and can work anywhere in the country. Some ambitious professionals might also find that building their own accounting firm is possible for them in this field. Cons are also plentiful in this field and include stressful work periods, especially at the end of the fiscal year and during tax season, when most companies and individuals try to get their accounts in order. Another disadvantage is that the work can seem boring, so accountants must be absolutely sure that the investigation and detail-oriented elements of the job are something they can contend with during their career. Continuing education is also another aspect to the career; as accounting technology develops, many general ledger accountants will find themselves attending conferences and taking online classes in order to keep up with the changing climate of the accounting world.

Getting Started

A general ledger accountant rarely receives on-the-job training; however, there are some paths available to these professionals in order to make the most of their of their career. Becoming certified as a Certified Public Accountant, while not necessary for the profession, is a great way to stand out from other candidates vying for the same positions. Other requirements may include previous professional accounting experience and a strong aptitude for attention to detail and accuracy when working with accounts. These professionals must also have strong analytical, mathematical, communication, and interpersonal skills; this is demonstrated both by a candidate’s previous work experience and through the interview process.

Future Outlook

This is a profession that is always in demand, especially in the business and economy sectors. While the Bureau of Labor Statistics does not have an independent page dedicated to general ledger accountants, the accounting field is seeing growth; the job outlook is 11 percent for all accountant positions through 2024. Because of the general nature of the accounting work these professionals are involved in, nearly every business and company in the United States have a use for a general ledger accountant. Jobs can be found at insurance firms, banks, Fortune 500 companies, start-ups, technology business, venture capital firms, and more. There are a lot of available positions in large, metropolitan cities on both coasts, with concentrations of accountants cities that boast large numbers of technology and business headquarters, like Chicago, New York, Washington, DC, and Los Angeles. General ledger accountants can also find work overseas at US-owned companies, with positions available in Asia, Latin America, and Europe; these are competitive positions that do require some prior work experience.

General ledger accounting is a career for the most detail-oriented and analytical individual. Without these professionals, businesses would not be able to run properly. Anyone interested in this field will find themselves with various job opportunities and a challenging career, and as demand grows, so too will the profession.

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