A bookkeeper is someone who records and maintains the complete set of monetary transactions of one or more businesses. You’ll essentially be helping businesses, large and small alike, balance their ledgers, reconcile their accounts, and also monitor income and expenses.
But how much can you expect to earn as a bookkeeper in Michigan?
The Salary Of A Bookkeeper In Michigan
In Michigan, bookkeepers make an average annual salary of $42,633. On the lower end of the earning spectrum, bookkeepers in this state made around $38,131 every year. On the higher end of the earning spectrum, you can expect to earn around $47,324 by working as a bookkeeper in Michigan.
How much you actually earn will depend on several factors. These include what your education is, whether you’re certified or not, as well as what additional skills you have. The city you work in, within Michigan, can also play a role in how much you earn. In addition to this, the total number of years of experience that you have will also play a role. If you’re new to bookkeeping, you’ll be charging lower prices than if you had years of experience in the industry.
What Does A Bookkeeper Do?
A bookkeeper is someone who takes over the role of monitoring and maintaining the accounts and ledgers of a business. You’ll need to prepare reports that showcase accounts receivable as well as payable. You may also need to prepare reports that showcase all the receipts of a business.
In order to do your job, you’ll be expected to follow strict procedures, which could vary from organization to organization. To pursue this career path, you may need to get at least an associate’s degree. You could also consider getting its equivalent. During the course of your job, you’ll be reporting to a supervisor or the manager of the business. In order to find steady work as a bookkeeper in Michigan, you’ll need between one to three years of experience.
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How Much Do Bookkeepers Make When They Are Starting Out?
If you’re just starting out in your career as a bookkeeper, then you can expect to earn around $14.18 per hour. Over the course of a year, you’ll be earning around $29,500. After you gain work experience, you can work as a junior level bookkeeper. At this level, you can expect to make around $17.67 per hour. This means that your average annual salary will be around $36,750.
As you gain greater experience, you can start working as a mid-level bookkeeper. At this level, you’ll be earning around $21 every hour. This means that your annual salary will be around $43,670. When you become a senior level bookkeeper, your hourly salary will increase to $23.24. This gives you an average annual salary of $48,330. By the time you become a top level bookkeeper, your hourly earnings will increase to $28.73. This means that bookkeepers in Michigan who work at the most senior level make around $59,770 every year.
How Much Do Your Earnings Compare To Working As A Bookkeeper In Other States?
The gross salary of a bookkeeper in Michigan is about $47,357, or roughly $23 every hour. Compared to the average annual salary of bookkeepers in other US states, you’ll be earning a similar amount if not more. Compared to many other states, Michigan pays bookkeepers more. In addition to this, you may be provided a bonus as well. This bonus will be roughly around $805.
Keep in mind that these figures are the average annual salaries for bookkeepers who have at least three years worth of work experience. If you’re new to the field, you’ll be earning around $35,459 every year. Experienced bookkeepers can earn much more, with many earning as much as $57,283, if not more. It’s also expected that how much you earn as a bookkeeper will increase over the years.
Within the next five years, your salary could go up by around 21%. Note that if you have greater educational qualifications, then you can charge more for your services as well. In general, however, bookkeepers in Michigan have at least a bachelor’s degree.
Conclusion
Working as a bookkeeper in Michigan can enable you to lead a comfortable life. Michigan pays bookkeepers more than several other US states, but there are several factors that could be affecting how much you earn. This includes your educational qualifications, work experience, and more. Use this guide to gain clarity on how much you can expect to earn as a bookkeeper in Michigan, as well as what you can do to increase your earnings.