Is Bookkeeping a Good Lifelong Career?
Hello there!
I understand that there’s no definitive answer to this question, but I’m here to explore whether Bookkeeping might be a suitable path for me. I’m hoping to gather some insights and feedback from those who have been part of the Bookkeeping industry for a while.
My Situation
Here’s a bit about me: I’m a young stay-at-home dad who recently completed a bachelor’s degree in Business Management. My wife and I made the decision that, while she works full-time in her field (having completed her education while I was working full-time years ago), I would stay home with our kids during the few days she works. We’ve also decided to collaborate on homeschooling. Despite this, I still want to work, but with our current setup, a typical 9-5 job isn’t feasible. Hence, I’m considering remote work opportunities.
Why Bookkeeping?
Given the circumstances, my in-laws suggested exploring bookkeeping. They pointed out several benefits such as gradually building my own clientele, leveraging my business management background, the flexibility to choose my own hours, working from home, attractive pay, and the potential to grow or establish my own business. For context, my in-laws run an Accounting tax practice and are CPAs with a well-established client base, which is why they discussed this opportunity with me. They believe bookkeeping could suit me well and even offered to help me learn the ropes, now that tax season has ended. Additionally, they often have clients in need of bookkeeping services, which they would prefer to refer to a dedicated bookkeeper. They’ve also mentioned expanding their business by bringing on an in-house bookkeeper.
My Concerns and Questions
So, here’s my main query: Considering I’m still quite young, is bookkeeping a career worth pursuing long-term? It seems to tick a lot of boxes for me, but I want to ensure it’s a field where I can consistently find work, develop my skills and knowledge, and ultimately achieve a successful career. I’m concerned about potential challenges such as the possibility of bookkeeping being replaced by AI, limited growth opportunities, or investing time in this field at the expense of missing out on other career paths.
I’m also uncertain about what I truly want to do and am cautious not to end up in a declining industry without growth prospects. It’s worth mentioning that I’m not particularly interested in becoming a CPA. I’m keen to hear from those with more experience who can alleviate some of my worries and provide guidance.
Apologies for the lengthy post
One response
Is Bookkeeping a Good Lifelong Career?
Hello! Thank you for sharing your story and background with us. It’s great that you’re seeking advice and considering all aspects before making a decision. Let’s dive into the potential advantages and drawbacks of a career in Bookkeeping, especially in the context of your situation.
Advantages of a Bookkeeping Career
You can choose to take on as many clients as feels comfortable, allowing for control over your workload.
Potential for Growth:
The prospect of assisting your in-laws with their established business could offer valuable mentorship and a potential avenue to grow the business further.
Steady Demand:
Your business management degree provides a solid foundation for understanding the financial aspects of a business, which is a core part of bookkeeping.
Self-Employed Opportunities:
With your in-laws’ connections, you already have a potential client base and referral network.
Financial Reward:
Potential Challenges and Considerations
Staying updated with technology, such as bookkeeping software and data management tools, will be necessary to maintain relevance in the field.
Limited Interest in Becoming a CPA: