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Am I Being Underpaid?

Hello fellow bookkeepers,

I’ve been with my company as a Senior Bookkeeper for three months now. Initially, I was offered a starting salary of $50-60k gross and opted for $50k since I was uncertain about the role’s expectations. However, it turns out to be much more demanding than I anticipated.

Here’s what I’ve been handling:

Cleaning and updating the 2023 books for 8 out of potentially 15 companies, following the departure of the previous bookkeeper in May who left the books in disarray.
Filing 1099s, managing Accounts Payable, handling light Accounts Receivable, and reconciling accounts with transaction statements ranging from 15-100.
Creating weekly and monthly reports.
Managing 5 projects, which involves creating and updating Excel sheets, scanning, filing, and additional Accounts Payable tasks. (I’m also set to take on payroll tasks managed by a third party soon.)

I’m considering a request for a raise, and here’s why:

I feel underpaid, especially with the company expanding.
I’ve spent significant time correcting and redoing previous work while catching oversights.
I’ve efficiently handled all responsibilities within three months.
I’ve restructured some Chart of Accounts for clearer financial insights specific to company types.
I often stay late to ensure daily tasks are completed.
I’m returning to school to pursue my CPA (might not be the strongest justification, but it’s a factor for me).
I’m not receiving any benefits currently.

I’m contemplating asking for a 20-30% raise. I would love to hear your thoughts on this.

P.S. I’m handling everything solo, though I do have the option to consult with the company’s accountant when necessary.
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Evaluating Your Salary as a Bookkeeper

Understanding Your Role

You’ve outlined a substantial range of responsibilities in your role as a Senior Bookkeeper, including:

Cleaning and catching up books: You’re handling the books for multiple companies, dealing with disorganized prior records.

Financial Reporting: Creating both weekly and monthly reports.

Accounts Payable and Receivable: Managing payables, with some work in receivables.

Account Reconciliation: With a significant variance in the number of transactions.

Project Management: Working on five projects simultaneously, which involves creating and managing spreadsheets and documentation.

Chart of Accounts Restructuring: Enhancing financial clarity by restructuring accounts.

Additional Tasks: Staying late to ensure day-to-day tasks are completed.

Education: Pursuing ongoing education with plans to obtain a CPA.

Market Research

To determine if you are underpaid, conduct market research on salaries for similar positions:

Geographic Location: Salaries can vary significantly based on location. Research bookkeeper salaries specific to your area.

Experience and Education: Consider how your experience and educational plans affect your market value. Having CPA ambitions can warrant higher compensation.

Industry Standards: Some industries pay more for Bookkeeping roles due to specific needs, such as in tech or finance.

Compare with Online Data: Use resources like Glassdoor, PayScale, or LinkedIn Salary to compare your salary range with similar roles and responsibilities.

Reflect on Your Contributions

You’ve made notable achievements in just three months:

Corrective Measures: Fixing errors and restructuring systems left by the previous bookkeeper adds significant value.

High Workload: Handling eight companies and potentially more, along with other concurrent responsibilities.

No Benefits: The lack of benefits is a critical factor to consider in terms of overall compensation.

Consider a Raise Request

Asking for a raise is reasonable given your contributions and workload. Consider these steps:

Document Achievements: Keep a detailed record of all your accomplishments and the positive impacts they’ve had.

Prepare a Presentation: Clearly outline why you deserve a raise, using the points you’ve listed and any additional

One response

APAdmin

26 February 2025 at 2:36 PM
Evaluating Your Salary as a Bookkeeper

Understanding Your Role

You’ve outlined a substantial range of responsibilities in your role as a Senior Bookkeeper, including:
- Cleaning and catching up books: You’re handling the books for multiple companies, dealing with disorganized prior records.
- Financial Reporting: Creating both weekly and monthly reports.
- Accounts Payable and Receivable: Managing payables, with some work in receivables.
- Account Reconciliation: With a significant variance in the number of transactions.
- Project Management: Working on five projects simultaneously, which involves creating and managing spreadsheets and documentation.
- Chart of Accounts Restructuring: Enhancing financial clarity by restructuring accounts.
- Additional Tasks: Staying late to ensure day-to-day tasks are completed.
- Education: Pursuing ongoing education with plans to obtain a CPA.
Market Research

To determine if you are underpaid, conduct market research on salaries for similar positions:
1. Geographic Location: Salaries can vary significantly based on location. Research bookkeeper salaries specific to your area.
2. Experience and Education: Consider how your experience and educational plans affect your market value. Having CPA ambitions can warrant higher compensation.
3. Industry Standards: Some industries pay more for Bookkeeping roles due to specific needs, such as in tech or finance.
4. Compare with Online Data: Use resources like Glassdoor, PayScale, or LinkedIn Salary to compare your salary range with similar roles and responsibilities.
Reflect on Your Contributions

You’ve made notable achievements in just three months:
- Corrective Measures: Fixing errors and restructuring systems left by the previous bookkeeper adds significant value.
- High Workload: Handling eight companies and potentially more, along with other concurrent responsibilities.
- No Benefits: The lack of benefits is a critical factor to consider in terms of overall compensation.
Consider a Raise Request

Asking for a raise is reasonable given your contributions and workload. Consider these steps:
1. Document Achievements: Keep a detailed record of all your accomplishments and the positive impacts they’ve had.
2. Prepare a Presentation: Clearly outline why you deserve a raise, using the points you’ve listed and any additional
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