Business accountants are essential to any financial process in a business, helping to ensure that a business’ assets and liabilities are accounted for. As such, these professionals are highly sought-after, and the salaries they receive reflect this demand.
Accountants in the business sector have a significant role in record-keeping, financial planning, and creating budgets. Their knowledge and expertise enable companies to keep on top of taxes, financial regulations, and more. To ensure that the company is meeting its obligations and achieving its goals, it is essential for businesses to hire a qualified and experienced accountant.
A business accountant’s salary depends on a variety of factors, including the size of the business, the scope of the project, and the experience level of the accountant. At the entry level, a business accountant can expect to make around $45,000 per year. However, as their experience increases, so do the potential earnings. Experienced business accountants may make anywhere from $70,000 to $100,000 depending on the job and the employer.
The salary for a business accountant also depends on the location. A business accountant in New York City will typically make more than one in a smaller city, reflecting the higher cost of living. Payment can also vary depending on whether the accountant is a full-time employee of a business or working as a freelancer.
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Business accountants can make a very comfortable living if they are sufficiently experienced and in the right location. With the right qualifications and experience, a business accountant can earn a very healthy salary and be an integral part of a company’s financial endeavors.
Business Accountant Salary
Business accountants are key professionals that are responsible for assisting businesses with financial planning, budgeting, and forecasting. In exchange for their expert services, business accountants are typically well compensated for the value that they provide.
Average Business Accountant Salaries
The average salary for a business accountant is $71,499 per year, or $34.46 per hour, according to data from PayScale.com. This salary can vary significantly based on experience, location, the size of an employer, the type of industry in which one works, and other factors.
Salary Range
The range of salaries that business accountants may expect typically ranges between $52,000 and $110,000 per year. More experienced professionals at the higher end of the range can expect to earn, on average, $99,000 - $110,000 annually. Those that are just beginning their careers in the profession may earn closer to the lower end of the range, typically between $52,000 and $65,000 per year.
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Salary by Role and Industry
Business accountants that specialize in a certain type of finance, such as auditing or taxation, may earn slightly more than the average salary. Those working in consulting or accounting firms can also earn larger salaries than those working for a corporation or non-profit. Additionally, business accountants that work in risk management and investment banking can expect to be paid higher salaries than those who work in other roles.
The type of industry in which business accountants work can also contribute to their overall salary. Professionals who work in financial services and manufacturing often earn higher salaries than those that work in healthcare or retail.
Conclusion
Business accountants are in high demand and enjoy a healthy salary range for their skills and expertise. While the average salary for a business accountant is $71,499 per year, these professionals can expect to earn anywhere between $52,000 and $110,000 per year, depending on their experience and industry. Therefore, for those looking for a financial career with a lucrative salary, business accounting is an attractive option.
What qualifications do you need to become a business accountant?
To become a business accountant, you will typically need a bachelor’s degree in accounting or a related field, such as finance or economics. You may also need to be certified as a Certified Public Accountant (CPA) or receive an alternate certification specific to the state you practice in. You may also need to obtain a license or pass a national exam to practice as an accountant. Additionally, some employers may expect you to have experience working in a related field or industry.
What educational qualifications are needed to become a business accountant?
In the United States, most business accountants hold at least a bachelor’s degree in accounting or a related field. A master’s degree in accounting or an MBA with a concentration in accounting can be beneficial for career advancement. Accountants should also be familiar with relevant accounting software and possess excellent analytical, problem-solving and communication skills. Professional certification such as Certified Public Accountant (CPA) is also often preferred by employers.