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Accounting and Bookkeeping

Overview

This page provides information and data on the Accounting and Bookkeeping sector, which is one component of the Financial Services industry, and includes accounting, accounting administration, clerical accounting and bookkeeping.

Workers in the Accounting and Bookkeeping sector provide a diverse range of services from traditional accounting and bookkeeping to payroll, auditing, processing taxes and financial reporting. The job roles are required in all industries in the Australian economy and may be provided from within an organisation or procured as specialist advice.

Vocational training can prepare workers for a variety of roles, usually process orientated, as Certified Accountants currently require a higher education degree, though there are VET-pathways to this qualification.

Nationally recognised training for Accounting and Bookkeeping is delivered under the FNS – Financial Services Training Package.

Information sourced from the Financial Services IRC’s 2019 Skills Forecast.

For information on other financial services, see the Financial Services cluster page.

All data sources are available at the end of the page.

IRC and skills forecasts

Employment trends

Employment snapshot

As detailed employment level and projection information is unavailable for Accounting Services, employment levels for Accounting Clerks and Bookkeepers have been used as an indication of the VET-related employment in this sector.

Employment levels for Accounting Clerks and Bookkeepers were variable between 2000 and 2019, with lows in 2005 and 2016. In 2019 there were 274,300 workers in this occupation, which is projected to decrease to 273,200 by 2024. Accountants make up the largest proportion of the Accounting Services industry, with over half of all workers in this industry in this occupation. Bookkeepers also make up a sizable proportion of this industry, at 15%. An increase in employment is projected for Accountants (10%), Auditors, Company Secretaries and Corporate Treasurers (11%), General Clerks (5%) and Accounting Clerks (4%) by 2024. A small decrease in employment is projected for Bookkeepers (2%) by 2024.

Training trends

Training snapshot

Program enrolments in Accounting and Bookkeeping-related qualifications peaked in 2016 at 57,330, before declining in both 2017 and 2018. 2018 had the lowest enrolments in the last four years at 42,410. Program completions fell each year between 2015 and 2018.

For enrolments during 2018, training in Accounting and Bookkeeping-related qualifications took place at the certificate III level and above, with the largest number of enrolments at the certificate IV level. The largest numbers of enrolments within the sector were in accounting rather than bookkeeping or accounts administration. Intended occupations for this sector include Accountant (note: to be a Certified Accountant, a bachelor or higher degree is required), Accounting Clerk or Bookkeeper.

In 2018, Accounting and Bookkeeping-related qualifications were mainly delivered by private training providers and TAFE institutions at 53% and 42% respectively. Funding sources for subjects was varied, though it was more common for training delivered by private training providers to be funded through domestic fee for service arrangements. Other training providers had higher proportions of Commonwealth and state funded students. Around 27% of the total Accounting and Bookkeeping-related subjects were funded through international fee for service arrangements. The largest proportion of students in Accounting and Bookkeeping-related qualifications were from overseas (24%) and New South Wales (24%). More than two fifths of training was delivered in New South Wales (45%), followed by Victoria (22%) and Queensland (13%).

Apprentice and trainee commencements in Accounting and Bookkeeping-related qualifications fell between 2010 and 2018. Apprentice and trainee completions fell between 2013 and 2017 followed by a small rise in 2018. Most apprentices and trainees in this sector had an intended occupation of Accounts Clerk or Bookkeeper. In 2018, New South Wales reported the largest proportion of Accounting and Bookkeeping-related apprentices and trainees, with 46%, followed by Western Australia with 17%, and Victoria with 15%.

For more data specific to your occupation, industry or training package, visit NCVER’s VET students by industry. If you are prompted to log in, select cancel and you will continue to be directed to the program.

For more data specific to your region visit NCVER’s Atlas of Total VET.

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Industry insights

Industry insights on skills needs

The Financial Services IRC’s 2019 Skills Forecast suggests the top priority skills for the Accounting and Bookkeeping sector include health and safety skills, teamwork and communication, and problem solving skills. This is in addition to sector specific technical and multi-disciplinary skills. The top three generic skills focus primarily on soft skills including customer service, critical thinking, and learning agility. Data analysis is rated as the fourth most important generic skill for the sector.

According to the job vacancy data, the top generic skills requested by employers in the Accounting and Bookkeeping sector were communication skills and problem solving. The most advertised occupations were Accountants followed by Auditors, Company Secretaries and Corporate Treasurers. The top employers were Deloitte Touche Tohmatsu Limited and Ernst and Young.

According to the above Skills Forecast, Accountants and Bookkeepers need specific technical skills relating to:

  • Processing financial transactions
  • Assisting in formulating budgetary and accounting policies
  • Administering subsidiary accounts and ledgers
  • Operating a computerised accounting system
  • Establishing and maintaining payroll systems.

Technology driven automation of tasks will shape the employment outlook across occupations in the Accounting and Bookkeeping sector. There is expected to be a decreased demand for Accounting Clerks, Bookkeepers, and other administrative roles in the sector.

The Skills Forecast highlights that new technologies are also bringing incremental changes into the sector that require workers to be skilled in new tools and techniques in the immediate term. Examples of these include Web and cloud-based accounting systems such as Software as a Service ('SaaS') systems, allowing for real time collaboration between clients and Accountants, and accounting software, such as Xero, that facilitates a paperless system with more automation of tasks and higher accuracy.

The Bankwest Future of Business: Focus on Professional Services 2019 release states that accounting services continue to be one of the more consistent sectors in Australia, with employment, revenue, and wages all increasing at a steady rate. The report reveals that integrating technology into business processes to drive productivity is the biggest focus for accounting businesses. Accounting firms are increasingly seeking to streamline workflow and processes and leverage technology to make the firm more profitable and increase its value.

The report highlights a number of areas where significant opportunities and challenges lie for accounting services including:

  • The government will roll out its seven-year plan to restructure personal income tax, meaning personal Accountants and Lawyers will be far more active in the tax advice space as the population attempts to grasp these changes.
  • Cloud-based technology for accounting has taken market precedence, as more firms are buying into the efficiency, cost-reduction and ease that cloud-based accounting provides.
  • Artificial intelligence is also impacting the accounting sector, with tasks such as payroll, tax, audits, and even banking anticipated to be completely automated by 2020.
  • Cryptocurrency has the potential to completely disrupt the processes and general mechanisms of accounting.

In their 2019 report The Silent Disruption of the Accounting Industry the Benchmarking Group reiterate many of the above industry insights. They argue that disruption has not (yet) impacted the core role of the industry to provide accounting services such as auditing of accounting records, preparing financial statements, preparing tax returns and bookkeeping, because Financial Technology (FinTech) has always been designed for Accountants to do 'accounting'. Therefore, the accounting industry has required minimal reinvention and remains a necessary obligation for Australians. However, despite being resilient to change over the past decade, the Benchmarking Group forecast that administration and repetitive positions within the accounting industry will decline over the next five years.

The article Educational Implications and the Changing Role of Accountants: a Conceptual Approach to Accounting Education by Greg van Mourik and Carla L. Wilkin was published in the 'Journal of vocational education and training' in June 2019. The authors state that professional accrediting bodies and accounting education reviews have long expressed concerns about student capabilities and learning outcomes, including the ability to apply knowledge and make reasoned judgements. In this study the authors report on a new design that uses a web of threshold concepts to guide curriculum development, with a focus on students' active learning designed to encourage students to critically engage with threshold concepts in accounting. While the study reports on a single Australian university trial, the methods could be replicated in other educational settings to improve student learning and outcomes.

Links and resources

Data sources and notes

Department of Employment, 2018, Employment Projections, available from the Labour Market Information Portal

  • by ANZSCO, selected occupations, employment projections to May 2023
    • Accountants
    • Accounting Clerks
    • Auditors, Company Secretaries and Corporate Treasurers
    • Bookkeepers
    • General Clerks.

 

Australian Bureau of Statistics 2018, Employed persons by Occupation unit group of main job (ANZSCO), Sex, State and Territory, August 1986 onwards, 6291.0.55.003 - EQ08, viewed 1 November 2018 http://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/6291.0.55.003May%202018?OpenDocument

  • Employed total by ANZSIC 3 & 4 digit Accounting Clerks and Bookkeepers, and Accountants, 2000 to 2018, May Quarter.

 

Australian Bureau of Statistics 2017, 2016 Census – employment, income and unpaid work, TableBuilder. Findings based on use of ABS TableBuilder data.

  • Employment level by 4 digit Accounting Services Industry, and 4 digit level occupations to identify the relevant VET-related occupations in the industry as a proportion of the total workforce.

 

Training data has been extracted from the National VET Provider Collection, Total VET Students and Courses from the following training packages or qualifications:

  • FNS and FNB – Financial Services Training Packages
  • Accounting
    • FNB30302 - Certificate III in Financial Services (Accounts Clerical)
    • FNB40602 - Certificate IV in Financial Services (Accounting)
    • FNB50202 - Diploma of Accounting
    • FNB50299 - Diploma of Accounting
    • FNB60299 - Advanced Diploma of Accounting
    • FNS30304 - Certificate III in Financial Services (Accounts Clerical)
    • FNS30310 - Certificate III in Accounts Administration
    • FNS40604 - Certificate IV in Financial Services (Accounting)
    • FNS40610 - Certificate IV in Accounting
    • FNS40611 - Certificate IV in Accounting
    • FNS40615 - Certificate IV in Accounting
    • FNS50204 - Diploma of Accounting
    • FNS50210 - Diploma of Accounting
    • FNS50215 - Diploma of Accounting
    • FNS60204 - Advanced Diploma of Accounting
    • FNS60210 - Advanced Diploma of Accounting
    • FNS60215 - Advanced Diploma of Accounting
  • Accounts Administration
    • FNS30311 - Certificate III in Accounts Administration
    • FNS30315 - Certificate III in Accounts Administration
  • Bookkeeping
    • FNS40207 - Certificate IV in Financial Services (Bookkeeping)
    • FNS40210 - Certificate IV in Bookkeeping
    • FNS40211 - Certificate IV in Bookkeeping
    • FNS40215 - Certificate IV in Bookkeeping.

This includes superseded qualifications and training packages.

Data covers a range of selected student and training characteristics in the following categories and years:

  • 2015, 2016, 2017, 2018 program enrolments
  • 2015, 2016, 2017, 2018 program completions.

 

Total VET students and courses data is reported for the calendar year. Program enrolments are the qualifications, courses and skill-sets in which students are enrolled in a given period. For students enrolled in multiple programs, all programs are counted. Program completion indicates that a student has completed a structured and integrated program of education or training. Location data uses student residence. Subject enrolment is registration of a student at a training delivery location for the purpose of undertaking a module, unit of competency or subject. For more information on the terms and definitions, please refer to the Total VET students and courses: terms and definitions document.

Low counts (less than 5) are not reported to protect client confidentiality.

Percentages are rounded to one decimal place. This can lead to situations where the total sum of proportions in a chart may not add up to exactly 100%.

FNS and FNB – Financial Services Training Packages apprentice and trainee data has been extracted from the National Apprentice and Trainee Collection, including:

  • 2010 to 2018 commencements
  • 2010 to 2018 completions
  • 2018 apprentices and trainees in-training October to December 2018 collection, by qualification and state and territory of data submitter.

 

Priority skills data have been extracted from the Financial Services IRC’s 2019 Skills Forecast.

Job vacancy data have been extracted from Burning Glass Technologies 2019, Labor Insight Real-time Labor Market Information Tool, Burning Glass Technologies, Boston, viewed July 2019, https://www.burning-glass.com.

Data shown represent most requested generic skills, occupations and employers according to internet job postings in Australia between July 2016 and June 2019 filtered by ANZSIC and ANZSCO classification levels listed below.

  • Generic skills/Occupations
    • 6932 Accounting Services
  • Employment
    • 2211 Accountants
    • 2212 Auditors, Company Secretaries and Corporate Treasurers
    • 2247 Management and Organisation Analysts
    • 2223 Financial Investment Advisers and Managers
    • 1322 Finance Managers
    • 6932 Accounting Services.
Updated: 31 Mar 2020
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