become a general ledger accountant

A general ledger accountant is a professional who keeps a company’s main accounting record, also known as the general ledger, properly balanced. They are full-time employees who record day-to-day transactions and check the ledger on a monthly and annual basis. They do this while also filling out reports and making presentations to the executives of the company they work for. General ledger accountants are hired for their expertise in budgeting the general accounting record. They can also help a business with:

  • payroll
  • internal audits
  • other necessary accounting jobs

This is a well-paid job that has benefits and drawbacks. It’s a perfect position for anyone who:

  • is analytical
  • enjoys solving problems
  • has a good eye for detail
  • enjoys working on a team

Salary

A general ledger accountant’s salary is determined by their:

  • hourly rate
  • bonuses
  • potential profit sharing

According to Payscale, the current median salary for this profession is around $52,000. Some accountants report salaries as high as $68,000 after bonuses and profit sharing amounts are added in.

Beginning Salary

The beginning salary for a general ledger accountant can vary based on the city in which a professional can find a job. Beginning pay can start as low as $30,000 and reach up to $55,000. Cost of living as well as demand is thought to be the cause of the range of annual salaries.

Key Responsibilities

The key responsibility of a general ledger accountant is to ensure that a business or company’s accounts are balanced properly on a daily basis. This requires the accountant to keep track of the ledger on a daily, weekly, monthly, and annual basis. They do this to provide reports and balance sheets that contain information on the current state of an organization’s finances. These accountants may also assist with other accounting responsibilities, such as:

  • internal audits
  • payroll
  • budget consulting, and more

Necessary Skills

General ledger accountants are required to have exceptional skills in:

  • payroll
  • budgeting
  • general accounting
  • bookkeeping
  • business infrastructure as it relates to accounting

In addition, they must also be able to work both as part of a team and alone, with or without supervision. They must be able to communicate with the various levels of executives at an organization. General ledger accountants are expected to be detail-oriented and accurate with their work. They must continue to educate themselves on accounting technology advancements.

Degree and Education Requirements

General ledger accountants either have a bachelor’s or associate’s degree in business or accounting. An accounting degree is preferred by most employers. These degrees are generally accredited by the Association to Advance Collegiate Schools of Business International and are accredited through the Accounting subfield the association is noted for. It is not necessary to get a graduate or postgraduate degree in accounting for this profession. However, it has been shown to increase annual earnings by around $10,000.

Along with an undergraduate education, most accountants pursue licensure after they graduate. The Certified Public Accountant endorsement is the most popular among the professionals in this field. Further endorsements can be earned after an undergraduate degree has been earned. They can lead to specialization within an industry, such as:

  • technology
  • governmental accounting
  • international business

Endorsements are not necessary to find a job but can be helpful when vying for a competitive position.

Pros and Cons

There are pros and cons to a career as a general ledger accountant. One advantage is that because accounting is a universal need, there will always be jobs for accountants. Accountants also have the ability to earn more as their career progresses. They can work anywhere in the country. Some ambitious professionals might also find that building their own accounting firm is possible for them in this field.

Cons are also plentiful in this field and include stressful work periods. This is especially true at the end of the fiscal year and during tax season, when most companies and individuals try to get their accounts in order. Another disadvantage is that the work can seem boring. Accountants must be absolutely sure that the investigation and detail-oriented elements of the job are something they can contend with during their career. Continuing education is also another aspect to the career. Accounting technology continues to develops. Many general ledger accountants will find themselves attending conferences and taking online classes  to keep up with the changing climate of the accounting world.

Getting Started

A general ledger accountant rarely receives on-the-job training. However, there are some paths available to these professionals in order to make the most of their of their career. Becoming certified as a Certified Public Accountant is not necessary for the profession. But it’s a great way to stand out from other candidates vying for the same positions. Other requirements may include previous professional accounting experience. You must have a strong aptitude for attention to detail and accuracy when working with accounts. These professionals must also have strong analytical, mathematical, communication, and interpersonal skills.

Future Outlook

This is a profession that’s always in demand, especially in the business and economy sectors. While the Bureau of Labor Statistics does not have an independent page dedicated to general ledger accountants, the accounting field is seeing growth. The job outlook is 11 percent for all accountant positions through 2024. Because of the general nature of the accounting work these professionals are involved in, nearly every business and company in the United States have a use for a general ledger accountant. Jobs can be found at:

  • insurance firms
  • banks
  • Fortune 500 companies
  • start-ups
  • technology business
  • venture capital firms, and more

There are a lot of available positions in large, metropolitan cities on both coasts. There are concentrations of accountants cities that boast large numbers of technology and business headquarters, like:

  • Chicago
  • New York
  • Washington, DC
  • Los Angeles

General ledger accountants can also find work overseas at US-owned companies. There are positions available in:

  • Asia
  • Latin America
  • Europe

These are competitive positions that do require some prior work experience.

General ledger accounting is a career for the most detail-oriented and analytical individual. Without these professionals, businesses would not be able to run properly. Anyone interested in this field will find themselves with various job opportunities and a challenging career.

Related Resources: