Institute of Professional Bookkeepers of Canada

Institute of Professional Bookkeepers of Canada

March 30, 2010 11:26 ET

Institute of Professional Bookkeepers of Canada: Learn More to Earn More, Findings From the Benchmark Study on Canadian Bookkeepers

SURREY, BRITISH COLUMBIA--(Marketwire - March 30, 2010) - A newly released study shows that bookkeepers with a professional certification are two or three times more likely to receive higher rates for their services than those who haven't received accreditation.

2009 Status of the Canadian Bookkeeping Industry, the first-ever study of its kind was conducted by the Institute of Professional Bookkeepers of Canada (IPBC). It focuses on salaries, contracting rates, education and training levels, and accreditation within the industry.

It reveals that bookkeepers with a professional designation are able to charge higher rates and earn bigger salaries. Nearly 66% of those surveyed with a professional designation such as Certified Professional Bookkeeper (CPB), earn over $50,000 a year. If the bookkeeper was employed in a permanent position and held the designation, they earn nearly twice as much as those without it.

"From our own experience, and from conversations with our members, we had a sense of what bookkeepers were charging for their services along with other key metrics," said Gordon Skillen, Executive Director of the Institute. He added, "Giving Canadian bookkeepers what they need most to succeed means that we needed more hard data based on research. That's why we launched the benchmark study last fall and plan to do the survey every year," he said.

Skillen notes that certification gives independent third party verification that the bookkeeper is qualified to process financial records. In the case of the Certified Professional Bookkeeper designation offered by the Institute, it's modeled after the accounting profession and includes a standardized national exam, minimum experience, code of ethics, and ongoing training.

Other findings from the study include:

  • More than 85% surveyed consider themselves self employed and 70% of them run a home-based business
  • The majority of bookkeepers have average rates less than $50 an hour
  • Depending on the service provided, the hourly rate charged by bookkeepers can also vary. Data entry typically has the lowest hourly rate, while higher rates are often charged for preparation of financial statements, T4s, and T5s.
  • By province, Manitoba came out on top with regard to hourly rates – 4.5% of the respondents reported rates above $80 an hour. Compare this to the national average where only 2.4% charge hourly rates over $80.
  • Annual gross revenues for respondents ranged from less than $25,000 a year to over $500,000. The majority – 24.6% of respondents – reported annual gross revenues in the range of $25,001 to $50,000. The next highest category was $50,001 to $75,000 with 20.2% falling in that range.
  • Over 54% hold a college diploma or university degree
  • Nearly 81% are veteran practitioners with more than 10 years of experience

The study contains additional extensive details on fees, rates and billing information; business structure; permanently employed bookkeepers; financial software usage; experience data on the respondents; the types of businesses they serve; salary data by province; what they expect from associations; internal business practices; and more. The 2009 Status of the Canadian Bookkeeping Industry report is available for sale online.

About the IPBC
The Institute of Professional Bookkeepers of Canada (IPBC) is a national non-profit organization dedicated to achieving public awareness for the certified bookkeepers of Canada. It is dedicated to assisting men and women in adhering to a professional and ethical standard in the bookkeeping profession. Bookkeepers looking to bolster their careers are encouraged to visit the Institute of Professional Bookkeepers of Canada at http://www.ipbc.ca/210members.html. Businesses wanting to reduce their risks can find the Certified Professional Bookkeeper closest to them by contacting the Institute at http://www.ipbc.ca.

Contact Information

  • Institute of Professional Bookkeepers of Canada
    Gordon Skillen
    Executive Director
    604-637-9607, extension 1
    Gordon@ipbc.ca
    www.IPBC.ca