Understanding the Accountant Salary in Chicago and the Importance of Tracking Fixed Assets in Quickbooks Online
In the bustling city of Chicago with its diverse industries and sectors, the role of an accountant is paramount. Accountants play a significant part in the financial health of businesses, providing insight into costs, profits, and financial trends. Hence, given the crucial nature of their job, it’s no wonder they are well-compensated. But how much exactly does an accountant earn in Chicago?
Average salaries for accountants based in the Chicago area vary widely, depending on factors such as industry, experience, and specialization. According to the U.S Bureau of Labor Statistics, as of May 2021, the median annual wage for accountants was $73,560. However, in urban areas like Chicago, where cost of living and competitiveness are high, accountants typically pull in higher wages. The average accountant salary in Chicago is approximately $81,000 to $96,000 annually; the top earners in the profession can earn above the $110,000 mark.
A key area of expertise that can determine an accountant’s earning potential is familiarity with commonly used accounting software. Crucial among these is QuickBooks Online, an accounting software package developed and marketed by Intuit. It is equipped with tools to manage bills, payroll functions, and tracking fixed assets in QuickBooks Online is one core function that accountants in Chicago must be adept at.
Fixed assets, in accounting, refer to long-term tangible assets such as buildings, machinery, equipment, and vehicles that a company owns and uses in its operations to generate income. Tracking fixed assets in QuickBooks Online is essential for accountants as it tends to feature in month-end accounting routines and for tax preparation. It helps in correctly calculating depreciation, which may impact a business’s profit margins and taxable income.
Being skilled in tracking fixed assets in QuickBooks Online is not only a valuable skill set that makes an accountant more competitive in the job market but also leads to higher salary prospects. QuickBooks certification specifically can lead to an increase in both earnings and job opportunities. Accountants who have demonstrated their proficiency in using the software often have higher earning potential compared to those who have not.
From small businesses to multinational corporations, the significance of tracking fixed assets in QuickBooks Online cannot be understated. It is integral to the role of accountants in providing accurate and timely financial information, necessary for strategic business decisions. Thus, the ability to efficiently and effectively manage fixed assets can command higher job prospects and salary.
To sum up, the salary a Chicago-based accountant earns not only signifies the importance of the profession but is also a reflection of their skills and competencies, especially with tools such as QuickBooks Online. Whether it’s understanding complex tax laws, ensuring all financial transactions are systematic and organized, or tracking fixed assets in QuickBooks Online; each accomplishment elevates the role of an accountant, thereby influencing their income potential.