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Most companies that reach the point of needing a full-charge bookkeeper will have plenty of other lower-level functions to manage. Even small- to mid-size firms may employ several bookkeeping clerks, administrative assistants, or other personnel to manage clerical work. Adding a full-charge bookkeeper into the mix can drastically change the responsibilities and workflows of these existing teams.

What is a Full Charge Bookkeeper?

• By doing so, you can gain a clearer understanding of whether this role meets your specific needs.
• Outsourced financial services such as full charge bookkeeping, offer a variety of other benefits to your business as well.
• Although full charge bookkeepers combine accounting and bookkeeping services for SMEs, they do differ from accountants in some ways.
• It involves full charge bookkeepers taking on a range of accounting duties typically assigned to both accountants and bookkeepers.
• Your full-charge bookkeeper can even assist in maintaining your cash position by handling accounts payable and invoice factoring, making the cash flow a lot easier to handle.
• Full charge bookkeeping is the ideal solution for small to medium-sized businesses that want to ensure stable financial management as they continue to grow.

In this case, the full charge bookkeeper position may be converted into an assistant controller position, with responsibility for some aspects of accounting operations. With additional training, a full charge bookkeeper could be promoted into the controller position. The primary distinction lies in their educational and certification requirements.

Full Charge Bookkeeper vs CPA

Bookkeepers compile balance sheets, income statements, and cash flow statements, providing a clear picture of the organization’s financial performance. These documents are vital for decision-making by management and stakeholders and must be prepared with precision and adherence to accounting standards. A full-charge bookkeeper possesses a broader skill set and assumes more extensive responsibilities than an in-house. Full charge bookkeepers perform all the tasks regular bookkeepers do, along with full-cycle accounting duties, except for full charge bookkeeper those that can be done only by a certified public accountant. Even though they are not as well-paid as accountants, full charge bookkeepers definitely earn more than regular bookkeepers.

• An applicant should at least be familiar with your company’s accounting software.
• FC bookkeeping is a term that refers to professionals who are fully responsible for a small or medium-sized business’s full-cycle accounting and bookkeeping needs.
• Online bookkeeping service providers offer cost-effective solutions leveraging technology.
• Some employers are willing to hire people who don’t have any previous experience in bookkeeping and instead provide on-the-job training (OJT).
• Full charge bookkeeping, also known as full service bookkeeping, goes beyond the standard responsibilities of a bookkeeper.
• As the title suggests, a Full Charge Bookkeeper has full charge of a company’s bookkeeping matters, often working independently with minimal supervision.

Increased Efficiency in Financial Management

A full charge bookkeeper covers a regular bookkeeper’s tasks but does additional, more complex duties. A full charge bookkeeper takes full ownership of a company’s books, from the everyday details to the big-picture financials. A full charge bookkeeper manages day-to-day financial tasks—like recording transactions, reconciling accounts and maintaining records. On the other hand, an accountant analyzes financial data to provide insights and support strategic planning. In short, bookkeepers focus on a company’s past financial records, while accountants use that data to offer forward-looking advice and guidance.

For such matters, they would still seek external assistance from experts in SME and consumer goods accounting services such as controllers or certified public accountants. This includes recording financial transactions, reconciling accounts, and preparing financial statements. Analytical skills are paramount, enabling bookkeepers to interpret complex financial data and provide actionable insights. Attention to detail is equally important, given the precision required in financial reporting and compliance tasks. Proficiency in accounting software is a must, as technological aptitude can significantly enhance efficiency and accuracy.

• A full charge bookkeeper is a key financial professional who manages all major accounts within a company or organization.
• To help you determine if hiring a full charge bookkeeper is in your business’s best interest, you need to know what this role entails and how it is different from other bookkeeping work.
• Many businesses find value in outsourcing bookkeeping services, particularly when it comes to employing full charge bookkeepers.
• They should also be comfortable handling all the financial records of a company, as they will be responsible for the full cycle of accounting duties.
• Full-charge bookkeepers can only assist accountants through enacting basic tasks (e.g., preparing financial statements and tax returns) and providing financial suggestions.
• With additional training, a full charge bookkeeper could be promoted into the controller position.

Understanding their duties is crucial for anyone pursuing this career or hiring such talent. Opinions expressed on the pages of this website belong to the author and do not represent the views of companies whose products and services are being reviewed. To get CARES Act one, you’ll have to have at least two years of professional experience in the field and pass the exam. We’ve already mentioned some of the skills that full charge bookkeepers should possess, but we’d like to focus more on their educational background. Now, let’s take a look at full charge bookkeeper vs. bookkeeper job descriptions and compare them.

Transaction Processing(AP/AR, payroll, etc.)

Attention to detail is paramount, as even a small oversight can lead to significant https://www.bookstime.com/ financial discrepancies. Depending on your unique situation, a bookkeeper will do anything from leading vendor relationships to informing cross-enterprise reporting. Learn more about this and other common misconceptions about bookkeeping services.

Nevertheless, it is important to consider the following key advantages of employing a full-charge bookkeeper for your business. Traditional firms often offer packages or tiered pricing structures depending on the size and complexity of the business. Monthly fees can range from a few hundred to several thousand dollars per month, with additional costs for specialized services such as tax preparation, financial analysis, or consulting. In this article, we’ll discuss what a full charge bookkeeper is, the benefits of this type of accounting, and how you can receive full charge bookkeeping services for your business. Look for a full charge bookkeeper with strong attention to detail and great communication skills.