What is a Full Charge Bookkeeper? Definition, Cost, and Responsibilities

Bookkeeping entails the task of monitoring and recording finances, while accounting involves the compilation and analysis of account-related information. Mastering the fundamentals of bookkeeping and securing a trustworthy bookkeeper https://www.bookstime.com/ can be a daunting task for any aspiring small business owner. Nonetheless, as your business expands, so does the complexity of your bookkeeping requirements, making it imperative to elevate your bookkeeping approach.

As computer technology and accounting programming continue to advance and automate the bookkeeping process, the full charge bookkeeper job description will likely change. Virtually every responsibility of a full charge bookkeeper will have something to do with basic mathematics. Bookkeepers will often perform the bulk of their duties throughout the day on a computer with various software programs like spreadsheets and databases. Continual professional development is also critical for full charge bookkeepers. Strong analytical skills are also necessary, as full charge bookkeepers must be able to interpret financial data and provide meaningful insights to support decision-making processes.

What Is Full Charge Bookkeeping? Everything You Need To Know About the Job

Someone who can handle the end-to-end accounting and bookkeeping of small business acts similarly to an accountant or a controller with a 4-year degree. They also assist management in making decisions by interpreting the balance full charge bookkeeper sheet and profit and loss statements. Full charge bookkeepers require less supervision and can generally be expected to handle the majority, if not all the bookkeeping and accounting needs of a small to medium-sized business.

If the company grows to the size of a corporation, the full charge bookkeepers’ duties are shifted to a controller. What is the full charge bookkeeper’s role in comparison to an accountant’s, then? Although FC bookkeepers do provide accounting services, they usually don’t act as financial advisors or deal with auditing and tax reports. Full charge bookkeepers usually seek external assistance from a certified public accountant or a controller. 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.

Choosing a Professional Bookkeeping Service

Various estimates demonstrate that the average salary of full-charge bookkeepers ranges from $15.04 to $30.00 per hour. This range is subject to modifications based on your qualifications, additional skills and certifications, clean record of employment history, and the number of years of experience in the field. Hiring a full charge bookkeeping professional is essential to sustain accurate accounting records for the overall growth of your company and it is necessary to elevate your brand name in the global marketplace. To ensure success as a full charge bookkeeper, you should have advanced knowledge of bookkeeping and accounting systems, excellent project management skills, and a good eye for detail. A skilled full charge bookkeeper efficiently handles all the accounting needs of the company, streamlining the business.

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. No matter how much bookkeeping and accounting duties might differ, a full service bookkeeping job combines some features of both. EcomBalance handles your bookkeeping and sends you a Profit and Loss Statement, Balance Sheet, and Cash Flow Statement by the 15th of each month. EcomBalance also has a sister company, AccountsBalance, that caters to agencies, software companies, coaches, and other online companies.

What is a Full-Charge Bookkeeper?

Errors in financial records can lead to significant financial losses for a company and potentially damage its reputation. Therefore, a full charge bookkeeper must meticulously record and reconcile all financial transactions, review data for accuracy, and promptly address any discrepancies that arise. In-house bookkeepers can get a lot done, but are they equipped to sustain your company’s financials as you grow?

• As computer technology and accounting programming continue to advance and automate the bookkeeping process, the full charge bookkeeper job description will likely change.
• But popular industries where bookkeepers find employment include retail trade companies, as well as companies offering professional, scientific, and technical services.
• Outsourced bookkeeping services can provide your business with expertise without the overheads of hiring an in-house bookkeeper.
• Managing payroll is another significant responsibility of a full charge bookkeeper.
• To get one, you’ll have to have at least two years of professional experience in the field and pass the exam.

Medium-sized businesses may include hotel chains or markets as well as manufacturers. The full charge bookkeeper job description indicates that this employee manages offices where he or she assumes duties of both a bookkeeper and an accountant. They may be an in-house employee or an employee of a business that provides outsourced bookkeeper services. While full charge bookkeepers mostly deal with maintaining the ledger, they also perform full-cycle accounting duties in the company. Generally speaking, accountants analyze the financial data gathered by bookkeepers.

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The title ‘full charge’ accurately describes the breadth and depth of their responsibility – they are ‘fully in charge’ of an organization’s bookkeeping needs. Given this broader scope, a full charge bookkeeper typically requires more experience and a deeper understanding of financial management than a regular bookkeeper. Full charge bookkeeping encompasses all of the bookkeeping needs of a business.