Full charge bookkeeper responsibilities include going much deeper into the general ledger than a regular bookkeeper. Journal entries are prepared and entered by the full charge bookkeeper for accounts such as fixed assets and depreciation. At the end of each month, a trial balance is run to verify that general ledger accounts are in balance. You’re probably wondering now what the difference is between these two job titles and which one you should hire to take care of your financial records. On the other hand, accounting stands for compiling and analyzing information about the account. Simply put, the roles and responsibilities of a full charge bookkeeper are a combination of the duties of a regular bookkeeper and an accountant or controller.
- While a formal degree in accounting or finance can be positive, becoming a full-charge bookkeeper isn’t always a strict requirement.
- This is where the full-charge bookkeeper emerges as a vital financial guardian, wielding a multifaceted skillset to keep the financial gears turning smoothly.
- 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.
- They must tune in to the finest of details and make accuracy a top priority.
Since it is the largest expense for most companies, employers need to think strategically about work roles. Full charge bookkeeping is a skillset that drives a variety of financial responsibilities. We explain why this is a viable option for businesses just starting out, or looking to expand the accounting department. Knowing what is included in full charge bookkeeping services makes you aware that a degree, skills, and certifications sometimes aren’t enough.
What is the Role of a Full Charge Bookkeeper?
Going full-charge means all bookkeeping, AR/AP, data systems, tax, and financial statements are prepared by one person. Therefore, a full-charge bookkeeper can handle many different things concerning finances. It is in their job description to perform tasks that fall between basic bookkeeping and accounting.
full charge bookkeeper duties include preparing the balance sheet and income statement at the end of the month. They are run after the books are closed and are submitted to a CPA to verify accuracy and then to the owners or management to apprise them of the financial health of the company. This bookkeeper provides many services because they handle the complete cycle of accounting duties and supervise clerks, so it can be very convenient to have one on your team.
What Is the Difference Between a Full Charge Bookkeeper and an Accountant?
They perform a month-end closing, running a trial balance to verify that the general ledger isn’t off. Like an accountant, a full-charge bookkeeper will analyze the trial balance and make any necessary adjusting journal entries to correct errors. Full-charge bookkeeping entails everything that regular bookkeeping does. However, that “full charge” part implies that something more is also included in the package.
This role goes beyond standard bookkeeping, embracing a wider berth of responsibilities and trust. Full charge bookkeepers are responsible for handling all the accounts of a small to medium-sized business. They hold more responsibility than a regular bookkeeper and report directly to the company owner or financial manager. At Let’s Ledger, we know that small businesses need to preserve funds anywhere they can. The best financial decision you can make for your company when starting out is to hire a full charge bookkeeper.