The distinction between a regular bookkeeper and a full charge bookkeeper primarily resides in their level of responsibility and the complexity of their tasks. 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. Although full charge bookkeepers are responsible for a business’s accounting, they are not accountants or Certified Public Accountants. In this role, you may help prepare financial statements and tax returns for your employer, who then submits them to a CPA for review or auditing.
This position fills a particular talent gap as a result of a small business’s growth. Most smaller businesses work with their own in-house teams or outsourced bookkeepers until they reach a certain size. At that point, they usually add high-level roles like controllers or CPAs full-time. They may also be in charge of certain aspects of accounting like payroll, but this isn’t always the case. Ultimately, understanding the difference between a bookkeeper and a full charge bookkeeper can be crucial in deciding how to manage a business’s finances effectively.
How Does a Full Charge Bookkeeper Differ From An Accountant?
They usually have more responsibilities than regular bookkeepers and are often in touch with the company’s CEO and upper management. Accountants, on the other hand, operate at a higher level of financial strategy. They are usually involved in more complex financial planning, including tax planning and business analysis. While they also review financial statements, their work often focuses more on interpreting and analyzing financial data than recording it.
The business owner can access their financial data anytime, anywhere, keeping them up-to-date with their financial status. This convenience and accessibility are particularly important for small businesses that require flexibility. 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.
What Is a Full Charge Bookkeeper?
However, they generally do not perform more strategic financial activities like financial analysis, planning, or forecasting, which would typically fall under the responsibilities of a controller or CFO. Nearly all bookkeepers working with this level of responsibility also need to have management training. They must also be familiar with accounting software and how to prepare and present financial statements and tax returns. Medium-sized businesses may include hotel chains or markets as well as manufacturers.
Even more, you will cull loyalty to your venture by offering expansion into a controller position. The full charge bookkeeper is literally in charge of the accounting department offering a direct line to money matters for the C-suite. Additionally, they charge the highest salary compared to regular bookkeepers.
Gender Breakdown for Full Charge Bookkeepers
Your earnings could differ based on factors like location, experience, education, certifications, the client’s size, and whether you work in-house. Download our free checklist to help you partner with the right provider. All these are all cited as locations by the BLS where there is the highest density of jobs available. Enjoy the flexibility that a freelance bookkeeper brings without the hiccups. Get the most value from an outsourced bookkeeper by streamlining the process.