Once we start a business, we lose a sense of task, don’t we? So, as your business grows, your bookkeeping will face new challenges. Plus, let’s not forget about the demands. You need someone to handle this extra responsibility of accounting needs. You’ll get to focus on other business aspects.
What is a Full Charge Bookkeeper?
Are you wondering what a full-charge bookkeeper will do for you? A full-charge bookkeeper usually has the tasks of a regular bookkeeper. However, they do additional work and more complex duties. The ‘full charge’ element basically means they will take full responsibility for the company’s finances. To explain you even further, a full charge bookkeeper will take care of the monthly statements, balance ledgers, and tax returns for inspection by your CPA.
Why You Need a Full Charge Bookkeeper
Make General Ledger Adjustments
A regular bookkeeper won’t be able to have more insight over the general ledger than the full-charge bookkeeper. That is their specialty. Moreover, there is one major difference to keep in mind. They usually prepare and enter the journal entries for fixed assets and depreciation. In addition, the full-charge bookkeeper will also be responsible for running a trial balance each month. Similarly, this is to make sure the general ledger accounts are in balance. During this process, they will adjust those journal entries to correct any discrepancies they find.
Handle Your Banking
You can always relax knowing that all your bank accounts are covered. Therefore, the FCB’s will help you reconcile your monthly bank statements. Moreover, they oversee all bank deposits, petty cash accounts, credit card accounts, and lines of credit. Furthermore, your full charge bookkeeper will maintain the cash position. How, you must be wondering? Through the invoice factoring and accounts payable.
Preparing the Tax Returns
The full-charge bookkeeper does not have the responsibility of a CPA. However, they still help when preparing the monthly and quarterly taxes. Similarly, their returns get submitted to your CPA for:
- Review
- Tax advice
- Process tax returns
This will reduce the time your CPA needs to work the taxes. Wouldn’t that save a lot of cost for your business? Yes, it would.
Producing Financial Statements and Reports
When it comes to financial statements, they are able to produce all the general-purpose aspects. Furthermore, they can also help you with the reports for budgeting and forecasting. Additionally, with the help of financial planning and budget forecasting, this will increase your profitability. Similarly, this will create opportunities for growth for your business.
Process Payroll and Timesheets
One of the main jobs of a full-charge bookkeeper is processing payroll. Moreover, they can handle the tasks themselves or they could also oversee a payroll specialist. If you decide to outsource payroll services, your FCB can help you manage the relationship.
Supervise Junior Accounting Staff
A full-charge bookkeeper will supervise junior employees, develop efficient workflows, and verify that their work is accurate and done on time. What are the junior accounting roles they usually oversee:
- Payroll clerk
- Payables clerk
- Billing clerk
In smaller companies, they might also oversee inventory, purchasing, and human resources.
Where to Find a Full Charge Bookkeeper?
Your search for a full-charge bookkeeper ends here. Look no further than Wise Wealth Accountancy Services. Do you want the power to take care of other aspects of your business? Give us the power of accountancy, and you can focus on your business growth. For more information, give us a call today!
