Full Charge Bookkeeper

Updated on April 11, 2024
Article byKhalid Ahmed
Edited byKhalid Ahmed
Reviewed byDheeraj Vaidya, CFA, FRM

What Is A Full Charge Bookkeeper?

A Full Charge Bookkeeper is a professional managing all the financial records like tax returns or financial statement preparation of small or mid-sized companies. They help record complex transactions and process timesheets & payroll while ensuring compliance with all regulations and relevant laws by reporting to the firm’s senior manager.

Full Charge Bookkeeper

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They have the sole responsibility of a firm’s accounting. The person may be given to supervise clerks. They must have excellent organizational skills and pay keen attention to intricate details. They have to work in close collaboration with other departments to ensure that financial information remains accurate. 

Key Takeaways

  • A full charge bookkeeper is an expert overseeing all financial documentation, such as financial statement creation and tax filings, for small- and medium-sized companies.
  • They manage accounts, maintain the general ledger, reconcile revenues, create journal entries, monitor cash flows, prepare financial records, remit salaries, process payrolls, adhere to accounting standards, and supervise clerks.
  • The average salary ranges from $150.04 to $30.27, depending on the location of the job, experience, and freelance setup.
  • It requires an associate degree certification from an accredited organization, 3000 hrs. part-time experience, mastery of bookkeeping software, and experience in payroll.

Full Charge Bookkeeper Explained 

A full charge bookkeeper is a professional responsible for handling and discharging duties of all accounting-related requirements of medium or small-sized companies. They have to report directly to the senior manager of a business. They have to interact directly with members of the board, auditors, or the president of the company.

Generally, they manage a company’s accounts. However, in this role, they have to take the responsibility of managing the complete cycle of accounting duties on behalf of the company. It may include entering expense and vendor invoices, preparing bank statements, billing clients and customers, preparing tax returns, supervising junior accounting clerical staff, and processing timesheets. 

In addition, the person has to have expert knowledge of bookkeeping and accounting systems, a good eye for minute details, and excellent skills in project management. The person in charge must be able to handle accounting and streamlining of the businesses efficiently. Additionally, they must have a good understanding of Generally Accepted Accounting Principles (GAAP) with its application, the ability to read accounts charts, take trial balances, make entries into journals, and double-entry bookkeeping. 

They play an essential role in the financial world by maintaining the stability and financial health of a business. They also help companies comply with regulations and accounting standards, avoiding legal suits and contributing to the growth of revenue and profits without many risks.

Duties And Responsibilities

As these professional plays an important role in an organization, they have a comprehensive array of duties and responsibilities which are discussed as follows:

  • To manage accounts receivable and payable.
  • To reconcile revenues, bank accounts, and cash.
  • To maintain an accurate general ledger with appropriate adjustments.
  • To create journal entries related to all accounts like fixed assets.
  • To monitor the cash flow of the business.
  • To collect customer payments and issue invoices to clients.
  • To prepare all financial statements and tax returns.
  • To remit income, payroll, sales and utilize taxes.
  • To process employee timesheets and handle payroll.
  • Supervise accounting, billing, and payable clerks.
  • To ensure adherence to accounting standards and regulations like GAAP & SOX.
  • To assist in forecasting and budgeting.
  • To convey accurate information on finances to the stakeholders and management, comprising answering questions and making report presentations.

How To Become?

It is a lucrative career in the United States, which can be achieved by below steps:

  • First, earn an associate or bachelor’s degree in business administration or accounting.
  • Full charge bookkeeper certifications must be obtained from accredited organizations like the National Association of Certified Public Bookkeepers (NACPB) or the American Institute of Professional Bookkeepers (AIPB).
  • One can also apply to the professional bookkeeper program catering specifically to full-charge bookkeeping for small businesses.
  • After that, one can also opt for a CB exam and try to get 3000 hours of part-time experience.
  • Additionally, one has to get mastery over special bookkeeping software like Peachtree, QuickBooks, and Xero.
  • One should also try to get hands-on experience in bank reconciliation, payroll, accounts payable or receivable, and taxation.
  • Develop advanced accounting skills like financial statement preparation and basic tax returns.
  • Improve and refine soft skills like communication, deadline management abilities, organizational skills, and detail.
  • Besides, try to teach deep attention to detail and excellent organizational skills for mid-level positions.

Salary

For a full charge bookkeeper, the average national salary in the US is $20.57 per hour. However, one may even get in the range of $15.04 to $30.27 in America. Nevertheless, the salaries of the same can differ depending on the place of posting, location of employment, and level of experience. Additionally, those working as freelancers may set their fees in proportion to the industry standards.

Frequently Asked Questions (FAQs)

1. What is the difference between a full charge bookkeeper and a bookkeeper?

A bookkeeper has to handle certain aspects of a company’s financial statements, while a full-charge bookkeeper has to handle complete and detailed aspects of a firm’s financial reporting. The responsibilities of a full-charge bookkeeper have a much broader range than those of a bookkeeper working in a small to medium-sized firm.

2. What is the difference between a controller and a full-charge bookkeeper?

A controller is a person capable of generating detailed financial reports at regular intervals and supervising a typical bookkeeper in their work. A full charge bookkeeper manages all aspects of financial aspects, including taxation. Moreover, the controller can exert influence over future transactions and even initiate expenses if given power, unlike the full charge bookkeeper.

3. What is the difference between a full charge bookkeeper and a staff accountant?

A full charge bookkeeper has complete responsibility for the finances of a company, compliance with account standards, and taxation. They report directly to auditors and the board of directors of the company. An accountant is a person solely responsible for the accounting aspect of a company’s finances. They report to senior managers and provide a subjective view of financial data.

This article has been a guide to what is Full Charge Bookkeeper. Here, we explain it with its duties, responsibilities, salary, and how to become one. You may also find some useful articles here –

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