What does full service bookkeeping include?

If you own a small or mid-sized business, you may have heard a lot about the bookkeeping services you need. The service of a bookkeeper is undoubtedly the best one to keep your business and finances on track. If you have ignored this advice so far it is time to consider it seriously. Other than managing your accounts it gives you security and scalability of your business.

If you want to taste success in your business it is important to manage it properly without any loopholes.  In a small or mid-sized company, a fully charged bookkeeper manages all the responsibilities related to accounts. Full charge bookkeeping is a job with more responsibilities than regular bookkeeping.

In this blog, we will discuss what are the responsibilities of a full charge bookkeeper. We will also discuss how it is different from an in-house bookkeeper.  

What Is Full Charge Bookkeeping? 

A full charge bookkeeper performs the duties related to accounts and bookkeeping in small or midsized organizations. The word full charge means the bookkeepers maintain the accounts and performs bookkeeping duties together. Along with maintaining the ledger, these bookkeepers prepare financial statements, file tax returns, record transactions and process payrolls.

So, you can understand that these full charge bookkeepers have more responsibility than regular bookkeepers. They even report to the higher management, unlike regular bookkeepers. Sometimes they are responsible for supervising accounting staff and coordinating tasks with outside experts like a CPA.  

Job Responsibilities Of A Full Charge Bookkeeper– 

Full charge bookkeeper has to do the job of accountant and bookkeeper both at the same time.

Thus, they have a lot of duties to perform- 

• They have to manage account payables and account receivables. 
•  They have to maintain the company ledger in a proper systematic way. 
• They are responsible for reconciling cash, bank accounts and revenues. 
• They create journal entries for all accounts including assets. 
•  They are responsible for monitoring the cash flow of the business. 
• They also issue invoices and collect payments from customers. 
•  They prepare financial statements quarterly or yearly. 
•  They prepare All kinds of tax returns for the company. 
•  They process employees’ timesheets and manage payroll. 
• They often supervise the accounting staff in order to get all the work done seamlessly. 
•  They have an important role in auditing services too; they collect all the information needed for auditing. 

What Are The Differences Between Or Regular Bookkeeper And A Full Charge Bookkeeper? 

 Both bookkeepers perform similar rules yet they have certain differences. A full charge bookkeeper has many other responsibilities that are not included in a regular bookkeeper’s duty. Here are a few differences between these 2 types of bookkeepers in a company. 

• A regular bookkeeper is basically a bookkeeper hired as an employee of the company. He or she works in the accounting team of that organization and performs assigned duties. They do not have any other responsibilities than that and you never outsource a regular bookkeeper.

They usually do not have any managerial responsibilities. But a full charge bookkeeper advanced responsibilities for a company or organization. You may hire a full charge bookkeeper company or may outsource one. Their roles include more of an accountant’s roles. They do not work just as a member of the accounting team but they often supervise the team. 

• Regular bookkeepers’ duty is to maintain the Ledger of a company. Therefore they do not have to be highly qualified or need any training sessions to become a bookkeeper. But a full charge bookkeeper needs a degree in the relevant field. They also must have in-depth financial and accounting knowledge, with proper certification.  

Summing Up 

You can keep a full charge bookkeeper as an employee in your company but that may be a little expensive. Outsourcing a full charge bookkeeper is a more convenient and affordable idea to follow. There are several accounting firms in Dubai where you can get experienced, full charge bookkeepers. This is a more reasonable way to get your job done by the most efficient experts in the field.   

At Accountant Dubai, you get all types of services related to auditing and bookkeeping. This firm has experienced bookkeepers with excellent client reviews for accounting services in Dubai.  

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