Full Charge Bookkeepers and How They Help You Succeed
Having a Full Charge Bookkeeper for your business is essential for the success of your small to midsize business. However, what exactly do Full Charge Bookkeepers do for businesses? The role of a Full Charge Bookkeeper is more vital than that of a regular bookkeeper. The responsibilities are greater. A Full Charge Bookkeeper manages entirely every accounting need of a company which includes the creation of financial statements. Full Charge Bookkeepers mainly work in small to midsize businesses that do not require a controller. High level management or owners of companies work directly with Full Charge Bookkeepers. Also, outside CPA firms are contacted by Full Charge Bookkeepers in order to complete financial statements and the preparation of tax returns.
The day-to-day tasks of Full Charge Bookkeepers include the record keeping and management of detailed financial transactions. With today’s information QuickBooks help systems, such as Intuit’s QuickBooks, much of the work that is completed has to be verified and correct by following systemic methods. For example, customer and vendor records have specific codes. Inventory, services offered and even employees have more data that is structured in running an accounting department. With everything structured correctly, duties such as vendor invoices, printing checks, billing customers, complete month end bank reconciliations and many other tasks are completed successfully. Every transaction that is completed involves the usage of debits and credits that are recorded onto the general ledger.
The general ledger is the heart of all accounting records. A Full Charge Bookkeeper ensures that the general ledger has the correct balances at all times. Many accounts, such as Fixed Assets and Depreciation accounts, are adjusted at periodic intervals to reflect the changes in valuation. A Full Charge Bookkeeper knows how to correctly calculate these adjusting entries that must configure with law mandates. Every month, a trial balance is created in order to ensure that all balances on the general ledger are correct.
At the end of each month and after all monetary transactions have been completed, the balance sheet and income statement are completed. These financial statements are prepared by the Full Charge Bookkeeper and are submitted to owners, high-level management and CPA’s to verify accuracy. The performance of a company can be seen by these two important financial statements. Some other financial statements that are used to verify the performance of a company is the cash-flow statement and the statement of owner’s equity. These are just a few of the important reports that a Full Charge Bookkeeper may prepare. There are many more reports that are prepared by Full Charge Bookkeepers such as sales reports and inventory reports.
At True Financial Talent, we provide Full Charge Bookkeeping services. Your business success depends on accurate information.
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