A bookkeeper can provide essential accounting services to keep your financial affairs in order after you launch your business. However, as your business grows, the bookkeeper will encounter new challenges and demands and may need more expertise to tackle these successfully. You will likely hire additional bookkeepers and junior accounting staff to manage the extra responsibilities. Before you know it, you may end up with multiple bookkeepers, each involved separately with the following:

• Sales, accounts receivable, and customer invoicing

• Inventory, purchasing, accounts payable, vendor payments, and billing issues

• Bank and credit card reconciliations, bank deposits, and cash receipts

• Payroll processing, hiring, and employee records maintenance

Hiring a full-charge bookkeeper can be a prudent decision as your operations expand and the accounting and bookkeeping demands become more complex. A full-charge bookkeeper is qualified to handle all accounting tasks and take on the responsibility of managing the accounting department. They possess the necessary expertise and experience to supervise other bookkeepers and junior accounting staff, ensuring that all financial affairs are in order. As the name implies, "full charge" means he or she will assume full responsibility for all accounting department tasks: preparing monthly statements, balancing all ledgers, assisting with taxes, reporting to the CPA and business owners, managing other bookkeepers, etc. 

Hiring a full-charge bookkeeper can be a valuable investment, especially for business owners who need more time or expertise to oversee the accounting department effectively. It allows the business to develop a well-organized and efficient financial management system, contributing to its overall growth and success. With this in mind, you may hire a full-charge bookkeeper if you lack the time or know-how to successfully monitor your business's bookkeeping services and activities. Let's look at how a full-charge bookkeeper can assist you:

What does a full-charge bookkeeper do?

• "Full charge" implies complete oversight of all accounting functions.

• May supervise a small business's multiple bookkeepers, office clerks, or junior accounting staff.

• Directly reports to executives/owners or a CPA.

• Manages accounts receivable tasks, creating customer invoices and posting customer payments.

• Manages accounts payable tasks, entering vendor bills and issuing vendor payments.

• Manages payroll tasks, processing payroll, and paying payroll taxes.

• Remits sales, occupancy, and property taxes.

• Reconciles bank, credit card, and petty cash accounts.

• Prepares/enters adjusting entries and trial balances, accounting for fixed assets and closing the month.

• Collects/organizes information needed for an audit.

• They may lack a bachelor's degree but have some formal accounting training and experience. A Certified Bookkeeper designation should be the minimum requirement.

Why or when do I need a Full-Charge Bookkeeper?

• As your business grows, you may wind up hiring two or more bookkeepers (in-house OR outsourced) based on your business demands and operational complexities associated with AP, AR, sales, payroll functions, etc.

• Rather than juggling different individuals (and opinions!) all day long, seek the efficiency of coordinating your accounting/financial activities via one "trained professional."

• As the name implies, "full charge" means this person will assume full responsibility for all financial activities, coordinate/train/manage bookkeepers, and report directly to the owner(s).

• These professionals are generally employed by small businesses that do not require the expertise of an accounting manager, financial controller, or CPA on a daily basis.

Outsourcing your full-charge bookkeeping services is a highly cost-effective method quickly gaining popularity among those looking to grow their small business. Aside from the corresponding cost savings, outsourcing allows you the flexibility to scale these services to match your business growth.

YBL offers Full-Charge Bookkeeping services and additional Client Accounting Services that can be bundled into a custom-designed package.