A business cannot run efficiently, without being backed by an effective accounting team. Indeed, most business ventures would be in ruins, if it wasn't for full charge bookkeepers, who account for every penny earned or spent by the business. If you happen to consider a career in the commerce field, bookkeeping is a lucrative option to consider. It's essential that one has a clear idea of what one is signing up for, right at the start, when planning a career as a full charge bookkeeper.
About Full Charge Bookkeepers
Is there any distinction between a bookkeeper and an accountant? Often these two designations are used interchangeably. The difference lies in their work domain. A bookkeeper may only be concerned with the daily recording of financial transactions into ledgers. However, an accountant does more than recording of sales and expenditures. It is his responsibility to process and analyze financial transactions, to prepare detailed statements and reports. A full charge bookkeeper does the job of an accountant, as well as a bookkeeper.
To become a full charge bookkeeper, certification from the 'American Institute of Professional Bookkeepers (AIPB)' is necessary. To be eligible for their certification, it's imperative that the candidate possesses an accountancy degree, along with at least two years of hands-on experience.
It's well and good if you have enough experience, prior to appearing for a certification exam, but lack of it will not hinder your path. You may as well acquire it after certification. It's essential that aspirants pass a four part national level exam (passing each part with at least 75% marks or grades) to gain certification. Each part tests bookkeeping and accountancy skills in depth. AIPB certification is widely accepted in industry and heightens the value of your resume, when applying for jobs.
Job Description and Duties
Duties of a full charge bookkeeper are concerned with every financial transaction occurring in a company. The buck stops at their desk, as far as financial management of the company is concerned.
▶ One of their prime duties is maintenance of accurate records of financial activities of a company. This includes all accounts related to payroll calculation, sales and purchase, as well as other expenses. A vitally important part of their job is the accurate maintenance of ' full cycle accounts receivable' and 'full cycle accounts payable' record, which detail the incoming and outgoing cash flow of a company.
▶ Payroll processing is one of the most important one of their duties. Tax reporting and calculation is another part of their job, besides bank reconciliation and tallying of all bank statement figures with day-to-day transactions.
▶ It's necessary that a full charge bookkeeper knows the use of spreadsheet or accounting software programs that are effective tools in bookkeeping and accountancy. Verification and validation of financial data and timely creation of periodic financial reports for perusal of the company management is the full charge bookkeeper's job.
▶ Creation of quarterly and yearly balance sheets for the company and dealing with filing of taxes may also be a part of a full charge bookkeeper's job profile. He may have a team of bookkeepers and accountants to manage the whole operation. In short, every financial transaction of a business comes under the ambit of a full charge bookkeeper. Needless to say, they are busy people!
Full Charge Bookkeeper Salary
Salaries of full charge bookkeepers have been on the rise. Full charge bookkeepers may earn an average salary around $30,000 at the start of their careers. Senior full charge bookkeepers with loads of experience may earn more than $70,000 a year. Accounting jobs and especially bookkeeping jobs will never be short as long as there are businesses to be run. Talented and dependable accounting professional are always in demand.
An attention to detail is a prerequisite in any kind of accountancy job and especially this one, where you are given full charge of it. There are plenty of vacancies for full charge bookkeeper jobs in every major city.