In this fast-paced world, keeping track of your company’s finances is a 24/7 job. That important balance between paying attention to the business aspects and the people aspect can easily get lost in the mix. Hiring the right staff will bridge the gap and make it easier for you to run your business. Depending on your business, you may need just an entry-level position or several positions with varying skill levels. This article will discuss the types of accounting bookkeeping service and support staff that can be found in the accounting industry.
Types of Recordkeeping Staff
As a business owner it can be overwhelming to do all the daily tasks on your own—recording sales, collecting the money, setting up lines of credit for return customers, depositing all the daily receipts, and making sure each day is properly closed out. If you just need someone to do the bookkeeping, it could make sense to hire a bookkeeper to ensure nothing is missed.
General Accounting Bookkeeper
General bookkeepers deal with the daily postings and financial transactions of a business, preparing invoices, posting payments, and keeping up with monthly bank reconciliations. They will have a basic understanding of double-entry accounting and will be familiar with financial software like QuickBooks or Xero.
Full-charge bookkeepers have many of the same responsibilities as general bookkeepers. In addition, they also prepare financial statements and often handle running payrolls. They have taken a few accounting classes, so will have a higher level of experience.
This type of accounting bookkeeper handles everything a general and full-charge bookkeeper do and a whole lot more. Certified bookkeepers have at least two years of experience working in the accounting bookkeeper service field and must pass a four-part exam. They handle running payrolls, quarterly tax payments, and closing out the books.
An accounting bookkeeping service is an excellent choice for helping with your company’s basic operations by ensuring the accuracy of your data. It is impossible to make sound financial decisions without a solid foundation of accuracy.
Types of Accounting Bookkeeping Service and Analytical Staff
What if you want to grow your operations or closely track your costs to save money to expand your products or services. Hiring an accountant who can offer strategic financial advice would help you better understand the story behind the data.
Junior Accountant or Entry-Level Accountant
The duties of a junior accountant depend on the abilities of the candidate. Most entry-level positions require a bachelor’s degree in accounting, finance, or a related field. Junior accountants choose accounting as a career because they have a healthy interest in how businesses run. They are analytical, have an elevated level of attention to detail, and strong abilities in being organized.
Junior accountants support upper management and senior accountants while supplying important services within your company. Their duties include everything that a bookkeeper does. They also prepare financial statements, prepare budgets, and maintain the accounting records.
Staff Accountant or Financial Analyst
Although financial analysts and accountants are separate disciplines, they have some important commonalities. Both specialties require a bachelor’s degree and have had some experience working with upper management to address the unique needs of a business. Although accountants and financial analysts love numbers and analytics, they focus on different key areas of managing the business.
Accountants are interested in the financial accuracy, taxes, and day-to-day operations of a business. They look at the company’s past to ensure that the company’s present is in good standing. Many of the reports that accountants produce, including the raw data, are used by financial analysts to make forecasts on how to best use a company’s assets.
Financial analysts look at past and current trends to make forecasts for the future. Whereas accountants look at the details, financial analysts look at the overall picture. They work with accountants to make decisions about which projects will yield the highest rate of return for the company using macroeconomic or microeconomic approaches.
Senior Staff Accountants
Senior accountants are seasoned professionals who a have strong understanding of all the accounting cycles and how they relate to each other. Many have a master’s degree and may even be certified. They have advanced knowledge in finance, cost accounting, taxation, budgeting, and analytics.
Because of their experience and knowledge, senior accountants are poised to help you with tax planning, tax filing, responding to audit requests, and staying on top of compliance.
Whether you need a accounting bookkeeper service to run the day-to-day operations or an experienced accountant, choosing the right staff will pay dividends in the years to come. Regardless of who you hire, you want someone who is detail oriented, has effective communication skills, is highly organized, has excellent computer skills, and understands Generally Accepted Accounting Principles (GAAP).