Full-service bookkeeping, also known as full-charge bookkeeping, is essentially an outsourced accounting department for your business. It goes beyond the standard tasks of a bookkeeper and offers a wider range of services to manage your finances. Here's a breakdown of what's typically included:

  • Transaction categorization and data entry:  This involves recording your business income and expenses into the accounting software.
  • Bank reconciliation: Full-service bookkeepers will ensure your bank statements match your internal records.
  • Accounts payable and receivable management: They'll handle paying your bills and keeping track of money owed to you by clients.
  • Payroll processing (optional): Some bookkeeping services include payroll processing, but it may come at an additional cost.
  • Financial reports and statements:  They'll generate  crucial reports like profit and loss statements and balance sheets to understand your financial health.
  • Tax preparation (usually not included): While some full-service bookkeepers may offer tax prep services, it's not always included.

In essence, a full-service bookkeeper acts as your financial partner, taking care of most day-to-day accounting tasks and providing you with the financial insights you need to run your business effectively.