Who Is Today's “Professional Bookkeeper”?
Part accountant, part tax practitioner, part financial analyst. Today's professional bookkeeper is often expected to know that...
- when the company acquires equipment under an operating lease, the monthly rental is recorded an expense—but if acquired under a capital lease, the value of the equipment is recorded as an asset and depreciated;
- a holiday gift to an employee of a turkey or ham is tax-free, but a gift certificate for a turkey or ham must be included in wages subject to FITW, FICA and all other employment taxes;
- it is inadvisable when processing an invoice to write the check early, then hold it for payment because when vendors see checks with old dates, it suggests that the firm is having cash flow problems;
- paid vacation or sick days need not be included in hours worked to calculate the amount of overtime pay due;
- when booking a monthly credit card bill that contains personal items purchased by the employee, the personal amounts are debited to Due from Employee—Lee Green, and credited to A/P—Credit Card Co.; then, when the employee repays the amount, debited to Cash and credited to Due from Employee—Lee Green;
...and this is the easy stuff.
The list of rules, do's and don'ts that today's bookkeeper must know is endless.
Yet it takes only one miscalculated cash-flow projection, one worker reclassification, one missed new-hire background check, to put a company into financial jeopardy.
Our mission, as your national association, is to make sure that you are always up to date on the latest federal and state regulations and current practices in bookkeeping and accounting through our member newsletter,
The General Ledger.
For bookkeepers who want to raise their skills, we offer self-study courses through our Continuing Education for Bookkeepers.
For chief bookkeepers and freelance bookkeepers, we offer the Certified Bookkeeper (CB) designation.
If you see yourself as today's professional bookkeeper, then you may be
a key to the operational success of your company or clients. Please join today.