Your company is thriving, and you are putting all your effort and hard work to achieve your business goals and your customers are happy. But by the end of the financial year, you also need to make sure you have a balance sheet that also makes you happy as well.
Nothing is worse than finding out that your activity statements haven’t been submitted properly and now the tax office is asking questions you can’t answer. This is exactly why you need someone who can be trusted with your business’ finances.
Bookkeeping is so much more than simple data entry. It’s also checking that everything has been entered correctly and is compliant.
You can either hire bookkeepers, accountants or registered BAS agents. Each option comes with its own benefits. Depending on the needs of your business, you can either hire bookkeepers or BAS agents or bookkeepers who are registered as BAS agents.
For that, you need a bookkeeper who is registered as a BAS Agent. A BAS Agent is the only person who is legally allowed to charge you to prepare and lodge Business Activity Statement.
Why you need to hire a a registered BAS Agent
While a bookkeeper can process, reconcile and report transactions, a BAS Agent can ascertain, advise and represent your company to the Tax Office in relation to a BAS Provision which includes payroll related advice and certainty. A BAS Agent can design the compliance system for your company around GST, as well as the other indirect taxes on the BAS and payroll matters.
A BAS Agent can also thoroughly review the reports of your business and provide certainty to the business about the obligations, entitlements of that business. While your Bookkeeper and BAS Agent can both process” transactions according to the compliance system that applies to the business. A BAS Agent can also design, advise and review your compliance system that sets up a series of precedents or guidelines for how to process or “code” transactions that come into a business.
A registered BAS Agents can handle all bookkeeping responsibilities. BAS agent has proper schooling and qualifications and they strictly follow guidelines and rules. Whereas, anyone can call himself bookkeeper or an accountant.
Bookkeepers can handle a handful of tasks while BAS agents are able to execute plenty of tasks. BAS agents are able more assistance, advice and services when it comes to the ATO, as compared to bookkeepers.
Bookkeepers are good at looking after the book, they can also do things that are related to business finances. Whereas, a registered BAS agent can present, advise, and assist you in a variety of matters due to his knowledge and expertise in the business field. They can help you deal with GST, Tax Payments, FBT Payments, as well as, all other aspects of payroll related to withholding tax amounts.
As a registered BAS Agent Alexilum can help your business ensure you are meeting your compliance obligations and our expertise can help you ensure you are using best practices for your bookkeeping. Contact us today to find out more.