As a business owner, it’s important to keep your accounts up-to-date. By doing so, you will have a continuous picture of your business’s position, and be better able to make decisions. But accounts management is a specialist skill, and doing it yourself can lead to costly errors – and lost time!
Registered BAS Agents have qualifications, insurances & registrations in the field and are committed to continuous learning to ensure their skills are current and relevant.
Here are some of the great ways a Registered BAS Agent can help your business.
Decipher the numbers
There’s more to bookkeeping than recording sales and costs or entering data into a software program.
A good BAS Agent will help you understand what the numbers mean, and how to read your financial reports, as well as suggest any changes needed to save you money.
Monitor your cashflow
To make sure you have enough cash to meet your obligations you need to be up to speed with your cashflow.
This is something a BAS Agent can do, by keeping all transactions up-to-date and regularly reconciling and monitoring your bank accounts.
Keep up with compliance
Businesses have various compliance obligations they need to meet – such as single touch payroll, lodging the BAS/IAS/STP/TPAR/LSL, and remitting superannuation on time. Failure to keep up with any of these could land you in hot water with the tax office.
Your BAS Agent can help you avoid fines and penalties by ensuring all your compliance is managed in a timely manner.
Help your business avoid expensive errors
Trying to do it all yourself can lead to all kinds of errors, especially if this isn’t your niche area.
A high quality BAS Agent will pull out all stops to ensure your data is accurate and help you avoid potentially costly mistakes.
Get the books ready for your accountant
When your books are kept up-to-date and accurate by your BAS Agent, your accountant will be much more able to give feedback, make recommendations, prepare and lodge your tax returns on time and more.
Free up your time
By hiring a Registered BAS Agent to look after your financial transactions, you will have less stress and more time to concentrate on serving your customers.
So how do you find one?
You might decide to employ a bookkeeper in-house, but there are a lot of costs and considerations that go with that. These include leave provisions, Workcover payments, staff supervision, training and professional development, superannuation, correct pay scales and more. There’s also the issue of who fills the gap when your bookkeeper goes on leave. And if they leave your company altogether, you could be back to square one!
Using an external bookkeeping firm who are Registered BAS Agents instead can help overcome many of these pitfalls. The advantages of partnering with them include lower overheads, a professional service and paying only for experts to take care of the services you need in a timely & efficient manner. On top of that they have exposure to so many industries, software programs and “real world” experience – who better to look after your business!
If you partner with Bookit, our bookkeeping firm offers a tailored service matched to your business’s requirements, for 52 weeks of the year. We care for every clients business as if it were our own & our relationship based accounts management team are here to help. To find out more, why not contact us!