A qualified bookkeeper can save you on time and processing the receipts, payments and expenses is only part of the job. They also have to review the numbers on the reports so they make sense for the business.
They are keeping in touch with the ATO’s latest rules and ensuring clients are compliant to deadlines.
A Registered BAS agent can do all this for you and take care of speaking with the ATO on your behalf as well as your accountant if necessary. The ATO advise that you should be under a Registered BAS Agent because if you are doing your own bookkeeping they are not likely to show leniency should things go wrong.
A good bookkeeper is trained and has the skills necessary to help you stay clear of trouble.
A BAS Agent has a license that says they can advise a client or represent a client to the tax office in relation to:
- All GST matters
- All Wine Tax, Fuel Tax, Luxury Car Tax matters
- Payment of FBT
- All aspects of Payroll that relate to the withholding of tax amounts and the reporting of that amount to the employee and the Tax office
- All aspects of other PAYG Withholding amounts: ie no ABN, Interest & Dividend
- All aspects of the payment of income tax via PAYG Instalments
- All aspects of the Taxable Payments Annual Reporting system
- All aspects of Superannuation Guarantee system as related to payroll & the Charge
Accountants provide a valuable service with tax advice and annual returns. However, they don’t usually see the accounts every day whereas a bookkeeper knows how to work with the accounting software and keeps a close eye on those things on a regular basis.
When deciding on cloud accounting software, see how many transactions you make on a weekly or monthly basis. This will help with how much bookkeeping is required and the software package suitable for your business needs.
With today’s cloud accounting software, it also helps seeing your business cashflow immediately and when setup correctly can help you in getting paid faster!