Business Resources

If you're running a business, it's important to keep accurate and up-to-date records of your financial transactions. This can be a time-consuming task, and one that requires skills and expertise to ensure that everything is recorded correctly and in compliance with relevant regulations. That's where a professional bookkeeper and BAS (Business Activity Statement) Agent can come in handy. A bookkeeper can help you manage your day-to-day financial tasks, such as recording transactions, reconciling bank statements, and managing payroll. They can also prepare financial statements, budgets and cash flow forecasts that will give you a clear picture of your business's financial health and outlook. A BAS agent, on the other hand, can help you with your BAS and GST (Goods and Services Tax) compliance requirements. BAS agents are registered with the Australian Taxation Office (ATO) and are authorized to prepare and lodge BAS statements on behalf of businesses. They can also provide advice on GST-related matters and help ensure that your business is meeting its obligations under the GST legislation. Engaging a bookkeeper and BAS agent can help you save time and avoid costly mistakes. They can also provide valuable insights into your business's financial performance and help you make informed decisions about how to grow and improve your operations.

A skilled Bookkeeper and BAS Agent needs to have tertiary qualifications, but it's more than merely having the right qualifications, they need to be detail-oriented, thorough and have excellent communication skills. Some of the key requirements include the following: Bookkeepers need to have a qualification in bookkeeping or accounting that is Certificate IV or higher. Many bookkeepers hold Degrees in Accounting. BAS Agents need to be registered with the Tax Practitioners Board (TPB) as a BAS agent to legally be allowed to provide BAS services to clients. BAS Agents must also hold Professional Indemnity Insurance and undertake regular additional professional training. Bookkeepers and BAS agents must have impeccable attention to detail to avoid errors and ensure accurate financial reporting. Having your accounts in perfect order will save you time at the end of the year when your accountant prepares your income tax returns. Excellent communication skills are essential to effectively liaise with clients to have a clear understanding of their requirements, and also to collaborate with other professionals such as your accountant or the ATO. Bookkeepers and BAS Agents must keep up to date with the continual changes in tax laws, payroll regulations, and other legal requirements to make sure you are meeting all your compliance obligations. The ability to analyze financial data and interpret reports is necessary to provide insights to clients and help them make informed decisions.

Bookkeepers can offer a variety of services, including: Managing accounts payable and receivable Preparing financial statements Reconciling bank and credit card statements Payroll processing including WorkCover and Payroll Tax Budgeting and cash flow forecasting Managing cash flow Preparing BASs and IASs, TPAR and liaising with the ATO on your behalf Not-For-Profit Board Reporting, audits and acquittal reporting

The cost of engaging a bookkeeper will vary depending on your needs and the scope of work. We will work with you to understand your needs and will then be better able to provide an accurate quote for your work. We prefer to work on a fixed-fee basis so you can better manage your cashflow. Engaging a professional bookkeeper will actually save you money in the long run as they will streamline your workflow and implement procedures to ensure you don't unknowingly make costly mistakes.

Whether to hire an in-house or outsourced bookkeeper depends on your business needs, budget, and preferences. In-house bookkeepers may appear to provide more personalised service, but they are not required to hold appropriate tertiary qualifications nor be registered with the Taxation Practitioners Board (TPB). Outsourced bookkeepers and BAS Agents, on the other hand, will have a much greater wealth of knowledge due to working with clients in many industries. They are also required to be tertiary qualified, registered with the TPB, hold Professional Indemnity Insurance, and undertake continuing professional development to ensure they are fully up to date with the ever-changing rules and requirements of the industry.

Choosing the right bookkeeper and BAS agent for your business is an important decision that can have a significant impact on both you and your business. Consider the following when choosing a bookkeeper and BAS Agent: Determine your needs: Before you start looking for a bookkeeper and BAS agent, you should first determine your specific needs. Consider the size and complexity of your business, the amount of financial data you generate, and the level of support you require. Check their qualifications: Look for bookkeepers and BAS agents who are registered with the Tax Practitioners Board (TPB). The TPB sets the standards for the profession, and only registered agents are authorized to provide BAS services. You can check their registration on the TPB website. Look for experience: Look for a bookkeeper and BAS agent who has experience working with businesses similar to yours. Ask for references and check their qualifications and reviews from their previous clients. Review their services: Make sure the bookkeeper and BAS agent offers the services you need, including regular bookkeeping, BAS preparation, payroll, and financial reporting. Consider their software expertise: Check their experience with accounting software such as MYOB, Xero, Quickbooks, or other accounting software you use. Find out if they have experience with other software you use such as Deputy, SimPro, Vend etc. Communication and compatibility: Ensure they communicate clearly and efficiently with you, and you both are compatible to work together for the long-term. Your bookkeeper will become your confidant and know your business intimately so make sure your personalities are a good match so you can talk comfortably with them about uncomfortable topics. Fees and charges: Discuss their fees and charges upfront, including any additional costs for services such as financial reporting or payroll. Make sure you understand the fee structure and are comfortable with it before signing any contract.