7 reasons why you should be working with a Registered BAS Agent

Dec 5, 2022 | Bookkeeping, Business

While the likes of Xero and MYOB Essentials has made it super easy to become a self made bookkeeper these days, here are my top 7 reasons why you should hire us as your registered BAS Agent:

1. Less stress and dramas during reporting time
We all know what end of quarter means operationally. It’s busy dealing with clients and suppliers, chasing money etc. and we don’t have time to balance our financials just as BAS Lodgements are due. A BAS Agent can help reconcile your transactions and review your GST coding for any errors ensuring you are claiming the correct amount of GST. They can also review your PAYG Tax and ensure this and your wages payable account are fully reconciled.

2. Get an extension on your BAS lodgement
If for some reason you haven’t been able to prepare your books in time, and have missed your BAS due date, you can still apply for an extension (this applies to quarterly submissions only). Lodge through a registered BAS agent for a 4-week extension and the ability to apply for further extensions if required.

3. Focus your time on making more money
Opportunity cost is defined as “the loss or the benefit that could have been enjoyed if an alternative choice was chosen”. For owner run small businesses, doing your own BAS preparation and lodgement means you’re potentially making less money by removing yourself from the business. Assuming your services are in demand, you’ll make more money generating new sales in your business than any costs you save by doing your own books.

4. Reduce Costs in your Business
Using a Registered BAS Agent is more affordable than you think. Compare the cost of a bookkeeper to the cost of your time. Try not to look at hourly costs, instead consider total time taken to complete the task. What might take you 4 hours to complete, probably takes a bookkeeper a quarter of that time. Think, what’s 4 hours of your time worth? More or less than 1 hour of a bookkeeper?

5. Ensure Compliance
Depending on your business type, you have different compliance obligations you need to meet, such as meeting the requirements of the SRO, ASIC, ATO, and Fairwork Australia, etc. Failure to keep up with any of these obligations could land you in trouble with the ATO. A registered BAS agent can get you out of hot water and help avoid future fines and penalties by ensuring that all your compliance is managed promptly.

6. Minimize or Eliminate Errors
Taking the DIY route can lead to mistakes and costly errors, especially if accounts management isn’t your area of expertise. Rowena has years of experience and diverse knowledge of business financial systems, so she can ensure your data is accurate every time. A good agent will also walk you through the lodging process and teach you to read your financial reports properly.

7. Simplify Bookkeeping for Your Accountant/s
Another great benefit of hiring a registered BAS agent is making life easier for your accountant or bookkeeping team, who are already occupied with preparing and managing all financial documents, balance sheets, audits, etc. With BAS already taken care of by experts, accountants will have an easier time managing their workflow. This is crucial, especially for startups that usually hire fresh graduates or inexperienced accountants during their business development stage And also, a cost savings to you because paying an accountant is double the rate of a bookkeeper.

Call Connie today on 0478 198 948 or email her at connie@balancedinline.com.au to chat about how we can help your business.

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Hi, I’m Connie

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