Why you need to hire a BAS Agent for your business

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GST, PAYG, Wages Payable, Super Payable, Wages expense, Super expense, ATO…. the joys of owning a business… these are the things you dreamed about when you were thinking about running your own business right?!.. hmm maybe not! The reality is that not only do you need to focus on the basics of business, sales and making a profit – now we’ve thrown in all the above to take into consideration for your ever growing to do list! FUN!

But wait, good news!! We live in a world of endless opportunity, and lucky for you the option to outsource the management of your business’s activity papework and statement submissions to the ATO is a viable and (might I add) time-saving opportunity.

Lets Discuss!

What are the benefits to hiring someone to manage your Business Activity Statements.

Reconciliations:

Each quarter we ensure your BAS is correct by reconciling the GST, PAYG, Wages Payable, Super Payable, Wages Expense, Super Expense and ATO integrated accounts. For reference we have added the BAS filing schedule below:

bas filing dates quarterly

Safe Harbour:

When lodging BAS on your own, you can easily make mistakes which can incur fines from the ATO. However, a BAS agent is covered by the Safe Harbour laws, which adds an extra level of protection for you. For example if you fail to lodge a document on time or there is an error in your statement resulting in a shortfall of tax you may be protected by administrative penalties imposed by the ATO if you’re going through a BAS Agent..

More time to Lodge:

Additionally, when you lodge BAS on your own, you must pay by the due date. Under the BAS lodgement program, an Agent gets extra time to lodge which means you do too!

Code of Conduct:

You have confidence knowing that you’re working with someone who is knowledgeable, professional, honest and confidential. Registered BAS Agents are bound by a code of conduct and must always reflect these attributes . In any case the Agent breaches the code, you can report it to the Tax Practitioners Board.

Qualifications and Ongoing Study:

There are a number of minimum qualifications that  need to be met in order to become registered. This includes: 1400 hours experience, at least a Cert IV in bookkeeping, PI insurance, be apart of a professional membership and partake in 45 hours worth of study every 3 years in order to stay registered. These requirements enforced by the law ensures the Agent is knowledgeable on new updates to GST and tax laws, industry changes and complex topics so you don’t need to be!

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Bas qualifications

Bilanz for Business has a superb team of BAS agents in Perth who can assist you in your business and help take the pressure off – so that you can focus on the rest of your to-do list!

Finally, if you’re wondering how to verify BAS Agents. Make sure to check the Tax Practitioner Board and type in the business name to see if they are a registered agent: https://www.tpb.gov.au/registrations_search

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Switching to Accounting on the Cloud

Ahhhh ‘the Cloud’… where is it and what does it do!? You may be unaware but you probably already adopt a number of cloud technologies in your business today – these are systems where you can access your data remotely. Dropbox, Adobe Creative Cloud, Microsoft Office 365 or even a Google App… these are all on ‘the Cloud’, and as you would have noticed they are greatly beneficial to your business.

Here at Bilanz, we work with a number of Cloud Accounting Softwares. But what is Cloud Accounting you ask? Well, the good news is that it works in a similar way to the other cloud systems. You use it the same as normal accounting software however the data isn’t stored on your own computer, instead the data is stored remotely on secure severs. The benefit to using cloud-based accounting software is that it eliminates the threat of vital data being deleted, corrupted, stolen or lost. This means that you can access your information anytime from anywhere, whether it be from your laptop, phone or tablet. Information is readily available, reducing your IT costs and giving you, as a busy small business owner, an all access pass to your accounts, bookkeeping and invoices.  

So what is the Cloud?!

Walk in to any small, medium or large business a few years ago (and some still today) and you’d see some type of IT server. This server device might have sat under a desk, or in a bigger business there would be a dedicated room in the corner of the building full of them. Unless you were the IT person this was strictly forbidden territory. Fast forward to now and many businesses no longer need this infrastructure on their premise. Whether or not they realise it, they’ve moved to storing and accessing information using the internet, and so we have the Cloud.

How does Cloud Accounting fit into all of this and is it easy to convert to the cloud?

Just like other cloud based applications, Cloud Accounting has really taken off in the last few years and for good reason. Transparency, ease of use and latest accounting tools are allowing businesses to spend less time worrying about their books and more time focused on optimising their business in other areas, such as selling more goods, delivering quality service or managing their general operations more efficiently. Bilanz CPA Accounting Manager: Andi Moneta enjoys using Cloud Accounting because of the “flexibility and efficiency that Cloud accounting allows. Cloud software offers the latest in powerful accounting tools and applications while allowing for the convenience of being able to work from anywhere with an internet connection”. 

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Cloud conversion easy as 1,2,3.. and we can show you how!

Although it is possible to convert to cloud accounting at any point, most business owners find it easy to start fresh with a new accounting system by converting at the beginning of a fiscal year (new *fiscal year, new me.. right?!). Now is the best time to start using a cloud based accounting system and we are showing you how easy it is to set up at our Bookkeeping Basics & Software Set up Workshop on July 25th, 2019 (4-6pm) at our fun office in North Fremantle. Check out our Workshops/Training page for more information or get FREE tickets now at Eventbrite!