Should I hire a BAS Agent For My Business?

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BAS Agent

As an owner of a small business in Australia, you will be required to keep your accounts updated. Accounting records will give you a fluid picture of the position of your business, from which you can make crucial decisions. But managing accounts is a special type of skill. You may choose to do it yourself, but it may give rise to unnecessary mistakes and consume time.

A registered BAS agent Perth can offer you great help. They are sufficiently equipped with the right set of skills, have qualifications, authorised registrations, and insurance to offer you the best services.

The following section will take you through all the benefits a registered agent usually offers for your business.

Why Should You Hire A BAS Agent For Your Business?

From tracking the cash flow to preparing your books for the accountant. A professional BAS agent can offer several advantages to a business.

They Help Understand The Numbers

Bookkeepers from Perth can help you maintain your accounting books. But as an owner, you have to understand the process as it is more than recording expenses and revenues or putting data into the software. But a BAS agent will make you understand the process much better.

  • They will help you understand the meaning of those numbers.
  • You can also learn how to study financial reports.
  • In addition, they can give you valuable suggestions on whether you need any changes to save money.

BAS Agents Monitor The Business Cash Flow

Your business must have a sufficient cash balance to meet specific obligations. Therefore, it is essential to have a high rate of cash flow. A professional BAS agent can keep all the transactions updated and regularly reconcile and check the business bank accounts. Thus making sure the business has that cash strength.

You Must Keep Up With Compliance

Businesses usually have different compliance obligations that must be met. These obligations include single touch payroll, lodging the IAS, the business activity statement (BAS), the STP, the TPAR, LSL, and timely remission of superannuation. Failing to fulfil these obligations can lead to deep troubles with the Australian Taxation Office (ATO).

Your BAS professional can make sure all the compliances are managed timely, thus helping you avoid penalties and fines.

Your BAS agent can help you avoid major mistakes

You may have adequate knowledge about every aspect of the business. But doing all of them, in reality, is not as easy as you think. You can frequently make mistakes and face huge losses every time.

A reputed BAS accountant can use the most effective solution to keep the data accurate and help you avoid those errors.

BAS Agents Prepare The Books For The Accountants

A BAS agent makes the job of an accountant smooth and easy. They keep the accounting books updated and accurate, which helps the accountant give precise feedback about the condition of the business, provide recommendations, and timely lodge the tax returns.

Having A BAS Agent Will Save Your Time

Knowing that your financial transactions are taken care of by one of the top professionals in the field will reduce stress and give you more time to focus on other important duties.

What are the services that a BAS agent offers in Australia?

BAS agents in Australia need to be officially registered with the Tax Practitioners Board. The BAS agent services offered in Australia include the following.

  • They offer advice to their clients about their legal obligations under BAS provisions. Which include Goods and Services Tax, fuel tax, fringe benefits tax (FBT), luxury car tax, wine equalisation tax, PAYG withholding, and PAYG instalments.
  • In addition to preparing and submitting approved forms regarding the liabilities, entitlements, and obligations. They also deal with the ATO on behalf of their clients.

As specified by the Tax Practitioners Board, BAS agents also offer other services, including the following.

  • They calculate and lodge employee termination payments, income statements, allowances, gross wages, and other non-taxable and taxable payroll items.
  • They complete and lodge Single Touch Payroll Reports to the Australian Taxation Office.
  • Professional BAS agents calculate, verify, pay, and report the SG (super guarantee) contributions. Moreover, they determine and report the SG shortfall amount and any other related administrative fees.
  • BAS accountants handle super payments completed through a clearinghouse.
  • You can also use them in completing and lodging an annual report on the taxable payments to the Australian Taxation Office.
  • If you need to send the Commissioner a tax file number, you can ask your BAS agent for it.
  • Last but not least, the BAS accountant has the right to apply to the registrar for an ABN (Australian Business Number).

Where And How Can You Find A Reputed BAS Agent?

There are many bookkeepers in Perth from whom you can choose the most suitable individual for your business. But when you keep a bookkeeper in your office, you have to consider a few essential things.

  • It will involve many expenses and business requirements like WorkCover payments, leave provisions, training and professional development, staff supervision, superannuation, pay scales, etc.
  • You should also have a thought on what will happen if your bookkeeper takes a leave.

In that case, you can think of contacting an external bookkeeping agency that has registered agents. There are certain benefits associated with that.

  • It will reduce overheads.
  • You will get professional service and have to pay for only the experts.
  • Experts will guarantee efficient and timely service.
  • Above all, as they have years of experience in the industries and use software programs, they will be perfect for your business.

Final Words

Many such firms are based in Perth, which has been providing top-quality services for many years. Whenever you look for these agencies, you should always look for the best ones. Because you have to expose your business finances to them. Reading customer reviews can be an effective way to get an idea.