Using BAS Agent Services Can Save You Money on Accountant
Are you a small business startup? If your business is small scale and in its first 5 years then consider it a startup. Business owners make few fatal mistakes when key decisions. Running a business demands smooth operational flow. Small businesses should not be burdened with extra expenses, especially in terms of employee salaries. Being an owner, you need to hire minimum staff with maximum efficiency to get the tasks done in an effective manner. Management of resources is in your hands. Manage the funds in the best way for being able to invest in business. Save money on setting up separate accounts and finance department.
Businessmen are now moving towards the trend of outsourcing certain business aspects such as accounting, bookkeeping Sydney, contact center and much more. Which department costs the most in terms of wages? It is the Finance and Accounts department where certified specialists charge highly. You don’t need to go in this direction. Outsource the bookkeeping and accounting task to an experienced and reputable contractor. It will save heaps of money and time for you.
Understanding BAS & Its Functioning
Business Activity Statement is the document prepared by business for the purpose of submitting it to Australian Taxation Office. The report includes figures and calculations for the tax implications on business during specific time period. BAS reporting time period to the ATO varies from business to business depending upon its revenue and PAYG amounts. Make no mistake, BAS reporting has been made mandatory by the Australian Government. It is the first and foremost responsibility to ensure accurate BAS preparation and submission for the purpose of avoiding heavy fines and lawsuits. Business Activity Statement was made compulsory in 2000 along GST. The reporting becomes mandatory when a new startup is liable for tax payments to the government.
Small business owners are not able to manage the expenses of hiring accountant for auditing and accounting purposes. However, it is a must to handover the particular task to a professional for getting accurate results. Mentioning the correct taxable income, PAYG, GST and other amounts is mandatory. If you fail to do it, ATO might apply heavy fines with a possibility of lawsuit. For this purpose, hiring a professional and experienced BAS agent is the ideal approach.
BAS Agent Saves Your Money
Small businesses cannot afford to pay the salaries of Chartered Accountants. Being an owner, you need to save maximum amount of money while putting in highest standards of effectiveness. Contractors can provide ideal BAS report preparation, analysis and submission services. The business owner can actually have accurate idea about the financial condition with BAS report. Doing it yourself isn’t an option for those who don’t have financial and accounting education background. It is also not suitable because the whole business needs your attention rather than any specific aspect. In case errors or miscalculations are presented, the ATO might apply heavy fines which would ultimately cost greater.
BAS agents and bookkeepers Sydney services will save significant amount of money for you. Here are some of the major points which will help you gain better understanding about the effectiveness and money saving aspect of hiring BAS agent services.
- Permanent staff costs more with fixed and higher salary to be paid
- Permanent staff has to be provided with benefits such as rewards, medical allowance, transport allowance, insurance, etc.
- Permanent staff occupies space in the office while needing equipment to work with
- BAS agent service can be hired for fixed rate with different payment options
- BAS agent will be responsible for presenting the accurate data without any miscalculations and errors
- BAS agent will be experienced and require no training from your end
- BAS agent needs no assistance to prepare the report
- BAS agents are qualified with financial and accounting education background
- BAS agents provide detailed insight on business’ financial conditions
- Time is money and BAS agent saves both for you by being effective right from the beginning
- BAS agents have the complete grip over Australian taxation rules which apply specifically to your business type
Bookkeeping Services Sydney / BAS Agents Functions
BAS agent is required to prepare the formal BAS report for month, quarter, biannual or annual time period for a specific business. BAS agent also handles and mentions the GST and PAYG related to your business. These are the core functions which have to be performed by the BAS agent on your business’ behalf. The Australian Government made it official in 2009 for BAS agents to have appropriate education background. Since 2009, only the true professionals are providing BAS services to businesses which has shown significant reduction in tax report errors and miscalculations. Your business needs immediate attention for preparing and filing the accurate BAS report. Search online to find reputable BAS contractor for outsourcing the task. Save money by not going for permanent staff’s hiring.