As a bookkeeping agency, we come across a variety of ways that sole traders and small business owners’ manage their accounts. Some choose to employ our full service, while others elect to self-manage their bookkeeping but have us complete their quarterly BAS lodgements. Others choose to employ a bookkeeper in-house. The bookkeeping function for your business should not be taken lightly and the following should be considered when deciding –
To outsource or not to outsource?
Requirements of a Registered BAS Agent
Under current legislation, if you choose to outsource your bookkeeping you need to ensure that you use a registered BAS Agent. In order to qualify as a BAS Agent with the Tax Practitioners Board, a bookkeeper needs to possess a certain level of qualifications and proven experience. This means that a registered BAS Agent is an expert within the bookkeeping field. It also provides your business with certain safeguards, such as the ATO Safe Harbour Clause. A registered BAS Agent will also have access to other support networks that can assist them with ensuring that your business remains compliant with current legislation.
If you choose to self-manage your bookkeeping or hire an employee to complete this function for you, they are not required to be a registered BAS Agent. This means that you need to be confident that they will be able to manage your accounts correctly. Simply knowing how to use the accounting software is not enough. For example, items that are processed to the incorrect account or tax code will have a flow on affect and result in inaccurate financial reporting.
Efficient Use of Company Resources
If a business owner opts to manage their accounts themselves, this naturally takes their time and focus away from the core purpose of their business. On the other hand, their accounts could be left neglected as their attention is concentrated elsewhere. A process that may take a qualified bookkeeper an hour to complete, may end up taking you much longer as it is not your area of expertise. This is also an incredibly inefficient use of a key resource of your business – YOU.
Some sole traders and small business owners pay their spouse or family member to manage their bookkeeping. If this person has a thorough understanding of accounts then this can be a successful set-up. However, if they are not qualified, it can result in inaccurate reporting as mentioned above.
Additional Payroll Costs & Obligations
If you have a bookkeeper work as your employee, they are not required to be a registered BAS Agent. Their hourly rate may also be less than that of an outsourced bookkeeping service. However, there are other things to consider when comparing these figures. You are required to pay superannuation at the current rate of 9.5% on your employee wages. Employees’ are also entitled to sick leave and annual leave at a cost to your business. Depending on what industry you operate in, you may have other obligations as an employer that you are required to provide. These figures should be included to give a true comparison of the costs of outsourcing or hiring an employee.
Fixed Price Bookkeeping with the BAS Agency
The BAS Agency is registered with the Tax Practitioners Board and offers fixed price bookkeeping. There are a number of packages available depending on the needs of your business. Fixed price bookkeeping means that you know ahead of time what your costs are going to be. This can assist you with budgeting and managing your cash flow.
The BAS Agency is a Perth based business and Registered BAS Agent that provides quality bookkeeping and financial training on a face to face basis to the whole of Australia. By utilizing a combination of personal visits, and various remote and cloud based services we can complete your accounts at our place or yours. We use all the main accounting packages including Xero, MYOB, Quickbooks and Reckon.
At the BAS Agency, we utilise the latest communication tools to ensure that we complete your accounts while still retaining that personal touch. It is essential to us that we maintain an ongoing business relationship with all of our clients that helps you best manage your finances on a daily basis.
We have serviced a large number of clients whose needs range from requiring our full time attention to quarterly assistance. Every one of our clients is important to us and that is why we enjoy helping them take care of business.
Our pricing includes both fixed price and hourly rate - contact us for a quote now at email@example.com
Why not engage the BAS Agency to provide your BAS Agent services and take advantage of our special BAS Express service. $250 Bas lodgement (including up to 3 hours of bookkeeping)