Many businesses put off hiring a BAS Agent/Bookkeeper as they think it’s just another expense and they try to save money by doing their own bookkeeping and lodgements. However a BAS Agent will actually save you a significant amount of money. Here is how;
1. BAS Agents have been trained in GST and BAS compliance.
A Registered BAS Agent knows how to account for ALL your expenses. They know what expenses include GST and in many cases, capture much more GST than a business owner with little BAS experience.
Not only does a BAS agent understand the correct allocation of GST, they know the right questions to ask such as: ‘Did you use your personal funds to pay for smaller items?’, ‘Where is the bank statement for the credit card so we can capture all those expenses?’ etc.
Just like going to an accountant to get your taxes done correctly, a BAS agent will help you lodge your BAS correctly with the most deductions you can claim.
2.Reduce your accounting costs
Do you have high accountancy bills? Accountants often need to spend large amounts of their time fixing up errors in accounting programs so they can trust the numbers they’ve been provided by their clients. Although accounting programs make it easier to reconcile bank accounts this does not necessarily ensure that the reconciliations have been allocated clearly or correctly.
BAS Agents are trained to allocate your accounting information in a way that is clear and easy for your accountant to pick up at the end of the financial year. So instead of your Accountant spending multiple hours deciphering your accounts they only need to spend their time processing your tax return.
Accountants rates typically start at $110 an hour, and most bill for every 6-minute increment.
A BAS Agents rate is typically $60 - $75 an hour, and most bill for every 30-minute increment.
What you pay your BAS Agent is quickly outweighed by the fees paid to your Accountant.
3. BAS Agents can get you lodgement and payment extensions
If you lodge your BAS yourself, you will need to lodge and pay by the 28th April for the March Quarter, 28th July for the June quarter and so on. If a registered BAS agent lodges your BAS, you can lodge and pay 4 weeks after this giving you an additional month to prepare, lodge and pay the BAS.
BAS Agents can apply for extensions of lodgement and payment on your behalf, they can also negotiate payment plans with the ATO for you to pay off your BAS during any hardship you may experience. This ensures you do not receive any late lodgement penalties or interest charges. Although in the event you have penalties or interest charges a BAS Agent can act on your behalf and request them to be remitted or refunded by the ATO.
4. A BAS Agent will improve efficiency
BAS Agents are systems experts. They know the ins and outs of accounting programs and also the add on programs that integrate to perform and automate other business tasks. By streamlining business processes you save time and money.
If you’ve got issues with work flow, what sort of job management system are you using? If you’re having cash flow problems, what sort of payments system are you using? If you’re not sure where all your time is going, what sort of time tracking system are you using? If paying staff just boggles your mind, what sort of HR and payroll system are you using? BAS Agents know the available tools and they can help you implement them into your business to improve efficiency.
For a reliable, accurate and affordable BAS Agent, contact Jess at Anytime Assist Bookkeeping on 0431604609.