23 Nov Engaging a BAS Agent – What are the Benefits?
Working with a BAS agent can benefit your business more than you may realise!
Many new business owners try to save on costs by doing their own bookkeeping. However, this is one of the first tasks you can outsource to give yourself time and save money. Why spend that valuable time on administration and accounts management, when you could spend it growing your business?
A BAS agent is a registered tax professional who can provide a greater variety of services than a bookkeeper. BAS agents are trained in the complexities of GST and other laws. This means you don’t have to become an expert in areas that are not your passion or skillset.
What a BAS Agent can do for your business
Once the agent has become familiar with your business operations, they can take care of; recording transactions, financial reporting, and compliance requirements. Also, they can assist you in better understanding your day-to-day business performance. A BAS agent can become a trusted member of your management team along with your tax agent, by providing accurate and timely financial advice and insights to help you make better business decisions and plan for long-term success.
A BAS agent can ascertain and advise the business owner on correct liability amounts and submit statutory reports to the ATO and other agencies on behalf of the owner. BAS provisions include determining GST liabilities, PAYG withholding obligations, employee superannuation contributions, and submitting taxable payments reports and Single Touch Payroll.
What makes a great BAS Agent?
Professional BAS agents keep up with ongoing education and development, use industry best practices, take the time to ask questions and understand your organisation, and do their best to assist and advise your business. They will work proactively to support the business by ensuring the integrity of the accounts and providing accurate financial reports. They will be able to discuss your business’s financial health, assess operations and systems, and give you valuable advice.
If you think it’s time to engage a professional BAS agent, get in touch, and let’s talk about how this can benefit your business and save you time and money.