Do you spend too much time on your accounts? It could be time to engage the services of a BAS agent to help you with bookkeeping and ATO reporting. Tradies Tax can help with this.
Working with a BAS agent can benefit your trades business more than you may realize!
Many business owners starting out try to save on costs by doing their own bookkeeping, but this is one of the first tasks you can outsource to give yourself more time and save money.
If you can work on your business to generate more sales, why spend that valuable time on administration and accounts management?
What is a BAS agent?
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 – meaning you don’t have to become an expert in areas that are not your passion or skill set.
What can a BAS agent do for your trades business?
Once the agent has become familiar with your business operations, they can not only take care of the transactional recording, financial reporting, and compliance requirements, but 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, 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.
Contact Tradies Tax if you require a BAS agent
If you think it’s time to engage a professional BAS agent, contact Tradies Tax today!
We can talk about how this can benefit your trades business and save you both time, and money.
Tradies Tax can take care of your BAS and GST requirements on a monthly or quarterly basis, and successfully lodge your BAS or IAS on time, and keep you ahead of your game.
This blog was originally published by BOMA, but has been edited by Tradies Tax for the benefit of our readers.