5 reasons why you should hire a Registered BAS Agent for your bookkeeping

Rodney On Registered BAS Agent

Every small business owner can lodge their own BAS Statements. But there are many advantages to using a registered BAS agent to perform this work for you.

IMPORTANT: Not all bookkeepers are a registered BAS Agent. Only a registered BAS Agent can prepare and submit activity statements on your behalf.  If you are unsure if your bookkeeper is a registered agent, you can check the official register here: ATO Registered BAS Agents.

5 reasons why you should use a registered BAS agent to lodge your Quarterly BAS.

Reason 1 – Automate your admin processes
Forget about completing your paper activity statement manually and having to drop it into the post office.  Simply submit your activity statements electronically. How do you do this? Don’t worry, your registered BAS Agent has a direct link with the ATO to manage this for you.

Reason 2 – Less stress and dramas during reporting time
We all know what end of quarter means operationally. It’s busy dealing with clients and suppliers, and we don’t have time to balance our financials just as BAS Lodgements are due. A BAS Agent can help reconcile your transactions and review your GST coding for any errors ensuring you are claiming the correct amount of GST.  They can also review your PAYG Tax and ensure this and your wages payable account are fully reconciled.

Reason 3 – Get an extension on your BAS lodgement
If for some reason you haven’t been able to prepare your books in time, and have missed your BAS due date, you can still apply for an extension (this applies to quarterly submissions only). Lodge through a registered BAS agent for a 4-week extension and the ability to apply for further extensions if required.

Reason 4 – Focus your time on making more money
Opportunity cost is defined as “the loss or the benefit that could have been enjoyed if an alternative choice was chosen”. For owner run small businesses, doing your own BAS preparation and lodgement means you’re potentially making less money by removing yourself from the business. Assuming your services are in demand, you’ll make more money generating new sales in your business than any costs you save by doing your own books.

Reason 5 – Reduce Costs in your Business
Using a Registered BAS Agent is more affordable than you think. Compare the cost of a bookkeeper to the cost of your time. Try not to look at hourly costs, instead consider total time taken to complete the task. What might take you 4 hours to complete, probably takes a bookkeeper a quarter of that time. Think, what’s 4 hours of your time worth? More or less than 1 hour of a bookkeeper?

Contact Rodney today – a Registered BAS agent in New Farm Brisbane, offering affordable bookkeeping and BAS lodgement services.