The end of the financial quarter is approaching, which means that a quarterly Business Activity Statement (BAS) needs to be completed and submitted.
For many sole traders and small businesses, organising a BAS can be an additional burden that requires time and resources not always available. However, failing to lodge a BAS by the key lodgement date can result in penalties.
Working with a certified bookkeeper helps provide peace of mind that taxation requirements and your BAS are being met in a timely manner, and that they’re being completed correctly.
Time saving measures for BAS
Any business owner knows the importance of specialisation. This same principle applies when it comes to bookkeeping. A professional bookkeeper will be able to ensure that a business’ finances are in order in a fraction of the time it might take a business owner to do the same.
In addition, qualified bookkeepers are given an extra four weeks’ leeway for the lodgement of each quarter’s BAS; business owners working with a bookkeeper will gain an additional month for the completion and lodgement of any BAS materials.
Peace of mind
Working with a skilled bookkeeper will also help ensure that any data entry, reconciliation, and filing is done properly, putting a business in good stead for not only the current financial quarter, but for future ones. A bookkeeper can help a client develop good bookkeeping practices and correct and resolve any issues or oversights.
A bookkeeper’s services do extend beyond the figures on a ledger. Bookkeepers will also ensure that all relevant invoices and folders are kept on the premises until a client’s accountant closes out the financial year. This prevents any potential loss of key documents or reports, and guarantees that in the event of an audit, all legally required information is present.
Bookkeepers also regularly liaise with accountants, as well as with the Tax Office, to ensure that a client’s needs are being met.
Cost saving measures
Bookkeepers have knowledge and expertise that may help clients save on the amount of tax that needs to be paid; sometimes these figures can be significant. For example, GST coding is an area that is often problematic for small business owners, and experienced bookkeepers can help ensure that clients pay the correct amount of GST. Bookkeepers are also aware of key submission dates and will be able to ensure that clients avoid late lodgement penalties or other penalties.