As an accounting firm, we come across several ways sole proprietors and small business owners manage their accounts. Some choose to deploy our full service, while others choose to manage their accounting themselves, but let us complete their quarterly BAS lodging. Others choose to hire an accountant. The accounting function for your business should not be taken lightly and the following should be considered in the decision: – Outsource or not? Requirements for a Registered BAS Agent Under current law, you must ensure that you use a registered BAS agent if you choose to outsource your accounting. To qualify as a BAS Agent with the Tax Practitioners Board, an accountant must have a certain level of qualification and demonstrable experience. This means that a registered BAS agent is an expert in accounting. It also gives your business certain safeguards, such as the ATO Safe Harbor clause. A registered BAS agent also has access to other support networks that can help ensure that your business continues to comply with current legislation. If you choose to manage your accounting yourself or hire an employee to perform this function for you, you do not need to be a registered BAS agent. This means you need to be confident that they can manage your accounts correctly. Just knowing how to use the accounting software isn’t enough. For example, items that are processed to the incorrect account or tax code have an effect flow and result in inaccurate financial reporting. Efficient Use of Company Resources Obviously, when a business owner chooses to manage their accounts themselves, this takes their time and attention away from the core purpose of their business. On the other hand, their reports can be neglected because their attention is focused elsewhere. A process that can take an hour for a qualified accountant to complete could end up taking much longer, as this is not your field. This is also an incredibly inefficient use of an important resource of your business – YOU. Some sole proprietors and small business owners pay their spouse or relative to manage their accounting. If this person has a solid understanding of accounts, this could be a successful setup. However, if they are not qualified, it may result in inaccurate reporting, as noted above. Additional Labor Costs & Obligations If you employ an accountant as an employee, he or she does not need to be a registered BAS agent. Their hourly rate can also be lower than that of an outsourced accounting service. However, there are other things to consider when comparing these numbers. You are obliged to pay pension at the current rate of 9.5% on your employee’s wages. Employees are also entitled to sick leave and annual leave at the expense of your business. Depending on the industry in which you operate, you may have other obligations as an employer that you must meet. These figures should be included to provide a fair comparison of the costs of outsourcing or hiring an employee.
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Fixed-price accounting at Bureau BAS Bureau BAS is registered with the Council for the Tax Authorities and offers fixed-price accounting. A number of packages are available depending on the needs of your business. Fixed-price accounting means you know in advance what your costs will be. This can help you budget and manage your cash flow. About Us The Numbers Pro is a Perth based company and registered BAS agent providing quality accounting and financial training on a personal basis across Australia. Using a combination of in-person visits and various external and cloud-based services, we can finalize your accounts with us or with you. We use all major accounting packages including Xero, MYOB, Quickbooks and Reckon. At the Numbers Pro, we use the latest means of communication to ensure that we finalize your accounts while retaining that personal touch. It is essential to us that we maintain an ongoing business relationship with all of our clients so that you can best manage your finances on a daily basis. We have served a large number of clients with needs ranging from our full-time attention to quarterly assistance. Each of our customers is important to us and that’s why we’re happy to help them handle business. Engage the Numbers Pro to provide your BAS Agent services and take advantage of our special BAS Express service. We have served a large number of clients with needs ranging from our full time attention to quarterly assistance. Each of our customers is important to us and that’s why we’re happy to help them handle business.
For more information visit website www.numberspro.com.au
