Timely warning from Melbourne BAS Agent for Business Owners About The Health of Their Finances

Just like there’s a huge difference between a GP and a Specialist, so too are there dramatic differences between a standard bookkeeper and a registered BAS agent. Yet many business owners are confused about which is which, and what the benefit of each role is within their business.
 
Whilst small business bookkeeping covers the basics, like a GP, BAS agents are like Specialists who are required to undertake additional training, hold a higher level certificate and meet strict compliance criteria in order to remain registered and accredited.
 
Helping business owners understand the difference between a bookkeeper and a BAS agent is Fiona Failla from AboveBAS who explains they’re quite different, particularly when it comes to insight, training and qualifications.

“BAS agents need specialist education and a minimum of Certificate IV in Bookkeeping, they also need to have on the job experience of at least 1400 hours. Professional indemnity insurance is a must as they’re held to account if something goes wrong and continuing Professional Education is also very important with a requirement for a minimum of 45 hours over a 3-year period.
 
“This Professional Education is important as BAS agents must keep themselves up to date with knowledge that can benefit their clients and ensure the business owner remains compliant. There are always changes in software and the industry more broadly, including legislation adjustments and changes to the Australian Tax Office rules. Importantly, BAS agents risk losing their registration if they’re not across the most up-to-date systems and procedures, so it’s important for business owners to choose carefully. www.abovebas.com.au

Fiona advises that perhaps the first decision business owners need to make about their small business bookkeeping is will they employ a bookkeeper within the business, as then the business owner themselves shoulders the responsibility for all financial matters being compliant.  Or will they, like most small businesses, outsource their bookkeeping to an expert who takes on the responsibility to ensure compliance at all times.
 
Some things to consider with this decision is that most businesses require not only data entry, payroll, reconciling bank accounts, accounts receivable and accounts payable that a bookkeeper can do, but they will more than likely also require advice about GST, Superannuation or lodging the Taxable Payments annual report, BAS & IAS. Only a BAS agent can assist with these bigger questions for the business owner. www.abovebas.com.au

And sometimes, business owners make the wrong decision in a short-term effort to keep overheads down.
 
“As BAS agents, we at AboveBAS are often called into businesses to clean up accounting messes that may have happened unintentionally from a lack of knowledge on the part of a well-meaning bookkeeper,” Fiona explains.
 
Fortunately for small businesses faced with this predicament, AboveBAS can fix any mess due to their vast experience, qualifications and compliance.
 
“When we tell the business owner it’s all done fixed and up to date, they’re relieved. We’re there for them and find the best cost effective solution,” beams Fiona.
 
There is now more recognition for BAS agents as the Australian Tax Office and the Tax Practitioners Board are working closely with respected associations such as the Australian Bookkeepers Network to make businesses aware of the differences.
 
The AboveBAS team advise that if businesses want to identify whether a person is a BAS Agent, they should look for the BAS agent logo and BAS agent registration number.  They can also check the Public Register of BAS Agents.  www.abovebas.com.au
 
 
About AboveBAS
 
AboveBAS offers businesses more than just bookkeeping services. Fiona Failla has several certifications and memberships, including an Accounting diploma and is a registered BAS agent.
 
Her team has a combined wealth of over 50 years of experience. At AboveBAS they work closely with businesses in Consulting, Training, Advisory and bookkeeping solutions. They have also developed the AboveBAS Business Guidance program that offers a helping hand for your business journey.
 
AboveBAS uses the Pure Bookkeeping System. These processes and systems have been implemented into AboveBAS to ensure the quality of work produced is consistently of the highest standard.
 
No matter what situation you find yourself in, or how complicated your accounts are, the team at AboveBAS are there to assist you in becoming efficient and offer you peace of mind. The team are experienced in getting the job done right or if preferred they are there to guide you step by step to achieving your goals. They can even help set your goals.

The company caters to all streams of business such as the medical industry, trades, retail, and franchises.
At AboveBAS we maintain continuing professional development and are up to date with new software releases and most importantly our BAS AGENTS meet all the registration requirements from the ATO and can legally lodge your BAS.

Contact Information

Fiona Failla

BAS Agent

Above BAS

(61) (03) 9404 1563

info@abovebas.com.au