Thank you for taking the first step in thinking about your business compliance.

Click on each question to reveal answers and explanations for each question

Am I confident I am entering the accounts correctly?

Yes: That’s great. You must have had some prior training.

Have you had your work checked? We offer a service called the ‘BAS Package’. A very popular service for business owners who do their own bookkeeping. We check all your work for the quarter, issue a report to you of what we corrected and lodge your BAS online (giving you a four week extension on payment)

No:  Don’t feel too bad. There are hundreds of laws surrounding how to enter GST codes alone. BAS agents train for many years to be able to code accounts correctly.

If you continue bookkeeping to save on the cost of a bookkeeper, you could be missing out on GST credits, making mistakes that could be costing you money and at the end of the year, your accountant will need to make corrections. Those corrections will be made at the standard accounting rate. So, in the end, it works out more cost effective to have your accounts entered correctly by a BAS agent. And you have the added bonus of peace of mind.

Do I enjoy the bookkeeping?

Yes: Wonderful. We enjoy it too. There’s something satisfying about reconciling an account that balances

 

No:  Running a business requires a lot of creative energy. As a master of your trade, you need to funnel as much of that creative energy into doing what you do best. It’s no surprise many business owners do not enjoy the compliance side of running a business. It can become a burden that owners put off until BAS time and then stay up late at night trying to enter everything in so there are no penalties. This is one of the reasons we chose the name ‘Bookkeeping Relief’. So many people expressed the relief at offloading the burden of compliance to us. They felt better able to manage the running of their business.

Am I behind in my bookkeeping?

Yes: Do you realize how much mental energy is consumed when something is overdue? You start your day on the backfoot. We have helped businesses catch up on their compliance from years of not lodging BAS returns. If you don’t lodge, you may receive financial penalties from the ATO. Once you catch up on overdue lodgements, in many cases, it is possible to setup a reasonable repayment plan with the ATO. How can your business get ahead when you are unaware of the liability you may one day incur when you catch up on lodgements? For your business to move forward, you need to understand its financial position and go from there. Contact us to help create a catch up plan.

 

No: That’s great. Keep up the good work. You are in a good position (providing your accounts are correct) to understand your business finances better and prepare for future growth.

Do I find bookkeeping confusing?

Yes: The many pages of regulation issued by the ATO are written in legislative format.  If you read every single article written by the ATO about BAS legislation and record keeping, you would still be confused without proper interpretive training and experience. The laws change constantly and you would need to be monitoring all new articles and news items issued about compliance changes.

We take the confusion out of bookkeeping by understanding and applying all the ATO legislation to our work in the most expedient way for you.

 

No: You may have had some training as a bookkeeper. Are you sure you understand all the compliance requirements? Consider our BAS check and lodge service. We quarterly check your work, make corrections if necessary and lodge your BAS. We provide you with a report of what we needed to change. If you are coding everything correctly, in time, come off the program, and do your own BAS lodgements confident you are applying all the laws correctly.

Am I using an accounting software package?

Yes: That’s a step in the right direction. As software specialists, we can help you ascertain if you have the best package for your needs..

No: If you are not registered for GST, using excel may be enough. If you are registered for GST, a software system is a must. It will save you hours and hours of work. Software packages check the numbers for you to an extent. They collate your data into a way your accountant will find more useful than a shoebox of receipts!

We strongly recommend setting up an accounting software package in either case.  Talk to us about which software solution is best for you – and they all come with inbuilt help text and plenty of youtube videos to help you out of any situation. The best way to setup a new package is to have a BAS agent setup and provide training. You can then decide if you want to do your own bookkeeping or have us help you.

Would you like to talk to a professional about your answers?

Feel free to reach out via our contact us form. We will get back to you to talk about your business needs.

We have helped so many businesses find freedom from the confusion and fear of bookkeeping and compliance. We have a package to suit every business owner. The best thing you can do for your business is talk to a BAS agent and find out how we can work together.

3 Reasons Why Using a Professional to Lodge your BAS can Save you Money