Do I Need Bookkeeping Services?
The decision to hire a bookkeeping service usually comes from a business owner who’s overloaded with day-to-day responsibilities. The books are usually overwhelming, costing the business money and hindering workflow.
If this sounds familiar, professional bookkeeping services can help you get clarity and get back on track.
Will I Lose Control Over My Business if I Outsource Bookkeeping?
Your business is still yours, as are the decisions regarding it. Hiring a professional bookkeeper only assists you with the financial aspects of your business.
You won’t lose control over your business if you hire a bookkeeper. All decisions are yours.
What Does a Bookkeeper Do?
If you’ve been doing books for your business, it’s possible that you don’t even realize the full scope of the responsibilities of a bookkeeper.
Bookkeeping services may include setting up systems, implementing bookkeeping software, invoicing, expense tracking, accounts payable and receivable, cash flow management, budgeting, and more.
What is a BAS Agent?
Not all bookkeepers are BAS agents. Smart Business Solutions Qld is a registered BAS Agent.
A BAS agent must be registered with the TPB.
There are severe penalties for anyone providing BAS services for a fee or reward or advertising BAS services while unregistered.
BAS Agent services include:
- Coding transactions that have GST components;
- Providing payroll services, superannuation, and STP;
- Preparing ATO lodgements such as BAS, PAYG, SGC & TPAR.
A bookkeeper can only perform work for their employer.
BAS Agents can be a contracted service provider.
What’s the Difference Between an Accountant and a Bookkeeper?
Bookkeepers and accountants may seem synonymous. They both handle financial records for businesses. But in reality, though they do similar work, their responsibilities are more nuanced.
Bookkeeping is part of the accounting process in that a bookkeeper records financial records, which the accountant analyzes to provide business owners with insights.