Frequently Asked Questions From Clients
WHATS THE DIFFERENCE BETWEEN A BOOKKEEPER AND A BAS AGENT?
Firstly, not all Bookkeepers need to become BAS Agents. However, if a business requires a contract Bookkeeper to provide a BAS related service, they must be a registered BAS Agent and endorsed by the Tax Practitioner's Board. It is only a BAS Agent that can interact with the ATO and process your obligations to the ATO, on your behalf, unless they are your employee.
A Bookkeeper and BAS Agent play an integral part in any business.
They are engaged with an expectation to keep or assist in keeping accurate and up to date financial records for every month, quarter, and at the end of the financial year.
WHAT CAN A BOOKKEEPER DO?
Bookkeeping can look different from business to business, however the most common tasks that a Bookkeeper will generally undertake include:
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Record financial transactions
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Bank reconciliations
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Manage bank feeds
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Process accounts receivable
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Process accounts payable
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Prepare financial reports
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Work with the business' Accountant to assist with taxation compliance.
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Work with the Business Owner or Business Management on:
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Some human resource functions
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Most payroll functions*
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*The Business must designate pay rates according to the relevant industrial instrument
WHAT CAN A BAS AGENT DO?
A registered BAS Agent must have the required qualifications and experience as outlined in the Tax Agent Services Regulations 2009 (TASR). They must also be accountable to the Tax Practitioners Board (TPB).
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BAS services / Advanced bookkeeping services include but are not limited to:
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ABN, TFN Business name registration
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GST, PAYG registration
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Software installation and training
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Single Touch Payroll (STP) processing
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EOFY reporting for STP
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Superannuation
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Taxable payments annual report (TPAR)
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Preparation and lodgement of BAS/IAS – Monthly, Quarterly or Annually
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Reporting – quarterly review/year-end review
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Representation in dealing with the Commissioner of Taxation
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Note: A BAS Agent can perform all the duties and responsibilities of a Bookkeeper, and a multitude of other functions, and is usually at an Advanced level of bookkeeping knowledge and experience.
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Contracted Bookkeepers providing BAS services for a fee, must be registered BAS Agents. Additionally, undertake continuing professional education programs throughout each year.
WE WANT TO MOVE TO XERO BUT WE DON'T KNOW WHERE TO START...
Let's look at what you want and need Xero to do, then we can work out what training you and your team need.
WE ONLY NEED SOME OF YOUR SERVICES, IS THAT OK?
Definitely, STH Bookkeeping can pick up the tasks you need us to and leave anything else to you or your Accountant.