Outsourcing a bookkeeper requires extensive research especially if you rely heavily on the Internet to look for some prospects. While setting some basic criteria can help you stay on the right track, it still pays to check other aspects for you to be sure that the person you have identified for the position can be trusted. Aside from checking the bookkeeper’s experience, it is necessary that you give importance to their credentials. A bookkeeper that is a registered BAS agent will give you peace of mind as compared to those who are not. Choosing a registered BAS agent is as equally important as other qualifications you are looking for in a bookkeeper. In fact, a registered BAS agent must be your top priority.
What is a BAS Agent
Preparing statements or financial reports for Fuel Tax Credits Goods and Services Tax, Luxury Car Tax, Fringe Benefits etc., are just some of the financial services that a BAS agent or Business Activity Statements Agent has to carry out. A registered BAS agent is also responsible for ensuring that the withholding obligations of the client’s employees are fulfilled. Withholding obligations include preparing the summary of payment. A BAS agent is also tasked to code all data and tax invoices into the client’s computer program. When it comes to providing advice about entitlements, liabilities and other obligations, it is also the job of the agent to keep the client informed of their responsibilities. For these responsibilities to be fulfilled, it is necessary that the agent is familiar with BAS provision. Filing with the Tax Practitioners Board is required for self-employed bookkeepers. It is also a serious offense to offer financial services even when the bookkeeper has not yet been registered.
What Does It Take To Be A Registered BAS Agent
You will need to comply with the core requirements so you can register as a BAS Agent. You have to be at least 18 years old to be considered an applicant for BAS Agent registration. A substantial experience in bookkeeping and other related financial services is also required. There are training requirements that you must also satisfy for you as part of the screening process. Your first option will be to obtain a Certificate IV in Financial Service and it should be awarded by a Registered Training Organisation. You will also be required to complete a course that is TPB approved. Regardless of your Financial Services course, GST/BAS taxation principles are already integrated into these courses.
The second option is earning a bachelor’s degree in Accounting or Certificate IV in Bookkeeping. All of which can be obtained from a Registered Training Organisation. Aside from the educational requirements, you will also have to demonstrate that you have relevant work experience. You should also have an involvement in at least one BAS service based on Tax Agent Services Act. Be sure to complete 1400 hours relevant experience for at least 3 years or 1000 hours relevant experience if you are considered a voting member of a recognized tax agent association or BAS Agent association.
You must also secure your credentials or proof of qualifications. These should include academic transcripts, details of referees and proof of membership for any recognized tax agent association or BAS. Once completed, you are eligible for applying for BAS registration.
Why Choose A Registered BAS Agent
The quality of work is guaranteed.
Since not all bookkeepers can pass themselves off as a registered BAS Agent, choosing a registered bookkeeper guarantees that the job is going to be done based on your set of expectations. They also face penalties in case they committed a serious offense.
The accounting operations become smooth and uninterrupted.
Entrusting accounting jobs to a qualified bookkeeper will ensure uninterrupted transactions and operations because you know for a fact that the bookkeeper already knows how to go about carrying out the task. Problems are communicated and solved properly. Financial reports are also prepared based on the required time frame.
You save yourself from serious trouble.
If you intend to hire an unregistered bookkeeping, it is just similar to supporting a crime. It is because you have allowed someone to work for you even when they have not complied with the requirements. Illegal bookkeeping is considered a civil crime as every bookkeeper must abide by the registration rule before they can offer their services. It takes years before you can taste the sweet success of running your business. However, if you risk hiring an unregistered bookkeeper, all of your hard work and effort will disappear at the drop of a hat. Are you willing to risk it all and accept this costly mistake? If you want to encourage business growth, you should never put your company at great risk and only choose a registered BAS agent.