A strong bookkeeping system has become an essential function of any company, be it a start-up or a well-settled business. Maintenance of transactions is vital to the smooth functioning of a company. The corporate world today is moving from the pile of spreadsheets to online bookkeeping services where they outsource a part or whole of their tasks to another company that specializes in them. Like most of the countries, Australia has a wide network of online Outsourced Bookkeeping Services. XERO, MYOB, ABN (Australian Bookkeepers Network), business.gov.au (Australian government’s principal business resource) are a few among those.
The introduction of GST in Australia saw a paradigm shift to the use of accounting software by smaller companies. Also, even if it was practical enough to keep the record of the transactions on paper, quarterly BAS added to the load. Though there was some overhead involved in shifting to computerized accounting, the shift meant that the numbers could be extracted faster.
“GST has been a good thing for small businesses as owners now have to look at accounts quarterly rather than waiting until the end of the year”
To start a Bookkeeping Service in Australia, one needs to be aware of the rules regarding BAS Agents, who provide Business Activity Statement services for a fee.
To become a registered BAS agent, a bookkeeper must have 1400 hours of experience and the smallest qualification of a Certificate IV in Bookkeeping or Accounting. Only a registered BAS agent can provide a BAS service. And therefore the bookkeeper shall have to achieve the above qualifications to provide a BAS service.
Also, the bookkeepers need to have additional knowledge of tax law, which is subject to frequent changes.
“We would, therefore, recommend that they would need to be keeping in touch with what is happening in their environment, adding to their professionalism through membership of a credible, relevant, professional association,”
BAS agent service is the most sought after and the highest level of bookkeeping throughout. “To provide BAS Agent services, a bookkeeper must be registered with the Tax Practitioners Board; a fee of $100 every three years,”
To be a registered BAS Agent one must have the following:
- • Professional Indemnity Insurance by July 1, with standalone creditable policies starting at $400.
- • Qualifications of at least Certificate IV in Bookkeeping or Accounting, which can be obtained for about $1000 to $3,500.
- • 15 hours of continuing education every year, costing a minimum of $1,500.
Also, to stay functional at this level of the profession, one shall also need the following:
- • At least one software company partner program license; $800 to $1400 a year.
- • A computer with internet access; $2000 and $50 per month.
- • Mobile phone communication; $50 per month.
If one plans to do their own bookkeeping, they must be sure of the professional quotient they set forth. In case the owner does not get it right, there will be errors in BAS figures and income tax returns and obviously doom the reputation of the service provider. Rayvat Accounting is one of the best CPA Firm bookkeeping service providers excellent bookkeeping services to small businesses.
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