When it comes to record keeping and tax returns, Business Activity Statements (BAS) are without a doubt one of the most hated things for small businesses in Australia. Although a lot of people choose to do their BAS on their own, you should consider using experienced accountants do yours for you.
Record keeping and tax obligations can be confusing to the best of us. If you don’t have a tax background, then it can be very easy to make mistakes on your BAS. An experienced accountant will know the system inside out, and should be able to fill out all of the relevant information without any problems. Our top 5 reasons why you should always use an accountant for your BAS include:
- It will save you time:
If you own or manage a small business, then you will know that time is money – really! Every hour you waste doing one thing is an hour that you could be spending doing something else, and these hours can add up when it comes to doing things like BAS. Often, you simply need to prioritise and do the things that are going to be the most beneficial for your business. Rather than spending hours completing your BAS every quarter (or even every month for some!), pay an accountant to do it.
- You may end up saving money:
Your BAS largely dictates your financial situation when it comes to the end of the financial year. If you have been doing your BAS right throughout the year, you may be entitled to some sort of tax return. An accountant who knows the system well will be able to maximise your tax deductions and minimise your taxable income, potentially saving you money on tax bills.
- It will be done right:
It is very easy to make mistakes when it comes to things like your BAS. Unfortunately, even a small mistake may be penalised by the ATO, especially if it works in your favour. When you use an experienced accountant, you can rest easy with the knowledge that your BAS will always be done right.
- They will be able to point out problems with your business:
Running a business is difficult. If you don’t have a lot of financial experience, it is very easy to make mistakes. Failing to identify a potential problem in its infancy can have huge ramifications down the track. A decent accountant will be able to point out potential financial problems before they become too big, potentially saving you a fortune!
- It’s just easier!
Really, who wants to sit down and spend hours doing their BAS every time it comes around? If you hate doing paperwork, then employ an accountant to do it for you. Accountant’s fees are tax deductible, so it may not end up costing you as much as you think it will.
If you have spent the last few years of your life forcing yourself to sit down and do your BAS when the time comes, then it could be time to change. Consider employing an accountant to do it for you – you will thank yourself later!