Transparency and proper documentation are essential in any business. This is especially true when it comes to financing and number crunching. That is why you need the right people to get the job done.
When it comes to these things, people often think that certified bookkeepers or BAS agents in Melbourne are the same people. Although they may work in the same lane, there is still a difference between these two.
To figure out which of these two you need for your business, understand what they do and what separates them from each other.
What is a Bookkeeper?
When it comes to keeping track of your business’s records and transactions, the first person you think of is a bookkeeper. They are the ones who are tasked to update and prepare your records. To be a bookkeeper, one must have the Certificate IV qualification. They handle every incoming and outgoing transaction of a business, which is why you need to get someone you can trust.
Here are some things a bookkeeper can do for you:
Keeping Record
Tracking every transaction made by your company is important. It helps you trace your company’s finances and ensures that nothing is lost or undocumented. This can also help ensure that the company’s funds and finances are not used for the wrong reasons. Any inconsistencies in your business’s transactions can lead to a lot of losses.
Invoice
After you provide someone with your products and services, you need to give them an invoice. An invoice is a list of products and services you have provided your client and how much they cost. Bookkeepers are the ones to prepare and send out invoices to inform clients of your transaction.
Employee Records
Recording your employees’ time is another important task that the bookkeeper must handle. They handle your employees’ payroll, manage entitlements, and the like. This allows you to focus more on other aspects of your business. Payroll services in Melbourne can help you accurately track your employees’ pay and compensation.
Bank Reconciliations
Your records must match the amount of money in your bank account. For that to happen, your bookkeeper must conduct bank reconciliations on your bank statements. This is to see if there are any differences between the documents and make the necessary changes. Also, this is important to avoid any inconsistencies between your records and bank statements.
Reports
When preparing for Business Activity Statements, your bookkeeper needs to be ready with the monthly reports and balance sheets. And these documents are what your bookkeeper must take care of. Paperwork is part and parcel of any job that involves finance. That is why you need a Xero bookkeeper in Melbourne.
Finding Errors
Making errors in financial reports is a grave mistake. A certified bookkeeper looks through all your documents to see if there are slip-ups. If they find something that doesn’t add up, they will talk to you and help you fix it.
What is a BAS Agent Does
A BAS agent in Melbourne deals with the more advanced aspects of bookkeeping and accounting. There are things that only a qualified agent can do. Just because a bookkeeper can be a BAS agent doesn’t mean they have to be.
How to become a Bas Agent
Bookkeepers can handle tasks like GST and payroll, provided that there is a registered BAS agent to supervise. Most businesses often hire a third-party to manage their BAS needs. For a bookkeeper to be a BAS Agent, they need to have the qualifications required by the Tax Agent Services Regulations. And take the BAS Agent course.
Your business needs a BAS agent services to assist, advise, and represent your business in front of the ATO. BAS agents can assist your business with different taxes, payroll services, and advanced bookkeeping services in Melbourne. Registered Tax Agent
The Difference
Based on what is discussed above, it is safe to assume that all BAS agents are bookkeepers, but not all bookkeepers are BAS agents. So, if you want to ensure that your bookkeeper can handle any and all tax-related matters, you need to ensure they are registered BAS agents.
Bright Bookkeeping
If you are looking for a certified bookkeeper and BAS agent in Melbourne, the one to trust is Bright Bookkeeping. For more information about our services, don’t hesitate to call us.
Also Read:
- Why Bookkeeping Is Important for Businesses in Melbourne
- Bookkeeping for Small Businesses: 4 Tips to Master Your Books