As a business owner, it can be confusing as to why you are told you need a bookeeper and an accountant… I mean, they both do the same thing right?
Short answer? No.
To help put your business on the path to success, ideally you would have both a BAS Agent and an accountant in your corner.
But why?
The easiest way to explain it is that accountants are like builders and BAS Agents are like cabinet makers. You need both to build a house!
Accountants are big picture people - they build the house. The look at tax planning and project forward to ensure that the business decisions you make today will work for you tomorrow and beyond. In addition to this, they also analyse all of your financial information and use this to process tax returns, using this data to further aid in future decision making.
BAS Agents, on the other hand, make the house pretty. They are essential in translating all of your receipts and expenses into information that your accountant can use. As well as doing all of this, they also take care of your BAS, IAS lodgements, process payroll, assist with payroll tax and more. All the day to day financial and compliance tasks that require an expert eye and to ensure that the accountant is able to accurately advise on the future of your business. Like cabinet makers, BAS Agents are experty trained in the fine details and hone in on any discrepancies.
When you are first starting out, it may be tempting to input your own details into your accounting software for your accountant. This is possible, however you should seek both program and specific to your business training from a registered BAS Agent.
It is important that you find the right BAS Agent and accountant for your business. Trust is an important part of any relationship, but is especially important when seeking advice for your business.