Accounts management of a business is essential for a successful business. Getting professional help with your business books, taxation, and finances is almost vital. While the answer to whether you are required to get help is a simple one, knowing the type of help your company needs can get complicated. Melbourne bookkeeper, BAS agents, and accountants perform different roles. Knowing the difference can help you decide what professional help you need. It is also worth knowing what responsibility they have in the management of business accounts, tax advice and lodgment.
What is the Role of a Bookkeeper?
Management of business books is one of the most important and often considered first service most businesses opt for. Bookkeepers are responsible for paying detailed attention to the movement of money in and out of your business to help you know how your business is doing. When you choose Melbourne bookkeeping services for your company, you will feel that everything is sorted. Bookkeepers generally perform the following tasks:
• Record all financial transactions and allocate them to the right account
• Bank reconciliation
• Perform tasks related to accounts receivables and accounts payable
• Prepare financial reports
• Manage bank statements
• Collaborate with the management team of the company on human resource and payroll functions
• Collaborate with small business accountants to ensure that the business is in compliance with tax rules and regulations.
What is the Role of a BAS Agent?
If you need someone to manage your Business Activity Statement (BAS) on behalf of your business, a BAS Agent is your go-to person. They have specific accreditation that allows them to provide advice and complete and lodge your BAS with the ATO. This accreditation is given to bookkeepers or accountants who have undergone further training and passed a certification exam.
BAS Agents are responsible for:
• gathering receipts and invoices to prepare and lodge your BAS with the ATO
• they also act as a liaison between you and the ATO in case of any disputes or correspondence
• with a BAS Agent, you can rest assured that your BAS is in good hands.
What is the Role of an Accountant?
Did you know that an Accountant has a wider range of responsibilities than a Bookkeeper? While a bookkeeper mainly focuses on recording financial transactions, an accountant acts more like a coach, analysing and interpreting financial records to identify areas where a business can improve. Although accountants can perform bookkeeping tasks, their expertise is better used in providing analysis and advice. It’s important to note that only registered tax agents can give tax-related advice and complete tax returns. Additionally, if an accountant is a registered tax agent, they can also act as a BAS Agent.
As part of financial management, tasks include, such as:
• Checking bank statements and reconciling them with general ledger records
• Reviewing employee expenses, and monitoring incoming and outgoing payments are done
• With this information, financial reports are created to show the company’s financial status, and data is analyzed to determine revenue sources and areas of loss.
• The efficiency of software programs used to organise data is also reviewed, and financial reports displaying the company’s profits, equity, and cash flow are produced.
• Perform audits
What Accounting Professional Do You Need for Your Business?
When getting help with your business accounts, you have to pay attention to what’s right. If you want someone to perform day-to-day reporting tasks, then you should get bookkeeping in Melbourne. On the other hand, if you hire an accountant and he/she is also a registered tax agent, they can easily complete and submit your tax returns for your company. Many times, accountants and bookkeepers work together to analyse and report your business performance and can guide you on the best way to structure and run your business.
Now, you know the different duties of a bookkeeper, BAS agent, and an accountant. With this information, you can decide what accounting professional you should choose for your company. Moreover, if you are looking for someone to keep your business books organised, then you can get in touch with a Reliable Bookkeeping Services provider.