My Love/Hate Relationship with BAS

Hands of female bookkeeper working with financial documents

It is time to do our client’s quarterly BAS again.
That is what they pay us for.

So, I have to ask myself the question – am I just a Tax Collector?

Working for the Australian Taxation Office to report to them the employee’s PAYG and the business’s GST, in order for the ATO to receive that money?
If that is my job, then why do the business owners have to pay us to send this information to the ATO?
Why does the ATO not pay us to do this? That is the negative side of BAS services we provide as BAS Agents.

What I love about BAS:
– Accurate data.
– Up to date financials.

As part of our work to lodge the BAS’s, we reconcile and check everything, leaving in our wake a very clean, up to date accounting file that can provide valuable information.

By applying the Profit First system of looking at the financials in relation to:

  1. Profit.
  2. How much the business owner is paying themselves.
  3. What portion of income do expenses like wages and rent take up.
  4. How much does the business still owe in business loans.
    And yes, we have a look at,
  5. The business’ future obligations for tax.
    When we present this to business owners, I am always blown away by how the numbers tell the story, we present the numbers, and they reveal the story behind them. This is where the gold nugget is hidden – in the story.

So, the question is…
Are you looking for a bookkeeper to keep you compliant with your ATO obligations, or are you looking for a bookkeeper who will delve into the numbers with you, (numbers that we know are true), and look at what the business is really doing for you in regard to your goals?

Maybe you are reading this, and your first question is, what are my goals for this business?

Are you peddling the hamster wheel with no end in sight?

Fill in the questionnaire here: it may be the time you need to press pause and consider, who is my business serving and why am I doing it?
The numbers will tell you.

Now, back to BAS.