As a small business owner, it’s tempting to try to do everything yourself.
If you started as a one-person business working from a spare room or dining table, it’s hard to let go of doing it all. It seems like nobody can do the work as well as you can, and it costs too much to outsource to professionals.
As a bookkeeper, the most common question I get is, ‘Why can’t I just do this myself?’
The short answer is you can do it yourself, but it probably won’t be done well.
The reality is that you didn’t go into business to file paperwork or to pay taxes. You chose your business because your skills are in a specific area, and that’s what people pay you for.
More than this, you are likely to miss specific details as bookkeeping for you is more of an afterthought rather than your main business.
Deadline Extensions for BAS
Perhaps the biggest benefit of working with a bookkeeper (who is a registered BAS agent) is that you get more time to file your BAS with the ATO.
When you hire a bookkeeper who is a registered BAS agent to lodge your quarterly BAS returns, you are allowed an extra four weeks to submit your BAS. Not only do you benefit from the time extension to lodge you also benefit from the time to pay it.
The government recognises having a competent and experienced registered BAS agent submitting a business’ BAS reduces errors and omissions. This can save time, money and a lot of unnecessary headache dealing with the ATO directly.
While you may not always need extra time to submit your BAS, it’s nice to know that using a professional gives you a little more breathing room.
ATO and Tax Legislation Updates
A lot of errors happen with small business taxes simply because the business owner had no idea that the rules had changed.
Every year, the Australian Tax Office makes new changes and updates, and most people are entirely unaware of them.
This can cause you to miss both new requirements and to miss out on new benefits you hadn’t realised were available.
A bookkeeper’s entire focus is on keeping up with the changes on behalf of the businesses they serve so you are always in the loop when it comes to accurate reporting and Government changes.
More Accurate Data
Even though small businesses are going electronic, there is still the need to post reports to the ATO each month or quarter.
The business owner must ensure all the details on the form are correct, all transactions are accounted for and the banking is reconciled.
The reality is that this is a lot easier with a bookkeeper. A bookkeeper helps by:
- ensuring less reworking of numbers from incorrect owner allocations
- dealing directly with the ATO in regards to any queries, audits, and amendments
- providing assistance with cashflow, such as offering the lodgement extension time we get as agents, should the business require it.
Giving You Room to Grow
In conclusion, yes, you can do it all yourself. But if you want your business to grow, you will eventually need help. Bookkeeping is an essential piece of running any business, but it is also one of the smartest areas to seek help.
By streamlining the numbers in your business, you are free to focus on taking care of customers and finding new ways to thrive. As an added bonus, your bookkeeper is a valuable source of financial insight to improving cashflow, and efficiencies.
If you need assistance with lodging your BAS, we are here to help. Centegrity have over 12 years of experience assisting businesses with bookkeeping and business mentoring.
Get in touch by filling in the form below.