In this week’s blog I want to discuss Risk Management for your business.
Did you get your BAS in before the September 30, 2019 cut off?
Was it 100% true and correct?
Are you properly set up for Single Touch Payroll (STP) – again the cut off to be using STP was the 30th of September, 2019.
If you did not manage to meet these deadlines, you could find your business facing some rather large fines from the Australian Tax Office (ATO).
If you did meet the deadlines, did you scramble to make them?
Did you stay up late at night trying to make sense of STP and how you are going to apply it to your business?
Did you lose time with your family because you were busy trying to get your BAS done in time?
Think Accountants new bookkeeping division, Think Better Bookkeeping, can help you with all of these things by taking over part, or all of your bookkeeping and managing the day to day accounts for your business.
Outsourcing your bookkeeping adds an extra staff member to your business, someone who understands tax law, who is in fine tune with accounting and budgeting software and who has an attention to detail that we business owners can often lack due to overwork and too many priorities pulling us in all directions at once.
Think of it this way.
If you hire an in-house bookkeeper to take over this often difficult and time-consuming task, you will need to spend time and money advertising and filling the position.
You will have to establish that staff member in your team and train them to your business’ specific practices and processes.
You will need to provide the correct equipment such as a computer, desk, chair, printer etc.
Should you outsource this to a professional bookkeeper, especially the bookkeepers at Think Accountants, we already know your business and are ready and happy to help.
We are well versed in tax legislation and keep abreast of any changes.
We are right on top of when your BAS statements are due, we keep an eye on your payroll to ensure that you are not under or over paying staff, we balance your books so that all of your ledgers slip seamlessly into your General Ledger when it comes to tax time and the reporting season.
Having one of our bookkeepers ‘on staff’ means that you can give all this laborious, tedious and difficult work to someone else and focus on the very reason that you got into business in the first place.
Did you get into business to labor over your BAS? Do you keep up to date with bus.gov.au to ensure that you are on top of all the latest tax legislation and changes to tax law? Do you enjoy implementing new systems and working out how to make them work with your business?
The answer to these questions is most likely a strong ‘No’.
The best thing you can do for your business, to help it grow and to save your very sanity is to outsource your bookkeeping to a licensed accountant or bookkeeper. At Think Accountants – we love that stuff!
So if you do not feel like tax time is Christmas, it is time you handed over your bookkeeping to someone why enjoys these things and looks forward to End of Financial Year with gusto.
Call Think Accountants today, so you can get back to doing what you love and leave the bookkeeping and tax stuff to us!