Bookkeeping today is not simply data entry. Yes, data entry is involved, but there is SO much more!
A great bookkeeper will listen to your concerns and needs for the business, and think about how to configure your books in such a way that it makes you as much profit as possible. A great bookkeeper will also look at your entire business holistically, alert you to any money leaks, and make any corrections necessary so your books are legally compliant.
What’s the difference between a bookkeeper and a BAS agent?
A bookkeeper provides a more general service in data entry and administration, including system set up. A BAS agent is legally certified to provide advice on how tax laws apply to business, and also designing a system and providing advice in regards to BAS/GST provisions. In English: if you're registered for GST, you need a BAS agent. If you're not, then you can have a bookkeeper OR a BAS agent.
When do I need a bookkeeper?
When you are operating a business and need to outsource assistance in the data entry and to keep you financially organised. Also, when you want a financially-driven cheerleader who will help you be as profitable as possible!
When do I need a BAS agent?
Once you earn $75,000 per year, you’ll need to register for GST and complete a quarterly BAS. When you have a need to outsource the preparation of your BAS or need advice on implementing systems in your business in relation to tax laws and GST.
When do I need an accountant?
When you need specific tax advice and the provisions for your situation. Or if you need advice and representation for dealings with the ATO.