What’s the difference between a BAS Agent and a Bookkeeper?

What’s the difference between a BAS Agent and a Bookkeeper

Not all BAS Agents are bookkeepers and not all bookkeepers are BAS Agents. There is an important distinction between the responsibilities handled by both roles. A bookkeeper and a BAS Agent play an integral part in any business. Both have ongoing roles that ensure your business’ financial records are accurate and kept up to date throughout the year. So, what different responsibilities does each role have?

What are the responsibilities of a bookkeeper?

The exact responsibilities of a bookkeeper will often vary from business to business. Each business has unique challenges and opportunities which require a customised bookkeeping service. The responsibilities of a bookkeeper include:

  • Record financial transactions
  • Complete bank reconciliations
  • Manage your bank feeds
  • Process the accounts receivable
  • Processing the accounts payable
  • Prepare financial reports
  • Work closely with your Tax Agent or Accountant to ensure your taxation compliance
  • Help you with payroll functions, and some human resource functions.

What are the responsibilities of a BAS Agent?

To be a BAS Agent, there are certain qualifications and experience levels that must be met. This is all governed by the Tax Practitioners Board, with the requirements outlined in the Tax Agent Services Regulations 2009. The services of a BAS Agent include:

  • ABN, TFN, and business name registration
  • GST and PAYG registration
  • Software installation and training
  • Single Touch Payroll (STP) processing
  • End of financial year reporting on STP
  • Superannuation
  • Taxable payments annual report
  • Preparation and lodgement of BAS monthly or quarterly
  • Complex budgeting
  • Reporting quarterly and end of year reviews
  • Representation when dealing with the Commissioner of Taxation.

Can a bookkeeper also be a BAS Agent?

A bookkeeper can be a BAS agent. However, not all bookkeepers are BAS Agents. This is important to know. A BAS Agent is essentially an advanced level of bookkeeping. It requires further training, experience, and knowledge for a bookkeeper to become a BAS Agent. Only with this special training, and accreditation from the Tax Practitioners board can a bookkeeper charge for BAS Agent services.

Conclusion

Bookkeepers who are also BAS Agents offer higher levels of services for your business and take more work off your plate. With the accreditation they receive, and extra training they must conduct, you can be sure that the quality of work delivered by a BAS Agent is at a higher level of consistency. Link Books are accredited BAS Agents, so can provide a wider range of services to help your business thrive. Reach out to us for a quick chat.

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