New business owners may be wondering whether they should hire a BAS agent or an accountant for their businesses. This article discusses why you need the services of both professionals.
A BAS agent refers to a licensed professional who performs bookkeeping duties for a business. BAS stands for Business Activity Statement. An accountant performs broader roles such as filing your tax returns and advising you on matters affecting the financial health of your business. For instance, he or she may advise you to slow down the rate at which you are opening new branches of your business. Such advice may be premised on the realization that the cost of keeping the branches operational is much higher than the revenue being generated by those branches. Such advice can save you from running out of operating capital.
The roles performed by these two professionals (BAS agents and accountants) show that the accountant could perform the most complex tasks related to the finances of your business while the BAS agent from a company like JSPN Bookkeeping Solutions can take care of the day-to-day bookkeeping functions. Hiring both professionals is therefore a cost-cutting measure for you since the more affordable BAS agent will be available on a full time basis while the accountant (whose rates are higher) will check in from time to time when needed.
Provision of Checks and Balances
It is good to have a second set of eyes that looks at all aspects of your business and an accountant plays that role very well. The BAS agent can work with the accountant to point out some new ways that you can use to improve the financial health of your business. For instance, the accountant can look at the cash flow records prepared by the BAS agent and advise you on the best way to plan the expansion of the business based on the rate of revenue growth. This back-up role played by the accountant helps to create a stream of continuity for the daily work done by the BAS agent. In short, the accountant helps to use the data prepared by the BAS agent in order to project the bigger picture of the business.
As you can see, you need to assemble a team of professionals to support your entrepreneurial dream so that you do not stumble because you lack expertise in the different areas that affect your business activities. BAS agents and accountants are some of the key professionals that you need since they deal with the very lifeblood (money) of any business. Do your homework and hire the very best that you can find in your area.