Nifty Bookkeeping’s services can be described in three main categories however these categories often overlap. (1)”Bookkeeping” relates to the general day-to-day maintenance of the business documentation, (2) “BAS Services” relate to the specific regulatory requirements of the Australian Taxation Office and how they are processed as part of the bookkeeping, and (3) “Training” is something that varies from client to client.; some small business owners like to be trained in the whole process whereas others just want to know the least they need to and leave the rest to us.
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Nifty Bookkeeping offers a wide range of services designed to assist small business owners with the week to week tasks of keeping accounts up to date. As registered BAS agents this includes assistance with the reporting requirements of the Australian Taxation Office in relation to the Business Activity Statement (BAS). These services can be conducted on site at the client’s premises or at our office in Beaconsfield.
These services includes the following:
- Setting up and maintaining a filing system
- Installing and setting up financial management software
- Keying in receipts and other business documents
- Bringing overdue books up to date
- Payroll maintenance including keying in, reporting and paying wages
- Printing key reports such as Profit and Loss and Balance Sheet
- Filling in the BAS including GST and PAYG information
- Interacting directly with the ATO in relation to the BAS
- Developing a plan for ongoing bookkeeping maintenance
Nifty Bookkeeping’s clients range from those who have not done any bookkeeping for 2 or 3 years and need caught up to those who monitor their business activity every week. Some require services for a couple of hours a month while others require up to several hours every week.
Our clients require varying degrees of help including:
- Opening mail
- Keying in business documents
- Maintenance of accounts receivable and payable
- Bank Reconciliation
- Preparation of other key business reports
- Tracking inventory
The staff at Nifty Bookkeeping generally communicate regularly with a client’s accountant to ensure that the protocols being followed are suitable for the particular accountant’s approach.
What is a registered BAS agent?
A person who can help a small business meet the administrative and reporting obligations with the Tax Department in relation to their general business activities, specifically those activities relating to Goods and Services Tax (GST) and Pay As You Go installments (PAYG). The BAS agent can also interact with the ATO on behalf of the small business operator when authorized to do so. In order to do general bookkeeping duties as a contract bookkeeper a bookkeeper needs to be a registered BAS agent because much of the bookkeeping role involves making decisions that affect the way the GST and other taxation responsibilities managed. In short it is important that bookkeeping is done impeccably because it affects the amount of money that is submitted to the ATO or the amount the business owner receives back. (Note: Ultimately the accountant has the final word in these matters but often accountants will rely on the diligence of the bookkeepers when assessing the financial records). Therefore all bookkeepers who are contracted to small business need to be registered BAS agents.
What is the difference between a BAS agent and a general bookkeeper?
An owner or employee of a small business can do the bookkeeping or fill in the BAS without being a registered BAS agent. Therefore they do not need to be trained. This means that very small businesses can operate at minimal costs. However, we suggest that all small businesses eventually reach a point where the GST and other taxation obligations become large enough that it would be best to contract a registered BAS agent.
What did Nifty Bookkeeping do to become a registered BAS agent?
In order to become registered BAS agents the senior bookkeepers at Nifty Bookkeeping have gone through a stringent registration process through the Australian Tax Practitioners Board. This process included meeting certain training and compliance regulations. To summarize this, we had to meet certain criteria including:
- Approved qualifications in financial services
- Demonstrating good character
- Having extensive relevant experience
- Being properly ensured
- Committing to keeping up to date with ATO requirement
Being a registered BAS agent is not simply a title. It is an ongoing process that requires keeping up to date with ATO regulations, changes to taxation law, current best practice and the latest in accounting software. It also involves maintaining important relationships with other professionals such as our clients’ accountants. This ensures that our work complies with government regulations while at the same time fits the specific needs of each client.
The information provided on this website is only for the purpose of describing the services offered by Nifty Bookkeeping. When making important business decisions please consult your accountant, professional business adviser or the Australian Taxation Office directly.
For more specific information on BAS agents please visit the ATO website. The following link is a good starting point:
Some clients would like to take a more active role in maintaining their books. At Nifty Bookkeeping we encourage this and offer personal training for these situations.
The advantage that clients receive through this is that they learn the specifics of their own business while receiving real-world training in bookkeeping.
Training can be conducted at the client’s place of business or at our fully equipped office and can be tailored to suit the client’s requirements in terms of involvement in the business.
For example, whereas some clients would like to learn the entire process, others would like to take care of the keying-in and leave the important bank reconciliation, payroll or BAS to us. Often we liaise directly with the client’s accountant and the ATO on behalf of our client’s.
At Nifty Bookkeeping we are more than happy to tailor training to the individual needs of clients and to provide ongoing services and support at a level that suits the particular client and circumstances.
Feel free to contact us anytime by email or phone. We’ll be happy to discuss with you they type of service you might need and the ways in which we might help.