One area that has long been recognised by experts as being a cause for the failure of
It is estimated that 1 in 15 Micro Businesses will fail due to inaccurate record keeping necessary for ATO requirements.
Decisions to be made
There are two main reasons why these businesses neglect their record keeping
Each business operator has to decide:
This is called ‘building on your strengths’ while outsourcing to other experts to look after your weaknesses.
What support should you expect?
It will save you money if you use a bookkeeper to make your records ‘accountant ready’, as their fees will be less than if you use an accountant to complete these regular tasks. Bookkeepers should be expected to:
They may also be able to:
Most mistakes with the BAS and general accounting procedures is made because of the wrong installation of software and the wrong accounting codes used.
The bookkeeper should make contact with your accountant to ensure the Chart of Accounts is set up as the accountant requires. To ensure that software is set up correctly, you require someone who understands the specific software you are using as well as accounting procedures.
As well as assist you with your income tax (which will now have to correspond with your BAS returns), an accountant should be able to give you assistance with the development of your business, by offering:
Referrals to a network or professionals to advise with financial advice, superannuation, workplace agreements, succession planning, venture capital, marketing, IT, e-commerce, mentoring, marketing etc.