One of the biggest challenges for SMEs is being able to juggle multiple roles and deal with all the standard practices that come with running a business, such as bookkeeping and lodging your BAS. Whilst a lot of small business owners want to handle everything themselves, as they fear outsourcing is an unnecessary expense, it is certainly worth thinking about hiring a BAS Agent.
More and more businesses are outsourcing elements of their operations in order to run more efficiently and improve their company. Outsourcing has many advantages, but only when it is carried out properly.
Keep on reading to discover the reasons why you should hire a BAS Agent at your SME and why bookkeeping services are so important for your business.
What are the Benefits of Outsourcing?
There are many different benefits associated with outsourcing. This includes the following:
- You can focus on your core activities, i.e. the tasks that generate your profit
- Staff flexibility
- Risk management – uncertainty and inconsistency can happen when there is frequent employee turnover
- Take advantage of specialist services
- Save money by only paying for services as and when you need them
Bookkeeping refers to the process of recording day-to-day transactions within a business and it is the first, and arguably, the most important step in the accounting process. The role of the BAS Agent is ensuring that all transactions are properly recorded. They are also vital in supporting the business owner to help them make better decisions on a weekly or monthly basis.
Increase Efficiency and Save Time
One of the main benefits associated with hiring a BAS Agent to do your bookkeeping is that you will save time and so you will be able to focus on the core of your business, i.e. what makes you money. This gives you the perfect platform to excel and ensures paperwork, finances, accounting software and other technicalities aren’t holding you back. So many businesses today are spending too much time on activities that do not boost their bottom line. However, it’s not like you can just ignore your BAS and bookkeeping commitments.
A BAS Agent will be able to ensure you comply with the relevant regulations that are in place to govern Payroll and Superannuation. There are severe penalties for businesses that do not pay employees on everything they are meant to. In a lot of cases, business owners do this by accident, as they do not fully understand how complex payroll and superannuation is in Australia. A BAS Agent will make sure everything is held above board whilst also providing you with advice on any changes to the legislation.
Peace of Mind
Last but not least, you can have the peace of mind that everything is being handled above board. With so many other things going on in your business, it is always good to have an element as big as your finances handled by an expert. One less thing to worry about is a good thing, right?
Hopefully, you now have a better understanding of outsourcing and the impact it can have on your business. Outsourcing can certainly be beneficial, but it is all about outsourcing the right tasks.
From increasing efficiency to ensuring you comply with the legal regulations that are in place, there are many different reasons why you should consider hiring an accountant for your small business. Whilst you may view this as an unnecessary expense, a good accountant will actually save you money. Thus it is certainly worth taking the time to search around and find the best BAS Agent for your needs. Look at their experience and reputation. It is always a good idea to read reviews that have been left by others.
Kylea Martin is a Financial Strategist who boasts numbers among her many superpowers.
She can decode your business data and transform it into information you can readily understand.
A Certified Practising Accountant, Kylea leads the Financial Services team, bringing over 25 years of corporate experience to small and medium business owners.