Frequently Asked Questions

 A BAS Agent may need to be supervised for several reasons:

1. Experience and Professional Development: Supervision helps newer BAS Agents gain practical experience and develop their skills under the guidance of a more experienced agent. This oversight ensures they adhere to industry standards and practices.
2. Regulatory Compliance: The Tax Practitioners Board (TPB) requires that BAS Agents meet certain education and experience criteria to register and remain registered. Supervision by a registered BAS Agent can help ensure that all work complies with the regulations and guidelines set forth by the TPB.
3. Quality Assurance: Supervision helps maintain high-quality service standards, ensuring that clients receive accurate and reliable bookkeeping and BAS services. It serves as a form of quality control, minimizing the risk of errors and ensuring that all compliance obligations are met.
4. Professional Accountability: Being supervised by another BAS Agent provides an additional layer of accountability and support. It can protect both the supervised agent and their clients by ensuring that there is oversight and a second opinion available on more complex issues or decisions.
5. Licensing Requirements: In some cases, a BAS Agent might be in a transitional period, such as fulfilling continuing professional education (CPE) requirements or gaining the necessary experience to operate independently. Supervision during this time helps them fulfil these requirements while still providing services.

Streamline processes, invest in automation tools, delegate tasks effectively, set clear goals, and continuously monitor and evaluate performance. 

Strategic planning helps set long-term goals, allocate resources effectively, anticipate challenges, and adapt to changing market conditions. It provides a roadmap for achieving business objectives.  

1. You avoid expenses such as benefits, payroll taxes, and paid time off. Contractors are typically paid only for their work, which can save your business money. 
2. Allows you to adjust your workforce based on current business demands without requiring a long-term commitment from an employee. 
3. Without extensive training or onboarding, you can access high-level expertise for specific tasks or projects. 
4. Reduces the need for additional office space, equipment, and other overhead costs associated with full-time employees. 
5. Save time and resources on HR tasks such as payroll processing, benefits administration, and performance management. 
6. It lets you and your core team focus on strategic business activities and growth.
7. Reduce your business’s exposure to certain risks and liabilities associated with having employees. 
8. You can assess whether they fit your business needs without the pressure of permanent employment.

Responsibilities include recording financial transactions, maintaining ledgers, reconciling bank statements, managing accounts payable and receivable, and preparing financial reports. 

Bookkeeping involves recording financial transactions, while accounting involves interpreting, classifying, analysing, reporting, and summarizing financial data. Accountants also provide financial insights and strategic advice. 

 Implement internal controls, regularly reconcile accounts, use reliable bookkeeping software, stay organized, and conduct periodic audits. Double-check entries and ensure all transactions are properly documented. 

 Yes, a bookkeeper can manage your payroll. Bookkeeping often includes payroll management as part of its services. Here's how a bookkeeper can assist with payroll: 

- Employee Compensation

- Tax Withholdings

- Payroll Processing

- Record Keeping

- Compliance

- Reporting

- Tax Filing