WHAT’S THE DIFFERENCE BETWEEN BOOKKEEPERS AND REGISTERED BAS AGENTS?

1
WHATS THE DIFFERENCE BETWEEN BOOKKEEPERS AND
REGISTERED BAS AGENTS?
2

• With the end of financial year fast approaching,
  you need to ensure that customer satisfaction is
  translating into a healthy and happy balance
  sheet. If you have or are looking to outsource
  your books management, you have 2 options. A
  bookkeeper or a BAS agent. Each option differs
  slightly and has its benefits. It depends on your
  needs. We will try to address how they are
  different and similar and how it will impact your
  business.

3

• Bookkeeper
• Youre likely to have used a bookkeeper for your
  business needs already. If you put someone else
  in charge of accounting, then that person would
  be considered an everyday bookkeeper who ensures
  financial trust by balancing books throughout
  each quarter and at year-end they process
  transactions using software like Xero which is
  easy enough even without training! If your
  bookkeeper has been on top of the numbers, your
  accountant will have less work to do.

4

• BAS Agents
• A registered BAS agent is a professional with
  the ability to handle all bookkeeping
  responsibilities while flying an important flag
  of differentiation. They must meet certain
  qualifications and follow guidelines that keep
  them protected from liability for any mistakes
  made during their work hours or accidents
  resulting thereof, so make sure you're trained
  properly before trying this job out!

5

• Differences
• What is the difference between a bookkeeper and
  a BAS Agent? A simple answer would be that
  Bookkeepers handle a few tasks while BAS agents
  are able to carry a heavier load. BAS agents
  provide their employer with much more clout when
  it comes to the ATO than bookkeepers do. But this
  isn't quite accurate enough for what constitutes
  the bigger picture."

6

• Bookkeepers can perform some of these functions,
  but they're limited in capacity whereas
  registered BAS agents have much stronger
  abilities which allow them to assist their
  employers with various matters- things even
  employees may not do without permission or
  supervision from management.

7

• - A bookkeeper is not required to be registered
  with the Tax practitioners board (TPB) a BAS
  agent must be registered by TPB and There are
  severe penalties for anyone providing BAS
  services for a fee or reward or advertising BAS
  services while unregistered.
• - A bookkeeper can only perform everyday
  bookkeeping for work for their employer, whereas
  a BAS agent working out or advising about
  liabilities, obligations, or entitlements of
  clients under a BAS provision, or representing a
  client in their dealings with the Commissioner of
  Taxation in relation to a BAS provision.

8

• - Bookkeepers are employed to look after the
  books and thats pretty much it. Theyre also
  able to do many things related to business
  finances. Registered BAS agents, however, can
  represent, advise, or assist their employer with
  certain matters things bookkeepers are not
  allowed to do.

9

• These include GST, wine taxes, fuel taxes,
  luxury car taxes, FBT payments, all aspects of
  payroll relating to withholding tax amounts and
  reporting those amounts to the Tax office, any
  other PAYG withholding amounts, and all aspects
  of income tax payments via PAYG instalments. If
  your business requires representation to the Tax
  office on these matters, a BAS agent is required.
  Bookkeepers simply wont do.

10

• Similarities
• Bookkeepers and BAS agents are both essential
  for maintaining your accounting records. They
  report on the state of business finances while
  ensuring that books stay balanced appropriately,
  provide you with financial statements. Both
  bookkeepers and BAS agents can interpret the
  financial situations of their business and help
  you, the owner, make business decisions based on
  their conclusions. Their work helps you know if
  your business is succeeding or if it requires
  taking a new direction to get back on track.

11

• One similarity between bookkeepers and BAS
  agents is the amount of schooling required to be
  a great accountant for a business. Both
  bookkeepers and registered BAS agents typically
  require a bachelors degree in accounting or need
  to have obtained or be working toward CA or CPA
  qualifications. In Australias current business
  climate, having these qualifications is
  important.
• If you need information on registered BAS agents
  or need quality accounting from one then
  dont hesitate to contact iKeep Bookkeeping. Wed
  be happy to help you with any of your Bookkeeping
  and BAS agent needs.