Bookkeeping Penrith Uncovers that the Majority of BAS Forms Are Completed Incorrectly

We here at Bookkeeping Penrith uncovered that, according to the Australian Taxation Office (ATO) figures, 80% of Business Activity Statements (BAS) are completed incorrectly.

We have found that a number of small business owners see outsourcing their bookkeeping services as an expense, rather than a worthwhile investment that allows them to focus on growing their business. They end up doing the BAS themselves, which can often lead to inaccuracies and time away from the main focus of their company.

Our customers use our professional bookkeeping services because they’ve tried doing their BAS  themselves and know how time consuming and stressful it can be. By having their bookkeeping  undertaken by our experienced bookkeepers, their paperwork remains current and their lives stay tension free. And, they can focus on building their business.

We understand that some clients are not fully clear on the overall financial aspects of their business. They concentrate on making sure that sales are being made and that the bills are being paid. When their BAS form arrives, they do their best to determine how it is filled out but tend to think that they will work it out at the end of the financial year. However, the ATO expects BAS statements to be completed correctly and that businesses will take the initiative to actually enter their activities accurately and keep everything in order.

Leaving it to your accountant at the end of the financial year is both costly and can cause you problems. It is better to be prepared early and then you can take measures to reduce your tax burden, if they apply. If you leave it until after the end of the financial year it is too late. You may be left with a large tax payment with no way of reducing your tax liability. While we don’t provide you with tax advice, we strongly encourage you speak to your accountant.

If you are in need of bookkeeping assistance in Penrith, St Marys, Blacktown, Kingswood or surrounding regions, call Irena at Irena’s Bookkeeping Penrith today on 1800 733 497. Using our services will make sure to give you more time, save you money and cause you fewer headaches.