How to prepare a BAS statement is a question that many small business owners want answers to.
You can save much stress and heartache by outsourced bookkeeping
No matter what accounting software system you use (commonly Quickbooks or MYOB) the preparation of a BAS form can be challenging. MYOB or Quickbooks will only give the answers based on the information that’s entered into your software package.
ATO states that 80% BAS forms lodged incorrectly
If the data is incorrectly entered, or the allocations and codes are not correct, then the information that MYOB or Quickbooks spits out for your Business Activity Statement BAS will not be correct.
That actual process of filling in the form is not that difficult once you know how. Unfortunately most small business owners or their in-house bookkeepers do not complete a BAS form correctly. According to the Australian Taxation Office ATO 80% of Business Activity Statements are incorrectly completed.
ATO say only 8% BAS forms lodged by Contract Bookkeepers
That means the majority of BAS forms completed by business owners and in-house bookkeepers are wrong.
Yet many small busines owners on the Gold Coast insist on trying to save a few dollars by doing it themselves.
As professional bookkeepers that are lodging 100′s of BAS forms each year, we’ve had plenty of practice – compare that to most small businesses that do this kind of work for a few hours each quarter.
We offer a service where we can help small business owners with the BAS prpearation and lodgement. For a small investment you can save much stress and heartache
Next BAS due
