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So why should I hire a BAS Agent/Bookkeeper and what's the difference to an Accountant/Tax Agent?
- What a great question and one all BAS Agents/Bookkeepers get frequently.
- The Core Difference: A BAS Agent/Bookkeeper focuses on accurate, compliant financial records and lodgements during the year. An Accountant/Tax Agent focuses on tax law, financial strategy, and end-of-year reporting. In short: Bookkeeper = keeps the financial engine of your business running correctly Accountant = interprets the results and manages tax outcomes at the end of the year.
"Think of your BAS Agent/Bookkeeper as keeping your financial house clean and compliant throughout the year, then your Accountant steps in at the end of the year to interpret the numbers and optimise your tax position."
So what does a BAS Agent/Bookkeeper actually do compared to an Accountant/Tax Agent? Another good question.Check out the table below
Quick Comparison Table
Area of Deliverables | BAS Agent/Bookkeeper | Accountant/Tax Agent |
Daily Bookkeeping | ✔ | Client Specific |
BAS/IAS Lodgement | ✔ | No |
Clean, up-to date books | ✔ | Client Specific |
Payroll Compliance/STP Lodgement | ✔ | ✔ |
Provide reports for decision making | ✔ | ✔ |
GST Advice & Compliance | ✔ | ✔ |
Income Tax Advice | - | ✔ |
Tax Returns | - | ✔ |
Tax Planning | - | ✔ |
Financial Statements (compliance) | Limited | ✔ |
Business structuring | - | ✔ |
| - | ✔ |
Compliance with Income Tax Law | - | ✔ |
As you can see from this table, a BAS Agent/Bookkeeper cannot provide tax advice beyond BAS-related matters, an Accountant/Tax Agent can.
How BAS Agents & Tax Agents work together (Best Practice)
The BAS Agent/Bookkeeper you hire maintains your business financial accuracy throughout the year and ensure that the compliance data is correct.
The Accountant/Tax Agent then uses this data to minimise your tax, provides you with business strategy for the year ahead and finalise all compliance requirements.
If the bookkeeping is poor - the accountant's advice is limited or flawed.