Question: I use an administration employee to assist with ‘bookkeeping’ i.e. recording transactions, invoicing etc. They have no formal qualifications in bookkeeping and the experience they have is limited to a MYOB introduction course they have attended plus the use of MYOB in their administration role. My question is, as long as my employee submit the MYOB file to an accountant each quarter for final BAS commitments etc, can I continue to have my employee perform this role? What are the requirements? Where are the limits/restrictions to the tasks they are allowed to perform?
Answer: In short, anybody can do bookkeeping work, similarly anybody can do accounting work.
BUT if you are relying on your employee to work around the obligations and entitlements of the BAS that is ldoged with the commissioner then the employee MUST be a registered BAS Agent.
Simply sending the info to the accountant for lodging is not enough.
Too many accountants are being sent BAS related info to lodge, with the client or the bookkeeper thinking that the accountant is reviewing and supervising the work and what is lodged only to find that the Accountant is not and does not and will not take a supervisory responsibility for the BAS work.
So, yes your employee can do bookkeeping but must have a specific agreement with you about what they are doing and what they are not doing. However, the situation becomes more complicated if you have clients who are relying on you to get BAS and bookkeeping completed to a high standard. Here are some of the benefits of hiring a bookkeeper.
Question: Do you provide your own insurance?
Answer: As a sole trading bookkeeper, I am covered by professional indemnity insurance, which protects you as a client from liability should any at fault event happen on our part.
As a registered BAS Agent, I also work to comply with the Tax Agent Services Act (TASA). Complying with the TASA also protects clients from any liability.
Question: What types of business do you have experience working with?
Answer: Upgrade Bookkeeping has experience working for:
- Construction industry
- Engineering industry
- Retail industry
- Not for profit charities
- Health Services
- Agriculture industry; and
- the professional services industry.
So, we can cater for any small to medium sized business.
Question: How much does it cost?
Answer: I (Shaun McAtamney) charge a standard rate of $35 per hour. This may be reduced or altered by discretion. For example, if the client has a set amount per month in mind or a set amount per BAS lodgement. However, bookkeeping will generally be charged out at $35 per hour if it falls outside the bounds of any agreed rate.
Tax returns are billed separately from general bookkeeping and BAS return lodgement and cost depend on turnover. So if the individual or business has turnover of up to $50,000, the tax return will cost between $200 and $300. If the individual or business has turnover of up to $185,000, the tax return will cost between $700 and $800 depending on the number of assets and balance sheet items. Of course some people will say that this is too much, but that’s why we prefer to work for business owners and companies when it comes to tax returns. These are industry governed prices for individuals with business income and companies. If you need a cheap individual tax return, try ITP (Income Tax Professionals), H&R Block, or just lodging yourself using myTax.
Question: Can you work at my premises?
Answer: Of course, I can comfortably work at your premises or from a remote location. It is entirely up to you.
Question: What software does Upgrade Bookkeeping use?
Answer: Upgrade Bookkeeping has the capabilities to proficiently perform on almost any software. We are partners with MYOB, Xero, Quickbooks, Reckon, and Zoho Books. If you do not have software set up, we can suggest the most appropriate alternative and provide you with training and support.
Question: What services can you provide?
Answer: Upgrade Bookkeeping is a BAS Agent qualified bookkeeper business, sub-contracting with an IPA (Institute of Public Accountants) registered tax accounting firm. So, we are able to satisfy almost all of your requirements. Including;
- Income tax returns including individual and company returns (contact us for more information)
- General Bookkeeping
- Payroll, PAYG and superannuation
- BAS and GST lodgement and assistance
- Accounting systems and setup
- Software training and support.
See our Services page for more information.
Question: What areas can you service?
Answer: Upgrade Bookkeeping services Toowoomba and the surrounding Toowoomba regional area. However most of our clients are more from areas around Australia other than Toowoomba. We are particularly interested in hearing from clients in Brisbane who can use a remote bookkeeper. This is because we can easily travel to Brisbane or the Gold Coast (Queensland) for onsite visits as well as working from home office. In fact one Tax Agent/ Accountant we do sub-contract work for is based in Southport.
Question: How much work can Upgrade Bookkeeping handle?
Answer: We expect to grow beyond our current business structure, which is a single bookkeeper, sole trader, sub-contracted to a tax accounting firm. We have the ability to engage qualified bookkeepers who will work locally and be sub-contracted to Upgrade Bookkeeping. We have had offers from bookkeepers seeking to do this. So, we can potentially contract to larger, medium to large bookkeeping clients without any problem. Of course to do this, we invisage increasing the hourly rate (for example, to $40 per hour) and providing additional value-added services to ensure efficiency and high value for money in terms of bookkeeping contract delivery.