3 Simple Tips on How to Make BAS Preparation Easier

A business activity statement (also known as a BAS) is essential to any business. This monthly, quarterly or yearly statement needs to be reported, completed and delivered to the respective authorities on a regular basis.

But as essential as it may be, it's also just as confusing, especially for new business owners. Since penalties can be applied if a business fails to lodge the BAS on time, you'll need to get on top of it by the deadline. Of course, you'll still have your regular business activities to take care of at the same time. Here are 3 simple ways to make BAS preparation easier on you when you're busy turning a profit.

Streamline record keeping through an accounting software

Technology was made to aid you in tedious tasks, so don't be afraid to use it. There is plenty of accounting software out there to help you with all the tasks you need to complete as part of your BAS preparation. These programs can easily handle tiresome calculations, saving you time and headaches. They can also help you organise your receipts using various management tools, storing everything for later reference.

Then, there are programs made to manage all your accounts. They'll take care of everything expenses and invoices to payroll and billing, even handling stock inventories. Using this software will keep you up to date with your business performance as well as bring you one step closer to finishing your BAS preparation.

Keep accurate and up-to-date records

All the records you'll need to fill in your BAS correctly need to be constantly updated, up until the date of your lodgement. To easily stay on top of these constant changes, it's best to categorise all business invoices and receipts as soon as you get them. You'll also want to update your accounts every end of the week, making sure to add a date, description and type of transaction to every transaction. Plus, don't forget to keep a record of your BAS lodgements too.

Hire a professional accountant

Hiring a professional to help you prepare and lodge your BAS is never a bad idea. Running your day-to-day business activities is often stressful and time-consuming; getting a little outside help from an accountant ensures you can focus on those all-important profit-generating tasks.

The right accountant or BAS agent will help you lodge the statement stress-free, helping you save time and, possibly, money. After all, the accounting profession is regulated to help protect you from avoidable fees. For more information, reach out to a professional who can help you with BAS preparation.