Every three months, small business owners start to get anxious and confuse. Why? Because it’s GST and BAS time. But, you don’t need to panic if you follow this simple tips.
In my own opinion, the panic most business owners get into over GST and BAS could be eased if there was a modernised set of rules to make lodgement a no-brainer.
The deadlines are set properly in advance and the GST has been around for more than a decade, so the frenzy business owners feel comes down to process rather than a deadline.
Simply, many business owners have no set process to make BAS preparation, review and lodgement uncomplicated and accurate.
Here are some tips to take the stress out of GST and BAS preparation.
1. Manual may be cheaper, but it’s far more expensive in the long run
Whilst we prefer a good spreadsheet and VLookup, we find business owners tend to use very basic excel tracking tools which often do not give accurate GST calculations.
Remember, not everything you purchase necessarily attracts GST.
So, if the spreadsheet is inaccurate and source documents need to be examined, this can cost you a lot of time and money when you bring in a licenced BAS or tax agent to resolve the mystery.
2. A great accounting system is a blessing
For many startups and business owners, they see accounting software as an expense – but that’s the opposite way to look at it. In fact, accounting software can become a vital tool for your business and make sure that your numbers are all accurate.
It can also become an excellent time-saver – and what business owner doesn’t want to save time?
3. Invest in training
While we fancy accounting software, it’s only as good as the user entering the data. If you want to take charge and lodge your BAS each quarter, we love the passion, but we’d highly advise a training session to make sure your enthusiasm doesn’t turn into sour grapes.
It’s about knowing the software and making sure it’s set up perfectly. That way transactions are allocated accurately, and you’re using the software in the most productive way. Accurate GST reporting should flow through if you’re recording and allocating transactions accurately. Do things right, and you’ll only do them once.
Should you need help in your BAS & GST, do not hesitate to call the guys from DJK Partners today!