As a small / medium business owner are financial concerns weighing you down?
If so a bookkeeper could be a great answer to help you stay on top of the paperwork...
When you’re recruiting or engaging a contract bookkeeper, ask yourself these questions:
Does your bookkeeper have a formal qualification and experience?
Before engaging a bookkeeper, ask them about their qualifications and experience. Minimum qualification required for bookkeepers is Certificate IV Financial Services (Accounting) or Certificate IV Financial Services (Bookkeeping). It’s also important to check that your bookkeeper’s qualification is issued by a nationally-recognised Registered Training Organisation.
Do they have the backing of an accountant?
Receive regular communications on the latest industry changes on various topics such as BAS, Tax, and Payroll etc. and have access to professional education to keep their skills up to date.
Does your bookkeeper have Professional Indemnity insurance?
If not, you may be liable for penalties imposed by the ATO for errors or omissions on your BAS. Therefore it’s important to check if your bookkeeper has sufficient professional indemnity insurance cover.
Are they aware of the current taxation laws restricting the services that bookkeepers can provide?
Under the current provisions of Section 251L of the Income Tax Assessment Act 1936, unless they are exempt, it's illegal for bookkeepers to receive a fee for preparing an ATO approved form and lodging BAS on their client’s behalf or even advising their clients how to complete the approved form.
Is your bookkeeper subject to a professional code of conduct?
Under the new legislation, registered bookkeepers will be governed by a professional Code of Ethics. Current members of professional associations must now abide by the association’s ethical guidelines to offer you further peace of mind.