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Hi BA Master,

With accounting software for small business available today, preparing a BAS is a relatively painless process IF the accounting system has been set up correctly from day one.

My advice would be to get an accountant to set up or review your ‘chart of accounts’ in whatever accounting system you choose to ensure correct GST codes have been set up and then get your accountant to show you how to prepare a BAS. Before lodgment, if you prepare your BAS ‘in-house’ it is in your best interest to have this reviewed by an accountant to insure validity of data etc.

We recommend Xero for small business (http://www.xero.com) – Five Ways is proud to be 100% Xero and it really has changed the ball game for delivery of accounting services.

At Five Ways, we often educate our clients to prepare their own BAS, with us providing a review and lodgment service. The primary reason for this is you as a business owner are ‘forced’ in some way to understand what has happened in your business – it might sound tacky but ‘knowledge is power’ and having your finger on the pulse every quarter is essential – especially in small business.
There are many strategies for ‘paying yourself’ dependant on your current operating structure – I would recommend sitting down with a proactive accountant to review your needs and provide the best advice moving forward.

Where are you located? Five Ways now has clients all across the Eastern Seaboard If you are interested in discussing your needs we would love to hear from you. Check out our website at http://www.fivewayschartered.com.au or download our iPhone app from iTunes (search FiveWays).

Kind regards
Ryan Tietjens