Overdue with BAS?

Overdue BAS

Do you have an awful sinking feeling when you think about your accounts ?
Looking at that large pile of receipts & unopened mail with the promise you will get to it “tomorrow” is a drain on your energy and can create problems throughout your business and life.

For instance when seeking credit personally or for your business one of the key questions asked is are company BAS lodgements up to date.

Even if you aren’t seeking credit, the ATO may levy penalties for late
lodgement.

Here are a few tips to get on top of your accounts and stay there:

    1. Check you have invoiced all of your customers – you would be amazed how many businesses miss this – do this today no matter what – you deserve to be paid!
    2. Sort documents into paid or unpaid. Schedule to pay what’s required and once again you will gain a feeling of being on top of things.
    3. Open all the mail – relief! Most of it will only need filing – even if it doesn’t you now know what’s in it – what’s in your mind is usually a lot worse than what’s on paper!
    4. Wherever possible use 1 EFTPOS card for all business transactions only – this will save you a lot of time as the information can be easily uploaded into an accounting package. Be kind to yourself & set this up!
    5. Be realistic with your time. Ask yourself if it is really cost effective for you to do the accounts or seek a professional to help you. In most cases engaging a professional will be a better alternative.

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