As of March 1st 2010 the ATO regulated the bookkeeping industry. Now, all bookkeepers providing a BAS Service are required to register as a BAS Agent.
The requirements of a BAS Agent are:
- Certificate iv in Financial Services – Bookkeeping or Accounting
- Member of a recognised Professional Association
- Over 1000 hours relevant experience
- Professional Indemnity insurance
- Ongoing Professional Development
What does that mean for you?
In the past, a bookkeeper was able to complete a MYOB or Quicken course and start charging for their services. Unfortunately, due to their lack of experience, they often left a mess. The client could do nothing about it except find someone else who, hopefully, would be able to clean up the mess. It is a costly exercise both financially and emotionally.
As a BAS Agent there is a professional Code of Conduct in relation to:
- Honesty and integrity
- Independence (acting lawfully)
Breaching the Code of Conduct can result in termination of the registration and Civil Penalties involving fines up to $137,500. At last there is something that can be done if you are left in a mess.
We are Registered BAS Agents so that may give you confidence in the numbers, but the Team of Wamit Bookkeeping Services believes that great bookkeeping is not just about getting the compliance right … it’s about empowering you around your finance!