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)
- Confidentiality
- Competence
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 at BACS believes that great bookkeeping is not just about getting the compliance right … it’s about empowering you around your finances!