SME owners always find it difficult to deal with BAS and GST. They get panicked when the time to lodge their GST arrives. However, it is a deadline that every SME owner must furnish in every three months. They also have to provide their business activity statement, and this too comes as an additional responsibility. If followed correctly then it will not come as any anxiety to any small business owners. Follow these four simple rules and relax when you prepare your BAS and GST.
4 Rules To Prepare Your BAS and GST
Rule 1: Not Everything Includes In GST
The primary thing that you should keep in mind is that not everything includes GST. Every business owner maintains excel spreadsheets, and it can be very long. Some basic excel tools do not give right calculations for GST, and you might bring in a professional tax agent. You need to maintain the spreadsheet in the correct order so that it will be easier for you to calculate it and review it. You will be able to save a lot of time and money.
Rule 2: Adopt Software Aid For Your Business
Try to adopt software aid for your business. It will save your time and will act as a backbone for your business. There are many software collections with inbuilt GST calculation system available by MYOB Essentials. If you have one of this software, then it will eliminate the task of searching for your excel sheet and reduces any error by tracking exact details.
Rule 3: Lodge Your Own BAS
If you want to lodge your own BAS, then it will be ideal if you get trained in it. By getting trained, you can perform the task on your own and save money by hiring others. It involves understanding the software and that too it is a one-time investment. You can lodge your own GST by directly inputting the transactions in correct order. And what better? You can take control of your accounting system rather than seek assistance from others.
Rule 4: Habit Of Adopting Checklists
You need to start the habit of adopting checklists. You can lodge your BAS and GST on time by having checklists. It will also assist you in guiding what you have completed and what you need to do. Professional BAS and tax agents regularly use the checklist tool. You need to do it in a thorough process, and you will be able to save time including anxiety and stress. For a successful business house, it is important to have business software as it is worthy to make the business process accurate and easy.