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What’s the Role of Industry Associations for BAS Agents?

An industry association membership may be just what you need

a registered BAS agent wanting to join an industry association
Joining an industry association can help towards things like CPD points, but it pays to make sure you’re getting market rate for any courses and that the ongoing fees are of benefit to you.

IF YOU LIKE BOOKKEEPING, but you’d like to provide additional services to your clients, the next step is to become a BAS agent. BAS agents provide businesses with a range of services, including the lodgement of business activity statements, registering and advice on all GST matters, assistance with PAYG, and a number of other services.

There are a number of requirements to becoming a registered BAS agent. For starters, you need at least a Certificate IV in Financial Services, and then you need to have supervised experience working as a BAS agent so that you can become certified by the Tax Practitioners Board (TPB). (If you’re not TPB certified, you can’t work independently as an unsupervised BAS agent.)

How industry associations help

There are a number of recognised bookkeeping industry associations in Australia. To register with the TPB, you must have a minimum of 1,400 hours of supervised experience with another BAS agent, unless you’re a member of an industry organisation — then you only need 1,000 hours of supervised experience.

Industry associations help BAS agents keep abreast of changes to the industry, including new legislation that make affect clients, as well as change to the Act that may affect BAS agents. They also administer or oversee continuing professional development (CPD) training, which the TPB requires BAS agents to undertake each year to keep their certification and continue working in the industry.

Industry associations BAS agents can join

Bookkeeping industry accredited accreditation associations companies

There are a number of industry associations a BAS agent (or aspiring BAS agent) can join, each with different membership requirements and joining fees. They include:

  • Association of Accounting Technicians — affiliate members must have Certificate IV in Financial Services or at least two years experience and no formal qualifications; membership fees: $295 for three months ($1,180 per year).
  • Australian Bookkeepers Network — no requirements to join; membership fees: $462 annually.
  • Institute of Certified Bookkeepers —  Affiliate members must have Certificate IV in Financial Services or complete an ICB assessment; membership fees: $264 annually. (After achieving 12 months experience Affiliates can become Associate members; membership fees for contractors $432 annually.)

Other industry associations BAS agents can join, include:

  • Association of Chartered Certified Accountants ANZ
  • Chartered Accountants ANZ
  • CPA Australia
  • Institute of Public Accountants
  • New Zealand Institute of Chartered Accountants (NZICA)

Industry associations and CPD training

A key reason to join an industry association is to gain access to training that goes towards your mandatory continuing professional development (CPD) points, which every individual working in the financial services industry — whether they’re bookkeepers, BAS agents, accountants or financial advisors — must complete annually. We have written before about the type of education the TPB requires in order to get your CPD points.

Many associations run their own webinars and in-person seminars (for an additional fee), which count towards your CPD hours. (BAS agents must complete 45 hours of CPD over a three year period.) Some of them will help you with the running of your own bookkeeping business, while others will take you through new trends in bookkeeping (single touch payroll) or changes to the Act and relevant legislation.

BAS agents can also complete software training, in MYOB, Xero or Quickbooks, as well as Microsoft Excel or Word training; they can even complete cyber security training, so long as it’s approved by the TPB.

Each time you complete a webinar or some other form of approved CPD training, it’ll be counted towards your CPD hours. You can also complete CPD training through an accredited training organisation. (Check with your industry organisation to see which training institutions you can learn with.)

Choosing an industry association

Not all industry associations are the same. Some are geared more towards the accounting industry (CPA, Chartered Accountants ANZ, etcetera) and accountants; others cater specifically to bookkeepers. Even within the group of associations that cater only to bookkeepers, some provide a range of services (updates on the industry, CPD training), while others offer very little (discounts on professional indemnity, a newsletter).

As the old saying goes, you get what you pay for. If you want to pay very little, you’ll get very little in return from your industry association. But that doesn’t mean you need to spend a lot either. Have a look at a few of the associations we’ve listed above, and see which one suits you best.

The Association of Accounting Technicians offers affiliate memberships, which provides affiliates with access to a number of discounted fees on training courses to help them develop their skills and progress to a “member” level membership — and then register as a BAS agent with the TPB at the reduced 1,000 hours of experience concession.

They also offer discounts on professional indemnity insurance and bookkeeping journals and publications. And they offer a range of online webinars to help members get their CPD hours up.

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EzyLearn’s online training courses are accredited by BAS agents, accountants and bookkeepers — those we deem to be the industry’s “high water mark” for bookkeeping work. These people are the highest qualified individuals operating in the accounting and bookkeeping space. If they believe the content of our courses is genuinely of high quality and relevant to the bookkeeping world, then this is the accreditation that should give our students peace of mind. 

I found the EzyLearn Xero course great — a comprehensive step-by-step learning tool to add to my resume and a new tool to use in my Bookkeeping Practice.”
— Patricia Darby
Registered BAS Agent and Bookkeeper, High Quality Bookkeeping

 

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Xero’s Reports to Help Decide Whether to Buy or Rent

Xero’s reports can help you decide to buy or rent your business premises

learn xero online training course
There are pros and cons to owning your business premises depending on your circumstances, but appreciation is a significant benefit.

A BIG DECISION FOR A NUMBER of business owners is whether they should buy their own premises. And because there are upsides and downsides to both owning and renting your business’s premises, we’re going to look at some of the considerations you should take into account first.

Buying is an appreciating asset

The biggest advantage to buying is that it’s an asset that appreciates over time. As such, purchasing a property can provide your business with an additional source of income that, over time, will allow you to grow your business.

Buying also gives you access to equity that will allow you to use the property as a guarantee when you’re striking deals with potential suppliers and clients.

There are also tax advantages and deductions you wouldn’t ordinarily have by renting, something we discussed in a recent blog post about investing in a granny flat.

There are upfront costs to buying

That said, you shouldn’t overlook the upfront costs associated with buying. In particular, you’ll need to ensure you have the appropriate amount of capital available before you can buy.

There are certain reports you can run in your accounting software, which will provide you with a clear picture of your business’s financial health and help you determine whether buying is the best option for your business. We always suggest running regular reconciliation reports, even weekly, in say, Xero to help you know the true financial picture of your business.

Our online Xero training courses show you how to run reports that will help you make the vital business decisions; particularly relating to how a capital outlay like buying commercial premises would likely impact your cashflow.

Renting is flexible

If your business is relatively new or it’s generally difficult to predict your future growth over the next five to ten years, renting may be a more viable option. This allows your business to remain agile and offers flexibility that buying doesn’t.

Renting, for example, offers a better range of property types of locations that mightn’t be within your price range if you were to buy.

Furthermore, shared office spaces or co-working spaces are good options for businesses with a small, mostly virtual team, or startups looking for meet like minded individuals.

You miss out on equity gains when renting

The main downside to renting your business premises is that, over time, it is your landlord’s equity you are contributing to, rather than building your own asset.

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Using your accounting software to determine the financial health of your business will help you to make important business decisions. Our Xero training courses will teach you how to run different financial reports. Visit our website for more information.


online bookkeeping courses to earn cpd pointsEzyLearn Excel, MYOB and Xero online training courses count towards Continuing Professional Development (CPD) for bookkeepers and accountants. We’ve been an accredited training provider of the Institute of Certified Bookkeepers ever since the organisation started in Australia. Find out how CPD points can be of benefit to you.