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Use BAS as a Business Health Check

Keep Your Medical Business Healthy

As a small business owner, do you consider your quarterly BAS to be a necessary evil? Or do you see it as a chance to pause and check the financial temperature of your business?

Each quarter almost every small business throughout Australia has to calculate and lodge a Business Activity Statement (or BAS).

Many small business people object to being the government’s tax collector every quarter and get the BAS off their desk as quickly as possible. Others, while not enjoying the tax collection aspect, also recognise each BAS as an important opportunity to assess the some of the key numbers in their business.

To produce and lodge each BAS requires an accurate set of quarterly financial accounts – often prepared, or at least checked, by a professional bookkeeper or accountant. It is these quarterly accounts that can reveal many things about the current performance of the business.

For example, how is the turnover, gross margins, expenses and net profit tracking? How do they compare to the same quarter last year?

If there are differences, the most important question is why?

Why is the turnover down? Have we lost major customers? Are their new competitors undercutting prices?

Are our gross margins (sales less cost of goods sold) holding up? If margins are being squeezed, why? Is our stock more expensive? Have delivery or storage costs increased?

What about other business expenses? How are they tracking overall compared to last year? Are there any line items that have blown out? If so, why? Were they allowed for in the budget?

Or are we doing better than this time last year? Is turnover and profit up? If so, then why? Is any particular area of the business responsible for the good outcomes? Are there any key staff members or marketing campaigns or new products? Is the improvement sustainable? And are the improved figures in one area masking poor performance in other areas of the business?

And what about your balance sheet? Have you got enough money in the bank? What levels of stock are you carrying? Have your liabilities increased?

The good news for business owners is that modern accounting packages makes this quarterly review of your business numbers an easy thing to organise.

All good accounting software packages, like Xero, provide detailed and simple access to current and comparative reports on all areas or your business.

Being the business bookkeeper is often not the most efficient or effective use of a business owner’s time. Better to focus on sales and business development and pay a professional to prepare the books.

But it is important for each business owner to know how to access, or request, the key reports and numbers in their business accounting software. Taking time to study these reports can provide some powerful data to help you with both short and long term decision-making.

This is where a good relationship and communication between a business owner and a professional accountant is important.

If you are not large enough to have your own internal qualified accountant, then a good and proactive relationship with your external accountant can be a key to helping analyse the numbers.

A brief meeting, phone call or email exchange with your accountant to discuss your quarterly numbers may be all that you need to check your business is on the right track.

If a negative trend in your numbers is detected better it be investigated and corrected early, rather than running the risk of letting it continue to impact across all four quarters of the financial year.

If you would like to discuss your numbers last quarter – or this quarter – contact us on 07 3359 5244, email  or chat to us on Messenger today.

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  • I’ve been dealing with Affinitas Accounting for about 3 years now and I have found them to be nothing but friendly and helpful. I’m a Bookkeeper and on occasions have been stuck with various accounting problems. Affinitas have not hesitated to spend time with me until the problem was solved. Any queries or questions have always been answered in a timely manner.

  • I highly recommend coming here for all your tax needs! They explain everything you need to know about tax thoroughly and go about there jobs professionally, always leave here with a cheery smile and satisfaction.

  • Affinitas Accounting has been so helpful with the restructure of my business. They made it an easy process and explained it in a language that was easy to understand. My ongoing tax and gst is all prepared by them, they’ve really taken the stress out of it all to let me focus on growing my business.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Rebecca & Russel Johns

    Since moving to Affinitas Accounting we have a clear understanding of companies and trusts. We have no hesitation in saying the team here will meet and then exceed your expectations! I never feel like i am annoying them. Thank you Team Affinitas

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Paul Maclaine

    Affinitas has looked after all our financial needs for our business and personal tax returns. We have been with our accountant for 10+ years. I have no hesitation in recommending Affinitas to anyone looking for an accountant or any financial advise. We have always found and received friendly professional and practical advise.

  • For the past 6 years, Tammy has been lodging our tax. The team always spend the time to explain how things will affect us and always manage to maximise our returns. We highly recommend the team to anyone we speak to and have had friends move to do their future tax with the team at affinities accounting. Couldn’t recommend them highly enough.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Kirsty Whittaker

    I’ve been using Deb from Affinitas Accounting now for many years and have found her to be excellent in looking after my taxation needs. I’m in Tasmania, Affinitas Accounting is in Queensland and distance is no barrier. She understands my business needs, everything is done in a friendly and efficient manner and I happily recommend to anyone looking for ‘down to earth’ taxation advice.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    David Williams

    We’ve been with Affinitas Accounting for over 5yrs when they were known as Online Accounting & Taxation Solutions. From our initial phone call with Brad looking for an accounting team that would meet our expectations as well as provide efficient service, we’ve been really impressed with the team’s professionalism, knowledge & expertise.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Allyson O'Connell

    Debbie is our accountant and has been for seven years. She is thorough and always does what she can to honestly get us the best return but always adheres to the ATO guidelines. We recommend her to our friends and wouldn’t take our business to anyone else. Thanks Debbie.

  • We have only been with Affinitas Accounting for the past 12 months but in this time they have by far exceeded our expectations of an accountant and far surpassed previously used accountants.
    Affinitas are not just about annual returns, BAS statements etc, they take the time to get to know you enabling them to provide advise to help you work toward personal & business goals.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Mark D’Andrea

    Can’t fault Affinitas.

    Have been coming here for years (when it was then called online tax). Deb has been happy to always go the extra mile and doesn’t mind dispensing helpful advice throughout the year.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Deagon Fixing

    I have been a client of Affinitas Accounting (previously Online) for the past 8 years. It is like a one stop shopping experience, all my needs were addressed in the one office.

    Thanks Affinitas you for all your assistance and I would strongly recommend them to anyone to use

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