Essays on The Bookkeeping Industry in Australia Case Study

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The paper 'The Bookkeeping Industry in Australia" is a great example of a business case study.   Since the introduction of the Tax Agent Services Act of 2009 in March 2010, it became mandatory for Bookkeepers who prepare Business Activity Statements (BAS) to be registered; it has become imperative for businesses to ensure that they hire qualified and professional bookkeepers. Businesses may perceive the cost of hiring a professional bookkeeper as an unnecessary cost. This is true with those businesses which make low profits and are struggling with their cash flow.

Contrary to this view, professional bookkeepers enable a business to be ahead in terms of financial information reporting, and in the long run, the cost of bookkeeping is offset. This is because bookkeepers enable a business to avoid penalties pertaining to breach of tax laws. Also, bookkeepers help businesses to reduce their tax liability. This report explains the role and responsibility of the Bookkeeping Industry and why it is important in Australia. The report also evaluates external forces such as political and economic activities which impact on the Bookkeeping industry in Australia. The Bookkeeping industry in Australia is affected by the law.

Taking that into consideration, this report evaluates and describes legislation affecting the Bookkeeping sector such as the Tax Agent Services Act 2009, which came into effect in March 2010. The report describes the main BAS agent associations and what the law requires about them. Finally, the report outlines the TPB Code of Professional Conduct for BAS Agents in Australia as per legislation. The overall purpose of this report is to evaluate the bookkeeping industry in Australia and the legal and external forces affecting the sector. Introduction Bookkeeping is the recording phase of accounting.

Therefore, bookkeeping involves a systematic recording of business transactions (Mejorada). Bookkeeping is a vital sector that keeps businesses up to date as far as tax issues are concerned. This report carries out an in-depth analysis of the Bookkeeping industry in Australia.

Works Cited

Bookkeeping Institute of Australia. "Professional Bookkeeper Associations." 2012. 15 March 2013 .

Caldwell, Rod. Learn Small Business Accounting in 7 Days. Melbourne: John Wiley & Sons Press, 2011.

Commonwealth of Australia. "Tax Practitioners Board." 2012. 15 March 2013 .

Commonwealth of Australia. "Code of Professional Conduct (Code)." 2012. 15 March 2013 .

IBIS World. "Australian industries outsource Payroll and Bookkeeping Services More." 2013. 12 March 2013 .

Marsden, Stephen J. Australian Master Bookkeepers Guide. Sidney: Wolters Kluwer Press, 2010.

Mejorada, Nenita D. Bookkeeping . Manila: Katha Publishing Co. Ltd, 2007.

Rodgers, Robert and Peter Lucas. Bookkeeping and Accounting Essentials. South Melbourne: Cengage Learning Press, Australia, 2011.

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