For bookkeepers and BAS agents, compliance extends beyond BAS and payroll. It covers licenses, registrations, insurance, and software subscriptions—each with strict renewal deadlines. Overlooking these deadlines leads to financial penalties, operational setbacks, and reputational damage.
As Deb Thomas, BAS Agent and founder of Manage My Renewals (MMR), shared in a recent webinar:
“One of our clients missed a vehicle registration, and when they had an accident, they realised they weren’t covered. The financial and legal consequences were huge.”
Renewal deadlines carry serious consequences. Understanding the risks and implementing a structured approach ensures businesses remain compliant and avoid unnecessary costs.
The Financial Impact of Missed Renewals
Missed renewals come with direct financial consequences. Governments, regulatory bodies, and insurers impose strict penalties for late or lapsed registrations. Some common risks include:
- Late registration fees: Businesses that miss deadlines for ABN, GST, or ASIC registration may face financial penalties and potential deregistration.
- Insurance lapses: An expired workers’ compensation policy exposes a business to fines and financial liability for workplace incidents.
- Tax registration issues: Overdue BAS lodgements, payroll tax filings, or superannuation payments result in additional charges from the ATO.
Deb recalled a particularly costly case:
“A business hadn’t paid their workers’ comp for two years. Their fine was $250,000. That kind of financial loss can put a business at serious risk.”
Operational Risks of Expired Renewals
Missed renewals create significant disruptions to business operations. Common risks include:
- Lost contracts and opportunities: Businesses without valid CPA accreditation or trade licenses may struggle to secure new work.
- Insurance coverage gaps: A lapsed public liability or professional indemnity policy leaves businesses exposed in legal disputes.
- Software access issues: Expired accounting, payroll, or CRM software subscriptions result in downtime and lost data.
Deb shared a real-world example:
“One of our early clients, a large recycling plant, had over 300 renewals in their system. They didn’t realise their domain name renewal had lapsed—suddenly, their website and emails were down for a week. The cost to their business was enormous.”
How to Ensure Clients Stay Compliant with Renewals
Tracking renewals manually creates unnecessary admin work and increases the risk of missing deadlines. Managing dozens—or even hundreds—of renewals through spreadsheets, calendar reminders, or emails can be overwhelming.
A structured approach allows businesses to manage renewals efficiently:
- Use automation tools like Manage My Renewals (MMR) to send automated reminders and store renewal documents in one place.
- Centralise compliance records to keep licenses, policies, and tax documents in a single system, provides easy access.
- Set up multi-level alerts notify key contacts, including business owners, finance teams, and bookkeepers, ensures accountability.
As Deb explained:
“MMR was designed to take the stress out of renewals. It automatically tracks expiration dates and sends reminders to multiple contacts so renewals never get overlooked.”
Bookkeepers and BAS Agents Can Offer Renewal Tracking as a Service
Managing renewals offers bookkeepers an opportunity to strengthen client relationships and add value to their services. A proactive approach allows them to:
- Save clients time – Automating renewal tracking eliminates last-minute scrambles.
- Reduce compliance risks – Clients avoid penalties and unexpected downtime.
- Improve service offerings – A structured renewal process creates a competitive advantage.
Raita from MMR highlighted the importance of this role:
“The biggest challenge in managing renewals is tracking everything. Bookkeepers can take this burden off their clients and provide real peace of mind.”
The MMR Partner Program: A New Revenue Opportunity for Bookkeepers
Beyond streamlining renewals, bookkeepers and BAS agents can turn compliance tracking into a service by joining the MMR Partner Program.
With the Partner Program, bookkeepers get:
- Free access to MMR for their own business
- Special discounted pricing for client subscriptions
- The ability to offer renewal management as an additional service
MMR makes it simple for bookkeepers to help clients stay compliant while growing their own practice.
A Smarter Approach to Renewal Tracking
Tracking renewals effectively prevents financial penalties, compliance issues, and operational disruptions. Businesses benefit from structured renewal processes that eliminate manual tracking and ensure deadlines are met.
Take control of renewal tracking today.
📢 Download The Ultimate Renewal Tracking Checklist for BAS Agents & Bookkeepers and Join the MMR Partner Program and turn renewal tracking into a revenue stream for your practice.
