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Finally, Xero Acquires an Inventory Management Software Add-on in the US

Xero Inventory Management and Workflow automation purchase Locate Inventory - Learn how to use Xero - Certificate in Xero online training courses - EzyLearn

Xero Accounting software offers inventory management features in their standard software but it has never been spectacular for companies where solid inventory management matters.

I saw that first hand when I was speaking with the owner of a Boating Sales, Repair and Retail business. That business ended up migrating AWAY from Xero and started using QuickBooks Online instead. This changes everything.

Continue reading Finally, Xero Acquires an Inventory Management Software Add-on in the US
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Inventory and Stock is more beautiful using QuickBooks than Xero

Inventory Tracking lacking in Xero but Xero Training Courses can help - these are the Xero Inventory Apps in their apps market

In 2015 I wrote about Xero’s inventory management when it was released and how important it was to make it competitive with MYOB AccountRight. These days however it seems that Xero hasn’t done much more and they’re a bit behind Intuit’s QuickBooks Online which has a lot of inventory and stock management features. 

I’ll explain and drill down a bit.. Continue reading Inventory and Stock is more beautiful using QuickBooks than Xero

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New Course – FREE for Existing Students: Xero Projects, MYOB Job Tracking & Inventory Reporting

tradie pouring concrete for concrete slab for garden shed - project and job tracking in cloud accounting bookkeeping training courses (Xero, MYOB, QuickBooks)

I’ve written some blog posts about Xero & QuickBooks Projects and MYOB Jobs recently. In fact, if you visit our MYOB AccountRight and Xero Training Course pages, you’ll see there is now an extra course included in the COMPLETE course packages!

The course was built as a result of the needs of people who’ve been using our training materials to help in their own training. What’s interesting is how important your current inventory and inventory management is to managing the cashflow and profitability of a project.

Continue reading New Course – FREE for Existing Students: Xero Projects, MYOB Job Tracking & Inventory Reporting

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FREE Xero Training Video: How Often Should You Check Your Inventory in Xero?

The key to cutting down discrepancies is consistency

IF YOU RUN A SHOP or business that holds stock, you should be in the habit of checking your inventory regularly. A lot of retail stores only check their inventory every quarter; others every year. This is usually because a stocktake is a big job.

Stock and inventory stocktake and count - inventory in Xero & MYOB Advanced Certificate Training CoursesThe case for a monthly stocktake

The inventory feature in Xero was a functionality that was missing for many years — but then Xero caught up.

Running an inventory report in Xero is pretty easy. The hard work sets in when you have to count your inventory to account for any discrepancies. There are usually always differences between what Xero says you should have in stock, and what you actually have on hand. The more frequently you run them, the fewer discrepancies you’ll find.

Like anything in the bookkeeping process, the more frequently you do something — be it reconciling your account or chasing up late payers — the easier and quicker it is. Where a quarterly or yearly stocktake could take half a day or more, a monthly one may only take you a couple of hours.

Understand trends in your business

A monthly stocktake is a good way to get to know your business, and understand its certain trends and idiosyncrasies. In particular, it helps you with ordering and making related business decisions.

A shop selling food, for example, needs to be wary of ordering stock that doesn’t sell quickly and ultimately goes out of date. A monthly stocktake will help you keep track of this, and monitor which items sell quickly and which don’t. Likewise, a monthly stocktake of a furniture shop lets you determine which pieces spend long periods in storage, and manage your ordering accordingly.

Run inventory reports in Xero

Free Xero Training Course video about inventory reporting
Click Image to see FREE Xero Training Course video

Do a monthly stocktake by running your inventory reports in Xero. You’ll be able to work out whether your stock:

  • is ageing (for technology retailers)
  • is going off (food)
  • costs more money to store (furniture); and, subsequently, how long it can take to sell before it’s costing you money. 

If you are new to bookkeeping it’s probably a good idea to learn more about some of the basic Xero reports you can produce for a business.

MYOB or Xero online accounting course training videos***

If you only have a very basic knowledge of Xero, cloud accounting or bookkeeping, and you’re looking to gain a better understanding of basic bookkeeping terminology, get our free Basic Bookkeeping Guide

You’ll learn how to run reports in Xero, in particular inventory reports, in our Xero training courses. Visit our website for more information or to enrol and see course prices.


online bookkeeping courses to earn cpd points

EzyLearn 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.


 

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Is Xero now more appealing because of Inventory Management?

MYOB Account Right Plus Has Inventory Management, But…

Yarra Junction to Melbourne city for online MYOB, Excel, Xero training coursesThe premium MYOB product with the PLUS on the end of its name has always come with Inventory and Payroll. These have been the major services that justify the premium price that users have been willing to pay. Now Xero comes with it as standard! Is it another nail in MYOB’s coffin?

More content for our Xero online training courses

We’ve added a new team member, Sue from Yarra Junction in Victoria, and she has over 20 years experience performing bookkeeping and administration work for various clients as well as running her own business. Sue is writing a training guide that demonstrates how inventory (which was just announced this year at Xero) works. We’re using the same structure and information we use in our popular MYOB training course so you can see directly how the software programs are different from each other – apart from Xero being completely in the cloud so you can access it from any device anywhere.

The great thing about Sue…

Sue highlights yet again one of the great features about running an online business and working remotely in the cloud. Any business can work with staff or remote contractors from anywhere (in the world!). Sue is located over one hour’s drive from Melbourne and I’m sure the commute would be hell – it would cost her time and money in transport – yet because we operate on online environment our team are all over Australia! No more travel time, no more traffic, no more sitting in a carpark on the city roads in peak hour. Just a good internet connection and some competent computer skills and we’re off.

If you’re not sure by now, you’ll be happy to know that my focus has always been to help people learn how to use software. Why? So they can get the job they’re after or start their own business. If you like, you can watch a short video (sorry for not shaving for it!) where I talk about my Work at Home Seminar (or WAHSeminar) which is a program we’re constantly working on to help people operate a business or telework from their own home.

If you haven’t already read about it, read the blog I wrote about teleworking centres that are springing up all over regional areas of Australia. Make sure you ‘like’ this blog and share it with your friends on Facebook because the more we all encourage teleworking and the use of technology the more we’ll be able to take back dozens of lost hours each week in travel time (and cost).

All existing Xero course students receive this training

Like all EzyLearn courses, we offer all our training courses for one low price and include every training resource we create. This Xero training course content is the same – every student who has enrolled into the Xero course within the last 12 months will be able to access these new training resources when they’re published.

If you are a business looking to move across to Xero, feel free to write your questions or comments. If you are trying to find a way of working from home, please make contact. We’d love for you to share with us what you are going through. We can very probably help – and others can learn from it.

 

 

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Top 5 Things Small Businesses Must Do Before June 30 to Get Their EOFY Accounting in Order

As the end of the financial year (EOFY) approaches in Australia, small business owners need to start preparing their financial records and making important decisions.

June 30 is more than just a date — it’s a deadline that can impact your tax bill, cash flow, compliance, and even future funding opportunities.

Whether you’re a sole trader, company director, or small business operator, proper planning can save you stress, time, and money.

Here are the top 5 accounting tasks every small business must do before June 30.

1. Reconcile Your Accounts and Finalise Bookkeeping

Bank Statement for Bank Reconciliation Courses in MYOB, Quickbooks and Xero

Start by making sure all your accounts are reconciled — including bank accounts, credit cards, loan accounts, and payment gateways like Stripe, PayPal or Square. This ensures your financial data matches what’s in your actual bank account and eliminates discrepancies that could lead to errors in your tax return.

You’ll also want to:

  • Ensure all sales and expense invoices have been entered and correctly coded.
  • Chase any unpaid invoices and write off bad debts if necessary.
  • Categorise and attach receipts to transactions using your accounting software (e.g., Xero, MYOB or QuickBooks).
  • Review asset purchases or disposals during the year and update your depreciation schedule accordingly.

Doing this now will make it easier for your accountant to prepare your year-end financials — and help you get your tax return lodged faster.

See our QuickBooks Online, MYOB and Xero Bank Reconciliation Courses

2. Review Your Payroll and Superannuation

If you have employees or even just pay yourself through payroll, your EOFY payroll reporting must be correct and compliant with the Australian Taxation Office (ATO).

Here’s what you need to check:

  • STP Finalisation: Single Touch Payroll (STP) finalisation declarations must be completed by July 14. Make sure all payslips are accurate, year-to-date figures are reconciled, and no duplicates exist.
  • Super Guarantee (SG): Super contributions for the April–June quarter are due by July 28, but if you want to claim a tax deduction this financial year, ensure they are paid and received by the super fund before June 30.
  • Double-check that you’ve met the current SG rate (11% as of FY 2023–24) and that any salary sacrifice arrangements are correctly reported.

Many businesses use this time to switch payroll systems or review wages ahead of the next financial year — so now is a good time to review employee entitlements, awards, and changes to the minimum wage.

See our QuickBooks Online, MYOB and Xero Payroll Courses

3. Take Advantage of Tax Deductions and Instant Asset Write-Offs

EOFY is your last chance to strategically reduce your tax bill by claiming all eligible deductions. This includes everyday operating costs like:

Android & iPhone picture tax invoices and receipts to MYOB Essentials using MYOB Intray and Capture App - EzyLearn Online Training Courses
  • Business vehicle expenses
  • Office rent
  • Internet and phone bills
  • Accounting software subscriptions
  • Staff training
  • Marketing and advertising

Additionally, the Instant Asset Write-Off scheme may still apply, allowing you to immediately deduct the cost of eligible business assets purchased before June 30 (subject to thresholds and eligibility). This can include things like laptops, tools, or equipment used to run your business.

Speak with your accountant about whether it’s worth bringing forward expenses (such as pre-paying rent, insurance, or subscriptions) to claim the deduction this year.

4. Do a Stocktake and Review Your Inventory

If your business holds inventory — whether it’s retail stock, food and beverage, raw materials, or finished goods — a stocktake is required at the end of the financial year.

You’ll need to:

  • Physically count your stock on hand as of June 30.
  • Write down obsolete or unsellable inventory.
  • Adjust your accounting software or inventory system to reflect actual quantities and values.

Why it matters:

  • Accurate inventory levels help determine your cost of goods sold (COGS).
  • It affects your gross profit and taxable income.
  • It ensures your balance sheet is accurate and useful for making financial decisions.

Pro tip: Use this opportunity to streamline your inventory system and get rid of slow-moving or obsolete stock through clearance sales or donations.

5. Meet With Your Accountant and Plan Ahead

Finally, book a meeting with your accountant or bookkeeper before June 30 — not after. This allows you to implement any last-minute tax strategies, rather than simply reporting what’s already been done.

During this meeting, consider discussing:

  • How your business performed this year
  • Your likely tax position and any payments due
  • Whether to defer income or bring forward expenses
  • Capital gains tax (CGT) events or asset sales
  • Superannuation contributions, especially if you’re self-employed
  • Budgeting and forecasting for the new financial year

Your accountant can also help you identify whether your business structure is still right for your goals, or if it’s time to move from sole trader to company or trust structure.


Bonus Tip: Stay Organised for Next Year

If you found EOFY stressful this year, use this opportunity to invest in tools or services to make next year easier:

  • Set up regular reconciliations in your accounting software.
  • Automate invoice reminders to improve cash flow.
  • Consider outsourcing your bookkeeping if it’s holding you back.
  • Keep digital receipts organised with tools like Dext or Hubdoc.

Final Thoughts

The end of the financial year doesn’t need to be a panic-ridden time if you’re organised and proactive. By reconciling your accounts, reviewing payroll, maximising deductions, completing stocktakes, and meeting with your accountant, you’ll be in a strong position to meet your tax obligations and grow your business with confidence.

Whether you do your books yourself or work with a professional, staying on top of EOFY responsibilities is a sign of a smart, sustainable business.

Now’s the time — don’t leave it until June 29!

Bookkeeping Course Options

Business owners and Managers

EzyLearn’s COMPLETE Bookkeeping Courses include every skill level for most accounting tasks from set up and configuration to financial reporting, BAS and Payroll.

See the Complete Bookkeeping Courses for QuickBooks Online, MYOB and Xero

Jobseekers, bookkeepers and part-time employees

If you are looking for work, are a contract bookkeeper who wants more clients or a part-time accounts employee you will find that businesses use different accounting programs. EzyLearn has catered for this with our Bookkeeping Academy course packages.

See Bookkeeping Academy Course Packages

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Xero reveals gaps in it’s own software

Learn how to use Xero and MYOB with online courses

It’s annual report time again and Xero just released their annual results. I always find their annual presentation fascinating because they reveal a lot of visual information about the small business market that they sell to.

Small businesses that employ 1-20 staff are the majority of their users so learning how to use Xero means that these companies will be your employers.

The annual report and presentation also reveal gaps in their software and one interesting one that I’ve written about before is inventory.

Xero has basic inventory for businesses like a telephone sales and support business in our Xero course case study but not for serious retailers.

Master Xero with the Xero Complete training course and find work with small to medium employers.

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Amazing NEW Update from MYOB

New MYOB training course navigation features in 2024

Things are moving fast in the software industry as Intuit (QuickBooks), MYOB and Xero compete with each other with regular software updates. It has become so fierce that many students are enrolling into our Bookkeeping Academy Combination courses.

The key frontiers are still

  • automated data entry from bank feeds,
  • capturing receipts and extracting data,
  • faster reconciliation and
  • automatic calculations of taxes owed.

These are some of the features promoted by NAB Bookkeeper for NAB Business banking customers but what is MYOB’s huge announcement?

Continue reading Amazing NEW Update from MYOB
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MYOB is better than Xero Payroll for some things

Aussie Timesheets is a Xero Bookkeeping Connected App - MYOB and Xero Courses Online - enrol now, learn fast - EzyLearn

All the marketing messages I hear is how much better Xero is than MYOB but that isn’t always the case.

MYOB and QuickBooks both had more in-build inventory features than Xero but Xero has always promoted their integrations to fill gaps in their core software. I wrote about this several times:

QuickBooks-MYOB-Xero-Integrations-Training-Course-Certificate-Hubdoc-HubSpot-Planday-Harvest-Deputy-EzyLearn

The Integrations for Xero Courses reveals some of the powerful features that other companies do better than the accounting software companies!

Continue reading MYOB is better than Xero Payroll for some things
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Compare Bookkeeping Course Providers – Mentor Education Credit Transfer Issues

Mentor-Education-Credit-Transfer-Form-to-a-new-RTO-that-you-might-need-to-pay-extra-for

A Cert IV in Bookkeeping and Accounting is the same as any other Cert IV in Bookkeeping and Accounting, right? Wrong.

One of the biggest issues that ex Mentor Education students face in trying to transfer their credits to another training organisation AND continuing their studies is that EVERY RTO can choose some of their own subjects.

So a Cert IV in Bookkeeping can be different from one RTO and TAFE to another even though they’re the same qualification – does that makes sense. Let me demonstrate.

Continue reading Compare Bookkeeping Course Providers – Mentor Education Credit Transfer Issues
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Xero’s financial report reveals BIG loss but share price pop.

Understanding Financial Reports Training Course - Xero 2023 Write down for Planday but pop in XRO share price - QuickBooks Online, MYOB & Xero Training Courses from EzyLearn

It’s the end the of the financial year and for small businesses that means getting your affairs in order and buying things if you need them so you can claim the business expense this financial year.

Public companies that are listed on the ASX and other stock exchanges around the world report quarterly or half yearly and if you are a business owner or a share investor it’s important to understand how to read financial reports.

An interesting and relevant example is how Xero recently announced a big loss in their recent financial report but their share price sky-rocketed.

Continue reading Xero’s financial report reveals BIG loss but share price pop.
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Business Owners Learn MYOB & Xero with EzyLearn ANSWERS

Many accounts are affected when you pay an employee - Journal Entries - MYOB & Xero Bookkeeping Courses - EzyLearn

Business owners who need to learn how to use MYOB and Xero like the added support that is available if they have a question that relates to their own business.

Unlike Job Seekers who choose MYOB and Xero COMPLETE training courses to learn as much as they can about these bookkeeping programs, Business owners often have questions which relate to things they want to resolve in their business.

Most of the questions students have are solved as they progress through the logical order of the courses we’ve created but sometimes things get a little weird.

Continue reading Business Owners Learn MYOB & Xero with EzyLearn ANSWERS
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Xero Sacks 800 Staff, Highlights Hiring International Workers & Improves Button

Average-wage-for-staff-accountant-in-India-is-equivalent-to-under-6000-AUD-per-year-Challenges-for-Australian-Bookkeepers-using-Xero-Software-EzyLearn

It certainly is an interesting time we’re going through financially. Most of us (around the world) are hurting because of higher costs and as a result the RBA increases interest rates so we focus on paying down our debts rather than consuming more things. Some people I’ve been speaking with are predicting even worse times ahead and the recent sacking of staff from Xero and Atlassian show the global trend is affecting Australia.

After hearing about the recent sackings at Xero it was interesting to see what else was going on at Xero. The two things that stood out the most to me was an improved Approval button for invoicing (and that there are now two versions of invoicing) and how Dinesh Aggarwal from Fortuna Advisory is finding it harder to hire local staff so he’s outsourcing.

Continue reading Xero Sacks 800 Staff, Highlights Hiring International Workers & Improves Button
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How can Elon make money with Twitter?

Business Today Article about Elon Musk firing Twitter staff - will Twitter become a payment service like PayPal for Xero Integration - EzyLearn

I’ve been on Twitter since March 2009 but I don’t use it as much as I could have, how about you? Lately we’ve been Tweeting about recent enrolments and graduates who have received their certificates because it is a great digital marketing tool to get short messages published. If you go to our website you’ll notice that these Tweets appear in a rotating banner at the top of the page.

Twitter is going through a massive transformation under Elon Musk and whether you like it or not you’ll find that Elon will achieve his goals for the software company. The reason is simple – he is constantly “iterating” and testing and measuring to see what works and what doesn’t work.

What I think will become the most fascinating aspect of Twitter is when it starts becoming a peer to peer payment platform.

Continue reading How can Elon make money with Twitter?
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MYOB Touting Business (Essentials) Pro and Lite through Westpac – 12 months for FREE

MYOB Business Essentials (Lite and Pro) Training Course & Bookkeeping Certificate - 12 months FREE software with Westpac - EzyLearn Bookkeeping Academy

It’s Christmas season once more and you can even get a great deal on your MYOB Business Lite or Pro accounting software if you have an eligible Westpace account.

There are some exceptions, however, and these exceptions show where all the accounting software vendors are making their money: Payroll, Inventory and deeper functionality through integrations.

This is not the first time MYOB have partnered with a major corporation to get its software promotions sold. The last one I wrote about was when Telstra was pimping it last year. This offer is different..

Continue reading MYOB Touting Business (Essentials) Pro and Lite through Westpac – 12 months for FREE
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Xero Prices Increase By $2 Again But No New Features – Are They Desperate for Cash?

One of Australia’s most popular small business accounting software has upped its pricing again, but with no new major added features for users (like when they included Hubdoc features in a previous hike).

Xero has announced that from September 1, 2022, three of its plans will increase in price, with the smallest increase at $2/month through to a $14/month hike.

So why are Xero prices increasing and what does it mean for users?  Xero has some pretty expensive recent purchases, and their share price is still declining, so could this spell financial troubles for Xero?

Continue reading Xero Prices Increase By $2 Again But No New Features – Are They Desperate for Cash?