THE DEFINITION OF a training course has changed a lot over the last 20 years. With new online internet technologies comes new ways of learning. The concept of the “micro course” is gaining momentum as students look for information when they need it, known in the industry as “just in time learning”.
There are lots of time and cost pressures for students as they juggle part-time work, kids and mortgage payments. As a result, we’re launching a brand new Online Training Service for past EzyLearn students AND new students — EzyLearn’s Video Training Library Membership.
The payment plan for the MYOB AccountRight COMPLETE Training Course package for $20 per week has proven to be popular and is still currently available. Better still we’ve just launched a payment plan for the Bookkeeping Academy COMPLETE COMBO – that means you can pay a low weekly fee of $20 and receive training on EVERY major accounting program in Australia, from Beginners’ to Advanced!
In doing so, it’s interesting to note that QuickBooks, for small business owners, at least, was the clear winner against MYOB in terms of reporting and user experience. But how does QuickBooks stack up against the increasingly-popular Xero? You may be surprised at the results.
Quickbooks now providing superior options for filtering and scheduling bookkeeping reports
ONE OF THE BEST THINGS about cloud accounting software is that your data is live, which means, providing your reconciliations are up-to-date, you get a complete snapshot your business’s performance and financial health regardless of the day, week or month you run those reports.
That’s all changed now that the reporting features in QuickBooks have been given a major upgrade, giving business owners more power and flexibility to monitor their business’s performance. Here are just a couple of the things you can — and should! — do with the updated reports feature in QuickBooks.
Filter sales by services / products
If you’re like a lot of businesses, you probably offer a couple of different products or services, and, like a lot of businesses, there are certain products or services that are more profitable to your business — and, therefore, should be a major focus — to sell.
Now that QuickBooks offers the ability to customise and save any of its reports into your management reports tab, you can filter your customer sales reports by services or products, and also run them across multiple periods. If you have multiple sales people, you can also filter your reports by sales people, too.
Schedule email reports
In addition to being able to customise and save your management reports, so you don’t have to keep filtering out the data you don’t need and adding in the stuff you do, you can also setup a schedule so your preferred reports are automatically emailed to you (and your business partners or other stakeholders) as required.
QuickBooks gives you the option to select which reports you’d like to see, and the frequency at which you’d like them — daily, weekly, monthly, twice a month, or custom. This’ll mean you won’t have to keep asking your bookkeeper to run them for you, nor will you need to go in to run them manually yourself. It’ll also give you a better idea of whether or not your bookkeeper is really paying close attention or not!
Maybe you haven’t taken a good look at the capabilities of Quickbooks for a long time — check out the options available with our Quickbooks online training courses to take you up to speed. Alternatively, you can ask your bookkeeper, and they should be able to customise, save and schedule a report that suits your needs to a tee.
I HAD THE PLEASURE of being invited to meet with some fabulous registered BAS agents at a recent function for VIP’s before this week’s QuickBooks Connect Conference in Sydney’s Intuit head office.
The VIP event included presentations from lots of App developers who provide Bookkeeping and Accounting Apps which integrate with QuickBooks Online (and also Xero and MYOB) as well as practice and workflow management systems like Practice Ignition and HubDoc which help bookkeeper’s assist their clients.
These BAS agents have been bookkeepers for decades, yet rather than sit on their past practices, they are constantly learning and improving their knowledge of software, systems and apps and talking to them about this new technology seemed very natural. This actually surprised me because I thought I was the only one who was right into this stuff — well, not the only one, but I can get very passionate about it! But I digress.
These BAS agents are a growing number of Certified bookkeepers with plenty of knowledge AND experience, and who are willing to share that knowledge by training anybody who is keen to learn about bookkeeping on a one-to-one or face-to-face basis. They are:
Tracey and Sharon are part of National Bookkeeping and, as such, they have access to training on all software programs as well as the tools to help them teach small business managers and owners how to use the software in their own businesses.
Combined with their experience and training, Tracey and Sharon are part of a growing trend of bookkeepers who are willing to share their knowledge to help business owners do as much of their own bookkeeping as possible. Here are some quotes from clients who used their services in May 2018:
Thank you Natbooks! The training was excellent. Tracey was a great teacher and we had a lot of fun. I learned a lot as different scenarios were popping up all the time and Tracey was able to take me through solving them in the time we had together. I’m so glad I chose one-to-one training because I would not have been able to do the setup. Group training would not have taught me how to do this. With one-to-one I found it was relevant to my business only and could straight away apply what I was learning in real time to my business instead of a trial business. Many thanks!”
— Donna Larder, Administrator, BOULDER WALLS & BOBCAT HIRE PTY LTD
What’s stopping YOU becoming a Bookkeeping Software Trainer?
Performing one-to-one training on all aspects of computer software was how I got started in the training business in the early 1990’s. It’s great fun if you love using and learning about technology and I recall hundreds of times when I went to someone’s house or office to teach them how to use software and technology to do things that were important to them; from file transfer, working with images or mastering MS Office. It was very gratifying.
Since those early days I discovered that when you use great accounting software, and you use it properly, it saves you hundreds of hours, keeps you efficient, makes it easier to find information and ensures you remain compliant every quarter.
Thinking about getting started? If you want to find out more about how you can train other business people in how to use accounting software, speak with the digital marketing team at National Bookkeeping and Pre Qualify.
Intuit QuickBooks is gaining in popularity since MYOB made a false start in the online (cloud) accounting market. Their software is well priced and feature rich and now they can deal direct with Aussie businesses they’re always on special!
Just wanted to share with all current QuickBooks Online Training Course students that the Daily Transactions workbook is the latest training resource to be updated – so you’ll see 2018 screen shots in the step-by-step exercises.
Updates and Additions to Online Course Content
As a training course creator we spend a lot of time creating and updating our training materials and all existing students receive access to this material during their course access period. Learn more..
Fast forward a decade, and Xero is now the preferred accounting software in Australia and New Zealand, with 692,000 subscribers compared with MYOB’s 585,000 paid users. (Overall, Xero claims 1.2 million subscribers worldwide.) In the 2016/17 financial year, Xero’s revenue increased 43 percent year-on-year to $295.4 million NZD ($271.7 million AUD); during the same period, MYOB’s revenue increased 13 percent to $370.4 million AUD.
If you’ve been paying attention, you’ll notice Xero has more paid subscribers than MYOB, but its revenue is about $100 million AUD behind. That’s largely due to differences in the price of both products.
So you can’t tell which one of Xero or MYOB is the true market leader — yet.
How Xero is growing their subscriber base
Basically, they’ve reached an impasse. There’s not much opportunity left in Australia and New Zealand (there are other players, like Intuit’s QuickBooks and Zoho competing the same space, too) to grow your subscriber base — unless you’ve a carrot to dangle under their noses that’ll lure them away from your competitor.
[Xero has lured people away from competitors via their] suite of apps, plug-ins and integrations [they’ve] added to their offering through acquisitions and partnerships — anything that would make Xero a one-stop-shop for small businesses…
Meanwhile, MYOB’s strategy for market share
To its credit, MYOB has pursued a similar strategy, acquiring payment firm PayCorp last year, which followed the launch of the company’s PayDirect Mobile and PayDirect Online payments service in 2014 and 2016 respectively, as part of MYOB’s push into payment processing technology.
MYOB also acquired Reckon’s accounting practice software last November for $180 million AUD. The company said the acquisition was part of MYOB’s strategy to see accountants become business advisors, rather than tax and compliance experts.
MYOB chief executive Tim Reed sees automation as being critical to the company’s ongoing success, as it pursues a “connected practice strategy,” which brings transaction processing, compliance and business advisory together and sees accountants become more like business coaches.
“They will be like personal trainers in the gym, but for business,” he said. “This is starting today. Accountants are already working down this process and what I’m seeing is the pace of change start to increase.”
And unlike Xero, which is simultaneously pursuing overseas markets (the U.K., North America, Southeast Asia), MYOB is content to stay focussed on its home market — Australia and New Zealand. (It’s also pushing deeper into big businesses with its enterprise software Greentree, acquired in 2016.)
Accountants and the cloud accounting ecosystem
With Xero pursuing code-free accounting, MYOB pushing into “connected practices,” and Intuit beefing up its own ecosystem of apps and integrations to simplify the bookkeeping and accounting process for small businesses, where does that leave accountants and bookkeepers?
Better off, actually.
Bookkeeping is a necessary step in the overall accounting process. But it’s the most time intensive one. There’s reconciling bank accounts, entering receipts, coding transactions, invoices, and so on. Small business owners don’t — or won’t — do it, so they outsource it to a bookkeeper or accountant, who has a preferred or in-house bookkeeper.
Despite being a time intensive task, it’s lower skilled work — like untangling a jumble of coat hangers; almost anyone can do it. And so it commands a lower rate of pay than other tasks, like financial forecasting, business planning and filing activity statements.
Automating elements of the accounting process, in particular the coding of transactions, eliminates inefficiencies and time wastage. Bookkeepers and accountants can charge their clients the same hourly rates, but they’ll spend much less time doing it.
More apps, more services
And with access to more apps — like a payroll plug-in — they can begin offering more services.
Just as QuickBooks, MYOB and Xero have become more valuable to their customers, by positioning themselves as a one-stop-shop for small business, accountants and bookkeepers can do the same.
Why would a business need to engage a data entry bookkeeper, a tax or BAS agent, and a payroll company when they can hire just one individual to manage all of these tasks efficiently in one cloud accounting program?
Food for thought: Why would a business need to engage a data entry bookkeeper, a tax or BAS agent, and a payroll company when they can hire just one individual to manage all of these tasks efficiently in one cloud accounting program?
And just as MYOB boss Tim Reed stated: Accountants and bookkeepers have already cottoned onto this.
But it means bookkeepers and accountants need to become more skilled at what they do; they need to possess a greater understanding of a wider array of softwares and systems in order to remain competitive.
And even though Intuit, MYOB and Xero have all acquired or partnered with companies that offer payroll platforms, there are still plenty of third parties businesses can choose to connect to their accounting system — that’s democratised accounting for you — so you need to watch the market, and keep your skills up-to-date.
Where to from here?
The cloud accounting space is certainly in flux. There’ll be more acquisitions, more technologies, and definitely more automation. There’ll also be more global companies, as more businesses export their goods and services overseas — and more fintech companies pursuing growth outside Australia.
KeyPay is one such company. It’s based in Wollongong in NSW, and last December announced it would expand its services to the U.K. — a pre-release was slated for January this year, with a full launch due in April.
According to CRN, the company grew 53 percent last year (though it didn’t specify what or how that “growth” was calculated; as a private company, it doesn’t disclose financials or its share of customers). And KeyPay’s co-founder Richard McLean said the company decided to enter the U.K. market because 60 percent of businesses there outsource their payroll to a third party company.
The company intends to rollout its automated payroll system in the U.K. first, with an Australian launch due later in year, and also plans to expand to New Zealand and Southeast Asia.
And how bookkeepers and accountants can become a “one-stop-shop” for those needing help with their finances (Part 1 of 2)
EARLIER THIS YEAR, Intuit, the parent company of cloud accounting system QuickBooks, announced it had acquired U.S.-based time-tracker platform, TSheets, in a deal worth $340 million U.S.. This was part of Intuit’s strategy to expand its offerings to small businesses and the self-employed. (In the U.S. and Canada, Intuit also operates a cloud software package called TurboTax, which lets individuals file their own federal taxes.)
What the TSheets acquisition means
The TSheets acquisition makes a lot of sense, and provides a good guide to the kinds of businesses cloud accounting firms look to acquire. For example, TSheets and QuickBooks already shared 12,000 customers worldwide, and TSheets had been developed to integrate specifically with QuickBooks (though it also works with Xero and Reckon). It also brings Intuit and QuickBooks in line with one of its competitors, Xero, which acquired a similar project management system WorkflowMax back in 2012.
For TSheets, being part of a big global brands means it’ll be able to innovate faster, with access to the Intuit technology and product team; for Intuit, it’s an additional source of revenue and market share. (Although a privately held company prior to the acquisition, TSheets had been valued at around $40 billion US.)
The cloud accounting ecosystem
Intuit’s TSheets acquisition signals that both Xero and QuickBooks intend to push further into the cloud accounting ecosystem, by partnering with, acquiring, or developing integrations that simplify the accounting process and expand their product offering.
Intuit’s TSheets acquisition signals that both Xero and QuickBooks intend to push further into the cloud accounting ecosystem, by partnering with, acquiring, or developing integrations that simplify the accounting process and expand their product offering.
Xero’s latest suite of products
In 2017, Xero introduced a new suite of products — Xero Expenses, Xero Projects, Xero HQ App Suite, Xero HQ Ask, and Xero Discuss — all aimed at providing SMEs with the technology generally reserved for big enterprises, only far cheaper.
Xero already has an app ecosystem of more than 600 certified app partners and 40,000 developers. And since Xero migrated its platform to Amazon Web Services, the subsidiary of Amazon that provides cloud-computing platforms to companies, Xero has been developing its machine learning (ML) and artificial intelligence (AI) capabilities in a push towards completely code-free accounting; in March 2017, Xero released a code-free invoicing and bank transactions feature. (MYOB previously released a similar feature called SmartBills two years earlier.)
Xero has been developing its machine learning (ML) and artificial intelligence (AI) capabilities in a push towards completely code-free accounting.
The company’s chief executive Rod Drury said that the move towards automation “will be bigger than the move to the cloud.” He also said the company was working on a feature that would automate invoices entirely.
What else has Intuit acquired?
On Intuit’s part, it’s Asia Pacific arm of the businesses has made a number of acquisitions over the last few years to beef up its product offering, some of them you might not even be readily aware of — like the 2014 acquisition of Invitco, which created a product called Invitbox that extracts data from PDFs, and operates behind the scenes to extract data from bills and receipts uploaded to the QuickBooks system.
Intuit Asia Pacific also acquired the document management company Fifo in 2013.
Next blog: We look at how the cloud accounting ecosystem has paid off and how and why bookkeepers and others working in the accounting space must continue to up-skill.
This time we’re looking at other expense applications that not only integrate with Xero, but other platforms like MYOB and QuickBooks, too. (For the record, every transaction Expensify does with Xero, it also does with QuickBooks; and also for the record, we not only provide online training in Xero [all levels for one low cost] but MYOB and Quickbooks too.)
Xpenditure (QuickBooks, Xero, Fresh Books)
It’s a little more expensive than Expensify, but you also get a little more bang for your buck. From around $4 a month, you can scan 200 receipts per month, plus all of Xpenditure’s core features, such as expense rules, real time reporting, accounting integration, and mileage tracking. Speaking of which, Xpenditure tracks your mileage using Google Maps, which as discussed previously, isn’t the the most accurate way to do it.
However, it does calculate the estimated cost of each trip using the current “mileage rate” — or kilometre rate for Australians — set by the Tax Office. It’s mobile app, however, only has an average 1 star rating in the Australian Apple App Store, while it’s currently rates at 3.5 stars in the Google Play store, so it appears it’s best served on an Android platform.
Abacus (Xero, QuickBooks)
At $9 a month for up to 50 users, it’s on the pricier side for small businesses. And although Abacus lets you give your accountant or tax agent free access to your Expensify account, it doesn’t really make up for the higher price tag (we happen to think the point of an expense app is that you only need to give your accountant or tax agent access to your accounting software).
Yes, it includes all the standard features, such as receipt scanning, real time reporting, multi-level approval workflows, and automatic approvals — plus, an EzyLearn favourite: automatic direct deposits for reimbursing employees once an expense is approved — but features like mileage tracking are absent. It’s rated 4 stars on the Google Play app store, but unrated in the Apple App Store.
Squirrel Street (Xero, QuickBooks, MYOB)
Formerly known as Shoeboxed (they explain name change on their website), Squirrel Street is a rather expensive way to track your expenses and store your receipts. Plans start at $26.95 a month for 50 receipt uploads and 2-5 day turnaround, which explains the steep price: This is a software application that relies on manual labour, rather than machine learning, to import expense data. As a consequence, there’s no other features of note — no real time reporting, no expense reports, no automatic approvals.
There is also a “forever free” five document per month DIY plan available. Of course, they are an Australian owned and operated business, but it’s still not the best service for your dollar. It’s rated 4 stars on the Apple App Store and 4.5 stars on Google Play.
By keeping an eagle eye on your expenses using an expense app that integrates with your cloud accounting software, you’ll be able to see precisely where your business is most profitable and where it’s not so you can modify it accordingly.
We recently wrote about how QuickBooks uses the SuperStream-compliant service KeyPay to deliver payroll services because QuickBooks itself isn’t actually SuperStream compliant. Currently, the payroll feature in QuickBooks is free for all Small Business plans, as the company further positions itself as the low-cost accounting software option for Aussie small businesses.
I’m a fan of QuickBooks as the functionality is excellent and the cost of the software is still low. I’m really pleased to announce that you can now enrol in our QuickBooks Online Daily Transactions Course — but does QuickBooks fulfil Australian legal obligations to be SuperStream compliant?
The background is that from July 1 this year, all Australian businesses with fewer than 20 employees were required, by law, to be SuperStream compliant. SuperStream is a government initiative to improve the efficiency of Australia’s superannuation system, namely by making superannuation a totally electronic process.
Most cloud-accounting packages that have been developed for the Australian market (such as major applications, like MYOB, Xero, Reckon and so forth, but not smaller apps like Zoho or QuickBooks, which can be used in Australia but don’t interface well with Australian tax procedures) are now all SuperStream compliant, with one exception: QuickBooks.
As it turned out, QuickBooks itself isn’t listed as being SuperStream compliant because it doesn’t, technically, provide any payroll services. It’s partner, KeyPay, does. KeyPay is owned by an entity called Webscale, and Webscale is SuperStream compliant. It uses ClickSuper as their superannuation clearing house. In other words, although QuickBooks itself isn’t SuperStream compliant, it doesn’t matter because they’re partnered with a payroll company that is SuperStream compliant.
You Can Be SuperStream Compliant for Free
If you’re not using a cloud accounting application that’s SuperStream compliant because you’re using Freshbooks or Zoho, for example, or because you’re not using any account software at all (although, in this case, you need to stop being silly and implement an electronic procedure for managing your accounts now), there are still other, free options to ensure you’re SuperStream compliant.
The ATO’s Small Business Superannuation Clearing House is free for businesses with fewer than 20 employees and an aggregated annual revenue of under $2 million. You can register your business details with the Small Business Superannuation Clearing House and use it to make super contributions to your employees.
Alternatively, the superannuation fund, AustralianSuper, has its own clearing house, which is free to use for its members (i.e. as a registered employer using AustralianSuper as your default super fund). AustralianSuper’s clearing house, called QuickSuper, allows members to make electronic super payments regardless of the number of employees or whether the employee belongs to another super fund.
Need a Good Local Bookkeeper to Help Manage Your Financials?
Whether you are a bookkeeper keen to expand your client base or perhaps work remotely, or whether you’re a business person needing some vital bookkeeping advice and assistance, check out our newly updated, online National Bookkeeping Directory. Our goal? To match experienced and highly qualified local bookkeepers to local businesses around Australia.
But of course, with cloud accounting technologies, you are not limited to only working locally. Plenty of our bookkeepers and accountants work remotely for clients located all over the country.
We’re coming to a rather frantic yet very exciting end to the 2016 calendar year with a whole bunch of new course announcements coming — the first of which is the creation of our QuickBooks Online Daily Transactions Course! It’s currently only $50 so hurry up and enrol now to enrol at this price — it’ll go up soon as we develop new content to beef it up!
I written a lot about Quickbooks Online since Intuit, a MASSIVE accounting software company in the US, started to promote itself directly in Australia after breaking up with Reckon, their local distributor. And why did this happen? Because of the power of cloud accounting for software companies to deal direct with the customer!
Why a New QuickBooks Online Training Course?
Our QuickBooks Online Daily Transactions Course is the result of comparisons we’ve made between the accounting software programs and the belief that this software will start to take a larger chunk of the accounting software market in Australia — if for only one reason: the cost for the software is very low and remains low while they try to win market share. The functionality of QuickBooks is excellent, and as far as navigating and “user experience”, it is far easier and less clunky than having to install a software program on your computer, like you need to do with MYOB!
At EzyLearn we use each of these main accounting software programs (MYOB, Xero and Quickbooks) and for me, personally, QuickBooks is the pick of the bunch!
— Steve Slisar, Managing Director, EzyLearn
Our course has been created by highly qualified professionals — in this instance, Tracey, our registered BAS agent and Helen, a qualified accountant, so you can feel confident the information is covered thoroughly and precisely. You can view our course prices and enrol now to take advantage of the great price on this new course.
If you’re looking to improve your current skills set or you’d simply like to learn a new one, visit our website for a full list of our training courses and details on how to enrol. If you enrol in any of our MYOB, WordPress or Excel online training courses, you’ll receive Lifetime Membership to our course materials. This means you can stay up-to-date with each new version of software that’s released for no additional cost! What’s stopping you? Enrol today!
We’re currently completing new, updated content for our Xero courses and one thing stood out more than anything else – the PLUS button in the top right hand corner! If you are familiar with Intuit Quickbooks you’d immediately recognise that their PLUS in the top centre of the screen is how you access most of the software’s features and I’ve always liked how easy it makes navigating the software. If you compare the two of them you may think that the Xero software still has some way to come.
The other thought I had about this change is “how much will Xero change its user interface”? People get used to how to navigate around a software program (User Experience) and don’t want things to change too much and that has been a great feature about MYOB – their navigation has remained fairly consistent for two decades.
Will cloud services be upgraded like their computer software peers of the naughties?
Microsoft might be the inspiration for change for Xero because although most of the formulas and functions in Microsoft Excel remain the same, the way you navigate around the software changes every 3-6 years. This is a boon for the larger software training companies that charge extra for courses in the different versions (we include all versions for the one price of course 😉 but it can be frustrating for staff who have to re-learn how to navigate the software and their spreadsheets when the office software is updated.
While we are on the topic of upgrades and how annoying they are I received an email from my accountant to upgrade the MYOB version that we share so that she can access the files to work on them! I can say for sure that I once again felt that MYOB are behind the timeline as they fight to stay in control when looking at how they develop their software compared to the other accounting programs like Xero and Quickbooks where the software is updated and live.
Testimonials for Xero, MYOB and Microsoft Excel courses
On a different note, I asked our web guy to get some information about where our students are located around Australia and at the same time get some of their testimonials quotes onto our website. He’s not finished yet, but when I see the different suburbs from all over Australia I reflect on the same picture over 10 years ago when we were operating physical training centres in Sydney’s North Shore, Northern Beaches and Parramatta and our students were located within 20kms of each centre.
It’s a wonderful feeling to see students doing our courses from all over Australia but it’s even better when we see enrolments from UK, Canada, US and Hong Kong because it shows the true power of cloud based services.
When you want to become a Registered BAS Agent
Last week I wrote about starting a bookkeeping business while you are working your day job and I just want to add a note that may be very useful for those who want to become a registered BAS agent. National Bookkeeping offer a BAS lodgement service through our licensees and it is a great way for qualified bookkeepers (who have their Cert IV in Bookkeeping or Accounting) to work with an organisation and build up the hours they need to register as a BAS agent via the Tax Practitioners Board.