But what about things like, installation costs – should you bill your clients for this or work it into the price or just let it slide?
Some businesses work those sorts of prices into their final cost; others – think Foxtel, for example – charge installation fees; but a surprising number of businesses let it slide. Continue reading When Should You Work for Free?
Employees possessing both will and skill are the most desirable in the workplace.
At EzyLearn, our flagship training course is the MYOB training course, which is sort of like an induction into the role of a bookkeeper in that it provides students with an overview of the duties typically carried out by a bookkeeper. Most of our students take our MYOB training course because they both want and need to know how to use the software in order to find work as a bookkeeper.
In the world of business training and coaching, this is called the Will vs. Skill Matrix. Employees who have both the will to succeed and the skill to succeed are highly desirable in the workplace.
Transparency, Will and Skill
Employees who have only one of those attributes, however, are less desirable. Helping staff maintain both the will and the skill to succeed in their jobs has a lot to do with how transparent you are as an organisation.
We’ve mentioned transparency in business before, notably in relation to induction training programs. Induction training programs are a highly efficient way to communicate easily and efficiently with your staff, while also testing their will and skill to succeed at their jobs.
While most induction training programs are used to merely address the requirements of the Work Health and Safety Act, or to induct contractors and consultants to a business’ premises, induction training programs can also be used to further your employees’ professional development.
Furthering your employees’ professional development can be done by providing your staff with online training courses that are relevant and useful to their jobs, such as a Word or Excel training course. By delivering this content online, it allows your staff to complete the course at their own pace, in an informal environment – at home or at their desk at work, rather than in a dedicated training centre on a dedicated day – and it also allows you to monitor their progress.
As the business owner, by being able to see how your employees are getting on with the training courses can illuminate areas where your staff could benefit from further training; it can also highlight those staff member who possess the will and the skill to succeed.
Those staff members who are have both the will and the skill to succeed in their jobs also happen to be highly engaged, and as we mentioned in a previous post, more productive.
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If you’re looking for ways to keep your staff highly engaged with your business, we can help you tailor and deliver highly engaging induction training courses to your staff. Visit our website for more information, or contact us today for a quote.
Company morale is important for any company, because it helps foster engagement between your staff and their work. If your business has a team of highly engaged staff members, they’re likely to be more productive and ultimately that’s good news for you as the business owner.
Keeping your staff engaged with their work and your business isn’t as hard – or as expensive as it seems. While money certainly plays a huge role in how satisfied employees are in their jobs, it’s not the be all and end all – just look at companies like Google, which have a highly engaged workforce, but which also allows their staff to bring their pets to work with them and includes an onsite games room. Your staff spend more time at work than they do at home – so they want to feel happy and appreciated while they’re there, otherwise they’ll go elsewhere.
‘Talk’ to Your People
But you don’t need to institute a ‘bring your pet to work day’ (although you could if you wanted), nor do you need to set up a pool table in the lunch room, because employee morale and engagement starts by opening the lines of communication. If your organisation has a policy of transparency, and routinely communicates new policies and procedures with their staff, they’re more likely to trust you and feel that as an organisation you trust them in return with company information.
Induction — A Great Way to Open Up the Lines of Communication
An induction training program, which is used both for new employees, contractors, consultants and existing employees is the easiest and most efficient way to demonstrate that transparency to your staff. And online induction training programs make it easy to deliver this information to your staff, while also making it easy to keep the information up to date.
Whether it’s a new procedure relating to work health and safety, or a new way of sending in invoices, you can create the content and deliver it to your staff with ease. Best of all, you can monitor and track which staff have completed their training and which staff haven’t, allowing you to follow up with them. This helps you ensure your due diligence as an organisation, and helps to boost that all-important staff morale.
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For more information on online induction training programs, visit our website or contact us for a free quote today.
You’ll be surprised how much information new employees lack – something which can easily be remedied by an online induction program.
We’ve been talking about induction training a lot lately, and it’s because an induction training program is hugely important for all businesses, especially small businesses often using contractors or consultants. But induction training is also an important aspect of acclimatising a new employee to your organisation.
But most importantly, it should also include specific information that relates to a new employee’s department or position.
Things to include in your induction training program could be: who an employee reports to, how often the company carries out performance reviews, and what the pay cycle is.
This may seem overly basic, but these are common questions employees usually have when they start a new job. By providing this information upfront it demonstrates a level of transparency, and helps newcomers feel at ease – after all, there’s nothing more awkward that having to ask your new boss when you’ll be paid.
Your Employees’ Responsibilities
But you should also use your induction program as an opportunity to highlight the expectations and responsibilities of that new employee, by outlining their tasks and duties and when they’re expected to have them completed by.
You may have covered this in the interview process, but anecdotal evidence shows that the vast majority of new employees still don’t know what is expected of them until their first day on the job.
If their responsibilities and goals are still not properly communicated to them on their first day, they often spend the first few days and weeks uncertain about what they should be doing. This leads to frustration, which ultimately leaves them feeling disengaged and invariably wastes time and money – and they haven’t even started their job yet!
A properly executed induction training program helps to define the responsibilities and expectations of your employees, and also helps boost company morale and engagement – two important ingredients in any successful business.
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If you would like to learn more about induction training programs, visit our website or request a quote from us.
With the advent of the Internet and social media, there’s been a lot of discussion about declining advertising revenues in newspapers, which has led many business owners and marketers to erroneously think that advertising in the newspaper is no longer efficient.
But really, advertising in the paper is just as efficient as it ever was – it all depends on the business and whether a newspaper is the right medium for it.
So what businesses should advertise in the paper?
Where Oh Where to Advertise?
The answer to that question really depends on the business and the newspaper. For a local business, like a restaurant or a retailer or a plumber looking for local customers, a newspaper that’s highly read and engaged with by the local community is definitely the way to go, as opposed to a larger metropolitan newspaper.
But it’s important that you consider why you’re advertising in the first place. If you’re looking to build brand awareness, a regular advertisement in a relevant section – such as dining, or professional services, for example – over a significant period of time will pay off.
If you’re looking for new customers and fast, then a smaller number of ads, towards the front of the paper clearly advertising that you’re opening soon or running a special deal will deliver the immediacy you’re looking for.
How Far Will People Go?
It’s important to remember that the majority of people don’t travel further than between 3 and 3.5 kilometres to do their groceries, and a maximum of about 12 kilometres for larger purchases like a car or white goods.
This is what makes local newspapers highly efficient for local businesses, whereas national businesses find both local and national newspapers efficient in delivering their customers.
Global Reach
But what if you’re not looking for local customers from any specific region because you’re an online business whose customers can reside anywhere in the world?
In this instance, a local newspaper, while it would deliver a number of highly engaged customers, would only deliver a small section of your target market, making it highly costly.
While metropolitan or national newspapers would work better here, they still wouldn’t deliver those overseas customers. This is where online and social media advertising may work better for you, assuming that it’s highly targeted the your ideal customer.
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The key to successful marketing is always understanding exactly who your customer is. This comes from efficient market research prior to starting your business. It’s for this reason that we recently introduced a new short course called the originate and develop new concepts course, which takes you through the all-important first step of business: researching the market.
This course was previously only available as part of our Small Business Management Course, but because it’s such an important first step in starting your own business, we decided to make it available for individual enrolment.
The course focuses on the all-important research phase of starting a business. In order to complete this course, students will need to already have an idea for a business, which they can begin researching.
In the originate and develop concepts course you’ll be looking at things like the geographical area your business will service, whether seasonal factors will impact it, demographics and other socio-economic information that may be necessary.
These are important first steps that many business owners don’t learn until they’ve already opened their doors, at which point realigning their business accordingly is often costly and difficult.
But if you’ve already determined that to start your virtual bookkeeping business, you need compete, say, with two other established bookkeepers who only offer straight bookkeeping services, you can offer BAS services and establish a point of difference between yourself and the competition from the get-go.
Knowing where your business stands in the marketplace will also aid you in marketing and advertising your business, while it’s also necessary to have completed this kind of preliminary research if you intend on securing finance from an investor or a bank.
In the course, you’re also required to isolate your ideal customer, which is imperative to ensure you’re delivering the correct products or services, but again, also helps you market your business directly to that person – because you know exactly, what they do and how to reach them.
We value – and need – your feedback about our online training courses.
Over the years, we’ve provided online training to numerous Australian – and international – students, whether via our flagship MYOB training course or one of our Excel or WordPress courses, or our more recent Small Business Management Course. Over the years these students have provided us with valuable feedback.
The feedback we receive from our students helps us to understand what’s working and what isn’t, which is why it’s invaluable to us that you get in touch and let us know what you think.
It was based on the feedback we received from our students that we decided to develop our Reach Accounting and Xero training courses. It is also based on the feedback we received that we changed the way we issued our certificates so that students received them faster and could use them to find work.
Recent Feedback
Here’s just some of the feedback we’ve received from our students recently:
“I found the workbooks the most helpful for giving practical experience.” — Karen Dimitri, Glengowrie SA 5044
“The best part is that you can do it on your own time and pace.” — Juliana van Wyk, Hilton WA 6163
“Short, easily digestable videos. Can fit in easily with a busy lifestyle.” — Korina Power, North Shore, Auckland 0630
“I could learn at my own pace.” — Jackie Smith, Sheidow Park, SA 5158
“Doing the workbooks and watching the videos at my own pace has helped me a lot in pursing the current workforce requirements.” — Merritt Ray, Loganholme QLD 4129
“I was able to finish the whole course in just a couple of weeks.” — YoonOck Lee, Atwell, WA 6164
“By watching videos on one particular topic and doing a test straight after relating to those videos, you don’t become too overwhelmed with too much information.” — Michelle Bankstown, NSW 2200
“I am happy as I could completely the course at my own pace. It was easy n simple to understand. As a mother I felt the course was very time efficient. Looking forward to putting my knowledge into action.” — Kimberline Francis, St James, WA 6102
“This course is best for me because I can access any time from home, I can replay any video provided when I didn’t understand.” — Mika Humphreys, Innisfail, QLD 4860
“Everything within the course itself was great. I liked the most how easy it was to understand and navigate through.” — Katie Davis, Whyalla, SA 5608
“Being able to actually move around the sample company file to get a feeling of how the software is structured, made me have more confident.” — Joy Khoo, Mudgee, NSW 2850
“The best parts of this course is that we get freedom to learn and complete this course in your own suitable time. There is not so much pressure that you have to complete in certain time limit. I would advise and recommend this course from EzyLearn to international students who want to further their career in bookkeeping and accounting. It was a great privilege to be part of your institute.” — Prabin Gurung, Auburn, NSW 2144
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We’d love to hear from you too. Get in touch via our course evaluation page.
The supermarkets have really shaped the way we shop.
Did you know that when the first supermarkets arrived in Australia, supermarket promoters hired instructors to provide induction training to adults and children demonstrating how to push shopping trolleys down the aisles.
How Did People Shop Before the Supermarket?
Until the supermarket, Australians had been accustomed to queuing at a counter and presenting a shopping list to their green grocer or their butcher, who would then select the items on the list on the shopper’s behalf.
Those first supermarkets offered what I would call ‘bomb shelter supplies’; the kind of non-perishable foods (canned goods, condensed milk, etc.) that you’d stock your bomb shelter with in case the sky fell – or the H-bomb did, at least.
Their Own Network of Suppliers
Today, supermarkets offer so much more than that. The limited fresh produce they once supplied has been expanded to a full range of fruits, vegetables, seafood, meat and poultry supplied directly to them via their own network of farmers and suppliers – an entirely unsurprising direction for the Wesfarmers-owned Coles to take.
Over the years, Coles and Woolies have also entered the petrol market by entering into agreements Shell and Caltex respectively; more recently they’ve even entered into the financial game, offering credit cards and insurance.
Like it or not, our supermarkets are the early adopters of new social trends and they’re shaping our entire shopping experience as a result.
The Evolution of Telecommunications
Now that we’re living in an age of smart phones and high-speed internet, the telecommunications industry has been turned upside down. Whereas you previously only had a small number of telcos to choose from and a limited range of services, these new technologies and methods of communication are forcing traditional telcos like Telstra to take notice.
Skype
Take Skype as an example. There was a time not so long ago when if you wanted to make an international call it would cost a bomb. Then Skype came along. Now you can make free international calls using your broadband connection and at the same time see the person at the other end.
iMessage
Apple did the same by introducing the iMessage function on their iPhones, which allows iPhone users to text each other for free, using their mobile data.
VoIP
These technological advancements have seen the share prices of voice-over IP (VoIP) companies go through the roof, which Ken Maswell of Virion, a small bespoke VoIP provider in Sydney can attest to.
According to Maswell, the share prices of VoIP company, myfonenet, have increased by 57 percent since May last year. “When it comes to telecommunications, customers are now exercising their choice in what was previously considered the dark arts of telephony,” he said.
Coles and Woolies have long offered handsets and prepaid mobile sims; even more recently, Aldi entered the mobile space as authorised resellers of Telstra prepaid mobile sims and handsets at highly competitive prices.
But there’s plenty of demand for a Coles or Woolies-brand mobile service – ideally one offering greater data usage given most people use their mobile phones to send and receive emails, watch videos, communicate via social media, and so on.
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What do you think? Do you think Coles and Woolies will soon become telcos as well? How do you think they would fare pitted against the like of Virgin and Vodafone who have each been in the game quite a while now?
The word ‘contractor’ doesn’t just relate to tradespeople, like plumbers or electricians, who may come to your business to perform work. It also refers to the IT or marketing consultants or temp workers who regularly come to your office to work.
Even though they are usually employed by another organisation, or perhaps even self-employed, while they are at your office or premises you are still bound by a duty of care to ensure their safety.
This means providing them with work, health and safety training – although they are not required to provide a safe work method statement (SWMS). (That is a requirement only for tradespeople.)
Induction for Info Beyond Safety
But safety aside, it’s important you provide induction training that also covers where contractors can refer customers for customer service or more detailed product information.
Induction training is even necessary to advise contractors of common things, such as where they can find parking, where local amenities – like cafés and train stations – are.
Many companies provide this information in the form of hard copy ‘welcome packs’, but it’s much easier and more efficient – particularly if your organisation uses contractors often – to deliver this induction information using an online training course.
Further, besides creating and updating the training material itself, online induction training courses require very little maintenance. And the training material can be as simple or elaborate as you like. By delivering your course online, you can add steps to ensure people actually read the material. It’s as simple as creating the course in PowerPoint, recording your audio and uploading it to your learning management system.
The Importance of Due Diligence and Morale Building
The most important part of an induction training course is that it shows evidence of due diligence. That is; you have made a concerted effort to ensure contractors are aware of certain process and procedures within your organisation.
Induction training is also an important aspect of building team morale. Whether it’s among your permanent staff members or contract and temp workers, if the morale within your organisation is low, your business will suffer as a result.
A key way to build team morale is to ensure your staff, contractors and temp workers understand what is expected of them in terms of performance – and what they can expect of you in return.
And though no one likes to think about the negative things like this, induction training is very important should you ever find yourself involved in legal action over something a contractor should have known about.
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If you would like to learn more about induction training for your organisation, visit our website, or request a quote from us.
Don’t fall into a credit trap by running into debt to finance your small business before you even have your first customer.
The ‘Plan small business finances module‘ of our Small Business Management Course takes students through the steps to creating a financial plan for their small business. Many small businesses get loans and credit from banks and other finance institutions, but how wise is it to get into debt before the doors to your business are even open?
Is Credit the Best Way?
About 20 years ago, the only way businesses could make payments easily was to apply for a credit card from a bank. The bank would then give you an amount of credit, $5000 say, and the more you used it, the more credit you would be offered.
This is great if you have the means to pay it back immediately – and if you do actually pay it back immediately. However, if you’re like most people, having access to large sums of money that can be paid back at a later date – in 30 days, 55 days, 3 months – can lead down a dangerous path for your small business.
Start-Up Finance
We spoke to one entrepreneur who had an idea to start a gourmet packaged meals business aimed at a demographic of busy professionals. He had planned to go the conventional route and borrow $200K to finance his start-up; even though at this point, he didn’t have a single customer.
But there were plenty of other options available to get his business off the ground, rather than getting into debt before he even had his first customer. We suggested using another company’s equipment, contracting the manufacture of the products to another company, or re-branding an already existing product.
The term used in the start-up community for using your own money is called bootstrapping. But it’s one way to guarantee that you will do all the research and determine the most cost efficient way to run your business before outlaying substantial sums of money on equipment or other overheads.
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With new technologies like cloud-based software and high-speed internet, many small business owners have been able to significantly reduce their overheads, which has enabled them to avoid starting their business in the red.
Business is about taking calculated risks for a reasonably predictable reward and it really all comes down to research and knowledge. Live with an asset mentality and don’t get caught in the credit trap. You’ll find out all the best financing options for your small business in our Small Business Management Course.
It’s time to roll your sleeves up: our Small Business Management Course gets you working on a real life business idea.
As Australia’s leading provider of online training courses, we deliver all kinds of different training courses – and we’ve recently branched into providing online induction training courses to business. But where EzyLearn’s flagship course, the MYOB training course, teaches practical skills in using one of the most popular accounting software packages, it is a completely different kind of course to our Small Business Management Course – and for good reason.
Thinking as if You Own A Business
Our Small Business Management Course is designed to make you think like a business owner. Where our other software-based courses are designed to systematically guide you through a particular software package, our Small Business Management Course needs to be different.
As a business owner, you’ll be thrown curve balls from many directions – especially when you first start out – and the key to surviving them is being able to think objectively and without bias.
You’ll need to be able to problem-solve and sometimes develop new approaches to existing business practices or activities. Running your own business means having a plan, but not always operating to it.
To complete the course, you need to be able to demonstrate that you possess the required skills to successful operate your own business – by researching, thinking and writing.
A Real Business Idea with Tutor Feedback
The Small Business Management Course is deliberately structured so that as you work your way through the course content, you’re applying the exercises and skills you’re learning to a real-life business idea. Then, once you’ve complete the course, you’ll go live with this business idea.
The course gives students an unusual and unique advantage over other soon-to-be business owners because our students get feedback from a tutor that they can then apply to their business strategies.
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This is what makes our Small Business Management Course so popular – because you’re learning with your real business idea, where other business courses merely have student complete exercises or answer questions in relation to hypothetical business scenarios.
If you would like to learn more about our small business management course, visit our website or enrol here.
Our MYOB course will help induct you into the role of bookkeeper.
The word ‘induction’ has many uses, which can make it rather subjective. It can refer to the time interval between the cause and the first measurable effect in an experiment; it can refer to stimulating the process of childbirth; it can refer to a rite of passage or ritual event, like a Bar of Bat Mitzvah; even our MYOB training courses act as a kind of quasi induction into the world of bookkeeping.
Exposure to Real-World Scenarios
Even though our MYOB courses are primarily teaching you how to use an accounting software package, we deliberately created training courses that would expose our students to real-world bookkeeping scenarios, so they would properly understand the software.
When you complete the day-to-day transactions module of our MYOB course you’re taught how to receive money and pay bills, record a cash-sale, settle credits and returns, and analyse payable, among other things.
Each module within our MYOB training courses teaches you a fundamental aspect within the whole bookkeeping process, and in that way our courses act like an induction into the role of a bookkeeper.
Inducting You as a Bookkeeper
An induction helps to give a person a basic understanding of what to expect of a particular situation or circumstance. In the instance of our MYOB courses, we’re helping you to understand what is expected of you as a bookkeeper, and what you should expect in turn.
Many organisations provide new employees with induction training to help them understand how the business operates, and to keep their existing staff up-to-date with changing policies and procedures – such as work, health and safety.
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As Australia’s leading provider of online training courses, EzyLearn has recently ventured into providing companies and organisations with the facilities to provide their staff with online induction training.
If you’d like to learn more about the kinds of induction programs you can offer your staff, visit our website or request a quote.
How do you file invoices and receipts? We’d very much like to hear!
Whether you’re a bookkeeper or business owner, if there’s one thing we probably all have a shared hatred of — it’s filing. Filing is the little task we always put off, until eventually we can’t find anything through the sea of paper and receipts cluttering our offices.
This wouldn’t be so bad if filing wasn’t such an important part of a business.
If you’re an average reader, I’ve got your attention for about 15 seconds, so here goes: many things we’ve been taught about the web are wrong. One of the biggest mistakes – thinking that clicking is the same as reading.
Not your average reader? Perhaps I’ve got you a while longer… We’ve mentioned on this blog before that every business owner should be monitoring their web analytics – we’re even developing a Google Training Course for business owners who want to learn more about the Google products.
What Does Web Analytics Help You With?
Web analytics allows you to determine things like where your visitors originated from, your click rate and your bounce rate.
Google considers any visitor who spends less than 30 seconds on your web page before clicking elsewhere to have “bounced” – and the number of people who bounce from your website is your bounce rate.
Clicks and Conversions
Your click rate is the number of people who have clicked through to your website from a search engine, banner ad, or third party link. The goal is to keep your click rate high and your bounce rate low – this is supposed to demonstrate high engagement with your website, your business or your brand; it’s also supposes to guarantee conversions.
Except that it doesn’t – a fact that’s becoming clear to organisations with large web presences, as web users become more sophisticated as the way we use the web has evolved.
According to Tony Haile, of US company Chartbeat, which provides real-time analytics for companies like Time Inc, Forbes and NBC Universal, businesses should be looking towards something he calls Attention Web and away from clicks and bounce rates.
Time and Attention
Attention Web is not just valuing the number of clicks, but valuing the time and attention visitors give your site. “Time is a rare scarce resource on the web and we spend more of our time with good content than with bad,” Haile says.
For business owners this means you need to give your customers and clients, good, valuable content and start valuing the time they spend reading and engaging with it. Do this and your conversion rate will soar – and in turn, your bounce rate plummet.
We suggest only writing the glad, not the bad, when it comes to comments in databases – and indeed, perhaps in life.
Nearly every company has one – usually as part of their CRM software, but other times it’s just a good ol’ faithful Excel document. Either way, databases are commonplace in a great deal of companies and they’re often used to keep track of communication between staff and their customers.
But what’s the rule on commenting in databases, or specifically, leaving negative comments in databases?
Comments – Integral to a Database
Making general comments in a database following a conversation with a client is pretty much standard practice – in many cases, it’s often the reason you have a database. In customer service call centres, for example, leaving a detailed comment about the discussion you’ve had with a customer is expected – and serves as an invaluable resource for the next person who speaks to that customer.
In this instance, it’s sometimes appropriate to leave comments about the customer’s temperament – angry, rude, upset, and so forth. This just helps the next staff member manage this customer in a manner that suits the circumstances.
But many companies quite commonly also use databases for the express purpose of selling something to a new or potentially new client; negative comments speculating on the temperament or nature of a contact in a database, may not be altogether helpful in this instance.
Reading that the person you’re about to call or have a meeting with is a ‘disgruntled curmudgeon’ is almost certainly going to affect the way you interact with that person. If you go into something expecting hostility, you’ll naturally position yourself on the defense, which in turn is only going to illicit hostility back.
Ditching the Negativity
But what if that person was only responding with hostility because you pre-empted their alleged hostility by being defensive in the first place? That’s a question you may never know the answer to, unless you ditch the negative comments in your database.
That doesn’t mean you can’t write useful comments such as “spoke to John, but he said he wasn’t interested in our product’, but you should definitely avoid comments like ‘spoke to John who was extremely rude and said he wasn’t interested in our product.’ The added detail in the latter is not particularly useful and if that person does ever become a customer it could underscore your interactions with them.
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It can be a good philosophy to only write the glad, not the bad. Perhaps have a think about that when you leave comments in a database, or make a policy about your own database usage.
We recently wrote posts about the service, Banklink, (generally used far and wide except by the Bank of Queensland) and since then we’ve heard back from a couple of our readers, who told us about some of the problems they’ve experienced trying to use BankLink with their bank account.
Banklink and Credit Card Issues
We spoke to one reader, Anton Prinsloo, who owns and operates CSTAY Budget Holiday Accommodation at Magnetic Island, off the Townsville Coast. Anton uses the Bank of Queensland for his business banking, and as part of his business strategy uses his credit card for all of his business purchases.
Anton has found that while the BankLink service “beautifully reconciles my everyday business account, BankLink doesn’t work with my credit card.” Anton later discovered that the reason BankLink doesn’t work with his credit card is because in 2007 the Bank of Queensland transferred its credit card service to Citibank.
According to BOQ Managing director, David Liddy, the decision to transfer BOQ’s credit card service to Citibank was “part of Bank of Queensland’s ongoing strategy to provide its customers with the best in access and customer service, while providing the full range of finance products.”
“Bank of Queensland customers will continue to have the advantages of a BOQ card, but with greater support, better product range, and more extensive national and international systems,” Liddy said of the deal in 2007.
However, as Anton found out, the Citibank-provided BOQ credit card doesn’t offer thesame advantages as a BOQ card would have, as it can’t be used with BankLink because it’s a service provided by Citibank.
“I contacted Citibank to see if I could get BankLink from them, but because they don’t hold the account they’re not able to offer this service to me,” Anton told us, adding, “I get the feeling they have no intention to even try to resolve this issue, either.”
For Anton and, we imagine, many other business owners who bank with BOQ, this adds upwards of three hours to his reconciliation process using what he calls “half technology”.
Issues with the NAB
But BOQ isn’t alone. The National Australia Bank requires businesses to have a debit card account that’s separate to their business account, requiring the business owner to make time-consuming journal entries in MYOB each time they transfer money from their business account to the account attached to their debit card.
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For business owners, selecting the right bank account for your business is a decision you should make wisely. Make sure you think about how you intend to use your account and do your research before settling on any particular bank. Be extra certain to find out if your bank offers the Bank Link service and how it will work with your account, so you can save yourself the hassle of journal entries and manual reconciliation.
Thanks again to Anton who shared his story with us. If your have a story you’d like to share with us, please let us know in the comments or get in touch.
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Xero is a great bookkeeping program for tradies who are on the go and using their phones (or a tablet) all the time. From receipts scanning to creating quotes and invoices, receiving payments and keeping track of project costs.
bookkeepercourse.com.au/produ…
