Category: Bookkeeping Skills

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Why are there More Expense Tracking Apps for Xero than MYOB?

accounting-apps-that-link-with-xero-and-quickbooks

Less complicated accounting software, like Xero, connects better with mobile apps

accounting-apps-that-link-with-xero-and-quickbooks
The robust nature of MYOB can make it harder to link with mobile apps that track your expenses and cash flow and the like.

WE RECENTLY PUBLISHED A blog examining the different expense tracking apps you can connect with Xero, MYOB and QuickBooks, but during our research it became clear that most expense apps integrate with Xero or QuickBooks, but not MYOB.

That’s not to say there are no expense apps that integrate with MYOB. There are. Receipt Bank is one, Squirrel Street is another, and there are probably a lot more on the MYOB marketplace (or add-ons page). Probably the best expense tracking application we found is ExpenseManager, and it only integrates with MYOB.

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EOFY: Get Your Business Expenses In Order

bookkeepers fixed price quotes

We Show You 2 Steps You Can Take — Right Away!

WE’VE ENTERED QUARTER 4 for the 2016/17 financial year, so we’ve been writing about the things your business should be doing this quarter in preparation for the end of the financial year. In our last post we wrote about writing off stock and inventory. Now we’re looking at business expenses.

Our MYOB BAS Reporting and GST online training course or our Xero GST, Reporting and BAS training course will show take you through the necessary steps in your accounting software. 

Here’s what you can do now to make sure you’re prepared come tax time? Continue reading EOFY: Get Your Business Expenses In Order

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Use DropBox to Store Your Tax Records Digitally

In a previous post I suggested it’s a good idea to create a digital filing system for your business receipts and tax records. Storing tax records digitally is not just a space saver — it’s also an efficient way to share information with your accountant and bookkeeper, especially if you’re working with a remote bookkeeper, as it’ll speed up the process.

Our Xero Bank Reconciliations and Journal Entries Course will also show you how to record these transactions in Xero. 

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How and What Kind of Receipts Do You Need to Keep?

Xero course online receipt keeping

Online Receipt Keeping is the Way to Go

A HUGE PART of reconciling your bank account involves coding business expenses or purchases. You then need to keep a record of those expenses in the event you’re ever audited.

Our Xero Bank Reconciliations and Journal Entries Course covers how to code an expense or purchase in Xero, and it’s important to also store your receipts and get them to your bookkeeper if they’re working remotely.

Many people have used Dropbox to capture images of receipts but there are even better ways. Continue reading How and What Kind of Receipts Do You Need to Keep?

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QuickBooks Isn’t SuperStream Compliant, But It Doesn’t Matter!

How QuickBooks Palms Off Payroll

quickbooks superstream compliant
Quickbooks is gaining traction in the Australian marketplace.

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. Continue reading QuickBooks Isn’t SuperStream Compliant, But It Doesn’t Matter!

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Three Things Your Bookkeeper Shouldn’t Be Doing

Is Your Bookkeeper Making Stuff Up?

how-to-find-a-good-bookkeeper
Some bookkeepers may fudge their way through your books, but you can spot this before it ends up costing your business.

In a previous post I wrote about the three tell-tale signs that your bookkeeper isn’t paying attention and thought I’d expand on this a little further by writing about three of the things your bookkeeper shouldn’t be doing — and what it means if they are.

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What if a Credit Check Comes Back Negative?

Do You Have to Drop a Client Because of a Bad Credit Check?

customer-with-bad-credit-rating
It’s only business: but sometimes a bad credit rating doesn’t mean you have to end the working relationship.

A Credit Check is one of the most important first steps of good credit and debt management but you can still do business if the check comes back negative.

In a previous post on credit and debt management, I recommended that all businesses — regardless of whether they offer credit to customers on a 30-day account or not — perform a credit check on any new client who will spend more than $1000 on goods or services in one sale, on an ongoing basis.

What should you do if the credit check comes back negative, and shows that the potential customer is guilty of late payments, pending legal action or already carries a significant level of debt? Continue reading What if a Credit Check Comes Back Negative?

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Major bank wants to NAB uber small businesses

NAB partners with large accounting firm to bypass bookkeepers

Is Airtax competing with the accountants version of Xero and MYOB for cashbook accounting
NAB group executive Antony Cahill with Sammy Kumar of PwC Picture Stuart McEvoy with Airtax credit card from The Australian website

As an ex-NAB small business client I confess a biased against the bank and their archaic computer systems.

You could probably tell that from blog post where they asked their NAB Dee Why branch clients to temporarily change their BSB number while there is some property development in the Dee Why square (where I had my first computer training centre)!

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Get Paid Faster Using Your Mobile Phone!

get paid faster using your mobile phone
You can use your mobile phone to get paid – great for tradespeople as well.

No doubt about it, one of the biggest hurdles you face as a small business owner is managing your cash flow. A big part of this is ensuring your clients and customers pay your invoices on time.

Setting up email alerts to remind customers when your invoices are due is a great way to ensure you’re never – or at least, rarely – paid late, which we’ve written about on this blog and even cover in our MYOB training courses. Continue reading Get Paid Faster Using Your Mobile Phone!

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Get Paid FASTER! Credit Management Strategies

invoicing small business

If you’re working as a contractor and using an Australian business number (ABN), rather than a tax file number (TFN), you’re self-employed, and this means you will need to invoice your customers for the products or services you provide in order to get paid.

If you’ve only ever worked as an employee before, you’re probably used to being able to set your clock to payday, but unfortunately this isn’t often the case when you’re a contractor.

Getting paid late — or worse, not at all! — can seriously affect your cash-flow, and in turn, affect the success of your business, which is why we cover things like financial planning in our Small Business Management and Start Up Course.

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Invoice Your Customers Directly Using PayPal

We were recently surveying our PayPal account and discovered that you can now invoice customers directly using PayPal. While it doesn’t eradicate the need for a good piece of accounting software, this facility makes it very easy for people to get started in business — particularly businesses with very few expenses. Continue reading Invoice Your Customers Directly Using PayPal

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How Could You Possibly Make 10 Times What You’re Earning?

This post has been created to demonstrate simple accounting principles for our MYOB Training Course students. It demonstrates, visually, a very simple fact that is often sensationalised.

I’ve been to many presentations, seminars and watched hundreds of webinars run by people who describe themselves as gurus yet the secrets they reveal are actually just plain old good accounting principles.

Continue reading How Could You Possibly Make 10 Times What You’re Earning?