Learn Xero in less than 5 days

Xero is complicated, let’s be honest. I know that Xero tell you the software is beautiful and simple to use but in reality it’s accounting software and if accounting software was easy then everyone would have their BAS’s lodged on time and have no credit risk issues.

It also depends on what kind of past experience you’ve had with accounting and bookkeeping work, but there is a way to up-skill in Xero quickly.

Continue reading Learn Xero in less than 5 days

How Does QuickBooks Compare with Xero?

ONE WOULD THINK that an accounting software program that is actually developed by accountants would be the best. However, some believe that the user experience is better with QuickBooks and Xero.

We’ve previously blogged about how QuickBooks accounting compares with MYOB. We’ve also done a comparison of all three accounting programs — MYOB, Xero and QuickBooks.

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.

Continue reading How Does QuickBooks Compare with Xero?

I’m a Bookkeeper – How Do I Find Good Work?

As mentioned in an earlier post, job boards offer the best-quality jobs for people in professions that translate to any industry; and this includes bookkeeping and accounting jobs.

And as another post showed, there’s a vast number of bookkeeping jobs posted to those sites every day, be it for casual, part-time or full time work. In this post I’m going to explore some ways to do well in the job market. Continue reading I’m a Bookkeeper – How Do I Find Good Work?

What Do Employers Want From Bookkeeping Job Sites?

THE ULTIMATE GOAL of a job site (and they are not all created equal!) is to deliver the highest volume of candidate applications to the job poster (the recruiter or employer), while also providing candidates (job-seekers) with access to the highest volume of top-quality job listings.

Since recruitment classifieds moved online more than two decades ago, the ease with which job-seekers could apply for jobs increased.

Job posters went from getting a handful of applications over the course of a few weeks to hundreds all at once. This spawned the need for businesses to best manage and dare I say it, automate and systemise the hiring process. Continue reading What Do Employers Want From Bookkeeping Job Sites?

Watch out for FAKE Statements of Attainment for Xero & MYOB Short Courses

I’VE WRITTEN MUCH ABOUT accredited training in the past, relating particularly to the use of the term “Diploma”. Just recently, I discovered more murky marketing by a newcomer to the bookkeeping short courses industry.

What’s scary about these training course providers is that they make claims to offer a Diploma, and then after 2 years in business, they apologise for “something beyond their control” like a change in legislation which tells them to stop calling their courses Diplomas, when they are NOT and NEVER WERE IN THE FIRST PLACE!

Want to know why they do this?

Continue reading Watch out for FAKE Statements of Attainment for Xero & MYOB Short Courses

How to Become an Office Administrator

AN OFFICE ADMINISTRATOR, or administration officer, will provide an array of general administrative tasks for a business or organisation.

These include filing, archiving, calendar & project management, reporting and customer service. Some office administrators carry out basic bookkeeping tasks, such as creating and recording invoices and expenses and the more skills you have the more valuable you become.

Continue reading How to Become an Office Administrator

How to Become a Bookkeeper

BOOKKEEPERS PROVIDE ESSENTIAL services to businesses by processing and recording everyday financial transactions, and keeping accurate records.

They usually work in small to medium-sized businesses, where the scope of their role and responsibilities will vary based on the size of the business.

Many bookkeepers are also required to prepare and lodge business activity statements (BAS). To provide BAS services for a fee, bookkeepers must be registered with the Tax Practitioners Board (TPB).

Continue reading How to Become a Bookkeeper

Bookkeeper Communications During Rescue Work

I’VE WRITTEN BEFORE about how you can diagnose whether your business needs rescue bookkeeping and what happens during rescue work.

Because rescue bookkeeping often involves fixing a problem with your data file, the way your MYOB or Xero software has been set up, or entering upwards of three months worth of transactions, it’s a fairly time consuming process.

That time will cost you money but there are ways of reducing and almost eliminating that time.

Continue reading Bookkeeper Communications During Rescue Work

Bookkeepers Need to Know All Cloud-Accounting Systems

GONE ARE THE DAYS when a bookkeeper only needed to know their way around MYOB. Since the internet democratised the accounting software market, abundant MYOB rivals have appeared.

But while there are close to a dozen cloud accounting systems on the market, most bookkeepers — thankfully — will only need to know their way around three: Xero, MYOB and QuickBooks. If you’re looking for a course or training resource on these programs we have a combo offer.

Continue reading Bookkeepers Need to Know All Cloud-Accounting Systems

Xero, MYOB, ERPs and Supply Chain Tools

ERPs, or Enterprise Reporting Planning systems, are divided into three categories or tiers. Xero, MYOB, QuickBooks and other cloud accounting software used by small businesses, sit at the low end of the scale; they’re tier three ERPs.

Xero is using it’s 3rd party app integrations and its API to climb up the ERP food chain and some good bookkeepers are being dragged up along with it. Continue reading Xero, MYOB, ERPs and Supply Chain Tools

Do You Need a Bookkeeper, Accountant or Finance Manager to Run Your Bookkeeping?

IT’S VERY POSSIBLE THAT at the end of financial year, you discovered your accounts needed a bit of rescue bookkeeping. One of the issues that leads to a business needing rescue work is not keeping your accounts up to speed, and also having an inexperienced bookkeeper set up or handle your books.

A way to avoid this is to hire an experienced bookkeeper or finance manager on a contract basis, or you can do a course to learn a bit more so you can manage them better. Continue reading Do You Need a Bookkeeper, Accountant or Finance Manager to Run Your Bookkeeping?

When Does Practice Ignition Make Financial Sense for a Bookkeeper or Tax Agent?

THE ACCOUNTING SPACE is currently dominated by systems that make it easy for small businesses — a builder or tradesperson, virtual assistant, online retail shop — to manage their business’s accounts with the help of their bookkeeper, tax agent or BAS agent and/or accountant.

However, very few systems are dedicated to helping the bookkeeper, tax or BAS agent or accountant manage their clients — that’s the builders and tradespeople, virtual assistants and online shops and retail outlets they provide bookkeeping and tax services to. Until now.

The new way to automate your quoting, defining your scope of bookkeeping/BAS services, having clients agree and pay for your services – all in one streamlined system Continue reading When Does Practice Ignition Make Financial Sense for a Bookkeeper or Tax Agent?

How Accountants Can Remain Competitive

See yourself as a personal trainer — for business

man on treadmill carrying weight wearing business suitACCOUNTANTS DO GREAT WORK for their clients (so be sure to see our EOFY checklist and our EOFY series of blogs for tax preparation for how to keep ’em happy). Accountants find ways to help them save money, make money, and improve the profitability of their businesses. But too many accountants spend too much of their time on compliance work, when they should be focussed on the kind of work that will help their clients grow successful businesses.

When cloud accounting software entered the market, many accountants thought it signalled the end of the bookkeeping profession. However, plenty of bookkeepers have in no way lost out to accountants (and we’ve given reasons as to why and how in previous blogs) but, rather, have found myriad ways to stay relevant.

Just some of these include becoming BAS or tax agents, providing software training to their clients and focussing on niche industries. And as more people start their own businesses, bookkeepers are as relevant as ever. It’s accountants who aren’t!

Talk to your clients about growth

As an accountant you understand numbers and what a business needs to do to grow. These are insights many business owners lack because they’re too close to their business to see that there are different ways of doing things. Instead of providing run-of-the-mill compliance services to your clients, offer services that will help them to focus on the ways they can grow their business, whether it’s by focussing on different KPIs or by establishing new processes.

Your role, here, is to work out the projects to be implemented and tested, then setup the systems to measure the results. It’ll be up to you to monitor the results and hold the client accountable. Think of it as being a personal trainer, except for businesses not people.

Help your clients manage cashflow

Cashflow is a huge problem for a lot of businesses, and it’s most often caused by poor credit management processes. However, in some cases, it’s also caused by businesses they spend more money than they make, or that spend money on areas of their business that isn’t revenue generating.

In each instance, as the numbers person, this is something you should be able to spot from a mile off, but which may not be obvious to your client. A lot of business owners also don’t see how inefficient credit management processes can adversely affect their business, when their business is profitable. Help your clients to understand the difference between cashflow and profit.

You need to evolve to be relevant

In a digital economy, no profession is safe from disruption. Just as bookkeepers had to evolve to stay relevant in an era of cloud accounting and DIY bookkeeping, accountants must too.

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Think about the value you can bring to your clients’ businesses, and focus on providing those services — the ones they can’t do themselves or hire someone else to do for them cheaply — as opposed to spending your days knee-deep in compliance work.


Online bookkeeping accounting training courses for CPD points

EzyLearn Excel, MYOB and Xero online training courses count towards Continuing Professional Development (CPD) for bookkeepers and accountants. EzyLearn online training courses are endorsed by accountants, BAS agents and  bookkeepers. Find out how CPD points can be of benefit to you.


 

Reporting in QuickBooks Just Got a Whole Lot Better!

Quickbooks now providing superior options for filtering and scheduling bookkeeping reports

Xero online training course bank feedsONE 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.

Running regular finance reports is the key to ensuring your business maintains a healthy cashflow, which is also linked to your credit management process and procedures. Previously, the main gripe many bookkeepers and business owners had about QuickBooks was that it lacked the reporting functionality of other apps, like Xero and MYOB.

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!

Familiarise yourself with customisation options

Here at EzyLearn, we believe Quickbooks has a lot to offer small business and bookkeepers alike. The reporting functions in QuickBooks now offer up seemingly unending possibilities by giving you the flexibility to filter and  customise your reports by any number of variables — sales person, periods, services, etc. Sometimes you don’t know the kinds of reports you need for your business until your go in and have a play yourself, so that’s exactly what you should do.

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.


What Do You Want to Learn Today?

running cashflow reports in xero and exporting to excel

At EzyLearn we offer online training courses to help you up-skill and find employment. Choose from our range of cloud-based online accounting software courses, to business start up, real estate and investment management courses, to marketing and sales courses, or update and further your skills in a range of Microsoft Office programs, (including Excel, PowerPointWord) or social media and WordPress web design). 


 

 

Are Online Payments Right for Your Business?

Getting paid seamlessly, online

woman stressed about credit management and cashflow management
Lack of cashflow in a business is still the chief cause of insolvency – which is why proper credit management procedures are as essential as ever.

 

WITHOUT SOUND CREDIT management processes, any business can come asunder. 

Credit management, in a nutshell, is the process of ensuring your customers pay you on time, every time, of which technology has played a big part.

Cloud accounting, for example, has sped up the time it takes a business owner to create and send invoices to their customers, which smartphone and tablet accounting apps has further aided too.

But the next frontier, and it’s one that QuickBooks is already pushing with its PayPal partnership, is seamless online payments.

Payment gateways

Businesses have been able to set up payment gateways in their accounting software for sometime, using PayPal (or Stripe or Braintree or many more in the US), for sometime. The downside, of course, is that you’re charged a fee each time your customer uses one of these services.

This is fine if you run an online shop, because you can incorporate the fee into the price of your products. It’s not so great if you offer professional or other services that may vary in price customer-to-customer, project-to-project. Hence, the PayPal-QuickBooks partnership was such a game changer.  

Online payments

Again, this option has been around for a while, with Xero and QuickBooks especially, but was only recently added to MYOB. It’s not dissimilar to the payment gateways feature we mentioned above, only it enables customers to pay your invoice securely and quickly directly from your invoice, with just the click of a button.

According to QuickBooks, this option has seen businesses paid two times faster than if they had to manually, by logging onto their internet banking and creating the payment themselves.

Mobile payments

These are the latest players in seamless payments, and they specifically relate to payments made by tapping or waving mobiles devices (smartphones, tablets, smartwatches) at a EFTPOS machine.

Currently, the Apple Pay is only available to AMEX customers, while Android Pay is available to customers of the ANZ, Bendigo Bank, Macquarie Bank and most credit unions.

If you accept credit card payments in person, and you’re EFTPOS terminal has the option for customers to tap or wave their cards to make a payment, you can also accept them from connected smart devices.

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Getting paid by your customers as quickly as possible is a crucial component of maintaining a healthy cash flow for your business.

This also forms the basis of any good credit management system.

If you need help with your credit management, ask your bookkeeper if they also provide this as a service, or search the National Bookkeeping directory to find a bookkeeper who does.

Request a Bookkeeping Quote

Bookkeeping Basics: Payroll and Paying People

EOFY is nearly here — can you manage payroll?

woman studying myob payroll xero payroll quickbooks payroll online training courseIN OUR FREE, EDUCATIONAL GUIDE, Bookkeeping Basics, we feature a section that briefly discusses payroll, which we thought was worthy of being expanded upon on here. You might also like to go back and revisit our other blog post that complements the guide, Bookkeeping Basics: Cash vs. Accrual Systems, if you haven’t already.

Paying your employees

Before you employ staff, you need to determine how they will be employed. Are you going to use casual or permanent employees? If you’re employing the latter, will they be employed on a full-time or part-time basis? As the business owner and employer, you must also ensure that you’re paying your staff the correct rate of pay, as well as any entitlements — such as, sick leave, annual leave, overtime, etc — that may be owed to them.

This blog post isn’t going to go into the intricacies of how to work out what you should pay your employees, nor will the Bookkeeping Basics guide, as it generally falls outside the scope of the role of a bookkeeper, however, you can use the Fair Work Ombudsman’s (FWO) Pay Calculator to work out the following:

  • Base pay rates
  • Allowances
  • Overtime and penalty rates
  • Pay rates per hour
  • Pay rates per shift
  • An employee’s employment status (i.e., full time, part time, casual).

Record keeping

If you employ staff under a modern award or agreement (virtually all Australian businesses do), you have a legal requirement to keep accurate and correct time and wage records, in addition to issuing payslips to all of your staff — failure to issue pay slips incurs harsh penalties if it comes to the attention of the Fair Work Ombudsman. You must also keep your each staff member’s time and wage records for, at least, seven years and make sure they’re stored somewhere that’s always accessible, should they ever need to be inspected.

Although you don’t have to keep all employee records, it’s best practice to keep the following records for seven years, even after the employee has left the business, in case they ever file a complaint with the Ombudsman or the Tax Office ever does an audit:

  • Employee resume and application details
  • Employee workplace performance records
  • Employee trade certificates or registration certificates.

For tax purposes, all employee and contractor records must be kept for five years, but most businesses keep them for seven years, in case an enquiry is made by the FWO.

Deducting tax from an employee’s pay

Under the Pay As You Go (PAYG) withholding rules, you are legally obliged to collect tax from employee payments so they can meet their end-of-year tax liabilities. In order to do so, you must first register with the ATO for PAYG withholding, which you can do online, over the phone or through your BAS or tax agent.

You must also provide your employees with a tax file declaration form, which you can also obtain from the ATO, and must be completed by an employee if they want to:

  • Claim an entitlement to tax offsets by having a reduced amount withheld from payments made to them
  • Advise you of changes to their:
    • tax-free threshold
    • residency status
    • HELP, Trade Support Loan or Financial Supplement debt.

You must then determine how much to withhold your employee’s pay, which you can do by referring to the ATO’s Tax Tables or the Tax Withheld Calculator.

If you have staff that are under 18 years of age

You do not have to withhold amounts from payments to employees under 18 years of age if those amounts are not more than:

  • $350 per week
  • $700 per fortnight
  • $1,517 per month.

Employees with HELP, TSL or Financial Supplement debts

If an employee has indicated they have a HELP, TSL or Financial Supplement debt, you should use the HELP/TSL or Student Financial Supplement Scheme tax table on the ATO website to work out how much extra to withhold for these debts. Add this to the amount withheld shown in the relevant tax table.

Your superannuation obligations

As an employer, you also have an obligation to make super contributions for each of your employees. You must also ensure that you:

  • Offer eligible employees a choice of super fund (temporary residents are eligible to choose)
  • Pay the minimum amount, called the super guarantee (SG), which is currently 9.5 per cent of ordinary time earnings
  • Make your super contributions on the required dates as set by the ATO.

If you don’t pay the super guarantee for your employees, you will have to pay the super guarantee charge, which is not tax deductible.

Which employees are eligible for the SG?

Generally speaking, all employees are eligible if they are paid $450 or more (before tax) in any calendar month. You must pay super for all employees who:

  • Are full-time, part-time or casual
  • Receive a super pension or annuity while still working — including those who qualify for the transition-to-retirement measure
  • Are a temporary resident — when they leave Australia, they can claim the payments you made through a ‘departing Australia superannuation payment’
  • Are a company director
  • Are a family member working in your business — provided they are eligible for SG
  • Are over 70 years of age
  • Some contractors, even if they quote an ABN — visit the FWO website for more information.

Final things to consider

Not all bookkeepers offer payroll services, because it can be time consuming and it’s always in flux (new software enters the fray, employees come and go, and each time that occurs, it results in more work). Additionally, the minimum wage is regularly reviewed and increased, which is something that needs to be monitored to ensure your employees continue to be paid correctly. If you decide to hire a bookkeeper to manage your accounting, and you’d also like them to handle your payroll, be sure to clarify how they’ll bill for payroll services and what your obligations are to ensure you’re not paying too much.

We provide online training courses in Payroll for MYOB, Xero Payroll and Quickbooks. Find out more about our industry-endorsed online training courses and videos.

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Need help managing your bookkeeping system?

the perfect administrative executive assistant office manager learn online courses trainingIf you’re looking for a reliable bookkeeper to manage your bookkeeping system, who also specialises in payroll services, is highly qualified, or even a registered BAS agent?

See our bookkeeping directory, National Bookkeeping, for more information on the hundreds of bookkeepers listed who are available to work all around Australia. 


Remember, you can download our educational guide, Bookkeeping Basics, for free from the EzyLearn website.


Online bookkeeping accounting training courses for CPD points

Find out more about Continuing Professional Development with EzyLearn