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The 3 Tell-Tale Signs Your Bookkeeper Isn’t Paying Attention

Are You Getting the Best from Your Bookkeeper?

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You don’t need to be a whizz at bookkeeping to recognise when your bookkeeper isn’t prioritising your business.

MANY BUSINESS OWNERS LACK an in-depth knowledge of the bookkeeping process so they hire a bookkeeper to manage it for them.

But this can also make it hard to know whether the bookkeeper they’ve hired is paying close attention to their business’ books or not.

Ricky is a tertiary qualified bookkeepers from Blacktown in NSW, and he reveals there are three tell-tale signs your bookkeeper isn’t paying attention. Continue reading The 3 Tell-Tale Signs Your Bookkeeper Isn’t Paying Attention

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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?

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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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Is Credit Management Just About Getting on the Phone?

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It’s Good Business to Set Out Your Credit Management Policy at the Outset

CRITICAL TO THE SUCCESS OF ANY BUSINESS is the ability to maintain a healthy cash flow. But doing so requires effective credit management processes.

Unfortunately, too many business owners feel uncomfortable talking about credit and debt management upfront with new clients.

They (falsely) believe it begins if, and when, a customer doesn’t pay a bill. But, in fact, credit management starts much, much earlier than that — long before the two businesses even agree to work with each other, to be precise.   Continue reading Is Credit Management Just About Getting on the Phone?

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Bad Payers Cost 12 Working Days to Collect $13,200

Credit Management is an Extra Job

credit-management-training-assessment-management-and-enforcementI’ve always believed that as soon as you offer credit you’ve got yourself another business – a credit management business. When we first created our MYOB Daily Transactions course we designed it to take students through the cashflow process of where money goes when it first leaves your bank account and these are the main steps:

  1. Money in the bank (cash asset)
  2. Buy stock (inventory asset)
  3. Products sold on account (accounts receivable asset – Trade Debtors)
  4. Customer pays their account (cash asset)

The interesting part of this business process to me is the marketing (choosing the products, pricing, marketing message and advertising) and the credit management to get the money back. Each of these stages and their tasks carry a certain amount of risk but the credit risk part is actually something you can manage to try to eliminate altogether, but it takes work and a system.

Well the good news is that we’ve created a Credit Management Training Guide that goes through the different parts of your business where you can put measures in place to reduce this risk significantly – even if you are in the trades or building industry.

Credit Management is a Job for Contractors

credit-management-accounts-receivable-payable-and-data-entry-are-jobs-for-contractors-with-their-own-bookkeeping-businessMany tasks in businesses these days is actually contracted out to independent contractors because of the flexibility and credit management is a great example because it can be performed a day a week (for smaller businesses) and it can even be performed by a remote contractor (virtual assistant) working from their own home office. See Credit Management Services at Natbooks! 

Since we’ve started working with local bookkeepers at National Bookkeeping we’ve realised that credit management and daily transactions type work is by far the most common form of task performed by a bookkeeper. The rate of pay for bookkeepers performing this work is generally lower, but it’s a great option for people like working mums or dads who want to fit their work into their children’s school schedules as well as corporate accountants who want to make a start on their own bookkeeping business in their local area.

The corporate accountants or accounts managers we speak with often start performing this work in their new bookkeeping business but as their business grows they fill this position with a contractor of their own. Pre Qualify to join National Bookkeeping

Paypal and Quickbooks

Quickbooks Online is back and they want to beat MYOB and Xero
Stop tearing your hair out chasing money 

Last year I wrote about the joint venture between Quickbooks (Intuit) and Paypal and how they want to help businesses get paid faster. They commissioned a study last year found that Australian small businesses are owed a collective $26 million in unpaid invoices. That’s roughly $13,200 owed to each business at any given time, for which business owners will spend an average of 12 days chasing them each year.

It’s a lot of time and effort to earn that kind of money particularly if you’ve actually already earned it by supplying your products and services!

Check out our Credit Management information page and watch out for the announcement when we include it as a student inclusion for ALL students. We created this guide to help businesses use their accounting software to better manage the credit risk in their business. We’ve included information for builders and contractors about the Security of Payments Act.

 

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How Do You Earn $80 Per Hour as a MYOB Bookkeeper?

How much can you earn as a MYOB Bookkeeper?

FOR ANYBODY WHO DECIDES to be self-employed and own their own business, or who is doing so already, the question of how to match the hourly rate of someone working on salary while working in your pyjamas is one that frequently goes unanswered.

But ponder no more.

If you’re well versed in the advanced features of MYOB, Xero or Quickbooks, possess an accounting qualification and can operate your business as an independent contractor, you’re well on your way to earning the big bucks as a bookkeeping consultant.

Specialist skills earn you more money

Currently, bookkeepers with a good understanding of things like time billing, job reporting and forecasting, advanced payroll, end-of-period transactions and journal entries, as well as Australian tax, are highly sought after by other businesses to work as consultants.

Of course, you could also carve out a niche specialty for yourself if you happen to be highly skilled in a particular sector or industry.

MYOB Training Online

Our MYOB courses (offered for one low price and include lifetime access) cover 85% of the MYOB skills the majority of MYOB bookkeepers require to perform most bookkeeping tasks. For everything else, however, it’s a good idea to engage the services of a specialist who can provide a solution to your specific needs.

We also provide in-depth online training courses in Xero, Quickbooks, Small Business Management and start up and social media.


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At EzyLearn we include all versions of a software program in our training courses. When you enrol in Lifetime Course Access you get access to ALL versions and ALL FUTURE VERSIONS as we continually update them — at no extra cost!