In its decade of existence, Facebook has built up a wealth of data about its users, data that it likes to sell back to those who need it, in the form of targeted advertising. Facebook advertising, though similar in its approach, is very different to Google Ads in what it delivers.
WE RECENTLY INTRODUCED our QuickBooks Online Daily Transactions Course because we can see that QuickBooks is fast becoming a serious and respected rival to the more established accounting software packages.
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. Continue reading QuickBooks Isn’t SuperStream Compliant, But It Doesn’t Matter!
FINDING PROSPECTS AND converting them into clients involves selling and most of us hate doing it, but wait…
For those of us in small business, be it as a bookkeeper, real estate agent, sales rep, virtual assistant or the like, most of us are selling every day of our lives.
This means we get pretty good at it. We develop techniques that we can replicate and that become part of our daily lives.
The process of selling is really no longer about selling per se; it becomes about a systemised process of:
As a business owner, one of the most frustrating things I come across is talking to a team member who stretches time out because they’re being paid by the hour! It’s not what I particularly wanted to write about today, but it relates to the good bookkeepers who are part of National Bookkeeping and a conversation we were having about doing such a good job you do yourself out of a job.
The best way to do yourself out of a bookkeeping job is to systemise the bookkeeping process to the extent that anyone can do the work!
My answer to that is systemise as much as you can because it makes you MORE valuable as the person to operate the system. The other reason I believe this is a good path for a bookkeeper is because many industry leaders believe that bookkeepers, and many other professionals, will be replaced by automated online systems and technology before long, and bookkeepers need to keep abreast of these changes otherwise they’ll be left behind.
Be Aware of the Ebbs and Flows of Your Business: Multi-Period Profit and Loss Reporting
Nearly every business has its busy periods and its quiet ones. Crucial to the success of a business is knowing when these busy periods and quiet ones occur, so you can capitalise on them.
For a lot of Australian businesses offering professional services, December through January is usually when business winds down for the year. In the hospitality and accommodation industry, however, it’s typically the busiest time of the year, so planning for increased business is essential. Continue reading Running Multi-Period Profit and Loss Statements
What To Do So You Don’t Lose Money When Doing Your BAS – 6 steps
If your business is registered for GST, it means you have to file regular activity statements with the ATO, usually each quarter. A lot of business owners export their Business Activity Statement (BAS) data straight from their accounting software, like MYOB or QuickBooks, and quickly prepare their BAS’ that way. But this is an imprecise method, and one that could be costing you money.
Reconciling Your Accounts Daily Gives a True Picture of Cash Flow
For a lot of business owners, just the thought of reconciling their accounts once a month is enough to make them go weak at the knees, never mind every day. Yet there are plenty of contract and remote bookkeepers who work for their clients each week, and some that work every day for the same client, reconciling their accounts and providing other vital bookkeeping services.
And they’re not just big businesses whose accounts are reconciled daily — plenty of small businesses do so too. In fact, with so many small businesses going asunder due to cash flow problems (often stemming from a lack of procedures in place for credit and debt management) it can be not only a cost-saver but a potential life-saver to your business. Continue reading Should You Reconcile Your Accounts Every Day?
Do You Have to Drop a Client Because of a Bad Credit Check?
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?
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?
I’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:
Money in the bank (cash asset)
Buy stock (inventory asset)
Products sold on account (accounts receivable asset – Trade Debtors)
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.
It’s that crazy time when the end of financial year TAX and quarterly BAS periods combine to cause compliance anxiety for business owners and managers if they don’t have a handle on their bookkeeping processes and accounts. This is often caused by not having the best team available for all the tasks required and I spent some time during the week speaking with Tracey our MYOB, Xero and Quickbooks Trainer from Rockingham in WA about the different levels of bookkeepers and whether they could complete tasks relating to a BAS Service. Here’s some of the information that I thought you’d find useful.
Getting receipts as evidence
The biggest issue that many bookkeepers experience is getting information from business owners, particularly small businesses that are stretched between:
the work they need to do every day
Keeping and filing the financial records like receipts
Getting the financial records to a bookkeeper or accountant
I’ve written in the past about the ways that small businesses file their receipts as well as cloud technology like Shoeboxed (who now seem to prefer selling their services to accountants and bookkeepers and have removed the educational video that demonstrated how the software works!), but Quickbooks Online has a downloadable app that enables business owners to capture a photo of each receipt for each transaction and if business owners utilise this function they can save a lot of money in data entry and evidence of expenses that could be expected as part of a BAS audit by a BAS agent.
BAS Audits, red flags and tricky GST codes
I’ve mentioned in a previous blog that you can hire a cheap bookkeeper to take care of your data entry and only use the services of a more expensive bookkeeper (ie. BAS agent) for purposes of confirmation of expenses and the GST components of these expenses. In this case a simple BAS audit involves witnessing these source documents to confirm that there is no error in calculating the money owed to the ATO. If you’ve had any of the following transactions you’ll probably need to pay close attention to the information in your BAS lodgement and mention them to your bookkeeper:
Purchasing a motor vehicle
Motor vehicle expenses
Real property purchase
Any purchase coded as a GST-Free transaction
Low value purchases (under $82.50) that are coded as GST free
I’ve written a lot about bank feeds in the past and included a blog post about how bank feeds work in MYOB and Xero. Bank feeds can be a real time saver because they automatically bring your bank transaction records into your accounting software, but Tracey mentioned that in MYOB you should bring them in BEFORE you do any reconciliation tasks otherwise you may need to undo any reconciliation work you’ve already done so watch out for that!
Need One-to-One training or a QuickFix on MYOB, Xero or Quickbooks?
We did a lot of one-to-one training when we operated our physical training centres in Sydney and the training was often completed at our training centre (because we had it!). Now I’m thrilled to advise that we’re helping local bookkeepers in your area deliver MYOB and Xero training according to our profession course structures! To learn more visit the National Bookkeeping training page. You’ll also discover that our bookkeepers area also available to fix problems or lack of knowledge with the QuickFix service so check that out.
Coming up..
Here is what we are currently working on and what will soon be published or made available at our LMS.
Guide to Credit Management (aspects of a business and your accounting software where you can tighten your credit management processes). We’re creating this guide in conjunction with the local bookkeeper at National Bookkeeping
Xero Course training material update (workbooks and videos are being updated and added as we speak so stay tuned for more announcements soon
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.
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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.
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