One thing is essential when you operate a small business with staff — that is your payroll obligations. I wrote about a hairdressing salon owner a few months ago who told me how easy payroll was to manage using a printed timesheet book. However, most tech-savvy people prefer to use software.
‘Social proof’ is testimonials, reviews and feedback of others, that vouches for the product or service we’re thinking of buying. Social proof backs up the fact that what we’re considering buying is what it says it is.
Come see some social proof about EzyLearn by meeting some students from the past few weeks — you just might have a lot in common with them.
IF YOU’RE RECEIVING the job alerts everyday — indeed, you may even have applied for some jobs already — but you’re still not getting called up for interview, then the following questions of doubt may be brewing:
Don’t you just love something new? Some entrepreneurs I know call it the “shiny object” syndrome because it means you’re always focusing your time and energy on something new, rather than doing the daily drudge work. But this is exciting.
I haven’t had a chance to speak with every registrant but this image shows the EzyLearn students who’ve completed our accounting & bookkeeping courses and would love to be tutors to help other students understand how the software is used in the real world.
You’ve spent hours fine-tuning your resume or CV and you go to SEEK or other job boards only to find that they ask if you want to write a cover letter. You don’t really, do you? But here’s why you need to.
If you’re looking for a job it’s a daunting process because you have to sell yourself to an employer and most people don’t have to do this very often. Parents returning from parenting can find it particularly daunting because they’ve found themselves surrounded by nappies, cleaning, cooking and washing and the thought of presenting themselves to other adults can be scary.
I’ve spoken to some EzyLearn students in the last couple weeks about our Accounting Course Tutor Initiative and have been impressed at how capable many of them (you) are!
Why smaller job sites are not always best for smaller, one-off jobs
WHILE AUSTRALIA HAS NO shortage of jobs sites, only one of them dominates the Australian job market: Seek. It’s the largest and most profitable job board in the country — and the operator of leading sites around the world, in China, Southeast Asia and Latin America.
In Australia, Seek controls 85 percent of the online recruitment market, with 173,000 job listings and average monthly traffic of 19.2 million visitors; nearest competing job board Indeed, the aggregator owned by Japan-based Recruit Holdings, has 106,000 listings and average monthly traffic of 9.3 million visitors.
But there are many smaller websites where accounting jobs can be found.
IT’S NEVER REALLY a good idea to work for new client or potential new clients for free, particularly if you’re an established business. But it’s also difficult getting a client to feel comfortable that you’ll do a good job for them, when they don’t know you from the proverbial bar of soap.
Aside from making you look professional and organised, it’ll also make your job easier because you’ve clearly outlined how you operate, what’s expected from the client in order for you to do your job, and what happens after you’ve finished your work.
For example, is BAS lodgement included in your fees, or is that additional? Do you follow up late payers on your client’s behalf or is that additional?
It’s a good idea to look at how much knowledge your new clients have of bookkeeping and the software you’ll be using (Xero, MYOB, QuickBooks, etc). Carry out some quick needs analysis during your consultation, so that if there are any areas they are unfamiliar with you’re both prepared and able to give them a quick overview. Further, in-depth training is a potential source of additional revenue, so be careful not to spend too much time here. All of this will help you form your bookkeeping business strategy and, in particular, ensure your rates are competitive, yet sustainable.
If you’d like to start a bookkeeping business, then visit our online bookkeeping directory, National Bookkeeping. You can find information about how to start your own bookkeeping business, promote yourself through our directory or become a licensee.
In the past, most industry associations would refer BAS agents to a number of partner training organisations that provided relevant training courses. However, industry associations, such as the ICB, have increasingly started running their own training courses, both online and in-person.
CPA’s conflict of interest
Although the TPB provides guidelines for the types of training courses that will be accepted as evidence of CPD, industry associations still possess a considerable amount of oversight. If a BAS agent is a member of an industry association, the TPB doesn’t question their CPD training because it’s supposedly been approved by the industry association.
Recently, questions have been raised about CPA Australia’s potential conflict of interest as the organisation also operates a financial planning business, CPA Advice, as an affiliate of the industry body.
But new rules that will come into effect in 2024 stipulate that to provide financial advice, you must be a member of a monitoring body or professional association (such as CPA Australia), but that the professional association cannot be an Australian Financial Services licensee or an affiliate of a licensee.
Is providing and overseeing CPD training a conflict?
EzyLearn, until very recently, used to be an ICB partner. When the ICB started offering their own training courses, their promotion of partner training providers, like EzyLearn, reduced considerably in favour of promoting their own training courses and seminars.
In other words, in many ways, the ICB started competing with their partner organisations. Our return on investment (ROI) had never been great anyway, so EzyLearn decided to cancel our corporate sponsorship as it seemed the ICB had a conflict of interest. Although the TPB may not see it that way.
What about the Business Support Program?
For $396 a year, the ICB also offers businesses that do not have a bookkeeper doing their books, access to training materials and information on how they can manage their own bookkeeping on their own without a bookkeeper.
That’s despite charging BAS agents and bookkeepers as much as $480 annually in membership fees, which they promise will help them to get clients — and the sponsorship fees to partner training providers that provide the same or similar services.
Membership with an industry association is not compulsory
Joining an industry association can be incredibly useful, but membership is not compulsory. And as industry associations try to find new ways to extract revenue from the industry — through paid memberships, sponsorships, training courses and even undercutting their members and sponsors by directly offering services which help businesses do their own bookkeeping — they stop being a critical resource for professional bookkeepers and BAS agents working in the industry.
Instead, bookkeepers and BAS agents can complete their CPD training anywhere. For $175 a year (or $15 per month), EzyLearn offers a membership called the Bookkeeping Academy, which gives members access to a complete library of content, including instructional videos, on how to carry out common bookkeeping tasks in MYOB, QuickBooks and Xero. Visit the Bookkeeping Academy website for more information.
NOT SO LONG AGO, bookkeepers and accountants only had to learn to work with one accounting program. That was back when MYOB, the market leader, had a strangle-hold on the industry, and though a few alternatives – Reckon, Quickbooks – tried to squeeze out a space for themselves, MYOB was too embedded in the accounting industry.
But the rise of cloud accounting has changed all that. Besides the reinvention of a couple of old brands (QuickBooks and Reckon – though the latter has exited the market again), it’s also birthed a new market leader in Xero, which now has more paid member accounts in Australia and New Zealand than arch rival MYOB.
A number of smaller players to have entered market, too. There’s Zoho, which has built an entire suite of productivity apps; and straightforward cloud accounting programs, such as Saasu and Freshbooks – to name only a few.
There was no big, expensive outlay to buy the software – Xero offers a free trial, after all – and for the most part, setting up a Xero account, creating invoices, estimates and recording expenses was remarkably easy.
Many bookkeepers, who had been working with MYOB, quickly started offering bookkeeping services in Xero, and there are many more who work exclusively in Xero.
These bookkeepers are usually part of the Xero Partner program, but there are some that just prefer using Xero because it’s cheaper and easier for their clients to use, which makes their job a lot easier.
Most bookkeepers are diversifying, not just in the services they offer (from only providing daily reconciliations services to providing BAS, payroll and credit management services) but also the programs they work with.
Many highly skilled bookkeepers not only work in MYOB and Xero, but some also work in larger enterprise reporting systems, such as Oracle and SAP.
Doing so enables, predominantly contract bookkeepers, to work with a range of different businesses and increase their income.
Even bookkeepers who don’t work with large enterprise reporting systems, but who do work with the major accounting programs Xero, MYOB and QuickBooks, are still able to increase their earning potential.
Learn the major accounting programs for one low price!
We are constantly updating our Special Offers page to include a variety of combination deals on our online training courses to provide established bookkeepers and would-be bookkeepers with the most training material for the lowest price.
In one of our current special offers, students who enrol in our MYOB AccountRight and Xero online courses will also receive QuickBooks Online and MYOB Essentials online courses FOR FREE.
Remember, becoming proficient in a number of different software packages takes you a long way towards being able to offer diverse services to your clients. Then you only have to decide which services to offer — BAS, payroll, credit management — or perhaps all three and more? One you know what you can offer your clients, you’re well on your way to operating a successful bookkeeping business.