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The Lowdown on the National Accreditation of Software Training Courses

What is a nationally accredited bookkeeping course?

walking on a pathway to a profession with a nationally accredited online training in bookkeeping courses
If your training is deemed a pathway to a profession you may be able to get national accreditation for your course.

EZYLEARN IS OFTEN ASKED whether our Xero, MYOB or QuickBooks training courses are nationally accredited bookkeeping courses.

They’re not. In fact, there’s no nationally accredited training course for Xero, MYOB, QuickBooks or any other accounting software.

That’s because software skills are all the same, regardless of the program you’re using. (You won’t find any “nationally accredited” training courses for Adobe Photoshop or WordPress or Microsoft Office either.)

Nationally accredited training courses are for professions

The government only grants accreditation to training courses for professions, not individual skills. In other words, a Certificate IV in Financial Services is nationally accredited because it’s a pathway to a profession.

For an institution to offer nationally accredited training courses, it must be a registered training organisation (RTO), which means they comply with a number of requirements set by the government, and they keep up that compliance to maintain their accreditation. You can read more about RTOs at the national accreditation page of our website.

BAS agents can complete CPD anywhere

For six years, until part way through 2018, EzyLearn was an Institute of Certified Bookkeepers (ICB)-accredited training organisation.

Bookkeeping industry accredited accreditation associations companiesThat meant that students could complete an EzyLearn course and get a free ICB student membership. The ICB charged us $1,200 a year, which we thought was a good investment, as it gave aspiring BAS agents a foot-in-the-door with an industry organisation, so they could continue their career development.

However, during our six-year stint as an accredited training provider with ICB we came to realise that very few students ever joined the ICB. And the ICB referred very little traffic to our site. Furthermore, we don’t need to partner with, or be recognised by, an industry association to provide CPD training.

BAS agents can complete their CPD training at any training provider, so long as the training is approved by the TPB — which is pretty much anything that relates to being a BAS agent. That includes things like Excel and Word training. (BAS agents should just make sure to keep a log of their training, in case the TPB ever requests it.)

Is industry association-accredited training really any better?

For the six years EzyLearn was an ICB-accredited training provider, our organisation was never assessed, nor were are training courses ever evaluated or reviewed. The ICB is one of the industry’s leading associations.

woman wondering whether national accreditation makes for a better online training course
During the 6 years EzyLearn was a “nationally accredited” by the Institute of Certified Bookkeepers (ICB), our courses were never evaluated or assessed by this organisation in any way.

Because we provided relevant training, the onus was on EzyLearn to ensure that students completed our training courses with the skills they needed to provide MYOB, Xero or QuickBooks bookkeeping services to their clients.

Since we ceased being an ICB-accredited training provider, our course content hasn’t changed — well it has actually; it’s gotten better as it continues to always get better because we continue to keep adding new modules and courses to our Xero and MYOB training. But the standard of training hasn’t slipped — it, too, has only gotten better.

CPD is mandatory, but industry associations aren’t

Industry associations are a great idea, but it’s not mandatory for BAS agents to join them. As long as you keep up your CPD to remain certified by the Tax Practitioners Board (CPD), you may not find any need to join an industry association.

Unless you would like discounts off in-person training and seminars and a discounted subscription to an industry publication or journal, you can completed all of your CPD hours with online training courses, just like the EzyLearn CPD courses.

Practitioner-endorsed training courses

We found that, rather than spend $1,200 a year to be “accredited” by the ICB — or any industry association, for that matter — we’d rather become endorsed by BAS agents. By providing practitioner-endorsed training courses, it means our content is grounded in the real world. Anything a BAS agent would be required to do in MYOB, Xero or QuickBooks for a client, is included in our training courses, making them more relevant and more practical to students.

For people who choose our training courses offering lifetime access, they can go back a review different modules whenever they like — whether it’s a month, six months or two years later! Visit our website to learn more about our lifetime access courses.

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EzyLearn’s online training courses are accredited by BAS agents, accountants and bookkeepers — those we deem to be the industry’s “high water mark” for bookkeeping work. These people are the highest qualified individuals operating in the accounting and bookkeeping space. If they believe the content of our courses is genuinely of high quality and relevant to the bookkeeping world, then this is the accreditation that we trust will give you peace of mind as well. 

I found the EzyLearn Xero course great — a comprehensive step-by-step learning tool to add to my resume and a new tool to use in my Bookkeeping Practice.”
— Patricia Darby
Registered BAS Agent and Bookkeeper, High Quality Bookkeeping
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What’s the Role of Industry Associations for BAS Agents?

Bookkeeping industry accredited accreditation associations companies

An industry association membership may be just what you need

a registered BAS agent wanting to join an industry association
Joining an industry association can help towards things like CPD points, but it pays to make sure you’re getting market rate for any courses and that the ongoing fees are of benefit to you.

IF YOU LIKE BOOKKEEPING, but you’d like to provide additional services to your clients, the next step is to become a BAS agent. BAS agents provide businesses with a range of services, including the lodgement of business activity statements, registering and advice on all GST matters, assistance with PAYG, and a number of other services.

There are a number of requirements to becoming a registered BAS agent. For starters, you need at least a Certificate IV in Financial Services, and then you need to have supervised experience working as a BAS agent so that you can become certified by the Tax Practitioners Board (TPB). (If you’re not TPB certified, you can’t work independently as an unsupervised BAS agent.)

How industry associations help

There are a number of recognised bookkeeping industry associations in Australia. To register with the TPB, you must have a minimum of 1,400 hours of supervised experience with another BAS agent, unless you’re a member of an industry organisation — then you only need 1,000 hours of supervised experience.

Industry associations help BAS agents keep abreast of changes to the industry, including new legislation that make affect clients, as well as change to the Act that may affect BAS agents. They also administer or oversee continuing professional development (CPD) training, which the TPB requires BAS agents to undertake each year to keep their certification and continue working in the industry.

Industry associations BAS agents can join

Bookkeeping industry accredited accreditation associations companies

There are a number of industry associations a BAS agent (or aspiring BAS agent) can join, each with different membership requirements and joining fees. They include:

  • Association of Accounting Technicians — affiliate members must have Certificate IV in Financial Services or at least two years experience and no formal qualifications; membership fees: $295 for three months ($1,180 per year).
  • Australian Bookkeepers Network — no requirements to join; membership fees: $462 annually.
  • Institute of Certified Bookkeepers —  Affiliate members must have Certificate IV in Financial Services or complete an ICB assessment; membership fees: $264 annually. (After achieving 12 months experience Affiliates can become Associate members; membership fees for contractors $432 annually.)

Other industry associations BAS agents can join, include:

  • Association of Chartered Certified Accountants ANZ
  • Chartered Accountants ANZ
  • CPA Australia
  • Institute of Public Accountants
  • New Zealand Institute of Chartered Accountants (NZICA)

Industry associations and CPD training

A key reason to join an industry association is to gain access to training that goes towards your mandatory continuing professional development (CPD) points, which every individual working in the financial services industry — whether they’re bookkeepers, BAS agents, accountants or financial advisors — must complete annually. We have written before about the type of education the TPB requires in order to get your CPD points.

Many associations run their own webinars and in-person seminars (for an additional fee), which count towards your CPD hours. (BAS agents must complete 45 hours of CPD over a three year period.) Some of them will help you with the running of your own bookkeeping business, while others will take you through new trends in bookkeeping (single touch payroll) or changes to the Act and relevant legislation.

BAS agents can also complete software training, in MYOB, Xero or Quickbooks, as well as Microsoft Excel or Word training; they can even complete cyber security training, so long as it’s approved by the TPB.

Each time you complete a webinar or some other form of approved CPD training, it’ll be counted towards your CPD hours. You can also complete CPD training through an accredited training organisation. (Check with your industry organisation to see which training institutions you can learn with.)

Choosing an industry association

Not all industry associations are the same. Some are geared more towards the accounting industry (CPA, Chartered Accountants ANZ, etcetera) and accountants; others cater specifically to bookkeepers. Even within the group of associations that cater only to bookkeepers, some provide a range of services (updates on the industry, CPD training), while others offer very little (discounts on professional indemnity, a newsletter).

As the old saying goes, you get what you pay for. If you want to pay very little, you’ll get very little in return from your industry association. But that doesn’t mean you need to spend a lot either. Have a look at a few of the associations we’ve listed above, and see which one suits you best.

The Association of Accounting Technicians offers affiliate memberships, which provides affiliates with access to a number of discounted fees on training courses to help them develop their skills and progress to a “member” level membership — and then register as a BAS agent with the TPB at the reduced 1,000 hours of experience concession.

EzyLearn Online Course CPD points for bookkeepers and marketing professionals

Join the Bookkeeping Academy for CPD Points

Industry Associations can offer discounts on professional indemnity insurance and bookkeeping journals and publications. And they offer a range of online webinars to help members get their CPD hours up but you just have to demonstrate continuing education to keep you your CPD requirements.

Bookkeeping Academy membership information

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EzyLearn’s online training courses are accredited by BAS agents, accountants and bookkeepers — those we deem to be the industry’s “high water mark” for bookkeeping work. These people are the highest qualified individuals operating in the accounting and bookkeeping space. If they believe the content of our courses is genuinely of high quality and relevant to the bookkeeping world, then this is the accreditation that should give our students peace of mind. 

I found the EzyLearn Xero course great — a comprehensive step-by-step learning tool to add to my resume and a new tool to use in my Bookkeeping Practice.”
— Patricia Darby
Registered BAS Agent and Bookkeeper, High Quality Bookkeeping
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What’s The Difference between LIFETIME Access and Lifelong Learning?

We’re here to help you learn FOR LIFE!

lifelong learning platform woman online learning for lifeWE HAVE TALKED about lifelong learning in a previous post; lifelong learning being the concept of learning as an ongoing exercise that individuals should undertake throughout their lifetimes, in order to remain productive and engaged members of society. In other words, learning never stops.

Lifelong learning is particularly important in the workplace, where the rates of technological advancement threaten to wipe out entire professions and replace them with new ones. We’ve talked about Xero’s newly announced lifelong learning platform, which launched in November 2017, in partnership with Swinburne University (for Australia and New Zealand). A full global roll out is expected in 2018. 

We are also thrilled to announce our new Lifelong Learning Hub for all EzyLearn students to access. It is part of our Additions and Updates policy and all students who have signed up for Lifetime Access since 2013, and all students within their 12-month access period, can access the following:

Lifelong learning is a theory, not a platform

Xero’s Lifelong Learning Platform is clever, but it’s a misnomer since “lifelong learning”, as a concept, doesn’t relate to a single pursuit (accounting or finance), but rather an individual’s entire attitude toward learning and how they learn.

If you haven’t already, I recommend you go back and read our post about lifelong learning, specifically the section on the four pillars of learning, which outlines four key types of learning – another topic we’ve covered at length in the past.

Xero’s lifelong learning platform offers just one pillar (learning to do) of lifelong learning, not a framework to engaging in lifelong learning, the concept.

Lifetime Access is what it says it is

Have you ever gone to re-watch a movie or TV show on Netflix and discovered that it’s been removed from the Netflix library to make way for other titles? Good thing, you’ve seen it already.

The same happens at educational institutions that have to update or make way for a new course, and so they purge their content and course offerings. (Just try and find a TAFE that teaches shorthand nowadays, even though it remains a sought-after skill in a lot of professions.)

If you’ve already taken a now-deleted course, the good news is that you’ve learned those skills already. The bad news is that you can’t go back and brush up on them. The ever worse news is that you have to start a new course from scratch if you want to build on your existing skills with the update content.

That’s where EzyLearn’s Lifetime Access training courses are different. When you enrol in a training course with lifetime access, you have access to every version of that training course for life. When we update our course content, we continue to provide you with access to previous content (which includes older versions of the software), so you can go back and refresh your skills.

Lifetime Access for CPD points

As Continuing Professional Development (CPD) is a requirement for most professions today, but particularly for bookkeepers and BAS agents, the Bookkeeping Academy’s training courses with lifetime access are also recognised by the ICB, so you get your CPD points and access to all of our course content for as long as you need it — for one, low price.

Help us provide better courses

If you join the EzyLearn Beta Club, you get access to our courses that are still in development, giving you the opportunity to learn new skills before other students, and provide feedback on the types of exercises and scenarios you’d like to see in our courses.

Our Beta Club courses are important to us because we get to hone our course content based on feedback from students while the courses are still in development. This saves us lots of time, particularly if the feedback from students means we take the course in a substantially different direction.

It also benefits our students and partners who get the content before it’s officially launched, and can request content that covers areas of business relevant to them and their clients. This helps students and partners stay ahead of industry trends, and become experts before the courses are officially rolled out.

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EzyLearn already has a number of training courses currently in beta and available to our Beta Club members. Visit our website for more information on Lifetime Access training courses and our Beta Club.

 

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New Tax Concessions for Small Business

Four big changes to small biz tax concessions

ato tax concessions for small business under $25mAS YOU MAY BE AWARE, each year the ATO updates the tax concessions for businesses. This is usually the result of a budget measure being passed by the Government. Other times it’s due to the ATO simplifying the tax processes for businesses.

For the financial year ending June 30, 2018 (FY17/18), there have been four big changes that affect small business. In particular, how a small business is defined, which lowers the tax rates for more Australian businesses.

Small business threshold increases to $25m

The threshold for how a small business is defined was increased to an aggregated turnover of $25 million. Aggregated turned over includes any other form of income associated with the main business — i.e., shares on the stock market, revenue-generating property owned by the business, shareholdings in other companies, and so on.

Providing your aggregated turnover is below $25 million, your business is eligible for the company tax rate of 27.5 percent.

In the financial year ending June 30, 2019 (FY18/19), the turnover threshold will increase to $50 million, while the company tax rate will progressively decrease until it reaches 25 percent by FY26/27.

Instant asset write-off

The instant $20,000 asset write-off threshold has been extended until June 30, 2018, which means any computers, vehicles, furnishings or other assets purchased for your business between July 1, 2017 and 30 June, 2018 can be deducted immediately.

This deduction can be used for any asset that costs less than $20,000, whether new or secondhand.

Professional expenses deductions for startups

Startups can immediately deduct any profession, accounting, legal advice in the year it was incurred. For instance, a person who, in the process of setting up a cafe, hires a consultant to determine a suitable location for the business, may deduct the consultant’s fees in the year they incurred. This is true even for an established business that is setting up a new business, unrelated to their existing one.

For example, the cafe owner may already operate a restaurant. As long as the cafe doesn’t share the same name and is independent of the cafe, the fees may be deducted. If the new cafe was an expansion on the existing business, the deductions wouldn’t apply.

Immediate deductions for prepaid expenses

You can now claim an immediate deduction for prepaid expenses where the payment covers a period of up to 12 months and ends in the next financial year. If you took out a 12 month lease on premises for your business and paid 12 months rent upfront, the deduction would apply. It wouldn’t apply, however, if you signed a 24 month lease, as the service period is greater than 12 months.

Small business restructure rollover

Small businesses can now change the legal structure of their business — from partnership to a company, for example — without incurring any income liability when the assets are transferred from the partnership to the company.

This rollover applies to any active asset, whether they’re CGT assets, stock, revenue assets or depreciating assets.

In changing the structure of a partnership to a company, the rollover only applies where there is no change in economic ownership. For example, if a husband and wife decide to change the structure of their caravan park to a company, and both husband and wife remain equal shareholders in the business.

The rollover wouldn’t apply, however, if a third person became a shareholder in the company or the shares were distributed unevenly between husband and wife. Both would constitute an economic change in the ownership of any assets, even though they’re a couple.

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We’ll keep you informed of new and emerging technologies that help you do business better. As part of our Updates and Additions policy, any new content we add is yours’ FOR FREE as a current EzyLearn student. 

Interested in finding out about more Xero-integrated apps to help you manage your project more efficiently? See our recent blogs where we review for you and come up with a list of pros, cons and prices: Best Xero-Integrated Time Management Apps and Best Xero-Integrated Project Management Apps and the Best Xero-Integrated Document Management Platforms.

 

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Why Do You Want Xero and MYOB for Free?

If money is an issue there are alternatives when it comes to accounting software programs

WaveApps Transaction journal in the free accounting software competitors to Xero, QuickBooks Online and MYOB with receipt scanning built inWE’RE OFTEN ASKED whether Xero, MYOB and QuickBooks software is provided free with our training courses.

Unfortunately, we’re not given free access to accounting software, so we can’t pass free software access onto our students either. However, we do let you know where you can access trial or student versions while you complete our courses.

It made me wonder: Who’s driving the demand for these programs? It turns out, it’s usually someone’s bookkeeper or accountant recommending them. And this is usually because they’ve done a training course and learnt how to use one or more of the major accounting packages.

Does your bookkeeper or accountant disclose whether they’re earning a commission?

Some bookkeepers take a 15 percent cut of the monthly subscription fee because they’re a certified MYOB / Xero / QuickBooks consultant — and that’s why they recommend a particular package. I personally think that bookkeepers or BAS agents who do this should disclose that they are earning an ongoing commission — just as real estate agents need to make these declarations in their agency agreements.

Businesses don’t know any alternatives  

It also happens that a lot of business owners don’t know about alternative accounting packages. Therefore they simply choose the brand name they’ve heard about the most. I discovered this with real estate agents when it comes to who they choose for their social media marketing services — most of them ask what software or which person Joe Blow uses and then assume it’s good enough for them.

Selecting an accounting package to use is often one of the first things a new business owner does. At this stage, however, they may not even be aware of what they require from an accounting package; never mind what sorts of alternatives they should be looking at. When first starting out, they’re just anxious to be able to invoice and get paid by their first client.

Freshbooks, Zoho, WaveApps alternatives to Xero & QuickBooks Online

Three low cost alternatives to the “three brand names”

Zoho, Freshbooks and Wave are three other accounting packages that are either free or very inexpensive.

These three also include many of the same features you’ll find in the three big name accounting packages — MYOB, Xero and QuickBooks.

Zoho: Free invoicing software allows one user, invoice up to five customers; paid subscriptions from $7 U.S. per month; add extra features (expenses, subscription management, inventory management) as required. Pricing for Zoho Books, the complete accounting package, start at $9 U.S. per month for 2 users, 50 contacts, 5 automated workflows.

Freshbooks: Complete accounting software includes unlimited invoices, accept online and credit card payments, multiple devices, reports, payment reminders, notifications when clients have received, viewed, paid invoices; pricing starts at $15 U.S. per month for 5 active contacts (customers).

Wave: Forever free invoicing and accounting software includes unlimited estimates and invoices, generate reports, scan receipts, bank feeds (accounting package), and more; accept credit card and online payments for a fee (1.75 percent for ever 30 cents AUD); payroll $36 AUD per month.

Consider your business needs first

We recommend either Wave or Zoho for small but growing businesses, looking for a cheap or free accounting solution. Wave, in particular, provides a fairly robust accounting package that’s entirely free, and remains so if you don’t intend to take credit card or online payments (lots of businesses do, but many more don’t). In fact, they even have their own smartphone apps to capture receipts and create invoices while you’re at a clients!

If you anticipate you might want to add other productivity apps, like a CRM, inventory management, IT helpdesk, recruitment tools, or collaborate in a team project, Zoho is a good place to start, as these features can be turned on and off as required.

Of course, these accounting packages are rarely used or recommended by accountants or bookkeepers, who prefer to work with Xero, MYOB or QuickBooks because they provide the functionality needed to complete and lodge activity statements. If you’ll be working with a bookkeeper or accountant, it’s best to stick with one of the brand name three.

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If you need training in MYOB, Xero and QuickBooks, our online training courses will show you how to set up and use various aspects of the software. More importantly, they will take you through detailed case studies where you can enter all the transactions performed by various different business types eg. professional services, trades and even the sale of inventory products. Visit our website for more information or to enrol.

 

Ref: #715

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The Best Xero-Integrated CRMs

How can you provide great customer service? Consistently?

IF YOU ARE LIKE most businesses, you’re probably communicating with your customers and clients via multiple touch points — email, social media, phone calls, chat bots. But how are you keeping track of all these interactions?

A while back I wrote a blog asking the question whether MYOB is, in fact, a CRM and which CRMs I found to be the best and why. It’s worth a read if you want to familiarise yourself with exactly what it is CRMs can do for you and your business.

Continue reading The Best Xero-Integrated CRMs
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$99 MYOB Course: Intro, Intermediate, Payroll – ALL FOR $99!?

Mr Ed a horse is not just a horse and an online course is not just an online course

When a training course is not really a training course…

WE REGULARLY PARTAKE in competitive analysis so we can keep giving you top quality online training courses for the best value out there, and in doing so, I found an online offer for not just one, but THREE levels of MYOB — Intro, Intermediate and Payroll OR ALL THREE for $99.

Not mentioning any names; we’re not in the business of naming and shaming and, besides, you can search the deal easily enough online yourself, but it prompted me to put out a reminder that not all courses are created equal.

Not all training courses are the same

I guess it’s obvious to some degree, but many of us are still misled by marketing, and sometimes what’s packaged to the customer as an online training course, is simply a pile of videos (and not even featuring current and up-to-date software versions, either!) all plonked together. You know what, you can get this, and possibly more, directly off You Tube for free!

Using old versions of the accounting software

myob logo online myob training course videosThere are many online courses available for cheap prices, but many of these same courses are not providing training on the latest version of software packages. A quick scan of the fine print shows that this particular $99 MYOB deal is training you on Version 19 of MYOB. This dates back to 2010, which in any one’s language, is very old. Very, very old.

As part of our suite of online MYOB courses, we include access to our old “archived” courses where we use version 19 of MYOB; only for the benefit of those people who still use it and don’t need features like payroll, super and other added features that you’d expect to get after 8 or so years of software development.

What’s retail price anyway?

Box saying If its too good to be true read the fine print for online training courses

Another thing to be wary of is “retail price” comparisons. Plenty of these may be legit, but there are others out there who deliberately distort the truth or make a current cheap offer seem far more appealing by comparing their cheap price to a retail price that isn’t really indicative of what’s on offer out there online.

Make sure you’re talking “courses for courses” and that the retail price comparison isn’t looking at prices from half a decade ago or thereabouts. The price of online training courses is a forever shifting thing, so do your research!

What your online training course should include

In our books, an online training course that’s actually going to deliver results for you should come with these ingredients at the very least:

  1. A detailed workbook to supplement your training and absorption
  2. Knowledge reviews, quizzes and tests (so you can see how you’re absorbing information as you go)
  3. Certificate of completion option formally stating what you’ve achieved
  4. Case studies that keep the content based in real-world scenarios and ensure you’re learning things that will be practical in real-life circumstances and situations
  5. Responsive email and phone student support for all queries
  6. Money-back guarantee; if you’re not happy with the course content, or it’s not what you thought it would be, you shouldn’t be stuffed around in the fine print by not getting a full refund, (no matter how small the amount you’ve originally paid).

The training course should feature the training on the software as it is in its current version and this training, or training videos, workbooks, whatever, should be provided in an order that’s been carefully considered, trialled and tested.

Oh, and some testimonials by real people vouching for the effectiveness, quality and professionalism of the course content and course content provider is pretty important too. Then there’s CPD point accreditation, access to lifelong learning platforms, the option to get lifetime course membership to course content so you’ll always get updates at no extra cost and have an “after course resource” … yep, don’t get me started, courses simply ain’t all the same and you usually pay for what you get (though I think we’re super cost-effective by those standards!)

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People say “if it sounds too good to be true, it probably is”. This isn’t always the case, and sometimes excellent opportunities in life seem, at first, too good to be true. But when it comes to online MYOB courses for $99 or $29 or $69 or whatever the probably-too-good-to-be-true price point is, just make sure you’re getting apples for apples, or courses for courses, or horses for horses, Mr Ed.

Mr Ed a horse is not just a horse and an online course is not just an online course

You can watch some FREE MYOB course videos? Scroll through our freebies list of online training videos that you can watch without charge or obligation and subscribe to our blog to get updates to more free videos as we’re adding them all the time. Or check out our special offers page to see what discounts we’re giving at the moment or online training courses in MYOB, Xero, Excel and many others.

Online bookkeeping accounting training courses for CPD points

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The Best Xero-Integrated Document Management Platforms

best xero integrated proposal quote software learn xero online learning training course videos

‘Seal the deal’ with a beautiful proposal

best xero integrated proposal quote software learn xero online learning training course videos
Sometimes it’s all in the proposal: win over your clients by presenting them with your value proposition in a way that not only looks professional and competitive; but that you can also track online.

FOR MANY BUSINESSES sending quotes and estimates to prospects doesn’t accurately describe the work you’ll be providing them.

Sometimes it’s because you’ll be providing an ongoing service or solution to a business problem — property management, content marketing, bookkeeping — and other times it’s because your business will be competing with others in a public tender.

In these instances, you’ll need to send a proposal to potential clients to explain your value proposition and how you’ll solve their business problem. Rather than sending a proposal in a Word document that you can’t track, use a cloud-based document management platform.

Here are some popular Xero CRM Integrations.

Continue reading The Best Xero-Integrated Document Management Platforms
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What is BOMA?

Could the future be fully automated marketing campaigns with Xero’s pal, BOMA?

XERO HQ BOMA learn xero online learning training course videosXERO HAS A NEW bookkeeper and accountant platform, Xero HQ, which is available to Xero Partners, and includes a whole new app marketplace geared towards bookkeepers and accountants with a minimum of 100 clients.

One of the most recommended apps in the HQ partner app marketplace, was BOMA, a marketing and advertising platform that lets you create and broadcast marketing and advertising messages across five channels (email, Facebook, Instagram, LinkedIn, Twitter).

How BOMA is different

There are lots of marketing automation platforms on the market (MailChimp, Aweber, Constant Contact, Get Response, to name a few), so BOMA is competing in a crowded space. The first difference you’ll notice between BOMA and the market leader, MailChimp, is the price.

BOMA charges a minimum of $49 U.S. ($67.74 UD) a month to create unlimited social media marketing campaigns and send unlimited emails to 500 contacts; by contrast, MailChimp charges $10 U.S. ($13.43 AUD).

But MailChimp doesn’t integrate with Xero, so you need to import your contacts some other way (an Excel spreadsheet and by capturing data using an “opt-in” button). You also can’t create marketing or advertising campaigns for LinkedIn or Twitter in MailChimp, though it does support creating re-targeting advertisements for Google.

Content creation in BOMA

The most time-consuming aspect of any marketing or advertising campaign is the design stage. MailChimp provides templates, but unless you want to use the pre-designed templates, you need to bring your own images. Or pay to access an image library like Getty Images. Included in BOMA’s monthly fee is free access to a library of 250,000 images.

Once you’ve created your design, BOMA will automatically re-format it to fit any marketing channel, be it email, Facebook newsfeed posts, Instagram sponsored posts, and so on.

Automation and analysis in BOMA

automated marketing xero boma learn xero online training course videosBOMA uses machine learning, a sub branch of artificial intelligence, to power its contact segment feature. Machine learning is just as it sounds: machines learning to do things. It’s what powers the Netflix algorithm that recommends films and TV shows to you based on what you’ve viewed previously.

Without machine learning, Netflix wouldn’t be able to make individual recommendations (six or seven action movies with a strong female lead), but rather present a large pool of raw data (it’s entire library of action movies) for you to choose from.

And just as with Netflix, the more you use BOMA to send marketing and advertising campaigns, the better its insights will become.

Each time you send an email campaign, for instance, BOMA collects and analyses data about each individual contact so that it can make recommendations based on its analysis of that data: the best time to email certain contacts or the types of messages they respond to, and so on.

This is different to MailChimp and other platforms, which collect that data, but leave the analysis to you.

The Xero and BOMA partnership means that, aside from syncing client data in Xero with BOMA, you’re also given access to an exclusive library of content, covering a range of topics — “why use business software”, “get paid faster”, “create the perfect business plan” — that you can push out to your social channels.

In the future, if this integration was powered by machine learning, BOMA could create and send campaigns of pre-written content to an approved contact list at the times an algorithm has determined will be most effective, without any input from the user.

In the future, if this integration was powered by machine learning, BOMA could create and send campaigns of pre-written content to an approved contact list at the times an algorithm has determined will be most effective, without any input from the user.

What about MYOB and QuickBooks?

That’s a ways off yet, though. That’s because BOMA is a startup, and it’s still in the process of developing and turning on features that are standard on many other platforms. (It only recently made it possible to upload contacts from a CSV file, for example.) Getting to partner with one of the world’s largest cloud accounting applications is a major win, especially when Xero has given it top billing in its HQ partner app marketplace.

So if you search the BOMA website for any mentions of MYOB or QuickBooks, you won’t find one; not even so much as a passing mention to say it doesn’t integrate or support MYOB or QuickBooks.

The Xero/BOMA partnership

Who knows what the future might bring, but this is a platform play for Xero. And Xero has said plenty of times in the past that it would rather partner with third party providers, than develop their own services from scratch. If one starts to make real inroads, and it seems like a good long-term match for Xero, perhaps Xero will acquire it, but most likely it won’t.

And in the immediate short-term, BOMA ticks a couple of boxes for Xero: It provides a service that nearly every mid-size business needs, and it encourages bookkeepers and accountants to stay within the Xero ecosystem.

Xero is enticing to startups and app developers, because they offer a partnership, but don’t control how startups and their businesses operate. Currently, MYOB and QuickBooks don’t offer any such partnership, and that’s giving Xero the upper hand.  

***automated marketing boma xero learn xero online training course videos

We are always exploring and analysing new and emerging technologies and introducing new content as part of our Updates and Additions policy. Any new content we add to the course in which you’re enrolled is yours’ for free if you’re a current EzyLearn student. Find out more about our suite of Xero online training courses.

 

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What is Xero HQ?

Now you can do more with Xero

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Xero is adding to its list of features with Xero HQ so it’s no longer just for more basic bookkeeping, but can be used for analysis as well.

XERO HAS LONG POSTIONED ITSELF as the cloud accounting software for small-to-medium businesses. It’s one of the most popular of our online training courses; appealing not only to bookkeepers, but small to medium sized businesses in all industries.

What makes Xero so popular is that it is inexpensive software that’s simple to use and has lots of time-saving features.

In doing so, it’s basically left MYOB to hold the mantle of the accounting software used by accountants and bookkeepers.

Now, however, Xero is looking to close that gap, with the launch of “Xero HQ”; a data and insights platform for bookkeepers and accountants who are part of the Xero Partner Program.

Xero HQ wants to help you grow

To shake MYOB’s stranglehold on the accountant and bookkeeper market, Xero had to do something to differentiate itself and tempt accountants and bookkeepers away from MYOB.

And they’re betting that Xero HQ will be the thing that does it. Xero HQ will provide bookkeepers and accountants with data and insights tools so they can provide “advisory level” services to clients.

Xero’s focus on “advisory level” services is important here, because it reveals a couple of things Xero plans to do with the industry. The first is to continue to automate many of the tasks a bookkeeper would traditionally carry out — the introduction of bank feeds eliminated data entry, for instance — and the second is to up-skill junior bookkeepers, while simultaneously embedding them within the Xero ecosystem — which will fit nicely with their recently launched Xero Lifelong Learning platform.

What exactly is the Xero HQ platform?

If you’re part of the Xero Partner Program already, then access to the Xero HQ platform is free. The Xero HQ platform is essentially a separate workflow that you access online, which provides a number of features not available though your regular Xero software.

These Xero HQ features include the following:

  • Activity feed: When your clients’ GST or activity statements are due, a notification will appear in the activity feed to alert you.
  • Client list: This is essentially like a contact book, where you can store all your clients’ information in one place; even those clients who aren’t on Xero.
  • Explorer: This feature pulls data Xero knows about your clients to help you provide them with better advice, or help you up-skill in areas you know are important to them. For example: it will show you which apps are popular across all your clients, so you can learn how to use them.

Xero HQ app marketplace

The Xero HQ platform also has an app marketplace, which has a focus on apps that will help bookkeepers and accountants with their business. That’s different to the existing Xero app marketplace, which is geared towards small businesses in any industry.

The Xero HQ app marketplace is split up into three tiers, depending on the size of your bookkeeping or accounting practice.

Which Xero HQ app marketplace will suit you?

If you’ve 100 or fewer clients, then you’d be best suited to the “activate” package of apps especially “curated” by the Xero HQ team.

If you have between 100 and 200 clients, then you’re best suited to the “energise” package of apps; practices with 300 or more clients suit the “supercharge” package.

It’s up to you which apps you switch on, but Xero has eliminated the leg work involved in finding apps to suit your business needs.

Some common third party apps, recommended across all three Xero HQ app marketplace tiers include:

  • Futrli: A forecasting and reporting app designed to help control cash flow and accelerate growth. Technically, you can pull all these data out of Xero by running a number of different reports and exporting them into Excel, but this app does all that work for you, and just delivers the insights. Partner pricing starts at $399 per month.
  • Receipt Bank: Extracts relevant information from paper receipts and invoices, imports the data into Xero, categorises it, and stores both the data and receipt safely in the cloud. Your clients just snap a picture of the receipt using the Receipt Bank app on their smartphone or upload from their PC.
  • BOMA: Is a marketing and advertising platform that lets you export data from Xero and use it for your marketing and advertising campaigns. With BOMA you can create and broadcast marketing and advertising messages across five channels (email, Instagram, Facebook, Linkedin, Twitter), including sponsored advertising posts on those platforms. It also provides you with all the imagery, templates and other design needs to create your campaigns. It’s basically a one- stop -shop for digital marketing and advertising. Partner pricing starts at $49 per month.  

Xero HQ is where accounting meets CRM

In essence, the Xero HQ platform is where accounting and customer relationship management meet. Xero provides bookkeepers and accountants with a platform that enables high-level analysis and data management through integrating third-party Xero HQ partner apps.

As I mentioned earlier in this post, Xero HQ serves dual purposes: it encourages bookkeepers to move away from providing basic bookkeeping services to deeper analysis and advisory roles; and they can use the Xero Lifelong Learning platform to up-skill and provide those services.

“Xero HQ serves dual purposes: it encourages bookkeepers to move away from providing basic bookkeeping services to deeper analysis and advisory roles…”

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Our Xero online training courses include EVERYTHING for ONE LOW PRICE. Furthermore, if you select our Lifetime Membership option, you’ll have LIFETIME access to our ongoing course updates. All EzyLearn courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses.

 

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FREE Xero Training Video: How Often Should You Check Your Inventory in Xero?

The key to cutting down discrepancies is consistency

IF YOU RUN A SHOP or business that holds stock, you should be in the habit of checking your inventory regularly. A lot of retail stores only check their inventory every quarter; others every year. This is usually because a stocktake is a big job.

Stock and inventory stocktake and count - inventory in Xero & MYOB Advanced Certificate Training CoursesThe case for a monthly stocktake

The inventory feature in Xero was a functionality that was missing for many years — but then Xero caught up.

Running an inventory report in Xero is pretty easy. The hard work sets in when you have to count your inventory to account for any discrepancies. There are usually always differences between what Xero says you should have in stock, and what you actually have on hand. The more frequently you run them, the fewer discrepancies you’ll find.

Like anything in the bookkeeping process, the more frequently you do something — be it reconciling your account or chasing up late payers — the easier and quicker it is. Where a quarterly or yearly stocktake could take half a day or more, a monthly one may only take you a couple of hours.

Understand trends in your business

A monthly stocktake is a good way to get to know your business, and understand its certain trends and idiosyncrasies. In particular, it helps you with ordering and making related business decisions.

A shop selling food, for example, needs to be wary of ordering stock that doesn’t sell quickly and ultimately goes out of date. A monthly stocktake will help you keep track of this, and monitor which items sell quickly and which don’t. Likewise, a monthly stocktake of a furniture shop lets you determine which pieces spend long periods in storage, and manage your ordering accordingly.

Run inventory reports in Xero

Free Xero Training Course video about inventory reporting
Click Image to see FREE Xero Training Course video

Do a monthly stocktake by running your inventory reports in Xero. You’ll be able to work out whether your stock:

  • is ageing (for technology retailers)
  • is going off (food)
  • costs more money to store (furniture); and, subsequently, how long it can take to sell before it’s costing you money. 

If you are new to bookkeeping it’s probably a good idea to learn more about some of the basic Xero reports you can produce for a business.

MYOB or Xero online accounting course training videos***

If you only have a very basic knowledge of Xero, cloud accounting or bookkeeping, and you’re looking to gain a better understanding of basic bookkeeping terminology, get our free Basic Bookkeeping Guide. 

You’ll learn how to run reports in Xero, in particular inventory reports, in our Xero training courses. Visit our website for more information or to enrol and see course prices.

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EzyLearn Excel, MYOB and Xero online training courses count towards Continuing Professional Development (CPD) for bookkeepers and accountants. We’ve been an accredited training provider of the Institute of Certified Bookkeepers ever since the organisation started in Australia. Find out how CPD points can be of benefit to you.

 

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The Best Xero-Integrated Project Management Apps

xero integrated apps to keep your business within budget learn xero online learning videos

Which ones are best for your business?

xero integrated apps to keep your business within budget learn xero online learning videos
We look at project management apps that integrate beautifully with Xero to keep your project within timeframe and budget.

FOR BUSINESSES WORKING on large projects spanning weeks or even months, keeping track of time, cash flow and profitability is imperative. This is even more so for businesses that work on fixed-rate contracts or tenders.

Such fixed-rate projects are common in the building and construction industry, but also the creative, engineering, and IT industries.

Many of these businesses manage a project’s workflow across a number of different documents (spreadsheets, their CRM, accounting software) — and many don’t manage it properly at all.

As a consequence, projects often come in over budget. A number of cloud-based project management and workflow apps aim to change that, however.

Continue reading The Best Xero-Integrated Project Management Apps
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Should You Charge Less Than the Minimum Wage as a Contract Bookkeeper?

Junior level 1 bookkeepers good cheap local bookkeeping services - Natbooks

Don’t attract interest in your services for the wrong reasons

RECENTLY I’VE WRITTEN about how your prices should be part of your business strategy and not your marketing strategy. I talked about Mark, the painter, who advertised a really low day rate but wasn’t able to carry out the volume of jobs he needed to make enough money (see Is Your Charge-Out Rate a Marketing or Business Strategy?).

A better strategy for Mark would have been to research the market and find ways to provide customers with savings elsewhere (Researching the Market is a Crucial Part of Every Business Strategy).

The same principle can be applied to contract bookkeepers charging less than the minimum wage. Although this may get you a lot of regular work early on in your business, you will soon learn that it’s unsustainable. And because it’s also really hard to increase your rates substantially, you’ll just find yourself back at square one if you do so anyway.

Check out the National Bookkeeping Rates of Pay to get indicative pricing for contract bookkeeping services.

Remember your entitlements

When you’re setting your prices, don’t forget to factor in your entitlements. As a full time employee of a business, you receive annual leave entitlements equating to four weeks’ salary, sick leave equating to ten days’ salary, public holiday pay, superannuation, and tax withheld on your behalf.

As a contract bookkeeper, you should earn the equivalent of a full year’s salary proportional to how many days or hours you work each week.

Contractor or employee?

As a contractor, your hourly rate will be higher than that of a full time employee, sometimes two times as high. If you have clients who don’t want to pay a higher hourly rate to hire you as an independent contractor, they might be better suited to employing casual staff instead.

If you’d prefer the life of an employee check out our Career Academy Success Program.

Increasing your rates

If you decide it’s time to increase your rates, you need to show how you provide value to your clients’ businesses, in order to discourage them from seeking the same services from another, cheaper bookkeeper. If there’s some extenuating circumstances, it may also be worthwhile explaining the reason for the increase — if your compliance costs have increased due to government regulatory changes, for example. (Note: Rising electricity, broadband or rent is best kept to yourself.)

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You’ll learn ways to increase your rates without losing your clients by enrolling in Research the Market module of our Business StartUp training course as a standalone mini course. Visit our website for more information or to enrol.  

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Beware: The Quick Quote

Quick quotes are better in Xero, MYOB or QuickBooks to collect prospect customers contact details

Don’t get the details and say goodbye to even more money!

Quick quotes are better in Xero, MYOB or QuickBooks to collect prospect customers contact detailsIN THE PAST I wrote a blog titled Three Mistakes That Will Cost Your Business Thousands in Lost Revenue. Here I explored the importance of timeliness when it comes to quoting for work. However, there’s a difference between timeliness and a quick quote.

A painter I know was asked to give a quick price on how much it would cost to paint a room the same size as one he was currently working on. He said it would cost around $300, and that was that. The problem?

He didn’t get their details!

As I’ve mentioned in three Mistakes That Will Cost Your Business Thousands in Lost Revenue, you must always get a prospect’s name and contact details, so you can follow up on their interest in working with you.

Don’t assume that they’ll contact you if they want the work done. Sometimes they might, but most of the time the person will wait for YOU to close the sale. If you don’t, they’ll simply assume you’re not interested or too busy, and they’ll go find someone who is more interested.

Don’t know the job specifics?

Then ask for information on the following:

  • Where is the job located?
  • What’s the condition of the room?
  • Does it have ornate ceilings, picture rails or skirting boards that complicate the job?

Even if our case study example; in this instance, the painter, was going to give a quick quote; he should be sure to make clear that it’s a rough quote that may change depending on those things.

Does the quote include paint?

Selling Academy Sales Training Courses logoUsually, the answer to this question is no. But the painter should make this clear. Often the cost of paint is the most expensive part of the job, and that $300 paint job might just be closer to double, depending on the type of paint used. Remember, people all too often confuse pricing a little on the low side, with winning work (and then making it work for you). In reality, this is usually mistake.

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Our EzyStartup Course will you teach you about pricing your services, business planning, marketing, and running your small business efficiently. Visit our website for more information or to enrol — OR stay tuned by subscribing to our blog.  Remember too: right now, for every student that enrols, you become part of our Lifelong Learning Hub where you can access our Selling Academy Sales Success Training Course absolutely FREE. 

 

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What are Lifelong Learning and Lifelong Training Platforms?

Xero Lifelong learning and training platform beginners essentials and advanced certificate courses

Xero Lifelong learning and training platform beginners essentials and advanced certificate coursesLifelong learning is the concept that learning isn’t confined to an individual’s childhood, but can be pursued throughout their life, and often in non-traditional settings. With lifelong learning, the knowledge or skills a person acquires through social interactions and other everyday experiences (soft skills) are considered just as important as those learned in formal education settings.

This approach means that learning is no longer considered to take place at two, traditional stages of a person’s life — school and the workplace — but rather is ongoing throughout the individual’s life.

How lifelong learning was born

The concept of lifelong learning isn’t new. It’s been around since the 1970s, when it was referred to as “lifelong education” by the French politician Edgar Faure in his 197s book “Learning to Be”. Lifelong learning gained more recognition during the 1990s, particularly with the publication of the Delors Report by the Delors Commission in 1996.

The Delors Commission was an administration of the European Union led by Jacques Delors through the 1980s and again through the 1990s. The Delors Report proposed an integrated vision of education based on two key concepts:

  1. Learning throughout life
  2. The four pillars of learning

The Delors Report identified three characteristics of modern life that made lifelong learning necessary, in order for individuals to remain productive and actively engaged members of society throughout their lives. Those characteristics included technological, economic and social change.

Technology made lifelong learning vital

From the mid 1990s onward, rapid technological advancements have made lifelong learning especially critical for people in the workplace. Aside from the need to keep up-to-date with changes to software (desktop software shifting to the cloud) and the introduction of new technologies (smartphones and tablets), technology has also changed the way people work.

The majority of adolescents who start university today, will be studying for a degree in the profession that will not exist in twenty years time. But in twenty years, jobs will exist that did not today, just as social media and search engine optimisation did not exist twenty year ago. And this drives the need for people to engage in lifelong learning.

Technology has also fundamentally changed our economy. More people engage in freelance or contract work than they did twenty years ago, and that’s given rise to what’s now called the “gig economy” — people engaging in short term, piecemeal or temporary work as their primary means of income.

And that’s all coincided with some big changes to our society. Paid parental leave, for example, sees dads taking time off work to become the primary carer of their children, while a new crop of mums have chosen to start home-based businesses so they can work flexible hours while they care for their children.

In each instance of change, be it technological, social and economic — though technology is the driving force of all three — people have had to learn new skills for their workplace, either formerly or informally.

The four pillars of learning

The Delors Report, which brought the concept of lifelong learning to greater prominence in the 90s, identified the four pillars of learning, which make up a central component of lifelong learning. The four pillars of learning involve:

  • Learning to know — the mastery of learning tools rather than the acquisition of knowledge
  • Learning to do — acquisition of occupational skills for jobs today and those in the future
  • Learning to live together — resolving conflict, discovering other people and culture, fostering community, economic resilience, social inclusion (soft skills)
  • Learning to be — education that contributes to an individual’s complete development (to act with autonomy, use judgment and take personal responsibility.

Implementing lifelong learning

Since the 1990s and the release of the Delors Report, universities and other formal education institutions have implemented some elements of lifelong learning, particularly the “learning to know” and “learning to live together” pillars of learning. In high school, students will study society and culture as a component of their HSC. This is designed to equip them with the tools to develop values and attitudes that promote social literacy and cohesion.

Workplaces have also become responsible to promoting lifelong learning by requiring employees to carry out continuing professional development (CPD) — although this is sometimes an industry requirement, as in the financial services and real estate sectors, for example.

Ezy Learning Lifelong training platform for Xero, MYOB, Excel, Digital Marketing training coursesBookkeepers and BAS agents are required to maintain a certain number of CPD points each year in order to keep their BAS registration. The Institute of Certified Bookkeepers (ICB) is just one of many Recognised Professional Associations and it lists accepted training courses, including Microsoft Excel and cloud-accounting software training which are all available as LIFETIME Courses with EzyLearn! I like to think that EzyLearn can go one better than Delor and offer students the option to get LIFETIME course access to Xero rather than LIFELONG paying for Xero Courses.

This November, Xero also launched it’s own lifelong learning platform, in conjunction with Swinburne University. The Xero lifelong learning platform is currently being piloted in Australia and New Zealand, with a full global rollout expected in 2018.

Xero lifelong learning

The Xero offering will be available for secondary and tertiary students, as well as businesses. It will provide students with access to a learning management system (LMS) that will deliver training in the form of business scenarios and simulations, in addition to grading and assessment tools.

Xero’s chief partner officer Anna Curzon said in a statement that technology has “reshaped the way people work” and created a need for lifelong learning so people can “stay relevant in the workforce”.

“Handling finances, both personal and business, is a necessity for everyone, from school age students to retirees,” she said.

“Xero lifelong learning platform allows students to grow their financial literacy to help prepare them for the real world.”

Curzon also said that the gig economy is driving demand for Xero’s services, which in itself is driving demand for a lifelong learning platform centered around financial literacy.

No pricing for Xero’s lifelong learning platform has been released, though it’s understood it will be included in the subscription price of the Xero software for businesses.

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Sometimes “Real World” Marketing, Not Digital, is More Appropriate

IF YOU’RE A TRADIE, working as a plumber, builder or carpenter, handyman, gardener or electrician, then you probably already know that some of the best jobs come by referral.

Identify “real world” sales opportunities

During my recent renovation of an investment property in Newcastle, most of the good tradies would tell me, “Someone you’re working on a job with on Monday will ask you to do a job for them somewhere else on Friday, or a neighbour of a client will ask you to do some work for them.” I soon saw from other tradespeople how “work can come to you just because someone happens to be walking by while you’re on the job” — gardeners get a lot of work this way, for example.

The important thing in this scenario is to act efficiently in finding out what the potential client needs, finding out what else is important, and then selling them on your services. I recently had the pleasure of interviewing Kristine Seymour, an experienced sales person and business builder, for the Sales Training Course at the Australian Small Business Centre (ASBC). She spoke in detail about how to act when your future income depends on how well you can sell. This Sales Training Course is available on the EzyLearn LMS.

Continue reading Sometimes “Real World” Marketing, Not Digital, is More Appropriate