Cloud Accounting Software and Automatic Bank Feeds (MYOB training video)

As part of our commitment to be the number one choice for online MYOB Bookkeeping training courses we are always keeping an eye and ear out for changes and improvements in the bookkeeping industry. If you do your own banking reconciliation, you might agree that sifting through printed statements and checking each entry off in your accounting software is maybe the most tedious part of bookkeeping.

But it need not be. With accounting bank feeds – a new feature in the world of cloud accounting – your bank transactions are automatically synched with your cloud accounting software.

This means that as long as you’ve entered your purchases into your accounting software, when your statement comes in from your bank, it will automatically marry up your purchases for you to approve with just the click of a button.

Automatic bank feeds removes the single most tedious step from the banking reconciliation process, which, depending on the size of your company, can take anywhere fifteen minutes to two hours (sometimes even more).

For a little more detail on how MYOB and bank feeds works, watch this video:

Or, for more information on how Xero and bank feeds work, watch this video:

But it’s important to know how your accounting software will access your sensitive banking information as currently there are two main methods for doing so.

First there is the method used by the likes of MYOB where your accounting software provider integrates a direct feed of your bank transactions from each of your banks into your software without needing your bank username and password.

The second method, called screen scraping, requires your accounting software to use a third party to access your bank transactions, thus necessitating your bank usernames and passwords, which can become a grey area with regards to protecting yourself from banking fraud.

While the companies that use the screen scraping method take security very seriously, should a breach occur, you could find yourself in violation of your bank’s terms and conditions because you gave out your usernames and passwords.

It’s up to you to choose what method you feel comfortable with but always check your bank’s terms and conditions before you give out your login in details.

Whatever option you choose, by eliminating the hours of data entry, your saving not only time, but also money.

And for the layperson doing their banking reconciliation themselves, services like Shoeboxed only eliminate the data entry even further.

PS: We’re also almost ready to announce our new Cert IV in Small Business Management with the Australian Small Business Centre so if you are looking to start a business or learn the skills to manage one stay tuned…

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!

Want to take a peek at XERO, part owned by MYOB founder?

xero online accounting for remote bookkeepers dashboardI recently wrote about my discoveries of the preferred accounting software for local startup businesses in Sydney and wanted to share something that our resident BAS agent, certified bookkeeper and MYOB trainer has created for you. A training video about how to enter a payment for an invoice you create using Xero online accounting software.

If you are looking at starting your own bookkeeping business it is useful to learn more than just MYOB accounting software to widen your potential client base. It is also good to learn about an online accounting program that is growing very fast in user adoption, such as Xero. Why is Xero growing so fast? There are several reasons, but one simple reason is that you can access your accounting file from anywhere.

As you can see in the free Xero training video at the bottom of this blog, using online accounting software is just like using many other online services, you login and click, type, tab etc. One of the other great features that we have discovered from speaking with accountants and some IT professionals is that your accountant or your bookkeeper can use your accounting system at the same time as you do, without having to worry about sending a data file and wondering who has the most recent version of that data file.

One of the new great features of doing your MYOB training courses with EzyLearn is that you have 12 months free access to the Bookkeeping Academy, through which we will be releasing hundreds of bookkeeping training videos to help budding bookkeepers learn a wider range of software as well as develop new skills to help them find work or build their own business.

Feel free to let us know if you are a XERO user and share your experiences at our facebook page.