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The REAL Benefits of Cloud-Based, ‘Real-Time’ Accounting Programs – A CASE STUDY

Having access to real-time info about their business helped Cheryl and Jim climb from just breaking even to owning two stores.
Having access to real-time info about their business helped Cheryl and Jim climb from just breaking even to owning two stores.

So you’re thinking of starting your own business in bookkeeping — or perhaps a small business in another industry? Cloud accounting programs like MYOB Account Right Live, Reach and Xero can make it much easier for you to start a bookkeeping business from home; these accounting programs can also help existing business owners operate and grow their businesses. And the great news is that EzyLearn now offers courses in all three.

MYOB Account Right Live

Today we’re blogging about MYOB Account Right Live. We recommend this in all of our MYOB training courses — not because it’s the latest version of the hugely popular MYOB software — but because it gives business owners the kind of data they need to run their business efficiently and securely. This was no more evident than in the case of Cheryl and Jim; business owners who discovered that they were literally throwing money away by using an outdated version of MYOB. With the recent addition of our new real-time accounting programs to our suite of products, we figured it’s an apt time to revisit this popular case study.

The Blessings of ‘Real-Time’

Perhaps the biggest bonus with cloud accounting software is that you have access to information about your profits and expenses in real-time. This is enormously useful for small businesses to constantly track how they’re going and make any necessary changes.

We decided to take a look at how one business owner grew a moderately successful business into a totally thriving one by using cloud accounting software to track their expenses.

From a Break-Even Bakery — To Owning Two Successful Stores

Cheryl and her husband, Jim, operated a small neighbourhood bakery in a busy block of local shops. Jim was the baker and pastry chef in residence, while Cheryl, who had previously worked as an account executive at an advertising firm, managed the office side of the business.

“I was used to budgets and targets, so it made sense that I would handle the admin side of the business,” Cheryl tells us. “But, coming from a large-scale ad agency, I had been spoilt for choice in the way of CRM and other software that tracked my sales in real-time,” she says. “I didn’t have any of that with the bakery. Just an outdated version of MYOB!”

Cheryl and Jim estimated that it would take them about a year before they would start to see any real traction with the bakery, but a year had come and gone, and they were still just breaking even.

“Jim would come in and go ‘we had a great day today, heaps of customers’ but at the end of the month we were still struggling with all the expenses, paying our staff and trying to pay ourselves a wage too,” Cheryl says. “Finally I asked my accountant what was going on and he just said ‘update your MYOB.’”

Cheryl comments that having access to data they had previously only received once it was too late was a game-changer. “This sounds funny, but I could see we were spending all this money on flour, but our sales didn’t reflect a need for it,” Cheryl laughs.

“Finally I asked my accountant what was going on and he just said ‘update your MYOB,’” Cheryl says.

“I asked Jim if he was over-ordering because that seemed like the logical answer, but he said he only ordered what was needed,” she says. “This led me to do some investigating.”

What the Data Revealed…

Jim would bake an average of 75 loaves of bread a day, but sales records in MYOB showed they old sold an average of 40 loaves a day; Jim was baking twice as much bread as he needed and all left-over stock was thrown out at the end of the day.

“We were literally throwing our money away,” Cheryl says. “But it was a learning curve.”

Before long Cheryl and Jim implemented various other systems to track their stock, so they could better manage their expenses. Within a year, Cheryl and Jim had completely turned their business around.

“Now we have two shops,” Cheryl says. “Where before we struggled keeping just the one going. Being able to see what we were spending as we were spending it — that changed everything.”

***

Basically you’re running blind if you’re not able to see your accounts in real time. The use of cloud accounting software like MYOB Account Right Live, Reach and Xero grants you this, safely and securely. Want to get up to speed with everything MYOB? Our MYOB training courses will equip you with the information you need. Enrol today.

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Financial Settings in Xero (FREE Training Video)

In our quest to always present you with the latest information about bookkeeping for your own business or someone else’s, we are pleased to present you with another free training video from our recently added Xero online training courseLast time we showed you how to enter a credit note in Xero, but this time we’re going to show you how to enter a business’ financial settings — something every bookkeeper needs to set up for their clients.

Knowing how to set up a business’ financial settings is important as every business will need to enter their financial information (such as the GST collection method, frequency of GST calculation, PAYG withheld, and so forth). As a bookkeeper, all of this is probably familiar to you, given that MYOB, too, requires this information in order to produce accurate reports. That being said, there are some differences between how you enter this information into MYOB and Xero, and in this training video we break it down for you:

 

 

Xero is currently one of the most straightforward, yet powerful pieces of accounting software and fast becoming a major rival to MYOB for its simplicity of use. Check out our new Xero training course. We also provide an online training course in cloud-based accounting program, Reach as well as our flagship MYOB training course.

 

 

 

 

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Entering Credit Notes in Xero (FREE Training Video)

At EzyLearn we are constantly refreshing the content of all our courses, such as our MYOB training course and our Xero training course — which we have recently added to our suite of online training products. Xero is the cloud-accounting software that is fast becoming one of MYOB’s key competitors. So that you can benefit from all the new information that is always emerging about being a bookkeeper and running your own bookkeeping business (or doing the books for someone else’s business) we want to share with you the following video about how to enter a credit note in Xero:

 

 

Where Xero Differs from MYOB

If you’re familiar with MYOB, then you know that when you enter or approve a transaction in MYOB, you can still delete it from the system at a later stage — in the event you need to give a customer a refund, for instance.

In Xero, however, you can’t delete a transaction once it’s been approved. In one sense, this is great for auditing purposes as you can see everything that’s occurred in the account over the past month or quarter or year. But it also means putting through credit notes, which in MYOB is notoriously hard.

The fact that pretty much everything in Xero is easier to do than in MYOB, including entering a credit note, is one key reason why Xero is fast becoming one of MYOB’s biggest rivals. Again, we invite you to check out our new Xero training course. EzyLearn also offers courses in other cloud-based accounting programs, such as Reach.

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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…

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

How much can you earn as a MYOB Bookkeeper?

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

But ponder no more.

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

Specialist skills earn you more money

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

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

MYOB Training Online

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

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


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

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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.