MYOB AccountRight, QuickBooks Online and Xero come with job costing and job tracking functions allowing users to develop more accurate budgets and avoid cost blow outs.
I’m excited to be delving deeper into a micro course specifically targeting how you can manage on-the-job costs and track your project. This will be included in all of our Xero, MYOB and Quickbooks online accounting courses.
Real life case studies and micro courses
We design our training courses to be true to life. This means we create our training courses around real-life business examples, or case studies. This information helps you get a job in the real world.
In my last blog I talked about the job tracking function in Xero, MYOB and Quickbooks. In our Job Tracking and Projects Training Course, we’ve taken as our starting point a real-life situation where a tradie uses job tracking features in cloud accounting software to make sure he makes a profit from all his running around, allocation of staff, cost of stock and out of pocket expenses from trips to Bunnings.
The erection of a garden shed
Our Job Tracking and Projects Training Course case study highlights the seemingly simple example of the erection of a garden shed. Our client purchases the shed directly from a hardware supplier, then employs the services of a builder to deliver and erect the shed.
Although it seems very easy, just like life itself, the process is actually more complex than meets the eye. Here are the issues the tradie needs to consider:
- Some of the products the tradesperson uses are stock (inventory),
- others he needs to buy for the job,
- others products and parts need to be purchased while on the job (expenses incurred by his staff).
Then there are circumstances which the tradie didn’t account for in his quote:
- Some days the build is rained out and
- some things end up taking longer than expected.
- An extra staff member is required and the tradesperson then has to keep keep track of his worker’s timesheets,
Establishing the transaction costs
Just as this Cloud Accounting Training Course case study is based on a real life scenario, so the transaction costs (the cost of supplies, labour, expected profits and losses) are current and accurate.
In developing our course content, we actually liaise with the relevant suppliers, including various tradespeople, interviewing them and finding out the variations and possible blow outs they experience and the contingencies they implement to offset these.
We also draw on ATO benchmarking which compares the information gathered from your financial returns to the information the ATO gathers from all other similar businesses.
Make sure you subscribe to our Cloud Accounting Course blog to receive updates about the next steps we take when creating our courses!
Want to learn more about managing project costs and job tracking in the major cloud accounting software packages – Xero, MYOB and Quickbooks? See our new case study: https://ezylearn.info/how-it-works/case-studies-micro-courses/managing-jobs-or-projects-to-measure-profitability/
Value-based pricing can make your bookkeeping business appear easier
To understand value-based pricing take a look at the fees charged for content marketing (or business blogging) that is offered to small to medium businesses as part of a digital marketing strategy.
Content Marketing is the term used for creating blogs like the one you are reading now and involves a number of steps that are each quite time consuming and varied, including: Continue reading Reduce stress and still earn good money as a bookkeeper
Happy New Year and I hope you earn more in 2019
Setting goals is not just about earning more money but at this time of year many people spend their time thinking about how much they want to earn and what type of work they want to do.
Although earning money seems like a goal the real goals you should be setting are more practical and relate to what’s currently going on in your life. We’ve been working on some new initiatives and I hope you take advantage of them to have an extra source of income. Continue reading FREE Digital Marketing Seminar Presentation
COULD YOU EARN a second income by running a website? Thousands of Australians already are; if you have bookkeeping or creative skills, perhaps it’s suited to you too.
Most people now know that the old way of working — long hours in an office at a job they don’t really enjoy — is not living their best life. And simply dreaming of a better one simply won’t cut it, but there is a way. Continue reading Are You Living Your Best Life?
Getting your own “branded” email is a cinch!
[dropcap]T[/dropcap]HE INTERNET HAS democratised many elements of starting your own small business, but, in particular, it has made marketing a small business a whole lot easier.
Another super easy thing to vastly help your business along is getting your own “branded email address”. What do we mean by a branded email address? Simply an email address that carries your branding in the domain name, for example: firstname.lastname@example.org versus the far less professional: email@example.com.
As mentioned in an earlier post, job boards offer the best-quality jobs for people in professions that translate to any industry; and this includes bookkeeping and accounting jobs.
And as another post showed, there’s a vast number of bookkeeping jobs posted to those sites every day, be it for casual, part-time or full time work. In this post I’m going to explore some ways to do well in the job market. Continue reading I’m a Bookkeeper – How Do I Find Good Work?
EMPLOYEES IN GERMANY have the world’s shortest work week, according to SME Magazine. Their work week averages just 26 hours due to strict workplace relations laws that promote a healthy work-life balance.
Sweden is also known to have implemented a 6-hour workday, or 30-hour work week, following research which has found that countries with shorter working hours generally have higher disposable incomes, greater productivity, and a stronger economy as a result. How can you do this in Australia?
AN OFFICE ADMINISTRATOR, or administration officer, will provide an array of general administrative tasks for a business or organisation.
These include filing, archiving, calendar & project management, reporting and customer service. Some office administrators carry out basic bookkeeping tasks, such as creating and recording invoices and expenses and the more skills you have the more valuable you become.
THERE ARE ESTIMATED to be over 4 million Aussies working as freelancers. Of this, roughly 750,000 people work regular jobs but freelance on the side (which, needless to say, is a great way to break into freelancing while reducing your risk).
The number of freelancers in Australia has skyrocketed since the GFC, partly because of the overall reduction of the workforce; and partly because of the number of mature-aged workers staying in their jobs past the traditional retirement age.
These factors combined produced a bottleneck effect in the job market, which made it difficult for certain workers to advance their careers, while others, typically young graduates, struggled to gain a foothold in the job market at all.
There’s a growing freelancer economy in Australia which is being driven by the decreasing number of full time jobs.
Freelancing and working as a contractor is popular among young workers due to fewer job vacancies that exist because older workers are remaining in their jobs for longer.
There’s also more women with children starting their own businesses and working as freelancers and contractors. Without generalising older contractors don’t try to pretend they’re something they’re not and business respect their experience – AND small businesses need these people.
THERE IS A FAIRLY SIGNIFICANT gender imbalance for executive positions in the corporate world. Sure, there are notable exceptions, but men in managerial positions in the workplace still outnumber women two-to-one.
But when you look at some industries, like Bookkeeping, the numbers are massively swayed towards the female gender and one of the reasons is it can be the perfect business to run from home.
During the global financial crisis and in the years that immediately followed it, a funny thing happened to the job market: it birthed a freelancer economy, of which a third of Australians in the workforce are a part, and many of these freelancing individuals are also working at (an)other job/s.
ERPs, or Enterprise Reporting Planning systems, are divided into three categories or tiers. Xero, MYOB, QuickBooks and other cloud accounting software used by small businesses, sit at the low end of the scale; they’re tier three ERPs.
Xero is using it’s 3rd party app integrations and its API to climb up the ERP food chain and some good bookkeepers are being dragged up along with it. Continue reading Xero, MYOB, ERPs and Supply Chain Tools
ONLINE INDUCTIONS ARE WIDELY used for contractors who visit building sites or any other site where they perform work that can be risky, like plumbing, electrical, HVAC, roofing, security etc.
Many inductions are delivered manually by a qualified staff member (usually in the WH&S department). Usually any person in the organisation or business who hasn’t yet been inducted will be notified about the forthcoming induction and urged to attend.
However, this way of carrying out inductions can be a little hit and miss — people can be absent, overlook (or ignore) communications, and the quality of the inductions themselves probably vary. Continue reading She Shares “Sales Secrets” for Bookkeepers Starting New Business
Quickbooks now providing superior options for filtering and scheduling bookkeeping reports
ONE OF THE BEST THINGS about cloud accounting software is that your data is live, which means, providing your reconciliations are up-to-date, you get a complete snapshot your business’s performance and financial health regardless of the day, week or month you run those reports.
Running regular finance reports is the key to ensuring your business maintains a healthy cashflow, which is also linked to your credit management process and procedures. Previously, the main gripe many bookkeepers and business owners had about QuickBooks was that it lacked the reporting functionality of other apps, like Xero and MYOB.
That’s all changed now that the reporting features in QuickBooks have been given a major upgrade, giving business owners more power and flexibility to monitor their business’s performance. Here are just a couple of the things you can — and should! — do with the updated reports feature in QuickBooks.
Filter sales by services / products
If you’re like a lot of businesses, you probably offer a couple of different products or services, and, like a lot of businesses, there are certain products or services that are more profitable to your business — and, therefore, should be a major focus — to sell.
Now that QuickBooks offers the ability to customise and save any of its reports into your management reports tab, you can filter your customer sales reports by services or products, and also run them across multiple periods. If you have multiple sales people, you can also filter your reports by sales people, too.
Schedule email reports
In addition to being able to customise and save your management reports, so you don’t have to keep filtering out the data you don’t need and adding in the stuff you do, you can also setup a schedule so your preferred reports are automatically emailed to you (and your business partners or other stakeholders) as required.
QuickBooks gives you the option to select which reports you’d like to see, and the frequency at which you’d like them — daily, weekly, monthly, twice a month, or custom. This’ll mean you won’t have to keep asking your bookkeeper to run them for you, nor will you need to go in to run them manually yourself. It’ll also give you a better idea of whether or not your bookkeeper is really paying close attention or not!
Familiarise yourself with customisation options
Here at EzyLearn, we believe Quickbooks has a lot to offer small business and bookkeepers alike. The reporting functions in QuickBooks now offer up seemingly unending possibilities by giving you the flexibility to filter and customise your reports by any number of variables — sales person, periods, services, etc. Sometimes you don’t know the kinds of reports you need for your business until your go in and have a play yourself, so that’s exactly what you should do.
Maybe you haven’t taken a good look at the capabilities of Quickbooks for a long time — check out the options available with our Quickbooks online training courses to take you up to speed. Alternatively, you can ask your bookkeeper, and they should be able to customise, save and schedule a report that suits your needs to a tee.
What Do You Want to Learn Today?
At EzyLearn we offer online training courses to help you up-skill and find employment. Choose from our range of cloud-based online accounting software courses, to business start up, real estate and investment management courses, to marketing and sales courses, or update and further your skills in a range of Microsoft Office programs, (including Excel, PowerPoint, Word) or social media and WordPress web design).