Bookkeeping is an essential part of business, not just to keep track of financial activities for the business’ sake, but also to meet obligations from the ATO. It’s nothing ground-breaking to highlight the importance of bookkeeping, but lots of businesses might start operating without considering the necessity of bookkeeping.
If you’re a business owner who doesn’t have a background in accounting or bookkeeping, then you’ll want to learn at least the basics quickly – even if you intend to hire accounts staff, it’s great to understand the bookkeeping tasks that need to be completed.
The pandemic has seen huge changes to the way businesses run, with Zoom meetings and remote working becoming the new normal and working parents are loving it (if they have the space for it).
The common factor here, of course, is the move to digital solutions for businesses. Whilst ICT expenditure has always formed part of a business’ expenses, the pandemic has contributed to an increase in this area of spending.
Businesses are becoming increasingly digital, and it’s actually improving their performance. One of the areas I’ve noticed is the use of website chat has increased and customer service work can be performed by anyone running a micro business from their own home.
MYOB has fallen behind in recent years to other accounting software like Xero. With Xero’s cloud accounting-first strategy, it’s become a leading software in Australia, New Zealand, the UK, and Canada – by focusing on integrations and simple accounting solutions.
MYOB, on the other hand, has caused confusion over its multiple products and unexpected updates, which have since caused users to gravitate away from it.
Now, its repackaged MYOB Essentials and AccountRight under one cloud-based solution. Will this solve its problems?
Xero My Payroll is a secure online portal that allows employees to submit timesheets, leave requests, view and download payslips, and manage their personal information. It’s not as powerful as some Workforce Management Apps but that is why Xero purchased Planday!
With so many integrations, Xero has become a leading software for small business accounting. From ecommerce add-ons to payroll and workforce management software, there is a Xero integration for most aspects of business management and administration. It’s little wonder that Xero Courses are becoming so popular.
And credit management is no exception. Chaser HQ is a credit management app that promotes its ability to automate the whole process: from credit checks to chasing up invoices. It’s a UK-based company, but its integration with Xero could see it being used more and more by accounting staff globally, including Australia.
When you look at the two companies Xero Accounting and GoDaddy hosting companies are very similar. They both provide cloud-based solutions, for a subscription fee and have small businesses as their major clients. They are both in a very good position to provide accounting software for their customers.
One of the Xero Directors sold an accounting software program to GoDaddy in 2012 and at the time TechCrunch reported that Accounting software is a logical service for them to provide to their small business clients. What does it mean for the future though?
Xero is well known for purchasing apps which integrate with it and provide vertical integration. The best known acquisition in recent years is the purchase of Hubdoc for receipt capture. This made Xero compete directly with some of the other companies who’ve been doing this for a while like Dext (formerly Receipt Bank) and AutoEntry.
Well they’ve done it again in the purchase this year of Planday in Europe for staff rostering, attendance and reporting. But how will they compete with QuickBooks Online and KeyPay?
One reason I love online training and how it offers exceptional value for students who are looking for work as well a those who are currently working is that they can ask questions and have them answered using EzyLearn ANSWERS.
In 2015 I wrote about Xero’s inventory management when it was released and how important it was to make it competitive with MYOB AccountRight. These days however it seems that Xero hasn’t done much more and they’re a bit behind Intuit’s QuickBooks Online which has a lot of inventory and stock management features.
I was speaking with someone recently who had to get more confident in using MYOB & Xero and they were talking about reasons they might not be able to enrol into a course. What was interesting was that most of the negatives appears to be caused by their husband.
Finally, after 23 years we’re making our training manuals available for sale! Not the ones we created 23 years ago but our latest versions of course.
Training manuals are an important learning tool for our courses because they contain the step-by-step exercises that the course is based around. Our first release of training manuals covers credit management, accounts receivable, accounts payable, data entry of quotes, invoices, purchases and payments – all the things that most businesses need.
THE DEFINITION OF a training course has changed a lot over the last 20 years. With new online internet technologies comes new ways of learning. The concept of the “micro course” is gaining momentum as students look for information when they need it, known in the industry as “just in time learning”.
There are lots of time and cost pressures for students as they juggle part-time work, kids and mortgage payments. As a result, we’re launching a brand new Online Training Service for past EzyLearn students AND new students — EzyLearn’s Video Training Library Membership.
The payment plan for the MYOB AccountRight COMPLETE Training Course package for $20 per week has proven to be popular and is still currently available. Better still we’ve just launched a payment plan for the Bookkeeping Academy COMPLETE COMBO – that means you can pay a low weekly fee of $20 and receive training on EVERY major accounting program in Australia, from Beginners’ to Advanced!
When I started my first business in Sydney’s Dee Why in the early 1990’s, I was amazed that most restaurants and cafes, as well as other retail shops like dress shops, didn’t even know who their customers were!
Many business owners knew their customers by face, but they missed out on lots of opportunities to market and make contact with these customers when business was slow or they were overstocked. Are you working your database?