Category: Cloud Accounting

Cloud accounting programs like MYOB AccountRight Live, Xero, Freshbooks, Reach Accounting and Quickbooks

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Are Xero and MYOB going to get SMASHED by QuickBooks Online?

Is QuickBooks Online the White Elephant in the Room?

I recently wrote about QuickBooks, once the great competitor to MYOB accounting software, and I thought I would delve a little deeper to see what has happened with the company that use to be their Australian distributor, Reckon and how big they are in the US. I looks to me like we have a period of consolidation on our hands with some very big companies and many of them listed trying to earn the cloud accounting dollar.

We have online courses in MYOB and Xero and are exploring a QuickBooks Online training course.

What do you Reckon about Reckon?

Reckon 5 year Share Performance
Reckon 5 year Share Performance. Information from Commsec. Click to Enlarge

As a public company you can see Reckons financial results and industry commentary at the ASX website and in their latest financial announcements they confirmed that they had parted ways with Intuit as the Australian distributor earlier this year (saving them $2.5M in royalty costs).

Reckon is now a competitor to their previous partners, Intuit, and a participant in the online accounting and bookkeeping software market with their own software service called Reckon Hosted.

If I were Reckon the scariest thing for me would be that the brand that I helped to build over such a long period is now strongly competing directly against me in the local market. Let’s hope they built some good relationships with accountants who’ll continue to work with and recommend their new product lineup. Their share price seems to indicate that they are currently falling out of favour.

Xero vs QuickBooks Online

Xero Oct 31 2014 Share Performance. From Commsec. Click to Enlarge
Xero Oct 31 2014 Share Performance. From Commsec. Click to Enlarge

Xero is the nameplate for online accounting software because they pioneered accounting software that ONLY works in the cloud. A major shareholder in Xero is Craig Winkler, the man who successfully helped MYOB dominate the accounting marketing in the PC era and sold out to Archer Capital who then sold to another large US private equity company Bain Capital.

I wrote about Xero’s financial performance not long after they listed their XRO shares on the ASX (they are a New Zealand company) but their recent share price performance seems to indicate that they are not popular in Australia. The next frontier in online accounting and bookkeeping seems to be integrations and accounting suite tools for accountants. These integrations and add-ons are one way of making their software more important in the suite of programs that small businesses use and a good example is the recent announcement of Xero’s integration with Microsoft’s Office 365.

Visit Xero’s website and you’ll quickly be able to get to their Add-on Market Place.

MYOB vs QuickBooks Online

Bain Capital paid over 1 billions dollars for MYOB to include it in it’s bag of technology investments – see if you can spot MYOB! Although they are no longer an Australian public company they are listed on the ASX and Aussies can invest in the company that now offers a wider range of services that just accounting software. Their revenue has grown significantly in the 2014 financial year according to their announcement on 25th August 2014.

MYOB had many partners in their PC based software but went through a very tough period when accountants were refusing to recommend MYOB customer upgrade their software. MYOB had to re-write their software to cater for the cloud accounting market and some integrations just didn’t work as a result. It appears that the online version is still popular with MYOB Partners and you can learn more about MYOB Add-ons here.

MYOB is still the market leader for accounting software in Australia an although they appear to be a laggard in the online space they are agressively competing with Xero for new customer acquisitions. A recent article by Peter Dinham at IT Wire about Xero and MYOB customer numbers highlights how dirty the fight is getting and how important accountants are in the sale of accounting software. Peter talks about MYOB being the 800 pound gorilla but when you explore the global market for accounting software you cannot ignore Intuit.

QuickBooks Online and the Global Accounting Software Market

Go to Intuit.com and you’ll be presented with a message that says “we’ve gone global” and the option to go to your local country website site. Let’s face it, they’ve been global for a while but it’s apparent that their online marketing for Quickbooks Online is becoming stronger. I read a recent blog post from Sholto Macpherson’s popular Digital First website about the Top 5 Most Popular Features of QuickBooks Online and note that at the bottom of his post he disclosed that he travelled to QuickBooks Connect as a guest of Intuit. It’s a sign of the impending marketing blitz that a massive US company is capable of.

Visit Intuit’s investor relations website and you’ll see that the revenue for Intuit in 2013 was almost 4 times the total capital purchase price that Bain Capital paid for MYOB when they bought it. With that size, established software brand in Quickbooks and a network of Intuit Pro Advisers ready to help small businesses I think this is the space to watch for online accounting software.

Again, as a very established software publishing company Intuit have an impressive range of Add-ons to help improve the functionality of the software as small business look for ways of integrating the ever widening range of cloud-based software they use.

QuickBooks Pro Adviser Offer

Whilst writing this post I became aware of the big launch that Intuit are doing in Australia to strengthen their network of accountants and advisers. It’s started with a blubbery story about the great history of a 30 year old US company, but I found this video which shows what they are willing to do to help Australian Bookkeepers increase their knowledge, get new sales and better support their customers (Small Businesses).

Here it is..

Join our Bookkeeper Directory

Startup Academy - work from home as an independent contractorIf you are a MYOB bookkeeper and want us to help you get exposure and find new small business bookkeeping clients register with our partners at Workface as we build a national bookkeeping database to help you find new clients and help small businesses find honest, hardworking bookkeepers who operate their own home based bookkeeping business.

To be a bookkeeper in this cloud accounting era means that you can perform bookkeeping from your own home office if you do a great job and have a good reputation. Although you can perform this work from home its becoming more important to get that reputation and one of the tried and trusted ways is by meeting people face to face at networking events. When people get to know you and like you they’ll start recommending you to people who they know need a bookkeeper and that is when you’ll discover the power of referral marketing.

Registering for the bookkeeper directory is the first step in our plan to help people operate a business from home. If you want to read more about how we plan to help ordinary people start their own business as independent contractors visit the StartUp Academy website and learn more. You can subscribe for the free guide that I created to help people on that journey.

 

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Google Displays Mixed Messages about Quickbooks Online

Who is Behind QuickBooks Online?

Intuit QuickBooks Google Ad with free trial button
Intuit QuickBooks Google Ad with free trial button

It was once seen as the biggest competitor to MYOB in Australia when accounting software reduced in cost from several thousand dollars (for software like Attache) to several hundred dollars. It was the time when the PC was the craze and suddenly normal people could do their own bookkeeping – so they say. I’m talking of course about QuickBooks.

I was doing some Google searches this morning about QuickBooks Online because I was interested in seeing how Reckon and Intuit now differentiate themselves online and I discovered a couple interesting things. The most interesting to me is how many companies are now putting up a landing page that expects you to make a purchase or sign up right there and then.

Landing Pages

Intuit QuickBooks Google Ad with buy now button
Intuit QuickBooks Google Ad with buy now button

Here are the two landing pages that I discovered when searching for QuickBooks Online on Google. One offers a massive 40% off if you skip the trial and the other says the same message but the action button says “Start My Free Trial”. To me it seems like they are still perfecting their online strategy and are doing some beta testing on what potential customers will do.

What I find most interesting about the current QuickBooks strategy is the expectation that people will register or buy straight away! Perhaps they will when this ad comes up because they have actually searched specifically for “QuickBooks” rather than just online bookkeeping or accounting software, cloud accounting comparisons etc.

Marketing Your Business on Google

Pretty soon, we’ll feature our own bookkeeper directory so every piece of information like this we see we make a note of to see if it is something we can use ourselves.

This also demonstrates something we cover in our Small Business Management Course about testing and measuring – that you don’t always get your message across perfectly every time. The most important thing to do is to make a plan and get started. The best thing you can do is take action and start, then you can measure the results and fine tune, tweak or completely change your marketing strategy.

Share Your Opinion About QuickBooks

I was looking at some of the bookkeepers in our bookkeeper directory and noticed that a good number of bookkeepers still use QuickBooks and know about it. I’m interested in hearing your thoughts and opinions about it.

  • Do you use it?
  • Do you prefer it to MYOB or Xero?
  • Are there things that QuickBooks Online do better than MYOB or Xero?
  • Do you still work with Reckon (who use to distribute Intuit products in Australia) and their online accounting software?

If you have something to share simply send us an email to support @ ezylearn.com.au or post your comments on our Facebook page.

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Zoho Books, You don’t want to be a high risk do you?

There’s always Zoho Books

Zoho Books and Bank Feeds

You may have a different opinion when it comes to paying your suppliers but I believe you should pay quickly. I’m talking mainly about service providers rather that product suppliers, but I think in small business it doesn’t matter.

Everyone loves to be paid on time and if you can get paid earlier, even better. It once took me 16 minutes to pay a supplier – OK, I was making other payments at the time, but still, it looked impressive.

I mention it today because one of my team told me that I was categorised by their accounting software as “high risk” and I wasn’t too happy.

Continue reading Zoho Books, You don’t want to be a high risk do you?
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Is QuickBooks Taking on MYOB Online?

With the arrival of cloud-accounting software came the opportunity for old foes and new players to enter the accounting space, once dominated by MYOB.

We offer training courses in MYOB, because it’s still the most widely used software package by accountants, but we’ve also recently expanded our cloud-accounting courses to also include Reach Accounting and Xero; two new players to enter the accounting fray. Continue reading Is QuickBooks Taking on MYOB Online?

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Invoice Your Customers Directly Using PayPal

We were recently surveying our PayPal account and discovered that you can now invoice customers directly using PayPal. While it doesn’t eradicate the need for a good piece of accounting software, this facility makes it very easy for people to get started in business — particularly businesses with very few expenses. Continue reading Invoice Your Customers Directly Using PayPal

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Setting Up Automatic Bank Feeds In Xero

Many accountants and businesses are now using Xero instead of MYOB so it's important for bookkeepers to be trained in this.
Many accountants and businesses now use Xero instead of MYOB.

In our last post we talked about the developments that have occurred over the last few years in the accounting software space; one of which was the introduction of Xero to the marketplace. Since then, a huge number of accountants and businesses have switched to Xero.

Xero has quickly gained momentum in the accounting software space, and while it’s important for bookkeepers to be skilled in MYOB, it’s becoming increasingly important that they’re also skilled in Xero as well. Continue reading Setting Up Automatic Bank Feeds In Xero

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Will Xero Dethrone MYOB as the King of Accounting Software?

Xero may not have toppled MYOB's crown, but they've certainly forced them to find new ways to remain relevant.
Xero may not have toppled MYOB’s crown, but they’ve forced them to  remain relevant.

We’ve been offering MYOB training courses for a very long time and that’s largely because they have long been the market leader in accounting software.

But in the last few years there’s been a definite shift in the accounting software space, and with cloud-based technology, a number of other players have entered the marketplace. Continue reading Will Xero Dethrone MYOB as the King of Accounting Software?

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Your Business Accounting Software: Is it Working Best for You?

Is your business accounting software - and your business bank account - saving you time? It should be!
Is your business accounting software – and your business bank account – saving you time? It should be!

In a previous post we wrote about business bank accounts. Some banks, even though they offer business accounts, aren’t actually all that business friendly, and this can sometimes add hours to your bookkeeping and reconciliation processes.

Not all Business Accounts are Created Equal

If you’re starting a new business and going to open a business account, we recommend you do your research and shop around, because not all accounts are the same.

Some business accounts integrate nicely with your accounting software, while others, like a Bank of Queensland account, for example, does not because they transferred their credit card service to Citibank, preventing integration with the Banklink feature of MYOB.

Other business accounts don’t allow businesses to have a Visa or MasterCard debit card attached to their business account and only allow businesses to make online purchases using their own money.

Business owners can only use a linked credit card to make online purchases or a separate debit card. Either option still results in additional journal entries in your accounting software.

End of Financial Year – Best Time to Get Business Friendly

If you’ve been battling with your current bank, now that we’re approaching the end of the 2013/14 financial year, it might be the time to consider moving your accounts elsewhere so you can start afresh come July 1.

Or perhaps it’s not your bank that’s playing havoc with your bookkeeping – perhaps it’s your bookkeeping software. As we approach a new financial year, it might be a good time to consider switching your account keeping software to MYOB, or something simpler, like Xero (we have written in the past comparing the two).

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At EzyLearn, we provide a range of training courses for a number of different accounting programs from the basic Reach Accounting to the more sophisticated MYOB. For more information on our training courses, visit our website.

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MYOB Training Courses and Small Business Bookkeeping Inductions

Our online MYOB training course is like an induction into the world of bookkeeping.
Our online MYOB training course is like an induction into the world of bookkeeping.

Our MYOB training courses are more than just training course in software. They also function as a quasi induction to the life of a bookkeeper, in that they train you in the day-to-day processes and procedures of a bookkeeper as well.

Even though you still need to have completed a Certificate IV in bookkeeping to become a registered BAS agent, you can still provide clients with basic bookkeeping services if you’ve done our MYOB training course.

Quizzes and Knowledge Reviews

The MYOB workbooks provided in the training courses contain practical exercises that students can complete to familiarise themselves with the software, which they are then later tested on to through a series of quizzes and knowledge reviews.

By the time you’ve completed our MYOB training course, you’ll be proficient not just in the MYOB software, but also in the day-to-day of a professional bookkeeper.

Some of our previous students are already business owners themselves and our MYOB courses provide them with the necessary skills to take care of the data entry and bookkeeping for their own business.

An Entry Point to Your Home-Based Business

But a good many more of our students also use our MYOB courses as an entry point to starting their own home-based bookkeeping business, providing other businesses with data entry while they’re completing a Cert IV in bookkeeping.

This is a great way to familiarise yourself with the bookkeeping process while you’re still learning, and even help you to network with accountants who could later help you become certified with the Institute of Certified Bookkeepers and supervise your work.

We also offer a Small Business Management Course to help those people thinking of starting a home-based bookkeeping business develop a business plan, carry out marketing activities report on financial activity, and so forth. Currently we’re offering this course for just $897 (for a short time only!).

For information on our courses, visit our website or contact our team.

 

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MYOB: What is an Induction?

Our MYOB course will help induct you into the role of bookkeeper.
Our MYOB course will help induct you into the role of bookkeeper.

The word ‘induction’ has many uses, which can make it rather subjective. It can refer to the time interval between the cause and the first measurable effect in an experiment; it can refer to stimulating the process of childbirth; it can refer to a rite of passage or ritual event, like a Bar of Bat Mitzvah; even our MYOB training courses act as a kind of quasi induction into the world of bookkeeping.

Exposure to Real-World Scenarios

Even though our MYOB courses are primarily teaching you how to use an accounting software package, we deliberately created training courses that would expose our students to real-world bookkeeping scenarios, so they would properly understand the software.

When you complete the day-to-day transactions module of our MYOB course you’re taught how to receive money and pay bills, record a cash-sale, settle credits and returns, and analyse payable, among other things.

Each module within our MYOB training courses teaches you a fundamental aspect within the whole bookkeeping process, and in that way our courses act like an induction into the role of a bookkeeper.

Inducting You as a Bookkeeper

An induction helps to give a person a basic understanding of what to expect of a particular situation or circumstance. In the instance of our MYOB courses, we’re helping you to understand what is expected of you as a bookkeeper, and what you should expect in turn.

Many organisations provide new employees with induction training to help them understand how the business operates, and to keep their existing staff up-to-date with changing policies and procedures – such as work, health and safety.

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As Australia’s leading provider of online training courses, EzyLearn has recently ventured into providing companies and organisations with the facilities to provide their staff with online induction training.

If you’d like to learn more about the kinds of induction programs you can offer your staff, visit our website or request a quote.

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Discussion Post: How Do You File Your Invoices and Receipts?

How do you file invoices and receipts? Tell us, we want to hear!
How do you file invoices and receipts? We’d very much like to hear!

Whether you’re a bookkeeper or business owner, if there’s one thing we probably all have a shared hatred of — it’s filing. Filing is the little task we always put off, until eventually we can’t find anything through the sea of paper and receipts cluttering our offices.

This wouldn’t be so bad if filing wasn’t such an important part of a business.

People File Differently Now

But as cloud computing, internet banking and email have changed the way businesses operate, the way people file their expenses and important business documents has changed as well. Continue reading Discussion Post: How Do You File Your Invoices and Receipts?

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Suffering Poor Cash Flow? How to Get Paid Faster!

Stop tearing your hair out chasing money and investigate a cloud-based system like ezyCollect.
Stop tearing your hair out chasing money and investigate a cloud-based system like ezyCollect.

Too many small businesses suffer from cash flow problems, which is why our Small Business Management Course covers financial planning and how to monitor and manage your cash flow through debtor management.

However, few small businesses suffer from poor cash flow because they’re unaware of how to manage their debtors properly.

Rather they suffer poor cash flow because they lack the resources to chase late payers or, as in most cases, they don’t have the time to stay on top of their accounts receivables to ensure their clients don’t become late payers in the first place.

Aussie company, ezyCollect, aims to solve this problem for medium sized companies – here’s how.

Continue reading Suffering Poor Cash Flow? How to Get Paid Faster!
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Bank of Queensland not Using BankLink – and Others?

It appears not every bank is using BankLink.
It appears not every bank is using BankLink.

We wrote a post last year about a service called Bank Link, which we discovered is being used by a large number of accountants to reduce the amount of data entry involved in bookkeeping. Being that one of our most popular training courses is our MYOB training course and that many of our students are bookkeepers, we wondered what the bank link service would mean for the future of bookkeepers.

Bookkeepers Still Vital!

As it happens, we don’t believe that the BankLink service will make the role of the bookkeeper redundant, given that there is so much more to be being a bookkeeper than just data entry. In fact, we found that because BankLink eliminates much of the time-consuming data entry process, BankLink should be used by more bookkeepers.

Since the post on BankLink was published, however, we heard from one of our readers who told us that the Bank of Queensland does not provide credit card transactions data through BankLink. We thought this was unusual, so we decided to look into it a little further.

After doing a little digging, we discovered that BankLink is not available to be used with all banking institutions, and Bank of Queensland happens to be one of those institutions. We tried to contact the Bank of Queensland to find out if the BankLink service would be extended to their customers, however, we were unable to reach anyone able to give us any information as to if, and when, this service would be adopted.

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For bookkeepers, or small business owners, even, who are customers of the Bank of Queensland this means that you will still need to enter your credit card transactions into MYOB manually. If you are aware of any other banking institutions that do not provide credit card data though BankLink, we’d love to hear from you — let us know in the comment section below.

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2014: There are Currently More Opportunities THAN EVER for Home-Based Bookkeepers

The numbers don't lie - find out why statistically now is a better time than ever to begin your bookkeeping business.
The numbers don’t lie – find out why statistically now is a better time than ever to begin your bookkeeping business.

With 2013 now come to a close, many of you may be thinking about how you will work in 2014. Now is a better time than ever to start a home-based bookkeeping business! It’s why we offer online MYOB training courses, in addition to Reach and Xero, so you can learn how to use the most popular accounting software in the world. But now, let’s give you three tangible reasons why NOW is one of the best times you could start your own bookkeeping business, working from home:

1. Health and Well-Being Reasons

The reasons for starting a home-based bookkeeping business are many and varied, but some of the first are to do with your own physical and mental health. In a post we published earlier this year, we listed five reasons why you should start a home-based business; we’ve also discussed the benefits to your health that working from home can bring, particularly in reducing your stress. Working from home has never been easier, and it’s a trend that’s fast catching on, particularly in the accounting and bookkeeping industry.

2. Cloud Software and Low Capital Investment — Creating More Opportunities

Cloud-based accounting software is also creating more opportunities for home-based bookkeeping businesses. According to market research firm, IBISWorld, in the five years to 2013, revenue in the bookkeeping and payroll industries has reached $2 billion, with an increasing trend among companies to outsource bookkeeping functions due to the higher level of connectedness — thanks in part to cloud-based accounting software.

But there’s even better news for people looking to start their own home-based bookkeeping business: capital investment is extremely low, and for every dollar spent on capital, the industry spends an average of $26.25 on labour. This is largely due to capital investments being small, and usually only include, computers, access to the internet, accounting software and office furniture.

Due to the industry becoming increasingly fragmented — in 2013, there were some 1,892 registered bookkeeping businesses operating in Australia — there’s a huge demand for bookkeeping services, particularly among SMEs, who usually don’t have any payroll or bookkeeping staff employed full-time.

3. LOTS of Work Available — And Accounting Services Growing

According to ABS data, 96 percent of the businesses operating in Australia are small businesses, of which the largest number operate within the construction industry (16.2 percent), followed professional and scientific services (11.7 percent), and rental, hiring and real estate services (10.5 percent). For bookkeepers that are highly skilled in these industries, there’s no shortage of work. That’s why we also offer a Small Business Management Course, to provide bookkeepers, virtual assistants, or simply anybody who wants to work for themselves, with comprehensive training in what you need to know to run or manage a small business.

But for those bookkeepers hoping to strike up a working relationship with a local accountant, there’s good news on that front, too: the accounting services industry has recorded annual growth of 2.9 percent in the four years since 2009, and annual revenue totaling $16 billion, according to IBISWorld.

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If you’re a bookkeeper and you’ve been thinking about starting a bookkeeping business, you know better than anyone that the numbers don’t lie — the time to start that business is now!

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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.”

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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 course. Last 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.