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ALERT: QuickBooks Online Training Courses Updated

Updates & new online training course content for QuickBooks Online vs Xero training - EzyLeran

Xero, QuickBooks and MYOB are updating their software with new features every month! That’s what you get with cloud-based software that is continuously updated and improved.

We’ve recently updated our Xero Accounting software courses and have just published an updated to our QuickBooks Online Daily Transactions & End of Month training Courses. Continue reading ALERT: QuickBooks Online Training Courses Updated

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Terms of Trade and Credit Risk Controllers

Air Conditioning installers and suppliers in Central Coast, Ourimbah, Gosford, Wyong, Long Jetty, Erina

All of a sudden I’m hearing about terms of trade from everyone! Maybe it’s because things are tight and customers need credit? Or maybe it’s because we have started offering course funding at $20 per week!!

We are busy updating our Credit Controllers Course right now. Check out some of the topics included that will get you up to speed.

Continue reading Terms of Trade and Credit Risk Controllers
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Announcement: MYOB, Xero and QuickBooks Training Manuals now available for sale

Get hired for data entry and accounts payablereceivable jobs with MYOB, Xero & QuickBooks skills

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. 

Purchase yours now and download them instantly. 

Continue reading Announcement: MYOB, Xero and QuickBooks Training Manuals now available for sale

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Announcement: NEW Training Video Libraries for Accounting Software (Xero, MYOB, QuickBooks)

MYOB Accountright & MYOB Essentials online training course video library logo 2

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.

Continue reading Announcement: NEW Training Video Libraries for Accounting Software (Xero, MYOB, QuickBooks)

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NEW: MYOB, Xero & QuickBooks Training Courses for $20 per week!

Career Academy support for online MYOB Training and Xero Bookkeeping Courses with Accounting Tutors

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!

Continue reading NEW: MYOB, Xero & QuickBooks Training Courses for $20 per week!

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How to Become an Accounts Payable Officer

an accounts payable officer bookkeeper

ACCOUNTS PAYABLE OFFICERS are responsible for paying invoices owed by a company to its suppliers or vendors.

They typically work in medium to large-sized businesses, where they may also be called an accounts officer and be responsible for investigating the cost of wages, materials, overheads and other operating expenses.

Here are some of the other common tasks you’ll find in an accounts payable officers job description.

Continue reading How to Become an Accounts Payable Officer

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Do Bookkeepers Need to Learn All Accounting Programs?

female bookkeeper with diverse skills

Ways to diversify your bookkeeping skills

female bookkeeper with diverse skills
Are your bookkeeping skills diverse enough to service a multitude of clients?

NOT SO LONG AGO, bookkeepers and accountants only had to learn to work with one accounting program. That was back when MYOB, the market leader, had a strangle-hold on the industry, and though a few alternatives – Reckon, Quickbooks – tried to squeeze out a space for themselves, MYOB was too embedded in the accounting industry.

But the rise of cloud accounting has changed all that. Besides the reinvention of a couple of old brands (QuickBooks and Reckon – though the latter has exited the market again), it’s also birthed a new market leader in Xero, which now has more paid member accounts in Australia and New Zealand than arch rival MYOB.

A number of smaller players to have entered market, too. There’s Zoho, which has built an entire suite of productivity apps; and straightforward cloud accounting programs, such as Saasu and Freshbooks – to name only a few.

Xero bookkeepers

When Xero first pioneered cloud accounting, it quickly gained popularity among new and small businesses due to the ease with which you could get your accounts “online.”

There was no big, expensive outlay to buy the software – Xero offers a free trial, after all – and for the most part, setting up a Xero account, creating invoices, estimates and recording expenses was remarkably easy.

Many bookkeepers, who had been working with MYOB, quickly started offering bookkeeping services in Xero, and there are many more who work exclusively in Xero.

These bookkeepers are usually part of the Xero Partner program, but there are some that just prefer using Xero because it’s cheaper and easier for their clients to use, which makes their job a lot easier.

Diverse bookkeepers

Most bookkeepers are diversifying, not just in the services they offer (from only providing daily reconciliations services to providing BAS, payroll and credit management services) but also the programs they work with.

Many highly skilled bookkeepers not only work in MYOB and Xero, but some also work in larger enterprise reporting systems, such as Oracle and SAP.

Doing so enables, predominantly contract bookkeepers, to work with a range of different businesses and increase their income.

Even bookkeepers who don’t work with large enterprise reporting systems, but who do work with the major accounting programs Xero, MYOB and QuickBooks, are still able to increase their earning potential.

Learn the major accounting programs for one low price!

We are constantly updating our Special Offers page to include a variety of combination deals on our online training courses to provide established bookkeepers and would-be bookkeepers with the most training material for the lowest price. 

In one of our current special offers, students who enrol in our MYOB AccountRight and Xero online courses will also receive QuickBooks Online and MYOB Essentials online courses FOR FREE.

We have a host of other specials on this page as well which will suit students looking to enrol in everything from accounting software training courses, to social media marketing and business start up courses.

As with all of our online training materials, students can learn at their own pace, in a way that suits their busy schedules with 12 month’s or lifetime course access options.

***

Remember, becoming proficient in a number of different software packages takes you a long way towards being able to offer diverse services to your clients. Then you only have to decide which services to offer — BAS, payroll, credit management — or perhaps all three and more? One you know what you can offer your clients, you’re well on your way to operating a successful bookkeeping business.

cashflow reports in xero and excel

 

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3 Little Mistakes that Cost Thousands

online training learning tradesmen carpenter painter plumber electrician turning quote into sale

How tapping into your Smartphone can win you work

online training learning tradesmen carpenter painter plumber electrician turning quote into sale
You can be more relevant and responsive to the needs of your clients if you tap into low cost technology tools at your disposal.

I RECENTLY WROTE about a Tradie Charging Too Little. In this I covered the four tell-tale signs, as told to me by a tradesperson friend of mine, that your prices are too low. But there are other business mistakes that owners, particularly tradespeople, make that can wind up costing them thousands in lost revenue — and when I say revenue I don’t just mean from existing clients but also past clients and new prospects!

The crazy thing is that most of this can be solved by using a bit of technology. And I don’t mean using a desktop computer; indeed, most tools you need are now available from your smartphone. My preference is Android and Google G Suite.

Google G Suite Training Courses - contacts, emails, calendars, appointmentsNot getting prospect’s details

Lots of business owners, including bookkeepers and tradespeople, will just hand out their business card to prospects, rather than taking down the prospect’s details so they can follow up. 

Sure, handing out your business card is a good start, but if you spend an extra minute or two getting contact details from the prospect as well as details about:

  • the work they’d like done
  • the timeframe they’re hoping for
  • their budget, etc

you can follow up in a meaningful way and hopefully win some new business. The great thing is that you can add the prospects address and contact details to your contacts and even your calendar for 3 weeks into the future and just make friendly contact with them to see whether they are ready to begin!

Learn How to use Xero with EzyLearn Online CoursesSlow to send estimates

The best time to send a prospect a quote is when you’re still at their premises. You can do this by writing them out by hand in a book with carbonated paper (but get real, you’ve got a smartphone!)

Better still is to use a cloud accounting program like Xero to email the quote through to the customer right then and there (this helps ensure you get their correct email address too). 

The biggest reason to do this prep work: Because you have a prospecting list you can call on when things get quiet in your business.

If you take the time to explain the details of the quote, you might also just get an automatic acceptance, so then you can begin scheduling a start date, arranging a deposit, and so on.

This actually happened to me when I was using a glass manufacturing business in Maitland NSW for a recent renovation I was involved in — the estimator mentioned they could do it the following Tuesday and that all they needed was a 50% deposit. He asked for the business on the spot and guess what? He got it! 

Learn more about our property investment micro courses and education guides.

The price of being disorganised

Don’t wait until the day before you’re due to start a job — or worse, until you arrive to commence work — to secure a deposit from your customer. Ask them to pay the deposit before you commence the work, so you’re not waiting around to be reimbursed for materials you’ve purchased out of your own pocket. This can have an adverse impact on your credit management processes.  

This tradie I was speaking to was thinking about getting a small loan for $2000, when I suggested that he just get his deposit for an upcoming job now rather than a day before he starts it!

 

Get a Coach or Mentor to help you through the process

EzyStartUp business startup and admin training coursesOur EzyStartup Course will you teach you about pricing your services, business planning, marketing, and developing a professional network to grow your business.

learn xero online training course videos shopping around for bookkeeping quoteVisit our website for more information or to enrol. Best of all you can engage a business coach to help you set some goals, stay on track or even project manage the using of new technology so you begin using this technology every day.


 

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Do What You Know & Actually Make Money

business and marketing help for tradies

business and marketing help for tradiesMANY SMALL BUSINESS owners get distracted thinking about what they could do or want to do and not what they can do now.

Doing what you know, and particularly, what you love doing and are passionate about, will ensure you earn money and get new clients.

Why? How? Because people see it in your body language and hear it in your voice.

Throw in some good computer skills and efficient credit and money management and you’ll be set for a great financial year profit.

People Prefer Specialists

I recently worked with a lot of different trades people on an investment property in Newcastle and found it fascinating how many trades people would promise to do a lot of things but then not be able to deliver when needed.

In particular I spoke with a painter who claimed that he was a level 3 painter (and not a level 1 painter) and then gave me reasons for it.

I soon realised that this painter simply wanted to work at a slower pace doing lots of interesting things. He didn’t want to work on intricate, complicated paint jobs — however, he was quoting on EVERYTHING in the hope of getting the work.

My strong advice: Specialise early in one or two particular areas of your field. For instance; if you’re a painter, concentrate on indoor painting, rather than spreading yourself thin doing outdoor jobs.

Similarly, don’t even bother quoting on projects that require lots of different tools and expertise you don’t necessarily have. You can branch out later, once your business is more established and you have the time and resources to take on different kinds of jobs.

Just remember, people want experts because they know the job will be be done well — and they’re willing to pay good money for that. If you’d prefer to do more basic paint jobs like renovation touch ups and/or refreshing old houses, and you are willing to accept a lower rate, there is also plenty of demand for that.

Build a network of specialist professionals

You, personally, can’t be everything to everyone, but you can build up a network of professionals so your business can provide everything to everyone.

Get to know other professionals who carrying out work in ancillary and adjacent areas to your business, and work out a mutually beneficial arrangement to pass work onto each other, where each people can earn a finder’s fee.

EzyStartUp business startup and admin training coursesLearn about setting prices, business planning

The painter recently went through the topics in our EzyStartup Course and realised he could earn a commission or referrals by passing jobs that were outside his area of expertise onto other painting companies. This has enabled him to focus more on the renovations and maintenance work that he prefers to do.

Our EzyStartup Course taught him about pricing services, business planning, and developing a professional network to grow his business. Visit our website for more information or to enrol.

Be a better tradie!

FREE Xero Accounting Training Course WorkbookDownload our FREE Xero Training Workbook.

WHEN YOU KNOW even just the basics of what Xero cloud accounting can do (or you have someone in your business who does) you’ll stand out from others. 

Why? Because you can MANAGE YOUR TIME in Google Calendar (part of Google G Suite) and GENERATE QUOTES AND INVOICES INSTANTLY using Xero accounting — it’s much simpler than you think!

You’ll earn your money faster, have better cashflow and not be left worrying about all the things you have to do in the future.

See our suite of online Xero accounting courses if you want more details


 

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Running Multi-Period Profit and Loss Statements

Be Aware of the Ebbs and Flows of Your Business: Multi-Period Profit and Loss Reporting

multi-period-profit-and-loss-statement-reporting
Multi-period P&L reporting helps you capitalise on the peaks and troughs in your business.

Nearly every business has its busy periods and its quiet ones. Crucial to the success of a business is knowing when these busy periods and quiet ones occur, so you can capitalise on them. For a lot of Australian businesses offering professional services, December through January is usually when business winds down for the year. In the hospitality and accommodation industry, however, it’s typically the busiest time of the year, so planning for increased business is essential.

Muriel, a bookkeeper based in Dee Why, in Sydney’s northern beaches, encourages businesses to run a multi-period profit and loss (P&L) report in their accounting software in order to best determine these trends and to plan for them. Previously, this function was only available in MYOB and, in a roundabout way, in Xero, but the functionality has just recently been made available in QuickBooks, too.

Key Takeaways from P&L Statements

As the name of the report suggests, a profit and loss statement illustrates whether your business is making a profit or a loss, and for what period losses and profits were recorded. The best part about multi-period P&L statements is that you can run one report for, say, May, June and July off 2016 and, at the same time, run a P&L for the same period, the previous year.

multi-period-profit-and-loss-statement-reporting-well
Cause for yippee: When business slows, you may be inclined to think things are down on the previous year, but multi-period reporting can often show you’re actually ahead.

In MYOB and QuickBooks, each month will be shown in columns next to each, so you can easily compare each one, and also look for patterns or trends in your business. It also makes it easy to identify if there were any problems that should be investigated further, because they stick out like a sore thumb. Most of the time, the issues that are turned up are the result of a keying or coding error in your bookkeeping, but occasionally, it could indicate that your business isn’t as healthy as it should be — or, conversely, that it’s outperforming your expectations, in which case, yay!

If Your Business Sells Goods

In addition to running multi-period P&L reports, inventory businesses that sell goods, should get in the habit of running inventory sales and stock-on-hand reports. These reports allow you to see how your business is performing. In particular, you’ll be able to monitor your product lines, to see what’s selling, what’s not selling, what you have too much of, and what you have too little of.

Ask your bookkeeper to run regular P&L statements and, if you’re a business selling goods, inventory sales and stock-on-hand reports, too. They’ll provide you with invaluable insights to help you better understand your business.

Precious Help Finding A Bookkeeper

Like GPs, there’s usually a bookkeeper on every corner, but how do you find someone who’s top of their game, will save you time (and very probably money) and who will be a true asset to your business? Some business owners are unsure where to start when looking for a bookkeeper they can trust and rely on. It’s also extremely concerning how many Australian small businesses suffer — to the point of insolvency — as a result of inadequate cash flow. A large portion of cash flow problems stem from credit and debt management and the systems business’ put in place to do this.

Muriel is a highly experienced, accounting degree qualified bookkeeper, looking to work with businesses located in Sydney’s northern beaches suburbs of Allambie, Balgowlah, Beacon Hill, Collaroy, Dee Why, Frenchs Forest, Manly, Manly Vale, Narrabeen, Narraweena and Warriewood.

Muriel is comfortable using MYOB, Xero and SAASU accounting programs and can provide bookkeeping tasks ranging from invoicing and reconciliations, to accounts receivable, payable, business activity statements, and inventory asset management or high level financial analysis and reporting. Read more about Muriel at her profile page.

Our National Bookkeeping website has recently undergone a significant upgrade so keep a look out for more stories about featured bookkeepers in forthcoming blogs. Join now and we can feature YOU in our articles too.

 

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The Secret to an Error-Free BAS Report

What To Do So You Don’t Lose Money When Doing Your BAS

lodging correct business activity statements
Why pay more money to the ATO at your expense? A good bookkeeper may save you money when it comes time to lodge your BAS.

If your business is registered for GST, it means you have to file regular activity statements with the ATO, usually each quarter. A lot of business owners export their Business Activity Statement (BAS) data straight from their accounting software, like MYOB or QuickBooks, and quickly prepare their BAS’ that way. But this is an imprecise method, and one that could be costing you money.

Tracey Marino, an experienced bookkeeper based in Rockingham, WA, knows how important it is that businesses of all sizes keep their Business Activity Statements error-free so as not to end up costing business owners money. 

An Error-Free BAS in 6 Steps

Here’s six steps you can take for an accurate BAS:

  1. Check to ensure all bank, credit card, overdraft, loan, and petty cash accounts are reconciled with the original bank statements at the end of every BAS quarter.
  2. Print your monthly profit and loss (P&L) report for the respective BAS quarter, and check for abnormalities in income or expenditure over the three months. You should also compare this quarter’s P&L report with the P&L report from the previous quarter (in the same financial year), as well as the P&L report from the same quarter in the previous financial year to detect any unexpected transactions.
  3. Print out the balance sheet as at the end of the BAS quarter. Note the balances for the wage and salary, payroll, payable, super expense and payable, and PAYG and GST accounts, and investigate any abnormalities.
  4. Generate the general ledger exceptions report to review any abnormal transactions. This report will indicate any differences in the GST codes for the same types of purchases or sales by comparing the current transactions with previous transactions.
  5. Print your BAS and compare with it with last quarter’s BAS, as well as the BAS from the same quarter of the previous year, and ensure that your GST, PAYG, sales, and purchases are consistent across all three BAS’.
  6. Lodge and pay your BAS on time to avoid penalties, and remember to record the BAS payment in your accounting software.

Although this may appear to be ‘double handling’, in fact, it eliminates double handling by ensuring that the activity statements you lodge with the ATO are correct and error-free. Typically, the mistakes this method turns up are ones that would be of benefit to the ATO and not to the business owner. So rather than give the ATO more money than you need to, make sure you follow this method for an error-free BAS lodgment.

An Experienced Bookkeeper in WA

bookkeeper-rockingham-wa
Tracey Marino is available to provide bookkeeping services in the Rockingham area of WA.

Looking for a reliable and accurate bookkeeper to manage your business’ daily or weekly bookkeeping and accounts, either in the cloud (remotely) or in-person?

Tracey Marino is available to service businesses located in Port Kennedy, Warnbro, Baldivis, Secret Harbour, Golden Bay, Safety Bay, Shoalwater, Rockingham and Cooloongup, WA. Tracey is a an expert in MYOB AccountRight, QuickBooks and Microsoft Excel and can prepare and lodge your company’s BAS, set up credit management systems, along with carrying out all manner of day-to-day accounting functions for small to medium businesses. Find out more about Tracey’s experience at her profile page.

Our National Bookkeeping website has recently undergone a significant upgrade so keep a look out for more stories about featured bookkeepers in forthcoming blogs. Join now and we can feature YOU in our articles too.

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Three Things Your Bookkeeper Shouldn’t Be Doing

Is Your Bookkeeper Making Stuff Up?

how-to-find-a-good-bookkeeper
Some bookkeepers may fudge their way through your books, but you can spot this before it ends up costing your business.

In a previous post I wrote about the three tell-tale signs that your bookkeeper isn’t paying attention and thought I’d expand on this a little further by writing about three of the things your bookkeeper shouldn’t be doing — and what it means if they are.

Continue reading Three Things Your Bookkeeper Shouldn’t Be Doing

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The 3 Tell-Tale Signs Your Bookkeeper Isn’t Paying Attention

Are You Getting the Best from Your Bookkeeper?

find-a-good-bookkeeper
You don’t need to be a whizz at bookkeeping to recognise when your bookkeeper isn’t prioritising your business.

MANY BUSINESS OWNERS LACK an in-depth knowledge of the bookkeeping process so they hire a bookkeeper to manage it for them.

But this can also make it hard to know whether the bookkeeper they’ve hired is paying close attention to their business’ books or not.

Ricky is a tertiary qualified bookkeepers from Blacktown in NSW, and he reveals there are three tell-tale signs your bookkeeper isn’t paying attention. Continue reading The 3 Tell-Tale Signs Your Bookkeeper Isn’t Paying Attention

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What if a Credit Check Comes Back Negative?

Do You Have to Drop a Client Because of a Bad Credit Check?

customer-with-bad-credit-rating
It’s only business: but sometimes a bad credit rating doesn’t mean you have to end the working relationship.

A Credit Check is one of the most important first steps of good credit and debt management but you can still do business if the check comes back negative.

In a previous post on credit and debt management, I recommended that all businesses — regardless of whether they offer credit to customers on a 30-day account or not — perform a credit check on any new client who will spend more than $1000 on goods or services in one sale, on an ongoing basis.

What should you do if the credit check comes back negative, and shows that the potential customer is guilty of late payments, pending legal action or already carries a significant level of debt? Continue reading What if a Credit Check Comes Back Negative?

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Is Credit Management Just About Getting on the Phone?

It’s Good Business to Set Out Your Credit Management Policy at the Outset

credit-management-bookkeeping-business
Spelling out your credit management procedure at the start with a client helps avoid payment-chasing phone calls later.

CRITICAL TO THE SUCCESS OF ANY BUSINESS is the ability to maintain a healthy cash flow. But doing so requires effective credit management processes.

Unfortunately, too many business owners feel uncomfortable talking about credit and debt management upfront with new clients.

They (falsely) believe it begins if, and when, a customer doesn’t pay a bill. But, in fact, credit management starts much, much earlier than that — long before the two businesses even agree to work with each other, to be precise.  

The 3 Stages of Credit Management

Credit management falls, generally, into 3 broad stages, beginning with how new customers are assessed before you do business with them.

If you extend a line of credit to your customers, payable on a 30-day account, then a credit check is an imperative first step. But even if you don’t offer credit, a credit check should be a routine part of the new customer set-up process.

If you provide services to customers that aren’t paid for in advance or upon receipt, and you allow that customer between 14 and 30 days to pay your invoice, you’ve essentially just extended them a line of credit.

Indeed, it’s recommended that any business, whether they’re a sole trader, freelancer or independent contractor, carry out credit checks on any new, ongoing customer for jobs over the value of $1000.

Stage 1: Assessment

The assessment stage of good credit management involves taking the following steps:

    • Create credit application or work authorisation form
    • Establish terms of trade
    • Obtain a credit check

As long as the credit check doesn’t raise any issues of concern in relation to the business’ previous track record with paying suppliers on time, you can then decide to take them on as a client. From here you move to the next stage of credit management.

Stage 2: Management

This is the most involved stage of the credit management process, as it requires diligence to ensure your processes don’t slip. Some aspects of the management stage may require a phone call to your client to find out why they haven’t paid.

However, for the most part, cloud-accounting software has made it a lot easier to stay on top of your debtors. Ensure your process includes the following:

  • Prompt invoicing (as soon as goods / services have been provided)
  • Establish payment reminders, either by email or text
  • Send regular statements (if customer is on a 30-day credit account)
  • As soon as payment is overdue and in breach of terms of trade
  • Send to debt collection.

If you speak to your client twice about an overdue invoice / account, and they still don’t make payment within an agreed time, refer them to your debt collection agency, however harsh that may seem.

Stage 3: Enforcement

Although debt collection agencies can chase a debt that’s as much as 5 years old, the older the debt, the harder it is to collect payment.

As soon as a client is in breach of your terms of trade, and your other attempts to collect payment have failed, refer the debt to your collection agency.

If debt collection is unsuccessful, you should speak to your accountant or financial advisor about writing the debt off in your next tax return.

Good Credit Management Should Mean Few Phone Calls

credit management chasing payment
Avoid time-wasting and unpleasant phone calls by eliminating the chances of late payment through a professional credit management policy.

So the upshot of all this is a big part of a good credit management process is properly vetting all new customers before you do business with them. If this is the case, you should rarely have to pick up the phone to chase them for payment.

In that sense, credit management is not about getting on the phone. Rather, it’s about implementing a range of procedures for managing your debtors, and it begins before you even do any work for them.

We Can Help You Set Up Your Credit Management and Much More

Is your business yet to set up proper credit management systems?

Having the assistance of a reliable, experienced professional to help you do so may cost a lot less than you think. We have thoroughly-vetted, reliable bookkeepers across Australia, capable of setting up your systems so you can continue to do your bookkeeping yourself, or able to keep managing your daily or weekly bookkeeping and accounts.

In your office or in the Cloud

This can be done remotely or in person, with most of our bookkeepers tertiary qualified and able to assist in basic bookkeeping to more complex accounting tasks. These might include accounts receivable and payable and payroll, or financial strategising.

We also have registered BAS agents in our national directory. See our newly upgraded website, National Bookkeeping for more information.