How We Create a Xero Training Course

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

Project, Job Tracking, Job Costing, Job Reporting for Xero, MYOB & QuickBooks Online Training Courses
Project Milestone chart from Xero’s WorkFlowMAX Project Management Software

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.

Job Tracking, Projects in Xero, MYOB AccountRight & QuickBooks Online Training Courses to report profits for tradies and builders - garden shed
Simple Job, but lots can go wrong and cost more than you earn

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/

Why is job tracking and project costing so hard using MYOB & Xero?

In many industries, no two jobs are the same, making estimating job costs and resources tough. Job tracking is one of the best ways to develop an accurate budget and avoid blow outs.

But this can be hard work. Are the latest job costing and tracking functions in MYOB AccountRight, QuickBooks Online and Xero making life easier?

Job tracking functions in your accounting software

As its name implies, job or project tracking is a way of keeping track of, and allocating, all costs and incomes to a particular job or project.

Job tracking has numerous benefits. It allows you to stay on schedule, budget for costs and resources efficiently and work out job profitability.

Why job tracking can be difficult

Part of the challenge of job tracking is making sure that staff members responsible for invoicing, paying accounts, and payroll functions, know exactly how to allocate costs in a job. They also need to know which jobs are active at any one time.

How job tracking affects Accounts payable and receivable workers

We cover the skills needed to for clerical, administrative and accounts work in accounts payable and receivable in our Xero Advanced Certificate, MYOB Advanced Certificate and QuickBooks Online Advanced Certificate courses.

When it comes to job tracking, employees working in these accounts areas need training and awareness. If you have staff responsible for invoicing customers, they will need to know which job numbers to use.

Similarly, accounts payable staff who receive supplier bills and need to allocate the costs to the correct jobs or cost centres.

Payroll staff, too, are involved in job tracking as they receive employee timesheets and need to allocate hours worked to the correct jobs.

How the different accounting programs “job track”

MYOB AccountRight Job Tracking

You can track job costs and revenue using the Jobs function of MYOB AccountRight. This is available in the Lists menu. (Note: Job tracking is not available in MYOB Essentials.) The Jobs List in MYOB AccountRight provides a snapshot of the profitability of each job.

We cover job tracking in our MYOB BAS & Reporting online training course.

Xero Projects or WorkFlowMax

Xero, too, has its own much awaited job tracking function, called Xero Projects. The introduction of Xero Projects has been great for those wanting to make the move from MYOB AccountRight.

However, Xero Projects isn’t exactly like tracking costs by job in MYOB. The Xero Projects module tracks time and expenses and a billing process generates invoices. However, you can’t track job costs by line on each invoice.

You can overcome this by creating tracking codes in Xero which would allow you to allocate costs/income as appropriate. This only becomes a little unwieldy if you run lots of different jobs. An addon like Workflow Max may be worth considering for these kind of operators.

Read about some of the other project management tools you can use.

Overall, however, Xero’s more recent offerings, like Xero Projects, are making it increasingly competitive against MYOB. We’ve written a lot about the comparisons between MYOB AccountRight and Xero; it’s a heated topic among small business owners and bookkeeping businesses!

QuickBooks Online

We’ve talked before about how QuickBooks is comparable with Xero. Like Xero, it also has a Projects feature, which is available on a QuickBooks Online Plus subscription. The QuickBooks Projects screen provides a snapshot of the profitability of each job. A project name and customer is required to create a new project.

We’re currently creating a short course on Job Tracking, Job Costing and Projects

If you are a current EzyLearn student you’ll be thrilled to learn that we have a new case study in development that will teach you how to manage projects for tradies like builders, carpenters etc.

Learn more about our latest Micro Course Case Study and make sure you subscribe to receive updates on its progress.

We are creating a new Job/Project Tracking training course for each of our Xero, MYOB and QuickBooks Online Courses.

Should You Send Reports to Late-Paying Clients?

Want to learn how you can really manage late payers? Simply by reconciling more regularly, you can use a “real time” snapshot of your cash flow in your accounting software, rather than relying on your bank balance.

Continue reading Should You Send Reports to Late-Paying Clients?

Are EzyLearn students just like YOU?

‘Social proof’ is testimonials, reviews and feedback of others, that vouches for the product or service we’re thinking of buying. Social proof backs up the fact that what we’re considering buying is what it says it is.

Come see some social proof about EzyLearn by meeting some students from the past few weeks
— you just might have a lot in common with them.

Continue reading Are EzyLearn students just like YOU?

How Does QuickBooks Compare with Xero?

ONE WOULD THINK that an accounting software program that is actually developed by accountants would be the best. However, some believe that the user experience is better with QuickBooks and Xero.

We’ve previously blogged about how QuickBooks accounting compares with MYOB. We’ve also done a comparison of all three accounting programs — MYOB, Xero and QuickBooks.

In doing so, it’s interesting to note that QuickBooks, for small business owners, at least, was the clear winner against MYOB in terms of reporting and user experience. But how does QuickBooks stack up against the increasingly-popular Xero? You may be surprised at the results.

Continue reading How Does QuickBooks Compare with Xero?

I’m a Bookkeeper – How Do I Find Good Work?

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?

What Do Employers Want From Bookkeeping Job Sites?

THE ULTIMATE GOAL of a job site (and they are not all created equal!) is to deliver the highest volume of candidate applications to the job poster (the recruiter or employer), while also providing candidates (job-seekers) with access to the highest volume of top-quality job listings.

Since recruitment classifieds moved online more than two decades ago, the ease with which job-seekers could apply for jobs increased.

Job posters went from getting a handful of applications over the course of a few weeks to hundreds all at once. This spawned the need for businesses to best manage and dare I say it, automate and systemise the hiring process. Continue reading What Do Employers Want From Bookkeeping Job Sites?

Watch out for FAKE Statements of Attainment for Xero & MYOB Short Courses

I’VE WRITTEN MUCH ABOUT accredited training in the past, relating particularly to the use of the term “Diploma”. Just recently, I discovered more murky marketing by a newcomer to the bookkeeping short courses industry.

What’s scary about these training course providers is that they make claims to offer a Diploma, and then after 2 years in business, they apologise for “something beyond their control” like a change in legislation which tells them to stop calling their courses Diplomas, when they are NOT and NEVER WERE IN THE FIRST PLACE!

Want to know why they do this?

Continue reading Watch out for FAKE Statements of Attainment for Xero & MYOB Short Courses

Bookkeepers Need to Know All Cloud-Accounting Systems

GONE ARE THE DAYS when a bookkeeper only needed to know their way around MYOB. Since the internet democratised the accounting software market, abundant MYOB rivals have appeared.

But while there are close to a dozen cloud accounting systems on the market, most bookkeepers — thankfully — will only need to know their way around three: Xero, MYOB and QuickBooks. If you’re looking for a course or training resource on these programs we have a combo offer.

Continue reading Bookkeepers Need to Know All Cloud-Accounting Systems

How Aussie Mums are Starting their Own Businesses

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.

Continue reading How Aussie Mums are Starting their Own Businesses

SPECIAL OFFER: MYOB, Xero & QuickBooks Online Courses ALL for One Low Price

The Internet has spawned several cloud accounting software program all over the world including:

Continue reading SPECIAL OFFER: MYOB, Xero & QuickBooks Online Courses ALL for One Low Price

Xero, MYOB, ERPs and Supply Chain Tools

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

Reporting in QuickBooks Just Got a Whole Lot Better!

Quickbooks now providing superior options for filtering and scheduling bookkeeping reports

Xero online training course bank feedsONE 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?

running cashflow reports in xero and exporting to excel

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, PowerPointWord) or social media and WordPress web design). 


 

 

TSheets for Independent and Remote Contractors

TSheets is a cost effective way to manage and track your time

tsheets by quickbooks logoTSheets, THE TIME MANAGEMENT SOFTWARE, is a great way for independent and remote contractors to manage their client’s projects. It’s especially useful for contractors who are collaborating remotely with other contractors and businesses on one project.

There are a bunch of other handy tools contractors and sole traders can use for expense tracking and forecasting too.

But back to TSheets. TSheets was recently acquired by Intuit, the parent company of QuickBooks. Both TSheets and QuickBooks shared 12,000 customers in common and the time management system had been developed to work specifically with QuickBooks. Deeper integration with QuickBooks can be expected now, following the acquisition.

The acquisition is part of the push into the cloud accounting ecosystem that’s being led by the major cloud accounting companies. (Read: EzyLearn’s explainer on the TSheets acquisition and the cloud accounting ecosystem.)

Inexpensive time tracking

expense apps for self employed peopleIf you were to think about the top three cloud accounting apps in terms of the types of businesses they appeal to, QuickBooks would appeal most to micro businesses and independent contractors. Check out an earlier blog post where we assess two main factors: User Experience & Ease of Use, and Reporting Tools in a comparison between MYOB and Quickbooks for small businesses.

The popularity of Quickbooks for contractors and the like is not just because it’s by far the cheaper system compared with Xero and MYOB. QuickBooks has also spent a lot of time simplifying the process of managing business accounts so that, while it may not be the most robust program, it’s by far the most accessible.

TSheets has been built the same way. It’s also one of the most inexpensive time tracking systems — at a minimum of $30 per month for two users, while it’s free for one user to use TSheets for unlimited projects.

Bookkeeping Academy to include TSheets

New content is being added to our Bookkeeping Academy “Academic Development Program” to include using TSheets with QuickBooks (or Xero and any other cloud accounting system it integrates with).  The Bookkeeping Academy is where you can purchase online training via short courses that you can use for Continuing Professional Development (CPD) or Continuing Professional Education (CPE) or to upskill or re-train in one particular area. You can earn CPD points with our cloud accounting packages.

Read more about why continuing education for bookkeepers is so important in this ever-changing industry.

online bookkeeping courses to earn cpd points

MYOB Launches Single Touch Payroll Trial Product

LAST WEEK, MYOB LAUNCHED a beta trial of its single touch payroll (STP) product, as it gears up for the July 1, 2018 compliance deadline.

Businesses with 20 or more employees need to have transitioned to the ATO’s Single Touch Payroll initiative by July.

Businesses with fewer than 20 employees have until July 1, 2019 to be compliant but for these small business owners and contractors the ATO has a new free app.  Continue reading MYOB Launches Single Touch Payroll Trial Product

Do Bookkeepers Need to Learn All Accounting Programs?

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.

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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