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NEW COURSE: QuickBooks Online Daily Transactions Course

Enrol Now for our Special Priceintuit-quickbooks-accounting-software-training-courses-logo

We’re coming to a rather frantic yet very exciting end to the 2016 calendar year with a whole bunch of new course announcements coming — the first of which is the creation of our QuickBooks Online Daily Transactions Course! It’s currently only $50 so hurry up and enrol now to enrol at this price — it’ll go up soon as we develop new content to beef it up!

I written a lot about Quickbooks Online since Intuit, a MASSIVE accounting software company in the US, started to promote itself directly in Australia after breaking up with Reckon, their local distributor. And why did this happen? Because of the power of cloud accounting for software companies to deal direct with the customer!

Why a New QuickBooks Online Training Course?

Our QuickBooks Online Daily Transactions Course is the result of comparisons we’ve made between the accounting software programs and the belief that this software will start to take a larger chunk of the accounting software market in Australia — if for only one reason: the cost for the software is very low and remains low while they try to win market share. The functionality of QuickBooks is excellent, and as far as navigating and “user experience”, it is far easier and less clunky than having to install a software program on your computer, like you need to do with MYOB!

 

At EzyLearn we use each of these main accounting software programs (MYOB, Xero and Quickbooks) and for me, personally, QuickBooks is the pick of the bunch!

— Steve Slisar, Managing Director, EzyLearn

 

Our course has been created by highly qualified professionals — in this instance, Tracey, our registered BAS agent and Helen, a qualified accountant, so you can feel confident the information is covered thoroughly and precisely. You can view our course prices and enrol now to take advantage of the great price on this new course.

If you’re looking to improve your current skills set or you’d simply like to learn a new one, visit our website for a full list of our training courses and details on how to enrol. If you enrol in any of our MYOB, WordPress or Excel online training courses, you’ll receive Lifetime Membership to our course materials. This means you can stay up-to-date with each new version of software that’s released for no additional cost! What’s stopping you? Enrol today!

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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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Bad Payers Cost 12 Working Days to Collect $13,200

Credit Management is an Extra Job

credit-management-training-assessment-management-and-enforcementI’ve always believed that as soon as you offer credit you’ve got yourself another business – a credit management business. When we first created our MYOB Daily Transactions course we designed it to take students through the cashflow process of where money goes when it first leaves your bank account and these are the main steps:

  1. Money in the bank (cash asset)
  2. Buy stock (inventory asset)
  3. Products sold on account (accounts receivable asset – Trade Debtors)
  4. Customer pays their account (cash asset)

The interesting part of this business process to me is the marketing (choosing the products, pricing, marketing message and advertising) and the credit management to get the money back. Each of these stages and their tasks carry a certain amount of risk but the credit risk part is actually something you can manage to try to eliminate altogether, but it takes work and a system.

Well the good news is that we’ve created a Credit Management Training Guide that goes through the different parts of your business where you can put measures in place to reduce this risk significantly – even if you are in the trades or building industry.

Credit Management is a Job for Contractors

credit-management-accounts-receivable-payable-and-data-entry-are-jobs-for-contractors-with-their-own-bookkeeping-businessMany tasks in businesses these days is actually contracted out to independent contractors because of the flexibility and credit management is a great example because it can be performed a day a week (for smaller businesses) and it can even be performed by a remote contractor (virtual assistant) working from their own home office. See Credit Management Services at Natbooks! 

Since we’ve started working with local bookkeepers at National Bookkeeping we’ve realised that credit management and daily transactions type work is by far the most common form of task performed by a bookkeeper. The rate of pay for bookkeepers performing this work is generally lower, but it’s a great option for people like working mums or dads who want to fit their work into their children’s school schedules as well as corporate accountants who want to make a start on their own bookkeeping business in their local area.

The corporate accountants or accounts managers we speak with often start performing this work in their new bookkeeping business but as their business grows they fill this position with a contractor of their own. Pre Qualify to join National Bookkeeping

Paypal and Quickbooks

Quickbooks Online is back and they want to beat MYOB and Xero
Stop tearing your hair out chasing money 

Last year I wrote about the joint venture between Quickbooks (Intuit) and Paypal and how they want to help businesses get paid faster. They commissioned a study last year found that Australian small businesses are owed a collective $26 million in unpaid invoices. That’s roughly $13,200 owed to each business at any given time, for which business owners will spend an average of 12 days chasing them each year.

It’s a lot of time and effort to earn that kind of money particularly if you’ve actually already earned it by supplying your products and services!

Check out our Credit Management information page and watch out for the announcement when we include it as a student inclusion for ALL students. We created this guide to help businesses use their accounting software to better manage the credit risk in their business. We’ve included information for builders and contractors about the Security of Payments Act.

 

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BAS Service deadline looming – BAS Audits, self assessment and benchmarks

BAS Service, compliance anxiety and cash-flow

MYOB GST, reporting and BAS training coursesIt’s that crazy time when the end of financial year TAX and quarterly BAS periods combine to cause compliance anxiety for business owners and managers if they don’t have a handle on their bookkeeping processes and accounts. This is often caused by not having the best team available for all the tasks required and I spent some time during the week speaking with Tracey our MYOB, Xero and Quickbooks Trainer from Rockingham in WA about the different levels of bookkeepers and whether they could complete tasks relating to a BAS Service. Here’s some of the information that I thought you’d find useful.

Getting receipts as evidence

The biggest issue that many bookkeepers experience is getting information from business owners, particularly small businesses that are stretched between:

  • the work they need to do every day
  • Keeping and filing the financial records like receipts
  • Getting the financial records to a bookkeeper or accountant

I’ve written in the past about the ways that small businesses file their receipts as well as cloud technology like Shoeboxed (who now seem to prefer selling their services to accountants and bookkeepers and have removed the educational video that demonstrated how the software works!), but Quickbooks Online has a downloadable app that enables business owners to capture a photo of each receipt for each transaction and if business owners utilise this function they can save a lot of money in data entry and evidence of expenses that could be expected as part of a BAS audit by a BAS agent.

BAS Audits, red flags and tricky GST codes

I’ve mentioned in a previous blog that you can hire a cheap bookkeeper to take care of your data entry and only use the services of a more expensive bookkeeper (ie. BAS agent) for purposes of confirmation of expenses and the GST components of these expenses. In this case a simple BAS audit involves witnessing these source documents to confirm that there is no error in calculating the money owed to the ATO. If you’ve had any of the following transactions you’ll probably need to pay close attention to the information in your BAS lodgement and mention them to your bookkeeper:

  • Purchasing a motor vehicle
  • Motor vehicle expenses
  • Real property purchase
  • Any purchase coded as a GST-Free transaction
  • Low value purchases (under $82.50) that are coded as GST free
  • Purchase of second hand trading stock
  • Hire Purchase contracts
  • Local fees and handling charges for imp

Learn more about BAS Audits by BAS Agents and the benchmarking and self assessment that ATO use and recommend

TIP!: Bank feeds can cause more work!

I’ve written a lot about bank feeds in the past and included a blog post about how bank feeds work in MYOB and Xero. Bank feeds can be a real time saver because they automatically bring your bank transaction records into your accounting software, but Tracey mentioned that in MYOB you should bring them in BEFORE you do any reconciliation tasks otherwise you may need to undo any reconciliation work you’ve already done so watch out for that!

Need One-to-One training or a QuickFix on MYOB, Xero or Quickbooks?

We did a lot of one-to-one training when we operated our physical training centres in Sydney and the training was often completed at our training centre (because we had it!). Now I’m thrilled to advise that we’re helping local bookkeepers in your area deliver MYOB and Xero training according to our profession course structures! To learn more visit the National Bookkeeping training page. You’ll also discover that our bookkeepers area also available to fix problems or lack of knowledge with the QuickFix service so check that out.

Coming up..

Here is what we are currently working on and what will soon be published or made available at our LMS.

  • Guide to Credit Management (aspects of a business and your accounting software where you can tighten your credit management processes). We’re creating this guide in conjunction with the local bookkeeper at National Bookkeeping
  • Xero Course training material update (workbooks and videos are being updated and added as we speak so stay tuned for more announcements soon
  • Wholesale training course and partner offer – we’ve beefed up our Enrolment Voucher system to help more business buy cheap courses
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Intuit Quickbooks: take a 70% discount or free trial ultimatum

Intuit Quickbooks sign up ultimatum – clever marketing or a turn off

Intuit Quickbooks Setup Training Course - 5 Sign up for the free trial or get a 70% discount and pay nowI was reviewing the course content for our soon to be released Intuit Quickbooks Setup online training course and noticed the interesting offer that the company makes when you sign up for the free 30 day trial – take the discounted price or lose the offer of a discount!

For their premium online product, Quickbooks Online Plus, that’s a free trial OR the 70% saving of $294.

On the flip side they do offer the ability to cancel at any time. What do you think of that? Feel free to like us on Facebook and share your opinion.

I use MYOB, Xero and Quickbooks and I like Intuit Quickbooks

Intuit Quickbooks Setup Training Course - 6 Share price and enterprise value of Intuit - publisher of QuickbooksCall me a masochist but I believe the best way to be able to use and recommend accounting software is by getting exposed to the programs and how they work by using them yourself – I also think most good bookkeepers should be doing this too.

I confess that I currently use each of these major accounting programs (MYOB, Xero and Quickbooks) and find the Quickbooks Online software very impressive.

Intuit Quickbooks has all the features small businesses expect, including mobile phone apps that make it easy to keep track of receipts using your phone’s camera, for a price that is VERY attractive to small businesses.

Why Intuit Quickbooks can take the Aussie accounting crown

I wrote about the threat that Intuit represent to MYOB and Xero in my blog about whether these two accounting software companies could end up being SMASHED by Intuit in 2014 and if you look at the share price of this company over the last 5 years you can see how they are in a very healthy position (with a valuation just shy of $30 Billion) to maintain strong and constant pressure on the two most widely used accounting software programs. Except for the fact that people don’t like change these are the 3 factors that I think can win Intuit the Accounting software crown in Australia:

  1. Excellent features, including Payroll and bank feeds as basics – they have it all
  2. Great user interface that is easy to use – Xero seems to be trying to emulate parts of the Quickbooks dashboard
  3. Attractive price compared to Xero and MYOB – They constantly have good specials and regular cheaper prices
  4. An App marketing place for project management, point of sale, CRM and other online tools – Intuit have the benefit of being a massive global company with millions of customers (US market leader)

Payroll included for no charge and they’ll convert your current Xero or MYOB data

Payroll has always been a premium feature for MYOB, who earnt significant annual income from businesses who used the software for their payroll and HAD to upgrade to get the new tax tables (even though this was previously a simple file update). Intuit QuickBooks give this to you for their normal subscription prices. The other pain factor for most people is getting the data across from their existing system into Quickbooks and Intuit have sorted that out with a free conversion offer.

When we talk about Quickbooks you should be aware that Quickbooks has always been published by Intuit, but when it was a computer based software program that you had to download, it was distributed in Australia by a company called Reckon. You can read here about the changes since Intuit Quickbooks became a cloud accounting program.

Pre register now for the free training workbook

Pre-register your interest in our forthcoming Intuit Quickbooks course to receive the first workbook for free!

This offer will only be available to everyone registered in our system before the release announcement date and of course it is free to register and free to receive the workbook!