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?

Working Less to Earn More? Why Freelancing is So Darn Popular

EMPLOYEES IN GERMANY have the world’s shortest work week, according to SME Magazine. Their work week averages just 26 hours due to strict workplace relations laws that promote a healthy work-life balance.

Sweden is also known to have implemented a 6-hour workday, or 30-hour work week, following research which has found that countries with shorter working hours generally have higher disposable incomes, greater productivity, and a stronger economy as a result. How can you do this in Australia?

Continue reading Working Less to Earn More? Why Freelancing is So Darn Popular

Why Freelancers and Contractors are Good for Your Company

THERE ARE ESTIMATED to be over 4 million Aussies working as freelancers. Of this, roughly 750,000 people work regular jobs but freelance on the side (which, needless to say, is a great way to break into freelancing while reducing your risk).

The number of freelancers in Australia has skyrocketed since the GFC, partly because of the overall reduction of the workforce; and partly because of the number of mature-aged workers staying in their jobs past the traditional retirement age.

These factors combined produced a bottleneck effect in the job market, which made it difficult for certain workers to advance their careers, while others, typically young graduates, struggled to gain a foothold in the job market at all.

Continue reading Why Freelancers and Contractors are Good for Your Company

Why Older People are Saving Startups

There’s a growing freelancer economy in Australia which is being driven by the decreasing number of full time jobs.

Freelancing and working as a contractor is popular among young workers due to fewer job vacancies that exist because older workers are remaining in their jobs for longer.

There’s also more women with children starting their own businesses and working as freelancers and contractors. Without generalising older contractors don’t try to pretend they’re something they’re not and business respect their experience – AND small businesses need these people.

Continue reading Why Older People are Saving Startups

So Many 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 So Many Mums Are Starting Their Own Businesses?

The Risk-Free Way to Become a Freelancer

IF YOU’VE EVER DIPPED your foot into starting your own business, while keeping a steady income flowing from elsewhere, all at the same time, then you’re far from alone.

During the global financial crisis and in the years that immediately followed it, a funny thing happened to the job market: it birthed a freelancer economy, of which a third of Australians in the workforce are a part, and many of these freelancing individuals are also working at (an)other job/s.

Continue reading The Risk-Free Way to Become a Freelancer

Can You Ask Any Business Person What Their Day Rate Is?

Pricing your products to adapt to change

business management course online learning study how to price
Would you be able to adapt the figures to adapt to change?

THE TRADITIONAL REAL ESTATE agent model is being challenged by disruptor sites like BuyMyPlace and Purplebricks. These sites are offering homeowners low-cost way to sell their homes and agents are increasingly having to be open to different ways of operating.

But change can happen at any time in any industry and it can happen swiftly; business owners and operators in all fields need to be able to adapt to change and see it as an opportunity to do their business differently. Often times, what’s required is a change to the way you price your products and services. And there are many things other people in business can learn from the real estate industry.

I was looking for a roofer to do some work for me recently. The first roofer I spoke to said he could solve my problem for a flat $1200; estimating the work could take between one and two days. Another roofer I spoke to, and ultimately ended up hiring, said he would charge me his $600 a day “day rate” until it was fixed; it only ended up taking one day.

How much time do agents spend selling your home?

Like Rome, a home isn’t sold in a day. Depending on the property and its location it could take anywhere between four and six weeks; quite likely less, but sometimes more.

But an agent doesn’t spend every one of those days working on your property. They spend portions out of their day working on it. An agent will often have three or four listings at the same time so they’ll split their time among those listings, while also chasing down leads for new listings.

Consider the Purplebricks method

Purplebicks has determined that it will cost between $4,500 and $6,000 to appoint one of their “property experts” to sell your property. Although they’re licensed real estate agents, they don’t call them that, because the service is different. (Buyers arrange inspections and make offers through the Purplebricks “property portal,” which homeowners also use to make appointments with buyers and accept offers.)

The Purplebricks fee, which is payable regardless of whether the property is sold or not, covers the cost of an agent-appraisal, all the marketing and advertising costs, as well as conveyancing. But the homeowner does the rest via the Purplebricks property portal software.

Find an agent that’s willing

If you’re prepared to pay an agent for the time they spend working on the sale of your home, regardless of whether it’s sold, you might find one that’s willing to alter how they’re paid. More real estate agents are trying to be as transparent about the process as possible, and this is just one more way that they can be.

Sweeten the pot by breaking the process down into phases (a four-week campaign may have two; a six-week campaign three) and pay them once each phase has been reached, like you would a builder. You can even add another sweetener: a bonus if the agent sells your home over a certain threshold.

For the agent, the upshot is getting regular money (which is good for their cash flow), rather than waiting until the property is settled.

There are many things bookkeepers — and anybody else running their own business — can learn from the real estate industry; see some of our past blogs about setting prices; formulating sales pitches; how to use video and images and how to advertise on Facebook.


Stuck in a rut running a business for yourself?

“Mark Starts his Own Business…”

business and marketing help for tradiesAs part of our EzyStartUp Course, we give you real-life business case study scenarios, including the case of Mark the Painter and Decorator. This case study outlines the questions asked by every business owner when they first start a business: What should I do and how much should I charge?

 

Some jobs are small and straightforward, while others are blow out and become time consuming and fiddly; some work is complex and requires fine detail, while some work is basic and low level.
Managing ones’ time and figuring out how to price for different kinds of work is always a challenge in the successful running of any business.
Our EzyStartUp Course teaches you how to use digital and social media marketing to attract enquiries, how much to charge, and how to clearly define the work to be done. We explore productivity tools like Google Gmail and Calendar to help manage time, improve sales and customer service, and how to manage the change in your charge-out rate depending on what clients are willing to pay in the market.

Find out more about our EzyStartUp Course and Digital Business Course.


 

When a Bookkeeper Isn’t Just a Bookkeeper

Why NOW is the time to become a work-for-yourself bookkeeper

start your own bookkeeping business registered BAS agent business
Bookkeeping is a career that keeps on growing as you grow you and your client’s business.

THERE ARE UMPTEEN REASONS why starting a bookkeeping business is a great low-cost venture for people looking to take a step back from the corporate world, or even for those looking to do quite the opposite by working from home so they have the flexibility they need as parents to young children.

If you’re a subscriber of this blog, then you’ve read posts about National Bookkeeping, the company EzyLearn has partnered with to deliver training courses to people who become National Bookkeeping licensees.

However, I’m going to talk about it again because there are still too many talented people out there who don’t think they have what it takes to go into business for themselves. And I’m here to tell you, you do, and we’ll help you!

Register as a National Bookkeeping licensee before 30 June

As it’s nearing June 30 and the end of this current financial year, it’s a great time to kick-start your own business, by registering to become a National Bookkeeping licensee. Their license fee is a hundred percent tax deductible due to the large component of training courses included in the fee, so if you register before the end of June, it can go towards reducing your taxable income straight away.

The reason I became interested in National Bookkeeping is because I felt it provided just enough structure for new business owners to get their business off the ground, but also the right amount of flexibility for those business owners with the desire to take their business (and incomes) to the next level by providing addition services, such as content marketing, virtual assistant services, or even financial planning.

I think that in order to be successful in business and for your business to have longevity, you need to be open to new opportunities and to be able to constantly update your business model and offerings. Particularly now that we’re in an age of great technological change, staying abreast of changes to the way people work and do business is the key to staying in business, period.

…Now that we’re in an age of great technological change, staying abreast of changes to the way people work and do business is the key to staying in business, period.

New technologies mean new opportunities

There are many business analysts and economists who see the reduction of permanent jobs as a bad thing – and to some extent, they’re probably correct – but I see it as an opportunity. New technologies have made it easier for people to work at home, wherever their home may be – a city, a beachside town, outback Australia – so long as they have access to a reliable Internet connection.

Now, people who have previously been excluded from the job market have an opportunity to earn an income. That’s great news for workers and for the economy, and it’s why the government has spearheaded a move to encourage working from home, or teleworking as it’s officially known, among businesses and their staff.

We continue to need bookkeepers

Bookkeeping is a necessity for all Australian businesses, as it’s a fundamental requirement of Australian tax law to keep accurate business records. Hiring a contract bookkeeper to take care of their business’s bookkeeping allows business owners to go out and find more work and grow their business, rather than having to worry about keeping up with all of their administration and book work.

With continued training your business grows as your client’s business does too

As their business grows, the bookkeeper will become busier too and they may even be asked to provide more services – BAS services, tax services, financial planning and advice, even one-to-one training — the list goes on. The more training you have, the better you’ll able to service this client yourself and the more business you’re business will grow as a result. (Want to read more about what’s required to become a registered BAS agent?)

It’s not uncommon for a bookkeeper to start out providing simple data entry and reconciliation services to business, and then wind up providing full financial advice and planning services, providing, of course, they’re qualified to do so. And these are qualifications you can acquire while already providing services to clients and earning an income.

When you become National Bookkeeping licensee, you’re free to continue your studies so you can eventually progress from a bookkeeper through to a financial planner and adviser, and with clients to help them grow their business, just as you did yours.

National Bookkeeping even provides you the blueprint for doing it by offering the EzyLearn Small Business Management Course, (our EzyStartUp Course) which has been augmented to help bookkeepers develop a business plan specifically for a bookkeeping business.

With National Bookkeeping you’re not just a bookkeeper

ato tax concessions for small business under $25mAs a National Bookkeeping licensee you’ve got the tools and the support to build a successful, sustainable small business that can provide an array of services, beyond those of the typical bookkeeper.

So if you’ve been thinking about starting your own business, register with National Bookkeeping before June 30 so you can claim it as a tax deduction right away; alternatively, to learn more, visit their website or continue reading our blog.


 

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

 

What’s an Earnings Guarantee?

Will your business be able to stand up without an earnings guarantee?

baby learning to stand will your business stand up to an earnings guarantee income guarantee
Will your business find its legs without relying on a temporary earnings or income guarantee?

WHEN YOU START A NEW franchise business, you may be offered what’s called an “earnings guarantee” or “income guarantee” for a period of time after you first start the business. It usually lasts the first six months but it could possibly last as long as a year.

Earnings guarantees are designed to help people transition from having a salary to being self-employed, by providing them with a top-up payment each month if their sales fall short; peace of mind for those would-be business owners, concerned about all the “what if’s” that come with starting a new business.

They also help franchisors (and by this we mean the company that’s allowing the individual, or the franchisee, to run a location of their business) grow their market share, as a person is more likely to start a new franchise business if there’s a safety net to help them while they’re getting them business established. (Earnings guarantees aren’t offered to people buying an established business off another franchisee.) Speaking of opportunities to get into business for yourself, thinking of starting your own bookkeeping business?

Who offers earnings guarantees?

Most franchisors offer some kind of an income or earnings guarantee, though the amounts and thresholds for when they kick in can differ business-to-business. It’s important to note than an income guarantee is merely a promise of sales revenue for a particular period of time, based on the average amount other franchisees earned in the past. And it in no way reflects what your business will earn in the area you’re looking — you may well earn more, but you may also earn less — nor is it a customer guarantee, as some franchisees may be required to carry out promotional work or make-good work for other franchisees in the event there are no leads available.

Consider the following earnings guarantees at these businesses:

Reliance Roof Restoration: A roof restoration, replacement, painting and guttering services business based in Brisbane, and became a franchise in 2011 after nine years operating throughout Queensland. It offers new franchisees a $75,000 (net) income guarantee for the first 12 months.

In other words, if you only earn $45,000 in the first year, they’ll kick in the additional $30,000. It’s not clear how frequently payments are made to franchisees — whether they’re fortnightly, monthly, quarterly, or annually — though the director of the Franchise Advisory Centre Jason Gehrke told Franchise Business that “profit guarantees tend to be assessed at the end of 12 months or at the end of the financial year.”

Cafe2U: The mobile cafe business developed a “Cafe2U Acceleration Package”, which provides new franchisees with a two-week income guarantee of $500 a day (or $2,500 a week). It’s paid to franchisees at the end of the two week period, but the business claims hardly any of their franchisees ever end up claiming it because their daily sales always exceed the $500.

hire a hubby as an example of franchise with income guarantee earnings guaranteeHire-A-Hubby: Australia’s largest handyman business, Hire-A-Hubby implemented an earnings guarantee for certain franchise packages it offer — there’s gold, silver and bronze packages available. The business offers new franchisees a $125,000 per annum gross earnings guarantee for the first 12 months.

To receive the earnings guarantee, the franchisee must work a minimum of 45 hours per week (a minimum of 8 hours a day), and must accept whatever leads are provided via head office. If no leads are available, the franchisee must perform whatever marketing or promotional activities that are assigned to them by the Hire-A-Hubby head office; franchisees may be asked to perform “rectification work” to other franchisee clients. The income guarantee is paid each fortnight. The business also offers a “buyback” guarantee to franchisees whose businesses are never profitable, despite following the franchise agreement to the letter.

After the income guarantee ends

Jason Gehrke from the Franchise Advisory Centre cautions potential franchisees against selecting a business based on the income or earning guarantee provided, which he says can provide a false sense of security.

“If franchisees are conditioned to receive top-up payment from the franchisor when sales are low,” he told Franchise Business, “they might not understand just how financially self-reliant they need to become.”

“A person who is used to clearing $1,000 per week may not realise that the promised sales turnover of $1,000 a week will not have the same spending power … Business expenses such as taxes could leave them with less cash for their mortgage repayments and other fixed living costs than they were expecting.”

A franchisee consistently claiming their top up payments each fortnight for the duration of the income guarantee indicates a couple of things: a) they underestimated how much work is involved in generating new business and sustaining it; or b) the territory they operate in isn’t going to generate enough leads to be profitable.

If it’s the latter, that’s often the franchisee’s tough luck. Many franchisees who bought Dominoes and 7Eleven businesses found that the franchise model would never be profitable enough to pay them a living wage, never mind cover the costs of employing staff. That resulted in one of the Australia’s biggest and most systemic instances of worker exploitation, which led to a Senate inquiry that subsequently found the company was liable to pay workers a total of $4.3 million in underpaid wages.

Do your due diligence!

At the end of the day, earnings guarantee or not, you’re still buying a business. Prospective franchisees should look around at two or three franchise models and do their due diligence — research the market, test how much demand for the business there may be. Just because a business says there are franchise opportunities in a particular area doesn’t mean the business will be viable there.

And look beyond the earnings guarantee to what the rest of the franchise agreement offers. Remember that an income guarantee is usually built into the upfront franchise fee, so a business that doesn’t offer an income guarantee but has lower entry costs might be a better option.

“I call [income guarantees] a ‘capitalised form of working capital’ and you might be better off keeping the money and controlling it yourself,” Gehrke said. “My recommendation is to make an assessment of any income guarantee as part of the overall decision-making process, but not the deciding factor.”

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There’s never been a better time to start your own business!

learn xero myob excel cheap online training courses videos

If you’re looking to start a business — perhaps as a bookkeeper, tradesperson, web designer, virtual assistant or in one of countless other industries — we can provide you with beginners’ to advanced-level 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 and management courses, to marketing and sales courses, or update and further your skills in a range of Microsoft Office programs (ExcelPowerPointWord) or social media and WordPress web design). 


 

 

How to Reduce Your Fail Rate in Business by 50%

What You Can Do this Christmas

business start up online training course christmas holidays2
There’s lots to do in preparation for starting a business and the summer holidays is a good time for the ground work.

DID YOU KNOW research shows that by taking just one short course on small business management, the chance a business will fail is reduced by as much as 50 percent.

This is because business mismanagement is the primary reason businesses fail; the other most common reason is because owner/s fail to implement appropriate credit management processes. In both cases, this failure has come about because the owners, directors, partners or managers lacked the appropriate management skills to make it a success.

Learn the basics in business

The Christmas holidays is a perfect time for taking the steps needed to start your small business. While everyone else has gone on holidays, you’ll be ready to take on your first client or customer by the time business really starts kicking off again at the end of January.

business start up online training course christmas holidaysSo let’s get to it: there’s work to be done. And this work generally requires some rudimentary knowledge of Australian tax law, copyright law, trademarks and patents.

You should also have knowledge of particular software applications, and digital marketing.

Other key areas of business you need to know

The key areas business owners should understand before starting a business include:

Ordinarily, to become skilled in each of those areas, a person would have to take, at least, five different training courses. But few people are ever likely to do this. Instead, they’d be more likely to cherry pick the areas they’re least familiar with, and fly blind with the others. Needless to say, that’s where people run into problems.

Take Advantage of our Christmas Savings!

We don’t want you to wing it or fly blind — our goal is to help small businesses succeed which is what we’ve been doing for nearly 20 years.

We cover what you need to set up a small business in our EzyStartUp Business Course, priced at just $297. This course covers each of the key areas mentioned above that a small business owner needs to be familiar with, in addition to the following:

  • Originating and developing concepts
  • Establishing legal and risk management
  • Product packaging
  • Marketing your business

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When you enrol you will also receive FREE ACCESS to a bunch of our other online training courses, including Xero Set Up and Beginners’ Excel and Word.

Our Last Dasher Sale is also on now with special Christmas discounts on our online training courses in social media, and cloud accounting software (MYOB, Xero) and Excel, Word and WordPress.


Don’t Wait — Become the Head Honcho Today

Use your time off from work this summer to begin working on your new small business. All of our training courses are delivered online, and can be completed at your own pace, so you can complete them while you’re actually on holidays, or relaxing at home or at a cafe.

And since one of the best ways to start a new business is by operating it as a side project to your other job, if you get all the start up stuff out of the way while you’re on holidays, it’ll be ready to go by the time you back to work.

Learn more about the EzyStartUp Business Course at our website or view all of our special offers to save on your next EzyLearn training course.

start your own business online training course videosAnd as a gift to you, remember our Bookkeeping Basics Guide is yours’ for free!