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Why Your Business Needs a Bookkeeping Procedures Manual

Documenting procedures helps keep your bookkeeping up to speed

bookkeeping procedures manual rescue bookkeeping work
Rescue bookkeeping is not ideal – it’s often expensive and shows you’re not in control. A bookkeeping procedures manual will outline what bookkeeping needs to be done, when.

IN A PREVIOUS POST we talked about how to tell when you need rescue bookkeeping, which is basically when a business is behind on its bookkeeping by three months or more and the deadline is looming to lodge their activity statements.

Rescue bookkeeping work costs more than having your bookkeeping taken care of regularly, because it’s often messy and there are no procedures in place to manage the bookkeeping efficiently.

What’s a bookkeeping procedures manual?

bookkeeping procedures manualA bookkeeping procedures manual clearly identifies the regular tasks and activities your bookkeeper needs to take each week, fortnight, month or quarter to ensure your bookkeeping is kept up-to-date. This not only gives you the peace of mind that your bookkeeper is staying on top of your books, but it also helps you to understand what’s going on with your business.

If you require regular P&L statements or balance sheets, having a procedures manual to clearly outline how frequently they’ll be created helps you to stay on top of your business’ financials.

A typical procedures manual will include:

  • Simple steps that are easy-to-understand and succinct
  • Tasks are written up in a step-by-step style, so they can be followed logically
  • References, links or examples are included to help readers understand
  • Contain a number of formats — written steps, flow charts or checklists.

Rather than leaving your bookkeeping to the last minute, so you’re always operating your business in dark, organise to have bookkeeper create a procedures manual to regularly take care of your business’s bookkeeping.

We Can Help You Find a Good Local Bookkeeper

find a local bookkeeper

We have bookkeepers, BAS agents and accountants located across Australia, available to help businesses in need of rescue bookkeeping workVisit our online bookkeeping directory, National Bookkeeping, to find a suitable and experienced person available to work in your area, or able to work anywhere in the cloud. Alternatively, if you are a bookkeeper looking to expand your client list or find contract work, you can register and become part of our network for free

Go to National Bookkeeping for more information, to see our rates or to request a quote.


Online bookkeeping accounting training courses for CPD points

EzyLearn Excel, MYOB and Xero online training courses count towards Continuing Professional Development (CPD) for bookkeepers and accountants. We’ve been an accredited training provider of the Institute of Certified Bookkeepers ever since the organisation started in Australia. Find out how CPD points can be of benefit to you.


 

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MYOB Training Courses and Small Business Bookkeeping Inductions

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

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

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

Quizzes and Knowledge Reviews

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

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

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

An Entry Point to Your Home-Based Business

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

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

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

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

 

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Xero’s Integration With DiviPay Can Help Small Businesses Manage Expenses

Expense management is an important thing to have control of in order to keep a business running smoothly.  But it can be a time-consuming process, full of paperwork, data entry, and chasing up staff members for receipts and invoices.

Xero’s integration with DiviPay promises to make the whole process easier, with seemingly half of it being done by staff members on their mobile phones!

But how does it all work?

Continue reading Xero’s Integration With DiviPay Can Help Small Businesses Manage Expenses
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How are Small Businesses Changing in 2022?

It’s not a stretch to say the last few years have been tough…especially for businesses.  Through lockdowns and restrictions we’ve seen businesses struggle, falter, adapt, and survive. 

Now that we’re in to 2022, and things are (fingers crossed) almost looking normal again, it’s exciting to see how businesses will recover and thrive.

Xero has released a guide to small business trends for 2022, based on surveys they conducted in 2021 of their subscribers in Australia, New Zealand, the UK, Singapore, Canada, and the US. 

Here’s are 10 trends on the rise for small business this year:

Continue reading How are Small Businesses Changing in 2022?
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Pandemic Digitalised Small Businesses more than NBN, Xero Report Reveals Numbers?

The pandemic has seen huge changes to the way businesses run, with Zoom meetings and remote working becoming the new normal and working parents are loving it (if they have the space for it).

The common factor here, of course, is the move to digital solutions for businesses.  Whilst ICT expenditure has always formed part of a business’ expenses, the pandemic has contributed to an increase in this area of spending.

Businesses are becoming increasingly digital, and it’s actually improving their performance. One of the areas I’ve noticed is the use of website chat has increased and customer service work can be performed by anyone running a micro business from their own home.

Continue reading Pandemic Digitalised Small Businesses more than NBN, Xero Report Reveals Numbers?
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MYOB Business is AccountRight & Essentials but can it catch up to Xero?

MYOB has fallen behind in recent years to other accounting software like Xero.  With Xero’s cloud accounting-first strategy, it’s become a leading software in Australia, New Zealand, the UK, and Canada – by focusing on integrations and simple accounting solutions.

MYOB, on the other hand, has caused confusion over its multiple products and unexpected updates, which have since caused users to gravitate away from it.

Now, its repackaged MYOB Essentials and AccountRight under one cloud-based solution.  Will this solve its problems?

Continue reading MYOB Business is AccountRight & Essentials but can it catch up to Xero?
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Office Administration or Business Administration: What Jobseekers Need To Know

Jobs in office administration and businesses administration are pretty popular currently – Seek has them projected at 7.3% and 9.9% growth, respectively.

So if you’re scrolling through one of the many job seeking sites, searching for an administrator role, it’s important to know the difference between these categories.

And it can be a bit confusing.  Some job listings seem to use these terms interchangeably, or you might just see the blanket term ‘administrator’ as the title.  Whilst there is some overlap, there is a difference between the jobs descriptions and tasks of office administrators and business administrators.

Here’s how to know which one is right for you:

Continue reading Office Administration or Business Administration: What Jobseekers Need To Know
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Looking For Bookkeeping Work? This is How You Can Stand Out To Employers

Getting qualifications and experience are the foundational steps in looking for jobs, but then what?  It can be a daunting task to join or re-enter the workforce, even with a Certificate in Xero Accounting in hand.

Our courses are in-depth and diverse – you can gain practical experience and the MYOB & Xero certificate to prove it as well as office administration with our Office Academy training course package.

If you’ve completed a course and are now looking for bookkeeping work – whether its with a business or as a contractor in the gig economy – you don’t have to go it alone.

Continue reading Looking For Bookkeeping Work? This is How You Can Stand Out To Employers
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Digital Business Skills to Compliment Xero & MYOB Training

Xero-MYOB-Microsoft-Excel-Bookkeeping-Academy-freelance-or-contract-workers-for-your-business-online-business-training-course-EzyLearn

Digital Business Skills are important for everyone who works for a company or who owns one. Authentication for Xero Course students highlighted to me the importance of general digital business skills. Our Digital Business Course has been available for a while as a FREE student inclusion but we’ve recently added to it.

Electricians, tradies and real estate agents are communicating with prospects and customers digitally, even regarding their accounts, and I wrote about how we’ve started to see these skills come up in office admin job ads. If you have any doubts about how to do this you need to up-skill.

Continue reading Digital Business Skills to Compliment Xero & MYOB Training
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This is Why Businesses Love Cloud Accounting and not MYOB AccountRight so much

Network setup for multiple users on your network using MYOB AccountRight Multi-user - MasterClass in MYOB AccountRightand MYOB Essentials - EzyLearn

If you have worked in an office you know how frustrating IT issues are. If you are now working from home you know how frustrating IT support issues are. If you have ever experienced an IT support issue installing software (like MYOB AccountRight) you know how frustrating IT issues are.

We stumbled upon the technical support help page for MYOB AccountRight and all remembered why we LOVE online accounting programs like Xero, QuickBooks Online and MYOB Essentials!

Attn: We’ve just BUNDLED all the MYOB AccountRight BEGINNERS Certificate Courses together for those students looking for junior accounts and general office support and admin jobs.

Continue reading This is Why Businesses Love Cloud Accounting and not MYOB AccountRight so much
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Xero Learn. Xero software offered for $6 per month. Why are businesses paying $60+ NEW: RESUME REVIEW SERVICE

It’s interesting and exciting that Xero now offer their Xero Learn service to training course publishers like EzyLearn for $6 per month. This ongoing access to Xero Accounting software seemed exciting at first but then I realised that it’s just accounting software! AND it’s just for training! AND 30 days is MORE than enough per case study!

Most students don’t want to access Xero accounting software forever. Even business owners don’t really want to pay an ongoing fee for their accounting software – they want something else..

Continue reading Xero Learn. Xero software offered for $6 per month. Why are businesses paying $60+ NEW: RESUME REVIEW SERVICE
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Learning Xero Will Help You Run An Online Business

Intuit QuickBooks Online mobile application superior to Xero Accounting smartphone app - online training courses EzyLearn

Let’s face it, when you can manage your finances from anywhere, using your phone to scan receipts and Xero Accounting to code them and store them in the cloud one of the hardest parts of managing a business is taken care of. 

We’ve all been able to call, text and email from our mobile phones and use online marketing tools like Google Ads and Facebook for social media so when you finally get your back office tasks migrated to the cloud it’s easy right? Well, that’s what the marketing hype says anyway, but things aren’t that rosy really, are they? Continue reading Learning Xero Will Help You Run An Online Business

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It’s wise to include Sage One in Bookkeeping Academy (pst.. free samples available)

Sage One Accounting Training Course - Compare Xero to Sage or QuickBooks and save money with discount coupon codes

Pardon the pun but it’s true, Sage One training course materials will now be included in the Bookkeeping Academy Training Course Package along with Xero Accounting, MYOB & QuickBooks. 

Many bookkeepers use EzyLearn to keep up to date with the various accounting software programs now available and this latest announcement is for you. Training Course materials and support for Sage One and Reckon One.

See who trusts EzyLearn for accounting and office administration software training!

Continue reading It’s wise to include Sage One in Bookkeeping Academy (pst.. free samples available)

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Someone just got the sack because they didn’t know the bookkeeping basics

frustrated woman at laptop

I love working inside new businesses and getting involved in setting up their processes – even accounting – and I recently had the chance to work in a marine business.

Applied Education at TAFE & Career Academy for online Xero, MYOB accounting training courses comparison 4As with all startups they are setting up new processes and experience hiccups along the way like all businesses do.

The saddest part for me was when they sacked their office manager because she couldn’t nail the basic bookkeeping skills and attention to detail performing these tasks:

  • Data entry
  • Bank feeds
  • Matching transactions
  • Bank reconciliation

Accounting software companies make you believe that their software makes this all a breeze but in reality office admin and accounts staff must be persistent and diligent with these basics. Here’s what caused the issues: Continue reading Someone just got the sack because they didn’t know the bookkeeping basics

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Introduction to Bookkeeping Basics: What’s a Journal Entry?

Journal entries and general ledger skills for bank reconciliation training courses in MYOB, QuickBooks and Xero

In our educational guide, Bookkeeping Beginner Basics, which you can download from the EzyLearn website for free, you’ll learn how to record journal entries in your accounting software, whether you’re using MYOB, Xero or QuickBooks. Most bookkeeping newbies don’t know what a journal entry is, though, which is what this blog post – the latest in our Bookkeeping Beginner Basics guide companion series – is going to help you to understand.

The journal vs. the general ledger

An accounting journal is the record that keeps accounting transactions in chronological order (i.e., as they occur), while the general ledger is a record that keeps accounting transactions by the account – see our previous post on the chart of accounts [Bookkeeping Beginner Basics: The Chart of Accounts] if you need help understanding what the term ‘account’ means in this context. Before computers, bookkeepers used to log all the financial transactions of a business in paper journals, and then at the end of the month transfer these journal entries into the general ledger, which was divided into various accounts that is now called the chart of accounts, and all the transactions were posted to these accounts using a method called double-entry bookkeeping.

Journal entries using accounting software

Today, however, accounting systems, such as MYOB, Xero, QuickBooks and the like, will automatically record most business transactions into the ledger immediately after the software prepares sales invoices, issues cheques to creditors, or processes receipts from customers, and as such you don’t have to create journal entries for most of your business’s transactions.

That being said, some journal entries still need to be processed, in order to record transfers between bank accounts and to record adjusting entries. You would need to make a journal entry, for example, at the end of each month to record depreciation or to record interest accrued on a bank loan.

Double-entry bookkeeping

If journal entries and general ledgers and the double entry bookkeeping method sound a bit too much, and you think you’d rather stick to the cash-based accounting method instead, prepare yourself for bad news: all businesses, whether they use the cash-based accounting method or the accrual accounting method, use double-entry bookkeeping to keep their books, and all accounting software applications, by default, are set up to adhere to the double-entry method, too. The double-entry bookkeeping method reduces errors and also ensures that your books balance, so as complicated as it may seem, it’s much easier in the long run.

If you still feel a little out of your depth, however, you can hire a reliable bookkeeper to manage your bookkeeping system and deal with all the journal entries and double-entry business for you, instead. Visit the National Bookkeeping website for to find a highly qualified bookkeeper whose experience and skills suit your business needs.

This blog post is part of our Bookkeeping Basics series, which are being published to complement our new educational guide, also titled Bookkeeping Beginner Basics, which you can download for free from the EzyLearn website.

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Introduction to Bookkeeping Beginner Basics: The Chart of Accounts

We created a free educational guide, called Introduction to Bookkeeping Beginner Basics, which is available to download from the EzyLearn website, and to complement that guide, we’ve been publishing a series of blog posts, also titled Bookkeeping Basics. We’re now three posts in, and we’re going to be look at the chart of accounts, which is the foundational element of every business’s accounting system. The Bookkeeping Basics guide will take you through how to set up a chart of accounts in your accounting software, whether you’re using Xero, MYOB or QuickBooks, while this blog post is going to explain why it’s important.

What is a chart of accounts?

The chart of accounts (COA) is an organisational tool that lists every account in a business’s account system. In the context of bookkeeping, ‘account’ is used to refer to a unique record for each type of asset, liability, equity, revenue and expense. So a chart of accounts, then, is just a system that organises your finances so that your reports make more sense and you can easily see the financial health of your business.

A well-designed COA helps the business to comply with financial reporting standards, and should be flexible enough so that a business can tailor its chart of accounts to best suit its needs. Within the categories of operating revenues and operating expenses, for instance, the accounts might be further organised by business function or by company divisions. As such, a COA can be as large and as complex as the business itself.

Understanding your ‘accounts’

When you set up your chart of accounts, it will be organised the same way every other company does – your banks accounts come first, then all assets, liabilities, equity, income, and expenses in that order. Here’s what each of those accounts mean:

Assets:

Your accounts receivables are considered an asset, as is your income, but the two are completely different things. Accounts receivables are business claims against the property of a customer that’s occurred following the sale of goods and/or services, and income is what you have collected from the sale of those goods or services.

In other words, if you invoice a customer and give them time to pay, then that’s ‘accounts receivable’. When you collect the money and deposit it into your account, it’s ‘income’.

Learn about Accounts Receivables tasks in the Daily Data Entry Transactions courses for MYOB, Xero or QuickBooks Online.

Liabilities:

Liabilities are notes owed by the business. If you lease anything or you’re buying anything on credit – this includes suppliers who extend a line of credit to you – then it’s considered a liability.

Equity:

An equity account would be any equipment the company has paid for, or would receive money for if it is sold. Cars, machinery, and certain office equipment are all considered equity. If you had a loan on a business vehicle, the payments you make would be considered a liability, but the vehicle itself would be equity. Each time you make a payment, the liability goes down, while the amount of the equity account would increase. To keep your balance sheet accurate, you need to track both.

Expenses:

Finally, expenses are just that: the money paid by the business for the operation and production of goods and services that are paid for immediately. This includes things like stationery or fuel for a business vehicle, which are paid for at the point of sale, is an expense, where a telephone bill that allows you 14 days to pay, on the other hand, is a liability.

Why a chart of accounts is important

Whether you’re using an old fashioned pencil and paper, an excel spreadsheet, or more sophisticated accounting software, such as MYOB or Xero, it’s important to know where your money is coming from and where it’s going to. A chart of accounts is the organisational tool that allows you to do that. And it’s important to keep it up-to-date, so that, if for any reason, you want a picture of how your business is performing financially, your reports will be accurate.

This blog post is part of our Bookkeeping Basics series, which are being published to complement our new educational guide, also titled Bookkeeping Basics, which you can download for free from the EzyLearn website.