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When Does Your Bookkeeping Need Rescue Work?

If you’re 3 months or more behind, call in help!

find rescue bookkeeper
Hmmm, so much to do, so little time…

WHEN IT COMES TO YOUR BUSINESS ACCOUNT KEEPING, unless you’re a bookkeeper, bookkeeping is probably your least favourite thing. However, it’s also a fundamentally important part of running a business.

We provide business people with a number of courses in Xero accounting software and we know firsthand that, aside from the legal requirement to lodge regular activity statements, keeping your bookkeeping up-to-date also helps you run a more successful business. This is because it allows you to run regular balance sheets, profit and loss statements and many other financial reports that’ll give you a clear picture of how your business is performing.

However, not every business owner has the procedures in place to manage their bookkeeping regularly. It’s ok, it’s not your fault — you were meaning to, but you were busy running your business and time marched on. Now you have to lodge an activity statement, and you’ve just realised you haven’t done any bookkeeping for three months!

When you need rescue bookkeeping

If you have three months or more of bookkeeping to do before you can lodge an activity statement, then you’re in need of a bookkeeper who can perform rescue work. Some of the common bookkeeping problems rescue work covers includes:

  • Bank accounts or credit cards that don’t reconcile with statements
  • Old un-presented transactions in the bank account or credit card
  • Trade debtors and trade creditors don’t balance with the balance sheet
  • Dealing with outstanding invoices and bills that have already been paid, but still showing as outstanding
  • Incorrect previously lodged BAS
  • Incorrect information showing in payslips, tax tables, super guarantee contributions calculations, payment summaries, etc, due to payroll systems being set up incorrectly
  • Unreliable inventory figures.

Not all bookkeepers are able to take on rescue work, because it’s lumpy and it requires them to perform a lot of work in a short space of time, which can conflict with their other regular bookkeeping work.

Rescue bookkeeping is often more expensive

Because rescue bookkeeping requires a lot of manpower in a short period of time, it’s often a little more expensive than have your bookkeeping attended to on a regular basis. In most cases, you will be asked to prepay for a minimum of 10 hour’s work or however long it’s estimated it will take to get your bookkeeping up to speed.

Do you need help with rescue bookkeeping work?

find a local bookkeeper

We have bookkeepers, BAS agents and accountants located across Australia, available to help businesses in need of rescue bookkeeping work. Visit our online directory of local bookkeepers and bookkeepers who work ‘in the cloud’ at National Bookkeeping for more information. Here you will be able to see the different bookkeepers’ rates or 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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Is Your Resume Costing You a Bookkeeping Job?

It’s easy to spot bad Microsoft Word skills

203 Microsoft Word Beginners Courses for sales letter, flyers, resumes, cover letters and tender proposalsWe’ve had several hundred bookkeepers Pre-Qualify for our National Bookkeeping, Bookkeeper Directory and most of them upload a resume demonstrating their qualifications, experience and references but I’m baffled at how bad the formatting is in these resumes!

To help our students do the best job presenting themselves on paper we’re including the Microsoft Word Course for free when you enrol into either the MYOB Courses or Microsoft Excel Courses (when you choose the all courses and 12 months access with Certificate option). That’s a saving of $267!

Resume writing tips for bookkeepers

Here are some tips we’ve published in the past:

The problem with making mistakes with your Microsoft Word formatting is that questions could come up in an interview. The Interviewer might throw in a question about software skills, particularly if you’ll be writing some detailed reports or proposals, forecasts etc. in the new job.

Online Training Course special offers for MYOB, Xero, Excel, Word and more
Click the image to see our current special offers!

Here are some extra tips for Bookkeeper resumes

Most of the Microsoft Word skills you need to write a good resume are covered in our Word Intermediate Courses, but we’re including the entire 9 courses so you can become a power Microsoft Word user! Here are a couple other things to think about when writing you resume:

  1. Include an image – it makes you stand out and brings the reader closer (make it a selfie where you’re smiling 🙂
  2. Use tables or “Set tabs” to make columns line up
  3. Headers and Footers demonstrate a sophisticated knowledge of Word
  4. Include your full name and desired role in the filename (we’re all using files these days! use it to your advantage)

The last one about filenames is a big one because if interviewers are like me they’ll put all the resumes for one role into a folder and I find myself renaming most of them!

FREE Microsoft Word Workbook

We spend a lot of time on marketing so I assume that you know we offer free samples of our training material, but I should mention again that the Microsoft Word sample is actually the entire Word Beginners Course 201 Training Workbook, make sure you get it! Get it now.

Quickbooks Course Update

intuit-quickbooks-accounting-software-training-courses-logoIt’s been a while in the making, but we have the final draft of our Quickbooks Course workbook! Unlike some training companies, we write up a detailed course story based on a real business scenario and use that as the basis for recording our screen videos that demonstrate how to use the software. We’ve had a huge number of Course Alert Registrations and they’ll ALL receive a free copy of the workbook, so if you haven’t already registered do it NOW!

EzyLearn Wholesale Partner Update

earn money working from home using and teaching how to use MS Office, MYOB, WordPress, Facebook, Xero and moreI made a brief reference to our new Enrolment Voucher system in a recent post about BAS deadlines and we’ve got an update. The new enrolment voucher system is now in beta testing which means we’ll shortly be inviting EzyLearn students who love our courses to receive a massive wholesale discount on selected courses. Make sure you register your interest.

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You can start a bookkeeping business alongside your job

Starting a bookkeeping business is a learning process

Thinkink about starting your own business and want to learn from small business mentors and other entreprenuersWhen I started my first business I was in my early twenties and I knew that I needed to be available during normal business hours when customers made enquiries so I jumped off the short corporate journey I was on and worked full time in a bar – 4 long shifts of 10 hours, including weekends. It was a big change in mindset for me (admitting I had failed in the corporate race) but it gave me the time and money to learn about business and what having a business is like. It’s the same for a new bookkeeping business.

Finding the time

Time management is tough when you are a mature person: family, kids, school, part-time work and studies are common for many people in their thirties and forties and sometimes this is enough to stop people before they even get started. Despite the continual pressures on your time it is possible to fit in a new business and it’s centred on finding your productive time or available time.

Some people use mathematics to find available time – 168 hours in the week, then block out things like travel time, work-time, study time etc, but I think you’re best off finding the time where you can get into “the zone”, after all you’re exploring, practising and researching something that will result in you being able to earn money close to home or even by working at home! For early risers this time is first thing in the morning while you’re drinking a strong coffee, for others it will be at night after the kids have gone to bed and for some it will be on the weekend when you’re not really doing much else. Most people living in the big cities have a long commute into the city and often this is a good time to study, read and research. You only need a couple hours a week to start imagining yourself in your new business.

Keeping track of your tasks

OK, so you managed to find the time – most people can find the time if the task or project they are working on is important to them. The next thing is how are you going to keep track of what you learn and what you need to do? My first real success in this area came when I listened to a Jim Rohn audio cassette (yup) where he talked about the value of a journal filled with empty blank pages and how that journal was more valuable than a book filled with details about someone else’s life. To reward myself for writing in it, I’d treat myself to a coffee at a cafe and to this day I write in a journal most days of the week – particularly at the beginning of each week – I don’t go out to drink as many coffees though.

This practice taught me that every obstacle can be over come and every goal reached, it’s just a matter of figuring out how to do it. This practice also helped me understand what I was working on better because I would spend the time to make a note of the biggest challenges.

I’ve used a number of different software programs and services to help me manage tasks and time, including:

  • Google Apps Tasks
  • Google Apps Calendar
  • Asana
  • Basecamp
  • Time Meter

I use my journal to write down goals for the week for myself and for my direct team and I refer to it several times a day during the entire week. Throughout each day and at the end of the week I put a big tick next to everything that was completed and if there are things that I didn’t complete I don’t kick myself about it; I just re-write it as a task for the next week (or realise that it wasn’t that important).

Be accountable

jim-rohn-inspiration-for-starting-your-own-bookkeeping-business-and-setting-and-achieving-goalsA big reason for my maintaining the use of a journal was to have a record of the work that I had DONE as much as what I’d planned to do. One of the worst feelings I can imagine is having so much going on in my mind that I don’t know which way to go or where to start and by going through the process of journaling and setting goals I am able to gain clarity and set some simple achievable goals. Many of my goals are to simply learn more about the task that I am working on or understand something that a member of my team is struggling with.

Lately we’ve made some big changes to our Enrolment Voucher System and it has involved connecting multiple different online services together in one solution. Some parts of it worked smoothly while others were a real struggle so I wrote that down as a goal to research and we ended up finding a solution EVERY time. This system enables us to provide low cost courses to our corporate training clients so it’s very important to us.

It’s not about busting your balls for not finishing a task on your list, it’s more about remaining on track to achieve your goals and keep moving forward constantly in the direction of your goals.

Do something you love doing

Am I really doing something I love doing? More than anything I would like to be swimming on a clear beach, sun bathing, drinking something alcoholic (but in moderate proportions of course), then eating something and then having a rest 🙂 But as far as work is concerned I work from my home office and choose my own hours and have a team of people who do the same! It’s something I’ve wanted to do ever since I closed my last physical training centre in Dee Why in 2006!

When I hear these words it’s more about managing the tasks that you don’t like doing (you’ll be glad to hear that most business owners hate doing their bookkeeping and would rather find a good local bookkeeper 😉 and focusing your time and energy on the things that you like doing. The stuff you don’t like often still needs to be done but you can always find alternative ways of solving the problem. You can

  • find someone who prefers to do that work and delegate it to them,
  • do the work first thing in the morning to get it done and over with, or
  • find a way to automate or systemise it.

Start a bookkeeping business not a franchise

Pre Qualify Now to start your own bookkeeping business

Challenge yourself to grow

This one is the hard one because it involves making yourself do something you don’t want to in the hope you’ll be able to achieve something you don’t think you can achieve. This is the step that often requires the help of a business mentor or a coach and some people buy into a franchise in the hope that the system of the franchise will enable them to just do the work.

One thing I have learnt for sure though is that if I didn’t make a start I wouldn’t be doing what I am doing today. When you start on your journey of having your own bookkeeping business you change personally because of the challenges you face and what you learn along the way often changes the direction your business takes or the services you want to provide.

[box type=”info”] The learning and researching stage is so important because this stage pushes you out of your current patterns and opens your mind to the endless possibilities.[/box]

In business to help others

This is one of the most important things to keep at the front of your mind when you’re starting a new business – that only when you are helping to solve other peoples problems are you going to be of any value. When you maintain the positive thought that you are actually in business to help someone with their problems it’s easier to focus on solutions for your clients rather than what YOU want right now and that is the moment your challenge will begin to show results. It is often the moment when you go from the “I want/need $X per hour” to “I can help a business do XXXX better and save them XXXXX” – you can fill in the blanks yourself.

I wrote this blog after listening to stories from different people, most of them currently working in the corporate world where they deal with long commutes, frustrating traffic, childcare costs, politics and deadline stress, under-staffing etc. These people are very experienced and their knowledge would help growing businesses closer to where they live but these people still have to manage the transition while still paying their mortgage. To these people I say “Start now and with a little bit of time each week you can have a business and potentially even new clients within 3 months, while clearly defining how you’d like to work the the type of clients you want to work with”.

Here’s to your success 🙂

 

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How Much Should You Pay for Bookkeeping Business Marketing

Bookkeeping business marketing includes price, packaging and the marketing message

michael-locke-talks-about-marketing-and-it-applies-to-bookkeeping-businesses-tooI had an opportunity to interview the man who managed the entire marketing program for Dyson when they came to Australia from the UK and helped Dyson become a phenomenal success and a leading brand in Australia. Michael Locke pointed out very clearly in that interview that product (and service) design, including packaging and pricing, is one of the pillars of good marketing – one of the Four P’s and Bookkeeping Business marketing is the same. Watch the video to learn more.

Many bookkeepers, particularly those starting a new bookkeeping business after coming from the corporate accounting world, think in terms of earning dollars per hour and days per week whether they work short term or several days a week so a big part of our bookkeeper induction into National Bookkeeping is to help manage their calendar for multiple clients and clients of different sizes.

Business plans, spreadsheets and other templates for bookkeepers

bookkeeping-basics-free-education-guideIt’s not hard to find a template for a business plan and if you are good at spreadsheets or have used Microsoft Excel in the past you’ve probably already got some good “templates” to work with. Things like business cards, flyers and prospect questionnaires are included in the National Bookkeeping licence but again I’ve met many bookkeepers who spend money on graphic design, websites and flyers before they even “advertise” their message to potential clients and I often ask how important that really is considering most clients make a decision based on the person they communicate with for bookkeeping work.

We include our Microsoft Excel Course – all 9 in the licence. We also include the MYOB and Xero courses and if you let us know you’d like to be promoted as a local face to face trainer for MYOB we’ll work to connect you to businesses who want to learn how to use these programs for their business.

While I’m at it I should mention that our Beefed Up Bookkeeping Basics – Level 2 workbook is included in the licence as well as a number of new workbooks, guides and other content that we are currently working on!

Less work for you and a team to help you succeed

deb-crompton-bookkeeper-from-mandurah-wa-local-myob-and-xero-portrait-smlI’m writing this post because I’ve had several conversations with Deb, our Mandurah Bookkeeper licensee, and we’ve managed to focus most of our time on constructive marketing content for blogs, flyers and other material that we’re working on together to get her discovered in her local area. There’s work that Deb needs to do but its focused on customer service and helping local businesses rather than on marketing.

The other aspect of starting a bookkeeping business as a National Bookkeeping licensee is that the

  1. Cost is very low
  2. Mark and I are able to provide mentoring support to our licensee to help them during the various stages of their bookkeeping business
  3. Our content marketing team can focus on building a great story around you, and
  4. We can leverage the national marketing reach of our existing websites

Something small business clients like is that National Bookkeeping licensee are vetted during the Pre Qualification process so they feel confident that they are working with high calibre bookkeepers (and even qualified accountants with corporate experience).

Looking for experienced bookkeepers in Brisbane/Gold Coast and Melbourne

We’ve received interest from small businesses in Melbourne and are also looking at expanding our marketing in Brisbane Gold Coast so if you are looking for more clients and want to be part of something bigger Pre Qualify now.

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Bookkeeping Basics: Cash vs. Accrual Systems

Bookkeeping Basics apply to every cloud accounting platform: MYOB, Xero or Quickbooks (QBO)

lifelong learning platform woman online learning for life

BOOKKEEPING IS THE PROCESS of keeping accurate records of the financial affairs of a business, and every business operating in Australia, whether it employs staff or whether it’s owned and operated by a single sole trader, must keep their bookkeeping up to date.

Bookkeeping plays a key role in the lodgement of your tax returns and business activity statements. It can also provide valuable information on the financial health and performance of your business.

The bookkeeping process for a business starts the very moment you begin trading, so it’s extremely important that you set up a system for managing your bookkeeping early in the life of your business — ideally, at the same time that you’re setting up your other operational systems (email accounts, websites, invoicing, etc). We’ve included bookkeeping basics videos in our MYOB training course for several years already but now these basics are part of a separate guide!

ezylearn-bookkeeping-basics-training-course-workbook-logo

If you’ve never been self-employed before, just the idea of setting up a bookkeeping system is probably enough to strike fear in your heart, which is why we put together a free guide to setting up your own bookkeeping system, called Bookkeeping Basics, which you can download, for free, from the EzyLearn website.

The Bookkeeping Basics guide is an instruction manual on basic features and terminology used in every bookkeeping system, and will provide you with some good foundation knowledge of how your accounting software works, which you can use before you enrol in one of our cloud accounting training courses or find a good bookkeeper to take care of your bookkeeping for you.

Bookkeeping Basics Topic: Understanding cash vs. accrual accounting

The main difference between cash and accrual accounting is the timing of when when revenue and expenses are recognised. Although, the two methods are distinctly different from each other, there are many businesses that use a combination of both.

Cash-based accounting

A cash-based accounting system records transactions at the time the cash was paid or received, regardless of when the transaction occurred. With this method, if you get an invoice from a supplier, for instance, you won’t record the cost in your books until you’ve paid the invoice. By the same token, you won’t record a sale in your books until you receive the money from your customer.

Cash accounting is common among small businesses, especially contractors who work on small projects or are on weekly retainers with their clients, as it’s the simplest way to manage cash flow.

Accrual-based accounting

An accrual accounting system, on the other hand, recognises both income and expenses when the sale takes place, rather than when cash changes hands. When a web designer, for example, raises an invoice for a website they’ve completed, the sale would be recorded in their books, even though they haven’t received payment yet.

With accrual accounting, debtors and creditors are created in your accounting software, which shows what is owing to you and when, as well as what you owe others and when. This helps to give you a truer picture of your financial situation, in particular it helps you keep track of money you do and don’t have in real-time, rather than after the fact as is the case with cash-based accounting.

Which system should you use?

Before cloud accounting software, like MYOB, Xero and QuickBooks came along, a lot of small businesses used a cash-based accounting system simply because the alternative required a lot of grunt work, a lot of the time. Cloud accounting has made it significantly easier to set up and maintain an accrual-based accounting system — in fact, many small businesses that use a cloud accounting system often use this method by default, without even realising.

That being said, there are some things to consider when selecting a system for your business, such as:

  • The size of your business — i.e., will you be employing staff or using lots of contractors?
  • How complicated your business transactions will be
  • Whether you will have the resources to manage an accrual system.

Accrual accounting and GST

There is one last thing to consider, and it relates to GST. For small businesses whose annual turnover is less than $2 million, but greater than $75,000 per annum, they must register for GST and they may choose whether or not to register on a cash or accrual basis. (Businesses with an annual turnover of less than $75,000 are not required to register for GST, but may do so if they wish to.)

How you choose to register for GST will greatly affect your business’s cash flow. If you choose to register for GST on an accrual basis, GST will be payable on sales for which payment hasn’t been received yet, and could leave you out of pocket until your client pays you. That being said, GST can be claimed on unpaid expenses if you hold a tax invoice. If your business has a lot of expenses, this may balance out in the wash. If you run a leaner operation, however, it most probably will not, so this is something you should give careful consideration to.

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.

[box type=”info”] 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.[/box]

Featured Mandurah (WA) Bookkeeper

deb-crompton-bookkeeper-from-mandurah-wa-local-myob-and-xero-portrait-smlIf you’re looking for a reliable bookkeeper to manage your daily or weekly bookkeeping and accounts, either remotely or in-person, Deb from Mandurah WA is a qualified bookkeeper with tertiary qualifications and the practical experience of having operated her own business in the past. Deb has a lot of experience in the day-to-day accounting functions of a small business and you can contact her directly as a fully licensed member from her profile page.

Our National Bookkeeping website has recently gone through a significant upgrade so watch out for more stories about featured bookkeepers in forthcoming blogs! Join and we can feature YOU in our articles too.

Start a bookkeeping business in your local area

Start a bookkeeping business not a franchiseMany bookkeepers starting a bookkeeping business for the first time also find it quite daunting; after all, they have moved from the corporate world where various and multifaceted aspects of running the business are managed by other people.

We put these bookkeepers through our EzyStartUp Course to help them define their goals, pricing strategies, marketing message and professional profile. They also get support from a business mentor and brand building from our digital marketing team.


 

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Why Start a Bookkeeping Business?

Australia needs bookkeepers!

start a bookkeeping business
It can be daunting knowing where to get your first clients when you start your own business.

EVERY BUSINESS HAS A LEGAL requirement to file an annual tax return, and for some businesses, a quarterly or monthly business activity statement (BAS).

Accurate record keeping and data entry is a crucial component of filing both, and with the increasing number of start-ups and new small businesses in Australia, the demand for a good, reliable bookkeeper has been growing steadily.

People start their own businesses for a variety of reasons, but usually it’s because they need flexibility and want to do work that is rewarding.

For some people, starting their own business is the next natural step in their career – perhaps they’ve worked for many years as hairdresser in someone else’s salon; or worked for someone else as a chef or photographer or builder, and going out on their own just makes good career sense.

Bookkeeping: the low-risk, high reward business option

However, for many, the career path isn’t so clear, or they always may have seen themselves shackled to a job working for someone else. To them, starting a business always seemed like something that hinged on a really great idea or new invention, and in absence of either, it has remained out of their grasp.

But it’s not. Becoming a bookkeeper is an accessible, low-risk new business option for any self-motivated person with good computer skills. You don’t even have to love being a number cruncher to be a good bookkeeper, because most bookkeepers don’t do much number crunching these days anyway.

The multi-talented bookkeeper

With the rise of cloud-accounting software like Xero and MYOB Account Right Live, for which we offer online training courses in both platforms, most bookkeepers set up the bank feeds option for their clients, which automatically matches transactions in their bank account with the transactions in their accounting software. This eliminates much of the grunt work associated with the data entry aspect of bookkeeping, freeing the bookkeeper up to do other things for their clients (like BAS) or even pick up some extra clients.

Increasingly, though, and this is largely due to the number of new bookkeepers who don’t come from a finance or accounting background, many bookkeepers are diversifying in the services they offer by performing other functions within their clients’ businesses. This demand for multi-talented bookkeepers brings me back to what I was saying earlier in this post about the growing number of new small businesses.

With great demand, comes great opportunity

As more people start new businesses, which only looks set to increase over the next couple of years thanks to the many tax breaks included in this year’s federal budget, these businesses require more than a good, reliable bookkeeper; they also need web developers, content marketers, virtual assistants, operational managers, and the like.

Hiring several different contractors to manage each aspect of their business is not only costly – it’s also time consuming. Most business owners would rather hire just one or two contractors who have a broad base of skills – a bookkeeper with administration and operational experience or a content marketer with web design experience, for example.

Develop valuable business skills

A bookkeeper with business administration skills, which can be obtained by enrolling in our Small Business Management Course, is a valuable asset to any business — and it doesn’t mean you have to become a Jack (or Jill) of all trades.

EzyLearn is passionate about helping people start their own bookkeeping businesses, and to this end, we have worked to help develop National Bookkeeping, an Australia-wide network of Australian bookkeepers and registered BAS agents, which helps to match small businesses with a bookkeeping professional that meets their business needs. National Bookkeeping is now looking to expand its network by licensing its business to people who would like to start a bookkeeping business.

Becoming a National Bookkeeping Licensee

Ever since we started delivering our MYOB training courses online, and watched as other tools like Dropbox and WordPress and the many Google apps made it easier and easier for people work entirely from their home office, we’ve wanted to help people to start their own home-based bookkeeping business.

Finally that dream of ours has been realised with our partnership with National Bookkeeping. As part of the National Bookkeeping partnership, we’re offering our Microsoft Word, Microsoft Excel, MYOB and Xero Training Courses to National Bookkeeping licensees.

The reason for this is that we believe that continued learning and professional development is crucial for every business owner, especially if they want to stay ahead of trends and new developments in their industry and if you’re interested in becoming an independent contractor running a bookkeeping business from home then these software programs are essential.

Stay ahead of industry trends

Keeping up with industry developments is something we do as a matter of priority at EzyLearn because we want to be able to provide training courses that are relevant to the latest trends, which is why we’re busy working with some of the top digital marketers and strategists to develop our Content Marketing course.

When you become a National Bookkeeping licensee, you’ll have access to this Content Marketing training course as part of the small business marketing course which is available as an optional extra. This will help you market your services more effectively.

***

lifelong learning platform woman online learning for lifeIf you would like to learn more about National Bookkeeping or becoming a licensee, visit the National Bookkeeping website or register your interest online. For more information on starting a bookkeeping business, continue reading our blog, which we constantly update with news and advice on starting a business.

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Getting the Accreditation You Need for MYOB and Bookkeeping

MYOB bookkeeper
You don’t need to be a BAS agent to be a successful and profitable bookkeeper.

The reason many of our students complete our MYOB training courses is because they’re looking for a new job, and so we’re often asked if our MYOB training courses are accredited and whether they come with a certificate.

The answer to this question is a little more complicated than it may seem, and here’s why:

Continue reading Getting the Accreditation You Need for MYOB and Bookkeeping

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What Do You Need To Start Your Own Bookkeeping Business?

Starting a Bookkeeping Business is Low RiskID-10093149

If you’re already employed as a bookkeeper or have graduated from our MYOB training course and starting your own business is something you’ve always dreamed of, then turn that dream into a reality.

Starting a bookkeeping business is one of the few low-risk start-up options, because a bookkeeping business, unlike other bricks and mortar businesses, can be operated from your home-office, eliminating many of the costly overheads that eat into your profits.

In fact, many of the overheads related to running a home-based bookkeeping business involve items you probably already have or are inexpensive to source, such as a laptop, mobile phone, internet connection, and a designated work-space.

But like any business, just because you have previous experience or the zeal to make your venture a success, doesn’t necessarily guarantee success—a business plan does. This should be the first thing you do.

  1. Writing a business plan lays out things like what services you will offer, pricing structures, and how many customers you will need to turn a profit. But it also forces you to do market research and compare your services and prices with your competitors. Our Registered BAS Agent has created a bookkeeping business template that you can use if you start your bookkeeping business with us!
    Market research, no matter how experienced you are in the industry, can help you establish a point-of-difference from other bookkeeping services and aid in the setting of your rates. Many small business courses like our Small Business Management course cover writing business plans as well as other strategies to ensure you manage your business efficiently.
  2. Contacting an insurance broker to find out what kind of policy you will need should be your next port-of-call. Rather than calling many different insurance companies and going through their product disclosure statements yourself, a broker can do this for you and find the best policy at the best price.
  3. You’ll also need to contact an accountant to discuss the ways to maximise your business tax deductions—this could also serve as a good way of drumming up some business, as many sole traders still take their shoeboxes full of receipts and bank statements to their accountant to sift through come tax-time!
  4. It’s also wise to consider ways you can grow your business using low-cost marketing strategies. Many small-business owners make the mistake of thinking that as a small business, they don’t need to worry about marketing, leaving it to the big guys instead.

But some of the biggest companies in the world started out as a start-up in someone’s garage or home-office! As a small-business owner, there are many marketing lessons you can learn from big business.

Believe and you will achieve

If you’ve been dreaming about one day starting your own bookkeeping business, then what are you waiting for? We now have the training, coaching and mentoring support to help you start a bookkeeping business and work from home as an independent contractor working your own chosen hours. We’ve teamed up with a registered BAS agent and business coach to compliment the small business management course and provide you with the support and training you need to start a bookkeeping business without joining a bookkeeping franchise and paying ongoing franchise fees.

National Bookkeeping Business Plan Template
Get a bookkeeping business plan created by a registered BAS agent and get started fast

Become a National Bookkeeping Licencee

If this is something that interests you explore the “Start a bookkeeping business” opportunity with National Bookkeeping and get franchise like support without loosing a percentage of every hour you work. We can help you succeed in your own bookkeeping business by give you the training you need.

National Bookkeeping is designed to help ordinary people start a bookkeeping business as an independent contractors working from home as a virtual assistant with the help and support of existing businesses.

 

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Another reason to start a bookkeeping business. Capital Gains.

Value of a bookkeeping businessI’ve written several articles about starting a bookkeeping business in recent months but an article I just read in the Sydney Morning Herald about the value of a bookkeeping business re-inforced a great reason to be in business for yourself. Capital Gains.

Yes, it can be hard to start a new business from scratch and yes, you may need to get out of your comfort zone to meet new people and share your story and yes, you may need to do some courses and learn some new skills, but the rewards are more freedom, flexibility, capital value and you might meet some great business owners and managers in the process

The article is a response by Mark Bouris who become well known through his Wizard Mortgage business to a question about how much a reader’s bookkeeping clients are worth. The most important aspect of this article is the fact that when you start your own business you have something that grow in value as you keep building and adding to it. You also have more of a say in your financial success because you can grow your business as fast or as slow as you want.

I hope the article shows one aspect of owning your own business that you may not have thought of. Here’s the link

National Bookkeeping Business Plan Template
Get a bookkeeping business plan created by a registered BAS agent and get started fast

Licencee vs Franchisee

If starting a bookkeeping business sounds like a good idea but you’re not sure where to start you can register for a National Bookkeeping Licensee and get all the training you need without the obligations of owning a franchise.

National Bookkeeping provides a business plan template that you can modify to suit your circumstances, plus training on various aspects of running a business (includes sales training and marketing). It comes with a money back guarantee and doesn’t cost a lot.

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Start a bookkeeping business for very little money

start an MYOB bookkeeping businessI recently wrote about our MYOB Training students and how many of them want to start a bookkeeping business so I thought we would go through some of the costs involved. Remember that these are the startup costs and you may incur more marketing costs as your business grows.

Basic Bookkeeping Skills

If you have some basic Microsoft Excel skills, are good with numbers and using a computer and understand basic concepts like income and expenses you can get work performing data entry into a bookkeeping program.

Using word of mouth with friends and family you could also pick up some work for people you know. In this scenario you could start a bookkeeping business cheaply and quickly but we are really only talking about data entry jobs.

MYOB Bookkeeping Skills

If you complete a MYOB Bookkeeping Training Course you will have more advanced skills and understand how MYOB manages GST and other tax liabilities for Payroll, this will make you more valuable. It also helps to have a copy of the software which we provide in our MYOB courses.

Start a Bookkeeping Business

If you are going to get serious about starting a bookkeeping business you’ll need to be a BAS agent and that means you need to be registered with the Tax Practitioners Board. These are the costs involved:

  1. Do an MYOB training course – approximately $400
  2. Software company partner program license; $1400 a year.
  3. Modern computer with backup $2000 every 3-4 years
  4. Internet access; $50 per month.
  5. Website and hosting; $1000, then $25 per month
  6. Mobile phone; $50 per month.
  7. Qualifications of Certificate IV in Bookkeeping from $1000 to $3,500
  8. Register with the Tax Practitioners Board for $100
  9. Professional Indemnity Insurance with policies starting at $400
  10. 15 hours of continuing education every year, costing about of $1,200.

How much can you expect to earn

Employed bookkeepers at the most basic level earn a minimum of $15 an hour, with most employed bookkeepers earning between $20 and $30 an hour. When you start a bookkeeping business and perform bank reconciliations and/or produce reports, you can expect to earn up to $45 an hour, while BAS Agents and consultant bookkeepers can earn $55 to 150 an hour or more. Learn more about hourly rates for bookkeepers operating their own business..

National Bookkeeping Business Plan Template
Get a bookkeeping business plan created by a registered BAS agent and get started fast

Start a bookkeeping business without joining a franchise

Franchising is a good way to start a business and get up to speed quickly, but is it worth the cost? You end up paying a percentage of your earnings and need to sell to someone else in that system. A licencee model enables you to pay a fixed annual fee for as long as you want to be part of the system and doesn’t require the buyer of your bookkeeping to be a member if they don’t want to.

You get many of the benefits as well, such as a bookkeeping business plan template created by a registered BAS agent.

 

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Business plan for your startup bookkeeping business

Start a bookkeeping business plan

Free Business Plan Templates

I recently wrote about the importance of writing a business plan if you want to start a bookkeeping business. I included a great business plan template that is made available by the Australian Department of Innovation, Industry, Science and Research. You can find free Microsoft Word templates from within Microsoft Word or by doing a simple Google search. Today I’ve included a link to some free templates from Microsoft.

This website provides a template for a “business plan for a startup business” but you might notice there is also a business plan template for existing businesses.

Who Starts a Home Based Bookkeeping Business?

Many of our students are mums who are returning to work after many years of looking after young children. They may have had a professional careers, but their circumstances change and they now want to operate a business that allows them to drop children off and collect them from day care and school. If you are one of those people you’ll be thrilled to hear that there are several work-at-home-mums (or virtual assistants) as part of our EzyLearn Online Training Team 🙂

Small Business Management CourseYou may also be interested to know that our Small Business Management course includes training on topics that enable you to work from home via the Internet. Cloud based services like Google, WordPress, Dropbox and even the new MYOB software now make it possible and we show you how to do it.

Best of all, the Australian Government provide a website full of resources for those people who want to start a home-based business and a bookkeeping business is one of the best (according to us) because:

  1. It allows you to work your own hours
  2. If you are smart you can earn good money
  3. Every business needs to do bookkeeping
  4. Very few business owners WANT to do bookkeeping
When you enrol in an EzyLearn online MYOB Training Course you receive access to the courses for LIFE so they are always available to you as a resource, with case studies of various different business scenarios used in our training workbooks.

Bookkeeping Business Plan Built By a Registered BAS Agent

National Bookkeeping Business Plan TemplateDo you want to start a bookkeeping business? Want to work to a plan that was built by an experienced bookkeeper? Does it all seem a bit daunting?

[quote]Jacci, our Registered BAS Agent has worked through the Small Business Management Course to create a Bookkeeping Business Plan for those who want to start their own bookkeeping business.[/quote]

This course not only gives you a well rounded education of the requirements to start and build a small business, but you will receive a business plan that you can tweak to suit your own circumstances as part of the course! Read more..

NEW! Start a Bookkeeping Business Without Buying Into a Franchise

Added November 2014

Maggie Richardson’s Small Business Management Course is now online at EzyLearn BUT better than that we’ve combined it with a bookkeeping business plan (written by Jacci) as well as some legal templates, agreements and other training to help you get started with a bookkeeping business you can operate from your own home quickly.

When most people think of startups they think of technical wiz kids who create mobile phone apps, but our startup academy helps ordinary people start their own business as independent virtual assistants working from home in industries that are growing and with companies that can provide the support to help them get up to speed quickly and get great clients.

Want to learn more about starting a bookkeeping business?

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Starting a new MYOB bookkeeping business? Got a plan?

start a bookkeeping business as an MYOB bookkeeperWithout a plan, could you be planning to fail?

I AM REGULARLY SURPRISED at the number of our students who are learning how to use MYOB because they want to start their own bookkeeping business.

Many of them already have accounting or bookkeeping qualifications, but these are usually in larger accounting systems and so they learn to use MYOB to apply their accounting skills to help small business owners.

Start a MYOB Bookkeeping Business

I recently wrote about the Australian small business startup scene and have been working with like-minded, successful business owners to put together a series of bookkeeper business building webinars. Indeed, one of the critical parts of starting a new business is the business plan.

To some business owners this is the “art” part of starting a business, particularly if you are starting something from scratch! I’ve often heard people ask:

How can I possibly predict my future income?

How do I work out how much to spend on advertising?

What price should I charge?

What if I don’t get that many customers?

Business plan for your bookkeeping business

National Bookkeeping Business Plan Template
Get a bookkeeping business plan created by a registered BAS agent and get started fast

The best answer I can give is that a business plan is really just some solid information that you have collected from your research about the industry you want to work in.

It’s the best estimate that you can make at the time. But the best part of it is this:

  1. You can always modify your business plan
  2. Your next business plan will be more precise

[quote]The most commonly asked questions I hear about business plans is: Where do get one? Can I see yours?[/quote]

Where can I get a business plan?

The EzyLearn StartUp Course comes with a business plan template that will help you determine, not only the viability of your business, but also how to achieve your business aims. It will enable you to justify to your clients — and yourself — why you charge the fees you do. It is a dynamic blueprint that you can look back on and go over as you need to, in order to remind you of your goals, your business mission statement and keep you on the right path.

Oh, and please don’t underestimate the importance of a business plan. There is a famous quote from Benjamin Franklin:

[quote]“If you fail to plan, you are planning to fail!”[/quote]

The Australian Government’s www.business.gov.au website also has a free business plan template you can modify. Watch their video below:

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Should You Send Reports to Late-Paying Clients?

paid on time reports for credit management accounting software

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?
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Bookkeeper Communications During Rescue Work

hire a professional bookeeper across australia

I’VE WRITTEN BEFORE about how you can diagnose whether your business needs rescue bookkeeping and what happens during rescue work.

Because rescue bookkeeping often involves fixing a problem with your data file, the way your MYOB or Xero software has been set up, or entering upwards of three months worth of transactions, it’s a fairly time consuming process.

That time will cost you money but there are ways of reducing and almost eliminating that time.

Continue reading Bookkeeper Communications During Rescue Work