In a previous post I suggested it’s a good idea to create a digital filing system for your business receipts and tax records. Storing tax records digitally is not just a space saver — it’s also an efficient way to share information with your accountant and bookkeeper, especially if you’re working with a remote bookkeeper, as it’ll speed up the process.
Incorporating Xero bank feeds will save you time, money and stress.
Cloud accounting software’s greatest innovation was not putting the software in the cloud; it was introducing bank feeds. You’ll learn how to set up bank feeds in the latest version of Xero in our Xero Bank Reconciliations and Journal Entries course. For now however, we’re going to explain why you should — whether you’re a business owner doing your own bookkeeping or whether you’re a bookkeeper employed to do it for your clients — be using bank feeds.
Bank feeds in brief
A bank feed is an automatically created list of the transactions (spent and received) in your bank account that is imported into your Xero accounting software. For this to occur, you have to give Xero permission to access your account. Some people feel funny about this, but bank feeds have been around for so long now that, just like online shopping, there’s really nothing to worry about. I won’t go into how the technology works, but I will say that no one looks at your account data; you’re just allowing the free flow of information between your bank and Xero.
Direct bank feeds save time (and indirectly, money)
There was a time when you or your bookkeeper had to wait until your bank statement arrived before any transactions could be reconciled in your accounting software, usually at the end of the month. For businesses with a lot of transactions, either in the form of receivables or payables or both, reconciling a month’s worth is a finicky job that’s prone to errors.
With bank feeds, transactions will show up in your accounting software as soon as the payment leaves your account or credit card. If you (or your bookkeeper) get in the habit of reconciling your account on a daily, twice weekly or weekly basis, it makes it easier to accurately code each transaction because you’re only dealing with a few at a time. This results in fewer errors and fewer hours spent fixing them, and that saves money (read: time = money).
Although the daily data entry is a frustration for many business owners and manager, particularly if you are quoting, ordering and invoicing regularly, the bank reconciliation is the most frustrating for bookkeepers, BAS agents and accountants because they need to make sense of EVERY transaction and make sure it is accounted for correctly. Xero bank reconciliations are made easier with bank feeds and today we announce that this course is available as part of our All Xero Courses for 1 Price Offer!
The thought that stuck in my head the most was “Wouldn’t it be great to design my own bank statement! A bank statement that I would like to see for my business each month” but that is a topic for another “business development and goal setting type blog”.
The important thing for bookkeeping students is that this bank statement includes most of the transactions that you’ll come across each month including interest, capital purchases, loans etc that you’ll probably need to check and make sure they’re coded correctly.
Xero and all cloud accounting programs make bank reconciliation easier because they enable you to import bank feeds directly from your bank. This saves a lot of the typing involved in data entry but you still have to get the codes right.
Xero 513 Bank Reconciliation Course
Learn more about what is included in this course at our Xero Bank Reconciliation Course landing page. In this course we introduce a new “character” in our course design – Jerry. Jerry is an ordinary man who decides to go into business because he loves talking to and helping other people but he’s not that tech savvy (or accounting savvy) so he makes a lot of the mistakes that many other business people make when they are starting out for the first time.
If you are an existing student enrolled into our Xero Courses, just contact support and ask them to enrol you into the Xero 513 (Bank Recs) course – there’s not charge for you if you are within the 12 months course access period.
Stay tuned for more updates to our Xero and Quickbooks Training Courses.
It’s Christmas time and we’ll be open every day (except the public holidays) which means you can make contact with questions or support during your course.
But best of all, we’re offering a fabulous special offer with a saving of over $300. Check out the quick video below which shows you how to get $663 dollars worth of training for just $296 — a saving of $337!
All you have to do is choose your courses at our Online Course Enrolment page and the discounts will be applied automatically.
Get New Skills for A New Year!
With the New Year coming fast we find most of our students are looking to change careers and/or up-skill so as to feel confident with their computer skills in job interviews and the like, so our current special offers will train you up to be your best, cheaply. Here’s all you need to do:
Scroll down to the discounted courses section to see the Xero Training Course available for $30 less.
Scroll down further to see the Microsoft Word Course (12 month’s access, all 9 courses and Certificate), which is normally $267 is now FREE
Tick the box next to “Yes, I have a discount voucher code” and enter 8881818 to receive a further $70 discount off the Microsoft Excel course!
If you don’t have the time right now, don’t worry, you’ve got 12 months to complete all these courses at your own pace — so just enrol now to get the current special offers.
Watch this video to see how to get the discounts
New Online Courses for the New Year
It’s been a very busy year for new course creation and we’ve just launched two new courses that are all based on new online cloud-based services in bookkeeping and marketing/advertising. Read about them here:
QuickBooks Online
Provide quotes on your tablet computer, convert them to invoices when you get the order and take photographs of your receipts for expenses — works on your smartphone too. These are the features of America’s most popular accounting software program that is now aggressively promoting itself to Australian small businesses.
Tired of struggling to post consistently on Facebook and other social media sites? We’ve had a WordPress course for several years to teach you how to create your own website and blog, edit images, and optimise it for search engines (like Google). But if you’ve ever struggled with fleshing out a Facebook Page, or want to start promoting yourself or your business in social media, try our Digital Business and Social Media Marketing Courses.
We show you what you should include on a modern day website as well as including Facebook Page, Content Marketing and Facebook Advertising training (which we used to help Derek Farmer show up on Page 1 in Google for the competitive Cammeray Real Estate Agent search query).
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Most of all, from all of us here at EzyLearn, HAVE a FANTASTIC and SAFE Christmas — doing things you love!
Quickbooks is gaining traction in the Australian marketplace.
I’m a fan of QuickBooks as the functionality is excellent and the cost of the software is still low. I’m really pleased to announce that you can now enrol in our QuickBooks Online Daily Transactions Course — but does QuickBooks fulfil Australian legal obligations to be SuperStream compliant?
The background is that from July 1 this year, all Australian businesses with fewer than 20 employees were required, by law, to be SuperStream compliant.
SuperStream is a government initiative to improve the efficiency of Australia’s superannuation system, namely by making superannuation a totally electronic process.
Most cloud-accounting packages that have been developed for the Australian market (such as major applications, like MYOB, Xero, Reckon and so forth, but not smaller apps like Zoho or QuickBooks, which can be used in Australia but don’t interface well with Australian tax procedures) are now all SuperStream compliant, with one exception: QuickBooks. Continue reading QuickBooks Isn’t SuperStream Compliant, But It Doesn’t Matter!
Blogging is the core component of content marketing.
So you want to digitise your business? Until I’m blue in the face, I keep telling anyone in business that content marketing is one of the most important online Digital marketing activities for businesses in operation today — particularly those with a website. Successful content marketing is about creating original, high quality content that’s relevant to your “potential” customers. It also needs to be high quality in every way (relevancy is integral to quality) and this involves every aspect of the content you’re creating — copy, layout and design. This ain’t always easy!
I’ve mentioned this elsewhere on this blog before, but I stand by my geeky analogy that great content is like an equilateral triangle, in that all parts must be equal. Copy, layout and design are the three sides of your content, and if you prioritise one aspect over one of the others, your content will be unbalanced, just as your triangle would be.
Blogging: The Staple of Content Marketing
How best to content market to your audience? Well, I’d go so far as to say that you can’t have effective content marketing without maintaining a blog. Setting up a blog is actually pretty easy, especially if you use a content management system like WordPress for your website and blog. With WordPress the the layout is pretty much taken care of for you — just choose a theme and away you go.
Many businesses outsource copywriting to a contractor or freelancer, which in our view, is a wise move. Unless you’re a clear writer who can articulate your point accurately and economically (a good writer will know that I’m talking about word count), then you should outsource it. You also have to rather enjoy doing it and be fast at it — otherwise, despite your best intentions, little will ever get published.
A Word on Google Images
So, to design. In the case of blogging, you usually select an image to illustrate your blog posts, which brings us to the subject of this blog post: understanding image rights. Unless you intend to use your own photos and images that you’ve taken or created yourself (hands down, one of the best ways to drive search engine rankings and increase reader engagement, just sayin’) and therefore own the copyright to, then you need to understand image rights first.
As a general rule, never ever use Google Images to find an image for your blog. That’s not to say that Google Images isn’t a great starting off point if you’re creatively spent and in need of some inspiration. I frequently punch a few keywords or phrases into Google Images to see if the results turn up, and then go back to my image library, which categorises images in a more literal sense than Google Images does.
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We showcase what we did at EzyLearn in 2008 and what we did for Derek Farmer (Cammeray Real Estate Agent) in 2015 to get onto page 1 of Google and in front of his entire database every day on Facebook
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This has a lot to do with indexing and keyword usage; put simply, think of Google Images as your own personal brainstorming team. Traditionally, brainstorming has always worked best when there was more one person, but if you’re on your lonesome, then this is where Google Images comes in handy.
You punch in a few key phrases or concepts and you can see how other people have illustrated their websites and blogs, based on those same phrases.
What makes the images from Google Images dicey is that, as a search engine, it’s not beholden to the laws of copyright usage and image licensing; it’s up to you to do your due diligence and find out what the terms of the image’s license are.
Image (Copy)Rights
Generally speaking, to use an image that you haven’t created, you must track down the creator and ask for permission to use it. Obviously, this would be a lengthy and arduous process if you had to do this for every image you found on the internet, so, thankfully, there are plenty of ways to find images where the copyright holder has already released the image with a license that allows specific uses.
Using an image in a way that isn’t allowed under the terms of its license is still considered copyright infringement, so make sure you’re certain you understand each image’s license before you use it on your blog or website.
Most online image libraries offer images with license terms that deal with:
Type of use: Commercial or non-commercial use, with the first being any use of an image to sell or promote a product, service, or idea.
Attribution: Credit may need to be given to the original creator of the image and required format (e.g. a link) specified.
Modification: The image may have to be used unchanged, or you may allowed to modify it and create new images or materials from it.
Number of uses: Some licenses may restrict the number of times an image can be used.
What license is offered depends entirely on the copyright holder or the creator. Some image libraries require the copyright holder to sign over certain rights of use to their images, while others don’t, which means you need to be vigilant by checking the terms of use for each image you use.
Of course, one way to avoid having to deal with image rights is to take your own pictures. As I said earlier, this not only gives your content its own personalised stamp of authenticity, but it also helps drive search engine rankings and reader engagement. This is very important in content marketing.
If you’re not able to take your own pictures, for whatever reason, then using an online image library is the best way to ensure that your content is not only looking great and will engage your customers, but that you’re also not contravening any copyright or licensing terms.
When it Comes to Your Career, Hopping Around is OK
Those who hop may be the most successful, career speaking.
For many years, young people, particularly Generation Y, were cautioned about changing their jobs too often — or being a “job hopper”. It would give the impression they were flaky or disloyal or unable to commit, they were told,
You want to find a job where you can stay there for at least 10 years, where you can grow and progress through the company.
As a business owner, one of the most frustrating things I come across is talking to a team member who stretches time out because they’re being paid by the hour! It’s not what I particularly wanted to write about today, but it relates to the good bookkeepers who are part of National Bookkeeping and a conversation we were having about doing such a good job you do yourself out of a job.
The best way to do yourself out of a bookkeeping job is to systemise the bookkeeping process to the extent that anyone can do the work!
My answer to that is systemise as much as you can because it makes you MORE valuable as the person to operate the system. The other reason I believe this is a good path for a bookkeeper is because many industry leaders believe that bookkeepers, and many other professionals, will be replaced by automated online systems and technology before long, and bookkeepers need to keep abreast of these changes otherwise they’ll be left behind.
Be Aware of the Ebbs and Flows of Your Business: Multi-Period Profit and Loss Reporting
Nearly every business has its busy periods and its quiet ones. Crucial to the success of a business is knowing when these busy periods and quiet ones occur, so you can capitalise on them.
For a lot of Australian businesses offering professional services, December through January is usually when business winds down for the year. In the hospitality and accommodation industry, however, it’s typically the busiest time of the year, so planning for increased business is essential. Continue reading Running Multi-Period Profit and Loss Statements
What To Do So You Don’t Lose Money When Doing Your BAS – 6 steps
If your business is registered for GST, it means you have to file regular activity statements with the ATO, usually each quarter. A lot of business owners export their Business Activity Statement (BAS) data straight from their accounting software, like MYOB or QuickBooks, and quickly prepare their BAS’ that way. But this is an imprecise method, and one that could be costing you money.
Reconciling Your Accounts Daily Gives a True Picture of Cash Flow
The king was in his counting house, counting out his money… small businesses as well as large can get a true financial picture with daily reconciliation.
For a lot of business owners, just the thought of reconciling their accounts once a month is enough to make them go weak at the knees, never mind every day. Yet there are plenty of contract and remote bookkeepers who work for their clients each week, and some that work every day for the same client, reconciling their accounts and providing other vital bookkeeping services.
And they’re not just big businesses whose accounts are reconciled daily — plenty of small businesses do so too. In fact, with so many small businesses going asunder due to cash flow problems (often stemming from a lack of procedures in place for credit and debt management) it can be not only a cost-saver but a potential life-saver to your business. Continue reading Should You Reconcile Your Accounts Every Day?
Do You Have to Drop a Client Because of a Bad Credit Check?
It’s only business: but sometimes a bad credit rating doesn’t mean you have to end the working relationship.
A Credit Check is one of the most important first steps of good credit and debt management but you can still do business if the check comes back negative.
In a previous post on credit and debt management, I recommended that all businesses — regardless of whether they offer credit to customers on a 30-day account or not — perform a credit check on any new client who will spend more than $1000 on goods or services in one sale, on an ongoing basis.
What should you do if the credit check comes back negative, and shows that the potential customer is guilty of late payments, pending legal action or already carries a significant level of debt?Continue reading What if a Credit Check Comes Back Negative?
It’s Good Business to Set Out Your Credit Management Policy at the Outset
CRITICAL TO THE SUCCESS OF ANY BUSINESS is the ability to maintain a healthy cash flow. But doing so requires effective credit management processes.
Unfortunately, too many business owners feel uncomfortable talking about credit and debt management upfront with new clients.
They (falsely) believe it begins if, and when, a customer doesn’t pay a bill. But, in fact, credit management starts much, much earlier than that — long before the two businesses even agree to work with each other, to be precise. Continue reading Is Credit Management Just About Getting on the Phone?
It’s that crazy time when the end of financial year TAX and quarterly BAS periods combine to cause compliance anxiety for business owners and managers if they don’t have a handle on their bookkeeping processes and accounts. This is often caused by not having the best team available for all the tasks required and I spent some time during the week speaking with Tracey our MYOB, Xero and Quickbooks Trainer from Rockingham in WA about the different levels of bookkeepers and whether they could complete tasks relating to a BAS Service. Here’s some of the information that I thought you’d find useful.
Getting receipts as evidence
The biggest issue that many bookkeepers experience is getting information from business owners, particularly small businesses that are stretched between:
the work they need to do every day
Keeping and filing the financial records like receipts
Getting the financial records to a bookkeeper or accountant
I’ve written in the past about the ways that small businesses file their receipts as well as cloud technology like Shoeboxed (who now seem to prefer selling their services to accountants and bookkeepers and have removed the educational video that demonstrated how the software works!), but Quickbooks Online has a downloadable app that enables business owners to capture a photo of each receipt for each transaction and if business owners utilise this function they can save a lot of money in data entry and evidence of expenses that could be expected as part of a BAS audit by a BAS agent.
BAS Audits, red flags and tricky GST codes
I’ve mentioned in a previous blog that you can hire a cheap bookkeeper to take care of your data entry and only use the services of a more expensive bookkeeper (ie. BAS agent) for purposes of confirmation of expenses and the GST components of these expenses. In this case a simple BAS audit involves witnessing these source documents to confirm that there is no error in calculating the money owed to the ATO. If you’ve had any of the following transactions you’ll probably need to pay close attention to the information in your BAS lodgement and mention them to your bookkeeper:
Purchasing a motor vehicle
Motor vehicle expenses
Real property purchase
Any purchase coded as a GST-Free transaction
Low value purchases (under $82.50) that are coded as GST free
I’ve written a lot about bank feeds in the past and included a blog post about how bank feeds work in MYOB and Xero. Bank feeds can be a real time saver because they automatically bring your bank transaction records into your accounting software, but Tracey mentioned that in MYOB you should bring them in BEFORE you do any reconciliation tasks otherwise you may need to undo any reconciliation work you’ve already done so watch out for that!
Need One-to-One training or a QuickFix on MYOB, Xero or Quickbooks?
We did a lot of one-to-one training when we operated our physical training centres in Sydney and the training was often completed at our training centre (because we had it!). Now I’m thrilled to advise that we’re helping local bookkeepers in your area deliver MYOB and Xero training according to our profession course structures! To learn more visit the National Bookkeeping training page. You’ll also discover that our bookkeepers area also available to fix problems or lack of knowledge with the QuickFix service so check that out.
Coming up..
Here is what we are currently working on and what will soon be published or made available at our LMS.
Guide to Credit Management (aspects of a business and your accounting software where you can tighten your credit management processes). We’re creating this guide in conjunction with the local bookkeeper at National Bookkeeping
Xero Course training material update (workbooks and videos are being updated and added as we speak so stay tuned for more announcements soon
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Xero is a great bookkeeping program for tradies who are on the go and using their phones (or a tablet) all the time. From receipts scanning to creating quotes and invoices, receiving payments and keeping track of project costs.
bookkeepercourse.com.au/produ…
Bank feeds are an important aspect of reconciling your (or your client’s) accounts. Our 
It’s that crazy time when the end of financial year TAX and quarterly BAS periods combine to cause compliance anxiety for business owners and managers if they don’t have a handle on their bookkeeping processes and accounts. This is often caused by not having the best team available for all the tasks required and I spent some time during the week speaking with Tracey our 
