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Tis the Season to Switch to Xero

MYOB – Bain Capital Cashing In While They Can

Switch to Quickbooks or Xero from MYOB
Intuit Quickbooks has made this offer for a long time already

You may be aware that MYOB is once again listed on the Australian Stock Exchange (ASX) as Bain Capital aim to grab some cash back for the massive investment they made in the accounting software company.

In the recent lull in the share price of companies on the ASX in general you’d think that MYOB company executives are worried about getting their money back let alone making a return on their initial investment. After all they are now competing globally with small startups like Xero (and SAASU) as well as MASSIVE accounting software companies like Intuit.

We’ve always been committed to MYOB accounting software training courses because the software is so popular with most Australian accountants and it is (even today) by far the most used accounting program for small business in Australia.. BUT, we’ve noticed a significant increase in enrolments for our Xero Accounting Training Courses and we wondered why? Why is August and September such a popular time for enrolments in Xero and it was then obvious.

[quote]Everyone is finishing off their end of year accounts for the 2015 financial year and those that want to make a change away from MYOB are switching to Xero now.[/quote]

Our Xero Course is Now Beefed Up and it’s Yours for Nothing Extra

We’ve just increased the cost of our Xero courses because we’ve beefed it up with:

  1. 3 new Xero Training Course Workbooks,
  2. More detailed Xero knowledge review questions AND some
  3. Industry specific training guides for the tradies who want to change to Xero.

[box type=”tick” size=”large” style=”rounded” border=”full”]Existing Xero students can access all of these new training aids for no extra cost and that is a great feature of our 12 month membership offer- you can lock in the current price and get all of the future benefits as we get the Xero course to the same level of detail as our popular MYOB courses.[/box]

Xero Seems to be the Tradies Choice

Plumbers are switching to Xero from MYOB accounting software
From The Reece Plumbing Website

Ever since I interviewed Ken from Love My Home Theatre I started to realise the appeal of Xero for tradies! Plumbers, Electricians, Concreters, Builders, Pest Inspectors, Painters and most other tradies are always out doing their work whether they are quoting, working or finishing off they are always seeing their customers and potential customers so it make sense for them to do as much as they can while they are ont and about. They also have to keep good records of:

  • Products they purchase for their customers
  • Resources they allocate to their customers
  • Money that is owed after the work is completed
  • Progress payments as the jobs are gradually completed

Bookkeeping is also something that isn’t second nature for tradies and it’s usually done by their wifes, partners, a trusted friend or someone who knows their industry very well. Being cloud-based (online) accounting software tradies can now create quotes using an iPad or other mobile device and the invoicing, debtors follow-up and bank reconciliation can be done by a bookkeeper (from anywhere).

For this reason we’ve created a Xero Training Guide for Plumbers and Concreters. We’ve got some classic examples of how a plumber may buy products from Reece plumbing on their account for one of their clients and they need to keep track of this purchase.

Reece Plumbing Integrates with Xero

One of the most interesting observations about what Reece Plumbing have done with their purchase and payment system is their integration with Xero Accounting software so that customers don’t need to perform data entry and automatically have a copy of each of their tax invoices.

The benefits sited by Reece are: 

  • No need for manual uploads of tax invoices/receipts
  • No data entry mistakes
  • Save time and money
  • See your tax invoices in Xero

Learn more about the benefits of using the Reece Plumbing Xero Integration. 

After School Holidays is a Good Time to Learn How to Use Xero?

If it is time for you to migrate or transfer your accounting information to a new platform we’d love to help you. We’ve also had a lot of bookkeepers learn how to use Xero so it’s clear there is a ground swell to good online (cloud) accounting software and Xero seem to have done well so far. If you are interested in adding Xero to your pack of software skills take advantage of our current prices – you can always start your course when you come back from school holidays and the kids are back in school.

Will the NEW Quickbooks Make a Comeback?

I’ve written before about Quickbooks and they are still doing great stuff with their pricing. As the blog image above suggests they have maintained a steady first year discount for at least 12 months (from our observations) and maybe this is their strategy to squeeze the margins for much smaller startups like Xero.

It’s a good time to note that the Quickbooks we’re talking about is the NEW Quickbooks from the massive US Company Intuit, not the one that WAS distributed in Australia by Reckon before Intuit and Reckon dissolved their distribution agreement.

I’ve taken the time to explore Quickbooks and it’s pretty impressive and easy to use. If its something you want to learn about make sure you visit our Quickbooks Training Course page and pre-register to receive the course at an Introductory price.

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CASE STUDY: Is Reach Reaching the Mark? Hear the Honest Opinion of a Business Owner…

We test drive Reach to see if it reaches the mark for one small business owner.
We test drive Reach to see if it reaches the mark for one small business owner.

We’ve recently added a Reach Accounting course to our suite of online training courses. In a previous post, we gave you the low down on how the Reach Accounting package stacks up against MYOB, but we thought we’d find out what a real, present-day business owner had to say about Reach. So, we asked Angela, a freelance journalist, to test drive Reach for 30 days and then provide us with her honest feedback. Here’s what she had to say:

“As a freelancer, my business is pretty straightforward: I write words for a living and charge people to use them. As a creativity merchant, I’m not paid by the hour; I’m paid for each word that survives the ‘delete’ button, which is fortunate since the left side of my brain is a bit lazy.

Getting new commissions (or business) is a process that involves a bit of back-and-forth with editors over email — outlining story ideas, deadlines and finally agreeing on a price. As such, I never have the need to create estimates and I don’t need to log the time I spend working on my stories.

I’ve been using Zoho Invoice ever since I started freelancing, mainly because I didn’t have a spare five hours to create an invoice template in Excel when I first set up shop. To me, Zoho looked like the easy way out — and to date, it has been.

But how does it compare to the latest bit of accounting software, Reach Accounting? I’ve spent a bit of time using Reach, and for its price point and target market, it’s a pretty handy piece of software for sole traders and small businesses — I can see that it would be particularly valuable for virtual assistants and teleworkers.

As soon as you sign up for your Reach account, you’re asked to enter in your basic, yet important, business information — like your ABN and bank account details — so, without doing anything else, you can send an invoice to one of your customers right away. With Zoho, there was some setting up of invoice templates, adding customers and setting up email gateways, which was a bit tedious.

Then there’s the matter of cost. While Zoho allows you to invoice your customers in Australian dollars, it’s still an American company so your $15 monthly fee is subject to change with the exchange rate; you’re also charged a currency conversion fee from your bank, which is something to be wary of.

Reach, on the other hand, is an Australian company so you don’t need to worry about exchange rates and conversion fees; something I find quite appealing. Plus, included in Reach’s $14.95 monthly fee is the actual accounting software, whereas a full suite of accounting software with Zoho costs a little more.

With Reach, you’re effectively getting more bang for buck and even if I don’t use the accounting side of Reach’s offering, it’s good to know it’s there. I feel the same way about the bread maker I have at home, even though I don’t actually eat bread. Which raises the question: how many businesses would end up using the full accounting side of Reach?

As an accounting novice, I still have an accountant who weaves their magic, presumably in MYOB. I just export and email my earnings for that year, along with my business expenses — which is basically my entire life since I’m a freelancer, so the lack of an ‘export’ function in Reach is a major drawback for me.

I imagine most sole traders and small businesses would do something similar with their accountants and I don’t know how many accountants would be eager to use Reach.

But Reach excels precisely because it isn’t MYOB — or even Xero, for that matter. And it doesn’t need to be. Reach caters to a section of the market that was previously alienated by the likes of MYOB; and now those business owners have a low-cost, easy-to-use solution to their Excel spreadsheet and shoebox-full of receipts. It’s also Australian; and supporting Australian businesses, as an Australian business, myself, just makes sense.

So, at the end of the day, for my money, it’s worth it.”

***

If you’re a sole trader or small business owner looking for a low-cost way to manage the accounting side of your business, Reach could be the solution. EzyLearn has partnered with Reach Accounting so that you can access a free student account when you enrol in our Reach training course.

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Introducing Our Reach Accounting Course – The Low Cost Alternative to MYOB

Reach Accounting is giving small business owners a cheap accounting software solution.
Reach Accounting is giving small business owners a cheap accounting software solution.

Ever since we started offering online MYOB courses, we have been encouraging our students to start their own home-based bookkeeping businesses. We’ve also introduced new courses along the way, like our small business management course to encourage our students to become virtual assistants. Now we’re pleased to introduce our latest Reach Accounting Course to provide small businesses with a low-cost alternative to MYOB.

Finally! A Cheap Small Business Accounting Solution

For many small business owners operating fairly simple businesses (say, virtual assistants or teleworkers)  the need to invest in rather expensive accounting software like MYOB has probably never existed.

It’s not uncommon to find a sole trader who still uses Excel to create their invoices, and still keeps a shoebox-full of receipts that they then enter into another Excel spreadsheet, or else endure the wrath of their accountant if they don’t.

This is generally because there’s never been any low-cost accounting software available to them — that was until Reach Accounting, a division of Net Registry, entered the fray a little while back.

Because we’re constantly looking to help small business owners, we’ve partnered with Reach Accounting to offer small business owners a low-cost Reach training course, which includes a free trial of Reach to use while you’re taking the course.

In our new Reach Accounting course, we cover the following subjects:

  • DIY Accounting
  • Set up
  • Daily Transactions
  • Bank Reconciliation
  • Payroll

So if you’re a small business owner and you’re looking for some low-cost accounting software, Reach Accounting could be the solution. 

***

You can take a closer look at how Reach compares to MYOB. Want to know the honest opinion of a small business owner? We asked a freelancer to test-drive Reach for 30 days; see how it works for them.

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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.

 

MYOB Accounting

MYOB Accounting

These courses are available at www.myobcourse.com.au, and if you want to take a brief tour about how EzyLearn online training courses work click here. Remember that although these courses are displayed as separate courses the enrolment price includes access to all courses for the one price!

MYOB Setup (501)

Accounting basics, Starting MYOB, Navigating around the MYOB program, Creating a company file, Setting up accounts, Data Entry and Record selection options, Contact log, to-do list, Creating and deleting accounts, Opening balances, Sales & purchases layout options, Invoicing and Payment defaul settings, Linked accounts,

Creating Cusomter Cards, Historical sales, Security and Sales preferences in MYOB. Tax code intro, Edit and delete linked accounts, Extra card file details, Create items and extra item information, Inventory opening balances and adjusting inventory balances.

Closing and backing up your MYOB datafile, using multiple disks, opening a newly created file (Activating a company file), Restoring an MYOB backup datafile.

MYOB Invoice form layout options, tax inc versus tax ex, text fields and data fields, deleting, moving and resizing fields, customising toolbar, MYOB printed form properties, field text formatting, copy and paste logo into your MYOB form, inserting logo image, and performing an Initial Bank reconciliation in MYOB.

MYOB Day to Day (502)

Processing Sales using MYOB (entering items, editing item details, changing payment terms, time-billing and printing, creating a quote or sales order, converting quote to order and order to invoice, using the sales register for quick conversions, insert and delete lines and headings)

Finding transactions in MYOB (Sales register, transaction journal, To MYOB Do list, accounts payable and receivable, Intro to and finding statements, MYOB keyboard shortcuts, receiving payments and paying bills, custom lists in Sales and purchasing modules)

Printing MYOB receipts (also emailing MYOB forms instead, printing one at a time or in batches, printing statements, statement types, activity statements)

Recording a cash sale in MYOB, entering credits, settling credits and returns, bad debts, deleting payments and sales, reversing transactions, creating a card on the fly, creating an MYOB inventory item. Applying a payment while invoicing in the MYOB sales screen, undeposited funds account, receiving part payments, receiving over payments.

MYOB Bank Reconciliation (503)

Learn how to create a loan account, transfer money into it, setup the accounts payable linked account, editing and deleting transactions (important at reconciliation time), the difference between sales and purchases modules and entries in the banking module, reconciling bank account entries with your statement, opening balance, closing dates and more…

MYOB Payroll – beta (505)

This course shows you how to navigate around the Payroll and Card File command centres in MYOB for the purpose of viewing, creating and editing information and transactions regarding payroll for employees.

The course goes through various payroll categories like hourly and salary wages, allowances and re-imbursements, bonuses and commission, deductions, superannuation and tax.

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