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What’s an Earnings Guarantee?

baby learning to stand will your business stand up to an earnings guarantee income guarantee

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

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

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

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MYOB, Xero, Quickbooks and the Cloud Accounting Ecosystem

learn intuit quickbooks payroll online training course videos

How the cloud accounting ecosystem has paid off big time:

And how Xero has become the preferred accounting software for Aussies and New Zealanders (Part 2 of 2)

learn intuit quickbooks payroll online training course videos
Although Xero is enormously popular in Australia and NZ, Intuit QuickBooks is backed by a company that dwarfs Xero and MYOB and is huge in the US.

FOR YEARS, MYOB was the Australian market leader in accounting software. Small businesses and accountants spent hundreds of dollars to buy its clunky, obtuse software and load it onto their computers so they could mind their own business (hence, the MYOB) or the business of their clients.

In 2008, the tide began to roll the other way, when an upstart — and a Kiwi upstart, no less — entered the Australian market, two years after it was founded. That upstart was Xero, and it revolutionised the industry, with its software- as a -service approach to accounting systems.

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MYOB, Xero, QuickBooks and the Cloud Accounting Ecosystem

smart woman realising xero most popular accounting software program in australia and nz

How accounting is becoming more simplified:

And how bookkeepers and accountants can become a “one-stop-shop” for those needing help with their finances (Part 1 of 2)

EARLIER THIS YEAR, Intuit, the parent company of cloud accounting system QuickBooks, announced it had acquired U.S.-based time-tracker platform, TSheets, in a deal worth $340 million U.S..

This was part of Intuit’s strategy to expand its offerings to small businesses and the self-employed. (In the U.S. and Canada, Intuit also operates a cloud software package called TurboTax, which lets individuals file their own federal taxes.)

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How Are You Managing Rostering, Timesheet, Wages, PAYG, Super?

Manual Wages book and timesheet from the 1890's Cork City Archive - PAYG Super rostering

You could use a wages book

I RECENTLY SPOKE WITH the owner of a hairdressing salon who’s been in business for over 18 years (at various different businesses). This woman has ALWAYS used a manual wages timesheet system.

Our team are exploring typical rosters and problems which occur in the payroll processing, and as such, we’re also exploring all the different ways that wages are managed.

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MYOB Essentials Accounting, Credit Management & Payroll Courses COMBINED

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YOU COULD CALL IT a New Years Resolution that we’ve managed to tick off already! Early January 2018 I promised that EzyLearn would make the MYOB Essentials Courses available with our traditional MYOB AccountRight Courses and that offer is NOW available as a COMBO OFFER — see our Bookkeeping Academy page for the details.

We have 4 MYOB Essentials Courses available (MYOB Essentials Accounting, Daily Transactions, GST/BAS & Reporting AND MYOB Essentials Payroll Course) and it’s a popular course for those wanting a good payroll solution without spending the earth.

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New Tax Concessions for Small Business

Four big changes to small biz tax concessions

ato tax concessions for small business under $25mAS YOU MAY BE AWARE, each year the ATO updates the tax concessions for businesses. This is usually the result of a budget measure being passed by the Government. Other times it’s due to the ATO simplifying the tax processes for businesses.

For the financial year ending June 30, 2018 (FY17/18), there have been four big changes that affect small business. In particular, how a small business is defined, which lowers the tax rates for more Australian businesses.

Small business threshold increases to $25m

The threshold for how a small business is defined was increased to an aggregated turnover of $25 million. Aggregated turned over includes any other form of income associated with the main business — i.e., shares on the stock market, revenue-generating property owned by the business, shareholdings in other companies, and so on.

Providing your aggregated turnover is below $25 million, your business is eligible for the company tax rate of 27.5 percent.

In the financial year ending June 30, 2019 (FY18/19), the turnover threshold will increase to $50 million, while the company tax rate will progressively decrease until it reaches 25 percent by FY26/27.

Instant asset write-off

The instant $20,000 asset write-off threshold has been extended until June 30, 2018, which means any computers, vehicles, furnishings or other assets purchased for your business between July 1, 2017 and 30 June, 2018 can be deducted immediately.

This deduction can be used for any asset that costs less than $20,000, whether new or secondhand.

Professional expenses deductions for startups

Startups can immediately deduct any profession, accounting, legal advice in the year it was incurred. For instance, a person who, in the process of setting up a cafe, hires a consultant to determine a suitable location for the business, may deduct the consultant’s fees in the year they incurred. This is true even for an established business that is setting up a new business, unrelated to their existing one.

For example, the cafe owner may already operate a restaurant. As long as the cafe doesn’t share the same name and is independent of the cafe, the fees may be deducted. If the new cafe was an expansion on the existing business, the deductions wouldn’t apply.

Immediate deductions for prepaid expenses

You can now claim an immediate deduction for prepaid expenses where the payment covers a period of up to 12 months and ends in the next financial year. If you took out a 12 month lease on premises for your business and paid 12 months rent upfront, the deduction would apply. It wouldn’t apply, however, if you signed a 24 month lease, as the service period is greater than 12 months.

Small business restructure rollover

Small businesses can now change the legal structure of their business — from partnership to a company, for example — without incurring any income liability when the assets are transferred from the partnership to the company.

This rollover applies to any active asset, whether they’re CGT assets, stock, revenue assets or depreciating assets.

In changing the structure of a partnership to a company, the rollover only applies where there is no change in economic ownership. For example, if a husband and wife decide to change the structure of their caravan park to a company, and both husband and wife remain equal shareholders in the business.

The rollover wouldn’t apply, however, if a third person became a shareholder in the company or the shares were distributed unevenly between husband and wife. Both would constitute an economic change in the ownership of any assets, even though they’re a couple.

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We’ll keep you informed of new and emerging technologies that help you do business better. As part of our Updates and Additions policy, any new content we add is yours’ FOR FREE as a current EzyLearn student. 

Interested in finding out about more Xero-integrated apps to help you manage your project more efficiently? See our recent blogs where we review for you and come up with a list of pros, cons and prices: Best Xero-Integrated Time Management Apps and Best Xero-Integrated Project Management Apps and the Best Xero-Integrated Document Management Platforms.

 

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Why Do You Want Xero and MYOB for Free?

If money is an issue there are alternatives when it comes to accounting software programs

WaveApps Transaction journal in the free accounting software competitors to Xero, QuickBooks Online and MYOB with receipt scanning built inWE’RE OFTEN ASKED whether Xero, MYOB and QuickBooks software is provided free with our training courses.

Unfortunately, we’re not given free access to accounting software, so we can’t pass free software access onto our students either. However, we do let you know where you can access trial or student versions while you complete our courses.

It made me wonder: Who’s driving the demand for these programs? It turns out, it’s usually someone’s bookkeeper or accountant recommending them. And this is usually because they’ve done a training course and learnt how to use one or more of the major accounting packages.

Does your bookkeeper or accountant disclose whether they’re earning a commission?

Some bookkeepers take a 15 percent cut of the monthly subscription fee because they’re a certified MYOB / Xero / QuickBooks consultant — and that’s why they recommend a particular package. I personally think that bookkeepers or BAS agents who do this should disclose that they are earning an ongoing commission — just as real estate agents need to make these declarations in their agency agreements.

Businesses don’t know any alternatives  

It also happens that a lot of business owners don’t know about alternative accounting packages. Therefore they simply choose the brand name they’ve heard about the most. I discovered this with real estate agents when it comes to who they choose for their social media marketing services — most of them ask what software or which person Joe Blow uses and then assume it’s good enough for them.

Selecting an accounting package to use is often one of the first things a new business owner does. At this stage, however, they may not even be aware of what they require from an accounting package; never mind what sorts of alternatives they should be looking at. When first starting out, they’re just anxious to be able to invoice and get paid by their first client.

Freshbooks, Zoho, WaveApps alternatives to Xero & QuickBooks Online

Three low cost alternatives to the “three brand names”

Zoho, Freshbooks and Wave are three other accounting packages that are either free or very inexpensive.

These three also include many of the same features you’ll find in the three big name accounting packages — MYOB, Xero and QuickBooks.

Zoho: Free invoicing software allows one user, invoice up to five customers; paid subscriptions from $7 U.S. per month; add extra features (expenses, subscription management, inventory management) as required. Pricing for Zoho Books, the complete accounting package, start at $9 U.S. per month for 2 users, 50 contacts, 5 automated workflows.

Freshbooks: Complete accounting software includes unlimited invoices, accept online and credit card payments, multiple devices, reports, payment reminders, notifications when clients have received, viewed, paid invoices; pricing starts at $15 U.S. per month for 5 active contacts (customers).

Wave: Forever free invoicing and accounting software includes unlimited estimates and invoices, generate reports, scan receipts, bank feeds (accounting package), and more; accept credit card and online payments for a fee (1.75 percent for ever 30 cents AUD); payroll $36 AUD per month.

Consider your business needs first

We recommend either Wave or Zoho for small but growing businesses, looking for a cheap or free accounting solution. Wave, in particular, provides a fairly robust accounting package that’s entirely free, and remains so if you don’t intend to take credit card or online payments (lots of businesses do, but many more don’t). In fact, they even have their own smartphone apps to capture receipts and create invoices while you’re at a clients!

If you anticipate you might want to add other productivity apps, like a CRM, inventory management, IT helpdesk, recruitment tools, or collaborate in a team project, Zoho is a good place to start, as these features can be turned on and off as required.

Of course, these accounting packages are rarely used or recommended by accountants or bookkeepers, who prefer to work with Xero, MYOB or QuickBooks because they provide the functionality needed to complete and lodge activity statements. If you’ll be working with a bookkeeper or accountant, it’s best to stick with one of the brand name three.

***

If you need training in MYOB, Xero and QuickBooks, our online training courses will show you how to set up and use various aspects of the software. More importantly, they will take you through detailed case studies where you can enter all the transactions performed by various different business types eg. professional services, trades and even the sale of inventory products. Visit our website for more information or to enrol.

 

Ref: #715

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Announcement: EzyLearn LIFELONG Learning Hub is NOW LIVE!

EzyLearn LIFELONG Learning Hub Logo Excel, Xero, MYOB, QuickBooksEvery EzyLearn student now has a student account FOR LIFE!

OK, before I continue let me just clarify: If you’ve only signed up for 12 months’ course access to, say, the Xero Beginners’ Certificate Courses, then you get access to those courses for 12 months. If you sign up for LIFETIME Course Access to the Xero COMPLETE Training Course package you get Lifetime Course Access to all the Xero courses PLUS Updates and Additions.

 

[box type=”info”] So, what does a student account for LIFE really mean?[/box]

 

When you enrol into an online training course with EzyLearn, we create a student account with a username and password so you can then log in and proceed to your training courses. A couple years ago we introduced FREE Student Inclusions as a way of giving EzyLearn students more reason to expand their knowledge and learn new things. Today’s announcement is to let you know that you get access to these free courses for LIFE!

Not just free courses, but new course samples

Free student inclusions is one reason to enrol with EzyLearn but the new LIFELONG Learning Hub will give you so much more and here’s an example.

We currently have a special offer for any new student enrolling into any of our courses where you get access to the

All of this is accessible from the LIFELONG Learning Hub right now — to everyone who has enrolled into an EzyLearn course since January 2013 — EVERYONE!

From here, all you need do is login with your student account and go to the LIFELONG Learning Hub.

 

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The Best Xero-Integrated CRMs

How can you provide great customer service? Consistently?

IF YOU ARE LIKE most businesses, you’re probably communicating with your customers and clients via multiple touch points — email, social media, phone calls, chat bots. But how are you keeping track of all these interactions?

A while back I wrote a blog asking the question whether MYOB is, in fact, a CRM and which CRMs I found to be the best and why. It’s worth a read if you want to familiarise yourself with exactly what it is CRMs can do for you and your business.

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The Best Xero-Integrated Document Management Platforms

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‘Seal the deal’ with a beautiful proposal

best xero integrated proposal quote software learn xero online learning training course videos
Sometimes it’s all in the proposal: win over your clients by presenting them with your value proposition in a way that not only looks professional and competitive; but that you can also track online.

FOR MANY BUSINESSES sending quotes and estimates to prospects doesn’t accurately describe the work you’ll be providing them.

Sometimes it’s because you’ll be providing an ongoing service or solution to a business problem — property management, content marketing, bookkeeping — and other times it’s because your business will be competing with others in a public tender.

In these instances, you’ll need to send a proposal to potential clients to explain your value proposition and how you’ll solve their business problem. Rather than sending a proposal in a Word document that you can’t track, use a cloud-based document management platform.

Here are some popular Xero CRM Integrations.

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What is BOMA?

Could the future be fully automated marketing campaigns with Xero’s pal, BOMA?

XERO HQ BOMA learn xero online learning training course videosXERO HAS A NEW bookkeeper and accountant platform, Xero HQ, which is available to Xero Partners, and includes a whole new app marketplace geared towards bookkeepers and accountants with a minimum of 100 clients.

One of the most recommended apps in the HQ partner app marketplace, was BOMA, a marketing and advertising platform that lets you create and broadcast marketing and advertising messages across five channels (email, Facebook, Instagram, LinkedIn, Twitter).

How BOMA is different

There are lots of marketing automation platforms on the market (MailChimp, Aweber, Constant Contact, Get Response, to name a few), so BOMA is competing in a crowded space. The first difference you’ll notice between BOMA and the market leader, MailChimp, is the price.

BOMA charges a minimum of $49 U.S. ($67.74 UD) a month to create unlimited social media marketing campaigns and send unlimited emails to 500 contacts; by contrast, MailChimp charges $10 U.S. ($13.43 AUD).

But MailChimp doesn’t integrate with Xero, so you need to import your contacts some other way (an Excel spreadsheet and by capturing data using an “opt-in” button). You also can’t create marketing or advertising campaigns for LinkedIn or Twitter in MailChimp, though it does support creating re-targeting advertisements for Google.

Content creation in BOMA

The most time-consuming aspect of any marketing or advertising campaign is the design stage. MailChimp provides templates, but unless you want to use the pre-designed templates, you need to bring your own images. Or pay to access an image library like Getty Images. Included in BOMA’s monthly fee is free access to a library of 250,000 images.

Once you’ve created your design, BOMA will automatically re-format it to fit any marketing channel, be it email, Facebook newsfeed posts, Instagram sponsored posts, and so on.

Automation and analysis in BOMA

automated marketing xero boma learn xero online training course videosBOMA uses machine learning, a sub branch of artificial intelligence, to power its contact segment feature. Machine learning is just as it sounds: machines learning to do things. It’s what powers the Netflix algorithm that recommends films and TV shows to you based on what you’ve viewed previously.

Without machine learning, Netflix wouldn’t be able to make individual recommendations (six or seven action movies with a strong female lead), but rather present a large pool of raw data (it’s entire library of action movies) for you to choose from.

And just as with Netflix, the more you use BOMA to send marketing and advertising campaigns, the better its insights will become.

Each time you send an email campaign, for instance, BOMA collects and analyses data about each individual contact so that it can make recommendations based on its analysis of that data: the best time to email certain contacts or the types of messages they respond to, and so on.

This is different to MailChimp and other platforms, which collect that data, but leave the analysis to you.

The Xero and BOMA partnership means that, aside from syncing client data in Xero with BOMA, you’re also given access to an exclusive library of content, covering a range of topics — “why use business software”, “get paid faster”, “create the perfect business plan” — that you can push out to your social channels.

In the future, if this integration was powered by machine learning, BOMA could create and send campaigns of pre-written content to an approved contact list at the times an algorithm has determined will be most effective, without any input from the user.

In the future, if this integration was powered by machine learning, BOMA could create and send campaigns of pre-written content to an approved contact list at the times an algorithm has determined will be most effective, without any input from the user.

What about MYOB and QuickBooks?

That’s a ways off yet, though. That’s because BOMA is a startup, and it’s still in the process of developing and turning on features that are standard on many other platforms. (It only recently made it possible to upload contacts from a CSV file, for example.) Getting to partner with one of the world’s largest cloud accounting applications is a major win, especially when Xero has given it top billing in its HQ partner app marketplace.

So if you search the BOMA website for any mentions of MYOB or QuickBooks, you won’t find one; not even so much as a passing mention to say it doesn’t integrate or support MYOB or QuickBooks.

The Xero/BOMA partnership

Who knows what the future might bring, but this is a platform play for Xero. And Xero has said plenty of times in the past that it would rather partner with third party providers, than develop their own services from scratch. If one starts to make real inroads, and it seems like a good long-term match for Xero, perhaps Xero will acquire it, but most likely it won’t.

And in the immediate short-term, BOMA ticks a couple of boxes for Xero: It provides a service that nearly every mid-size business needs, and it encourages bookkeepers and accountants to stay within the Xero ecosystem.

Xero is enticing to startups and app developers, because they offer a partnership, but don’t control how startups and their businesses operate. Currently, MYOB and QuickBooks don’t offer any such partnership, and that’s giving Xero the upper hand.  

***automated marketing boma xero learn xero online training course videos

We are always exploring and analysing new and emerging technologies and introducing new content as part of our Updates and Additions policy. Any new content we add to the course in which you’re enrolled is yours’ for free if you’re a current EzyLearn student. Find out more about our suite of Xero online training courses.

 

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What is Xero HQ?

Now you can do more with Xero

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Xero is adding to its list of features with Xero HQ so it’s no longer just for more basic bookkeeping, but can be used for analysis as well.

XERO HAS LONG POSTIONED ITSELF as the cloud accounting software for small-to-medium businesses. It’s one of the most popular of our online training courses; appealing not only to bookkeepers, but small to medium sized businesses in all industries.

What makes Xero so popular is that it is inexpensive software that’s simple to use and has lots of time-saving features.

In doing so, it’s basically left MYOB to hold the mantle of the accounting software used by accountants and bookkeepers.

Now, however, Xero is looking to close that gap, with the launch of “Xero HQ”; a data and insights platform for bookkeepers and accountants who are part of the Xero Partner Program.

Xero HQ wants to help you grow

To shake MYOB’s stranglehold on the accountant and bookkeeper market, Xero had to do something to differentiate itself and tempt accountants and bookkeepers away from MYOB.

And they’re betting that Xero HQ will be the thing that does it. Xero HQ will provide bookkeepers and accountants with data and insights tools so they can provide “advisory level” services to clients.

Xero’s focus on “advisory level” services is important here, because it reveals a couple of things Xero plans to do with the industry. The first is to continue to automate many of the tasks a bookkeeper would traditionally carry out — the introduction of bank feeds eliminated data entry, for instance — and the second is to up-skill junior bookkeepers, while simultaneously embedding them within the Xero ecosystem — which will fit nicely with their recently launched Xero Lifelong Learning platform.

What exactly is the Xero HQ platform?

If you’re part of the Xero Partner Program already, then access to the Xero HQ platform is free. The Xero HQ platform is essentially a separate workflow that you access online, which provides a number of features not available though your regular Xero software.

These Xero HQ features include the following:

  • Activity feed: When your clients’ GST or activity statements are due, a notification will appear in the activity feed to alert you.
  • Client list: This is essentially like a contact book, where you can store all your clients’ information in one place; even those clients who aren’t on Xero.
  • Explorer: This feature pulls data Xero knows about your clients to help you provide them with better advice, or help you up-skill in areas you know are important to them. For example: it will show you which apps are popular across all your clients, so you can learn how to use them.

Xero HQ app marketplace

The Xero HQ platform also has an app marketplace, which has a focus on apps that will help bookkeepers and accountants with their business. That’s different to the existing Xero app marketplace, which is geared towards small businesses in any industry.

The Xero HQ app marketplace is split up into three tiers, depending on the size of your bookkeeping or accounting practice.

Which Xero HQ app marketplace will suit you?

If you’ve 100 or fewer clients, then you’d be best suited to the “activate” package of apps especially “curated” by the Xero HQ team.

If you have between 100 and 200 clients, then you’re best suited to the “energise” package of apps; practices with 300 or more clients suit the “supercharge” package.

It’s up to you which apps you switch on, but Xero has eliminated the leg work involved in finding apps to suit your business needs.

Some common third party apps, recommended across all three Xero HQ app marketplace tiers include:

  • Futrli: A forecasting and reporting app designed to help control cash flow and accelerate growth. Technically, you can pull all these data out of Xero by running a number of different reports and exporting them into Excel, but this app does all that work for you, and just delivers the insights. Partner pricing starts at $399 per month.
  • Receipt Bank: Extracts relevant information from paper receipts and invoices, imports the data into Xero, categorises it, and stores both the data and receipt safely in the cloud. Your clients just snap a picture of the receipt using the Receipt Bank app on their smartphone or upload from their PC.
  • BOMA: Is a marketing and advertising platform that lets you export data from Xero and use it for your marketing and advertising campaigns. With BOMA you can create and broadcast marketing and advertising messages across five channels (email, Instagram, Facebook, Linkedin, Twitter), including sponsored advertising posts on those platforms. It also provides you with all the imagery, templates and other design needs to create your campaigns. It’s basically a one- stop -shop for digital marketing and advertising. Partner pricing starts at $49 per month.  

Xero HQ is where accounting meets CRM

In essence, the Xero HQ platform is where accounting and customer relationship management meet. Xero provides bookkeepers and accountants with a platform that enables high-level analysis and data management through integrating third-party Xero HQ partner apps.

As I mentioned earlier in this post, Xero HQ serves dual purposes: it encourages bookkeepers to move away from providing basic bookkeeping services to deeper analysis and advisory roles; and they can use the Xero Lifelong Learning platform to up-skill and provide those services.

“Xero HQ serves dual purposes: it encourages bookkeepers to move away from providing basic bookkeeping services to deeper analysis and advisory roles…”

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Our Xero online training courses include EVERYTHING for ONE LOW PRICE. Furthermore, if you select our Lifetime Membership option, you’ll have LIFETIME access to our ongoing course updates. All EzyLearn courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses.

 

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FREE Xero Training Video: How Often Should You Check Your Inventory in Xero?

The key to cutting down discrepancies is consistency

IF YOU RUN A SHOP or business that holds stock, you should be in the habit of checking your inventory regularly. A lot of retail stores only check their inventory every quarter; others every year. This is usually because a stocktake is a big job.

Stock and inventory stocktake and count - inventory in Xero & MYOB Advanced Certificate Training CoursesThe case for a monthly stocktake

The inventory feature in Xero was a functionality that was missing for many years — but then Xero caught up.

Running an inventory report in Xero is pretty easy. The hard work sets in when you have to count your inventory to account for any discrepancies. There are usually always differences between what Xero says you should have in stock, and what you actually have on hand. The more frequently you run them, the fewer discrepancies you’ll find.

Like anything in the bookkeeping process, the more frequently you do something — be it reconciling your account or chasing up late payers — the easier and quicker it is. Where a quarterly or yearly stocktake could take half a day or more, a monthly one may only take you a couple of hours.

Understand trends in your business

A monthly stocktake is a good way to get to know your business, and understand its certain trends and idiosyncrasies. In particular, it helps you with ordering and making related business decisions.

A shop selling food, for example, needs to be wary of ordering stock that doesn’t sell quickly and ultimately goes out of date. A monthly stocktake will help you keep track of this, and monitor which items sell quickly and which don’t. Likewise, a monthly stocktake of a furniture shop lets you determine which pieces spend long periods in storage, and manage your ordering accordingly.

Run inventory reports in Xero

Free Xero Training Course video about inventory reporting
Click Image to see FREE Xero Training Course video

Do a monthly stocktake by running your inventory reports in Xero. You’ll be able to work out whether your stock:

  • is ageing (for technology retailers)
  • is going off (food)
  • costs more money to store (furniture); and, subsequently, how long it can take to sell before it’s costing you money. 

If you are new to bookkeeping it’s probably a good idea to learn more about some of the basic Xero reports you can produce for a business.

MYOB or Xero online accounting course training videos***

If you only have a very basic knowledge of Xero, cloud accounting or bookkeeping, and you’re looking to gain a better understanding of basic bookkeeping terminology, get our free Basic Bookkeeping Guide. 

You’ll learn how to run reports in Xero, in particular inventory reports, in our Xero training courses. Visit our website for more information or to enrol and see course prices.

online bookkeeping courses to earn 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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The Best Xero-Integrated Time Management Apps

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The best time management apps — without unnecessary bells and whistles

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There are a host of time management apps that are better than basic, but don’t have unnecessary features, and which integrate with Xero.

ALTHOUGH MANY CLOUD ACCOUNTING applications include basic time-tracking features, most businesses need something more robust.

Time management applications help your business understand how your time is spent, how much of it is billable, and whether projects are profitable — but without the additional task management tools of a platform like WorkflowMax.

Harvest is one of the best known and most popular time tracking Xero Integrations and we explore some others you can use.

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The Best Xero-Integrated Project Management Apps

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Which ones are best for your business?

xero integrated apps to keep your business within budget learn xero online learning videos
We look at project management apps that integrate beautifully with Xero to keep your project within timeframe and budget.

FOR BUSINESSES WORKING on large projects spanning weeks or even months, keeping track of time, cash flow and profitability is imperative. This is even more so for businesses that work on fixed-rate contracts or tenders.

Such fixed-rate projects are common in the building and construction industry, but also the creative, engineering, and IT industries.

Many of these businesses manage a project’s workflow across a number of different documents (spreadsheets, their CRM, accounting software) — and many don’t manage it properly at all.

As a consequence, projects often come in over budget. A number of cloud-based project management and workflow apps aim to change that, however.

Continue reading The Best Xero-Integrated Project Management Apps
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Should You Charge Less Than the Minimum Wage as a Contract Bookkeeper?

Junior level 1 bookkeepers good cheap local bookkeeping services - Natbooks

Don’t attract interest in your services for the wrong reasons

RECENTLY I’VE WRITTEN about how your prices should be part of your business strategy and not your marketing strategy. I talked about Mark, the painter, who advertised a really low day rate but wasn’t able to carry out the volume of jobs he needed to make enough money (see Is Your Charge-Out Rate a Marketing or Business Strategy?).

A better strategy for Mark would have been to research the market and find ways to provide customers with savings elsewhere (Researching the Market is a Crucial Part of Every Business Strategy).

The same principle can be applied to contract bookkeepers charging less than the minimum wage. Although this may get you a lot of regular work early on in your business, you will soon learn that it’s unsustainable. And because it’s also really hard to increase your rates substantially, you’ll just find yourself back at square one if you do so anyway.

Check out the National Bookkeeping Rates of Pay to get indicative pricing for contract bookkeeping services.

Remember your entitlements

When you’re setting your prices, don’t forget to factor in your entitlements. As a full time employee of a business, you receive annual leave entitlements equating to four weeks’ salary, sick leave equating to ten days’ salary, public holiday pay, superannuation, and tax withheld on your behalf.

As a contract bookkeeper, you should earn the equivalent of a full year’s salary proportional to how many days or hours you work each week.

Contractor or employee?

As a contractor, your hourly rate will be higher than that of a full time employee, sometimes two times as high. If you have clients who don’t want to pay a higher hourly rate to hire you as an independent contractor, they might be better suited to employing casual staff instead.

If you’d prefer the life of an employee check out our Career Academy Success Program.

Increasing your rates

If you decide it’s time to increase your rates, you need to show how you provide value to your clients’ businesses, in order to discourage them from seeking the same services from another, cheaper bookkeeper. If there’s some extenuating circumstances, it may also be worthwhile explaining the reason for the increase — if your compliance costs have increased due to government regulatory changes, for example. (Note: Rising electricity, broadband or rent is best kept to yourself.)

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You’ll learn ways to increase your rates without losing your clients by enrolling in Research the Market module of our Business StartUp training course as a standalone mini course. Visit our website for more information or to enrol.  

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