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What is BankLink and Why are So Many Accountants Using It?

Your accountant can access your records easily via BankLink.
Your accountant can access your records easily via BankLink.

As we have freshly rolled out our new Reach Accounting course, as well as our new Xero Accounting course — in addition to our existing and ever so popular MYOB training course — we have been speaking to a number of different accountants across Australia to find out how they currently manage their clients’ bookkeeping needs.

What we’ve discovered during this R&D process is that an increasing number of accountants have told us that they use a service called BankLink, so we thought we’d take a closer look at BankLink to see how it works and what it means for the bookkeeper.

BankLink for Bookkeepers

BankLink is an accounting service that delivers bank transaction data from banks and financial institutions and directly to an accountant, which the accountant then uses to code their clients’ transactions.

For any uncoded data, there are number of online tools that allow an accountant to request additional information from their clients; the coded data is then used for GST, end-of-year tax reports, management reports and various other reports required for tax compliance.

In short, BankLink eliminates all of the data entry usually performed by a bookkeeper, and in June of 2013, BankLink was acquired by MYOB to further facilitate accountants as they manage their clients’ books.

For sole traders and very small businesses that have neither a bookkeeper, nor the time to manage the data entry side of their accounts, their accountant can now manage this for them easily and efficiently, without the added cost of employing an external bookkeeper.

One accountant, extolling the virtues of the BankLink software on the MYOB website calls Banklink his “extra employee; one that never makes mistakes, gets lots done and doesn’t cost much.”

***

BankLink is being billed as the future of accounting; the inexpensive future of accounting, where people are being replaced by machines and pieces of software.

So what might that mean for the humble bookkeeper? We look at this in our next post.

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How Would You Like to Earn a Share of $237 Billion?

Want a share of $237 billion? If you're in business it's up for grabs!
Want a share of $237 billion? If you’re in online business it’s up for grabs!

If you spent money on Christmas pressies recently, you’re a small part in the continual climb of online trading in this country. Did you know that in 2012, the value of online trading in Australia reached $237 billion dollars? This represents a 25 percent increase year-on-year, according to the Australian Bureau of Statistics. This increase in online revenue reflects the growing number of small businesses moving their operations online, either in part or entirely — and it’s largely thanks to new technologies facilitating e-commerce for small business.

The Growth of Online Businesses

Prior to 2006 the online marketplace was all but monopolised by the eBays and Amazons, organisations that had the resources to create the necessary infrastructure needed to allow customers to shop entirely online. After 2006, when we first moved our MYOB training courses online, offering a completely online shopping experience was just starting to gain popularity among the small players like ourselves; in the years since, it’s now pretty much become the norm.

As platforms like WordPress have made it possible to create and maintain a website without any design or HTML knowledge, theme clubs like Woo Themes, which provide web-themes to suit a range of different business types, now even include ecommerce plugins that can be linked with a PayPal account.

By offering you services online, you’re opening yourself up to an entirely global customer base, allowing you to offer new or different services than you did before. Since we moved our business online, we’ve also been able to build on our business — this year we added the highly popular Small Business Management Course to our suite of training courses, for example.

For some businesses, moving online is more of a necessity, a way to stay competitive in a world with ever-evolving technologies. For example, new cloud accounting software like Reach (and we offer a course in Reach Accounting too) makes it easier for small businesses to manage their own books, without needing the services of a bookkeeper.

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For many bookkeepers this could spell doom and gloom, or it could provide them with the opportunity to venture into the business of training people on how to manage their own books. As a bookkeeper looking to extend their services into training as well, by setting up a website with an e-commerce facility, you could partner with us to sell vouchers to our training courses.

With a share of $237 billion up for grabs, now is a good time to consider offering your services online, particularly when it’s become so darn easy! We even offer WordPress training courses, which covers setting up ecommerce, so you’ve no excuse for missing out!

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When the Price is Right, It’s Not Always Cheap

Don't be a scrooge this Christmas - it's often not best to go cheap unless you intend to stay that way.
Don’t be a scrooge this Christmas – it’s often not best to go cheap unless you intend to stay that way.

WITH CHRISTMAS AROUND THE CORNER, good ol’ Scrooge deserves a mention. In the “Selling Your Products or Services” module of our EzyStartUp Course we cover how to determine the correct prices for your business; a decision many new business owners often don’t realise requires quite a bit of research and planning.

Instead, many people fall into the trap of using their prices as a way to market their new business to potential customers, using the “cheap is best” mentality. Bah — wrong! That may be no better than a Scrooge…

Often cheap is not best, and you need to ask yourself whether those cheap prices you’ll be offering are sustainable.

By that we mean, whether you’ll earn enough to draw a wage that’s commensurate with one you could earn as an employee elsewhere. If the answer is ‘no’, then you need to rethink your pricing structure before you start attracting clientele.

What Kinds of Customers Do You Want?

Because that’s the other thing: the prices you set attract a certain kind of customer. Consider the kind of shopper you would typically find in a department store, like David Jones, with the kind of shopper you would find in Target. Both stores sell fairly similar products, but the prices are different — and, often, so is the customer (although with the amount of sales constantly happening, there’s probably a significant overlap these days).

What a David Jones customer may be happy to pay for a new dress, for example, is likely to be different to what a Target shopper would be happy to pay for a similar item. Even if in this instance, the Target shopper learns that the dress from David Jones is superior in quality and worth the higher price tag (and they may well agree with you) it will probably change nothing: they will still shop at Target.

Low Can be a Loss

That’s not to say cheap is bad. But there is sometimes a high-cost associated with cheap. Consider the price wars between Woolies and Coles over the cost of milk, which Coles reduced to $1 a litre first and saw Woolies quickly follow suit. But who’s the real victor when you’re selling milk for a dollar? Not Coles or Woolies, where the profit margins are between two and minus-three percent, and certainly not the farmers.

If setting low prices is your strategy for winning customers, it may pay more to think of another one, as cheap is easily replicated and not every business can sustain it. Start out how you mean to continue — if you don’t always intend to offer bargain basement prices then don’t offer them at all. Or at least, offer them in a way that makes it clear to potential customers that you don’t intend to always charge those prices.

***

One thing is certain: there’s a lot to weigh up in setting prices for your new business, which is why we consider the Selling Your Products or Services module of our EzyStartUp Course such an invaluable one. If you’re starting a new business, don’t sell yourself short. Make sure the price for your services is right, rather than just cheap.

 

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How Do EzyLearn MYOB Training Courses Really Stack Up?

Compare us with some of the competition and we think you'll find we stack up pretty well!
Compare us with some of the competition and we think you’ll find we stack up pretty well!

After operating face-to-face training centres right across Sydney for many years, in 2006 we realised that the future of short-course learning was in an online delivery method. Since then, we’ve offered all of our training courses online, including our most popular MYOB course.

There are plenty of reasons for taking an MYOB course. We recently highlighted a case study example of a couple who completed our course to better  manage their business’ books easily and in real-time (and subsequently saw first hand where they were losing money!) or maybe it’s because you’d like to start a remote bookkeeping business.

Where Might You Do Your Online MYOB Training Course?

Whatever your reasons, you need to learn somewhere. But where is the best place to learn MYOB? We compare three of the leading providers with EzyLearn.

TAFE NSW:

Offers a beginner MYOB course via a face-to-face delivery method at two Sydney campuses: Hornsby or Meadowbank.

Attendance: two evenings a week for three weeks (28 hours)

Cost: $450 (GST exempt)

Trainer: Not specified

Certification: TAFE Plus Statement

Extras: None specified

University of Sydney:

Offers a face-to-face training course at their Newtown campus.

Attendance: one evening a week for two weeks (15 hours)

Cost: $490 (GST exempt)

Trainer: MYOB certified consultant

Certification: Certificate of Completion

Extras: free repeat class

Bizmate:

Offers an online basic MYOB course, online payroll MYOB course and online advanced MYOB course.

Attendance: 6-8 hours of total work, delivered online. Course must be completed within 60 days

Cost: $220 per course ($660 in total)

Trainer: MYOB Certified Consultant

Certification: Certificate of Completion

Extras: None specified

EzyLearn:

Offers five MYOB courses that cover all levels and competencies of MYOB for one price.

Attendance: Delivered online, no timeframe to complete course

Cost: $347 (5 full courses + lifetime access) or

$444 (5 full courses + lifetime access + assessment and certificate)

Trainer: Registered BAS agents and experienced MYOB professionals

Certification: Certificate of Completion with Institute of Certified Bookkeepers accredited training provider logo

Extras:

  • Join the Institute of Certified Bookkeepers for FREE,
  • Unlimited repeat courses FREE (go over as many times as you need, when you need),
  • Lifetime access to course content (Including new material),
  • Access to new and updated training video and other content.
  • Several versions included (version 19 and earlier, and version 2011 and later)

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We believe we’re the best provider of MYOB courses in the country, because we offer up-to-date content in a flexible delivery method, with access to industry professionals and lifetime access to our course content. If you’ve read this far then get all the details at our website. You won’t be disappointed – we promise! Enrol in our MYOB course today.

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Does Your Business have a Facebook Page? Here’s 6 Reasons Why You Should!

Do your small business justice and develop a Facebook page.
Do your small business justice and develop a Facebook page.

After they complete our small business management course or MYOB training course many of our students go on to start their own home-based bookkeeping business. Among the many things you learn in our small business management course is how to effectively market a small business.

Why Market?

For any new business, it’s important to market your new business so develop new leads and customers, but it’s also important that your marketing costs don’t outweigh your income. In the marketing module of our small business management course, we talk about Google Adwords, which is a low-cost way to advertise your business online, using keywords.

Another Option is Facebook

Facebook is also another option for businesses large and small, but we think it works particularly well for small businesses, due to the community-minded nature of Facebook, itself.

There’s an old saying around EzyLearn: People like to do business with people they know, like and trust. Facebook helps you to develop online relationships with your customers, allowing them to get to know, like and trust you.

But in case you’re still not convinced, here are another 6 reasons why you should be on Facebook:

  1. Population and penetration: We know that over 1 billion people are on Facebook, but what’s the penetration rate for a market, like the USA, for example? 67 percent of internet users in the US are on Facebook; in Australia that penetration rate is much higher—82 percent.
  2. Age: Facebook skews young—83 percent of 18-29 year olds are on Facebook—but the 45-54 age-bracket has also seen 46 percent growth since the end of 2012.
  3. Income: The incomes of Facebook users higher than any other social media platform. 73 percent of Facebook users earn more than AUD$75,000 compared to 17 percent for Twitter.
  4. Mobile: Social media is the most popular social media app on smartphones and accounts for 66 percent of total social media sharing on iphones.
  5. Gender: Like every other adverting medium, Facebook also skews toward women, but it’s still more gender neutral than Google+ or Pinterest.
  6. Education: Nearly 75 percent of Australian Facebook users have some form of university or tertiary education.

If you’re looking to target any or all of these demographics for your small business marketing campaign, then create a Facebook page and start marketing your services to your followers.

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Adjusting the tab stops in MS Word (TRAINING VIDEO)

Microsoft Word is still one of the most widely used software programs in every small and large business in the World. Despite free or cheaper alternatives most small business use this software because everyone else does – it means that they don’t have to learn a whole new software program.

Microsoft Word is used to create documents like:

  • Resumes
  • Business sales flyer and brochures
  • Letters
  • Menus
  • Pricelists
  • Business Forms
  • much more

 

Despite how popular it is many people still don’t know how to use it properly. If you ask most people they’ll say they can use Microsoft Word but as soon as you ask them to create a flyer or something that uses multiple columns, images and  alignment you’ll start to discover that there are MANY ways to go about it.

The concept of TABS has been used since the day of the typewriter and in Microsoft Word it’s much more powerful, but who really know how to use them?

 

In addition to our MYOB training courses, we also offer a MS Word training course. If you’ve ever needed to add columns into your word document, you’ve probably done one of two things: counted the number of times you’ve hit the ‘tab’ button, inserted a table or just pressed the space bar until the text lines up. If this applies to you, watch this free training videos (one of MANY in our online Microsoft Word training course)

When you spend the extra time using tabs properly you’ll see how it saves time and lives up to it’s name as a productivity tool. It’s when you want to change the formatting or add new information that you will find the correct use of Tabs in Word VERY rewarding.

If you are looking at starting a new job, promoting a new product using a flyer, sending out a mail merged information letter or many other tasks this year, do it with a new confident, skill level and speed.

 

 

 

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We Can Help You Deliver Your Company Training Material ONLINE

Now that’s going to be nasty … is your business complying with current WHS regulations?

When we moved our training materials online, we developed our own learning management system, a software application that administers our MYOB training course, small business management course and all of our other online training courses.

Deliver Your Company Training Material Online – Work Health and Safety

But an opportunity exists for small to medium-sized businesses to deliver their company training material online, using EzyLearn’s learning management system — this is particularly useful for work health and safety (WHS) training.

Now that Australia’s WHS laws have changed, there’s a renewed push for businesses to be vigilant when it comes to workplace safety. Harsher punishments for business owners found to be in breach of the WHS Act 2011 now includes fines of up to $3 million per organisation and $600,000 or 5 years imprisonment per person, per breach.

The changes follow a rash of litigation across the country, where companies have been prosecuted for not ensuring that contractors and sub-contractors working on their premises have been made aware of all the potential risks and hazards associated with carrying out work on their premises.

Under the Act, a business owner can be prosecuted based on what they can be reasonably expected to know in relation to work health and safety risks. This means that, if a contractor carrying out welding on the premises of a business is injured, the business owner can be prosecuted because it is reasonable to expect the business owner to know that carrying out welding near flammable gases is hazardous.

Contractor and Sub-Contractor Liability

The move to include contractors and sub-contractors carrying out work for, or on behalf of, a business is one of the key changes to the WHS Act 2011, which was introduced in January 2012, and replaces the previous OH&S Act 1991. This presents a number of potential areas of risk for business owners who retain the services of contractors, and even remote, home-based workers.

In a landmark ruling in 2011, the Administrative Appeals Tribunal in Queensland awarded a Telstra employee legal and medical costs after she slipped and fell down the stairs twice while working from her Brisbane home.

The tribunal’s ruling has effectively extended the employer’s liability beyond what they traditionally thought was reasonable, to include the unknowns of an employee’s home. As such, for small business owners employing or retaining the services of home-based workers, making certain you have the correct WHS procedures and training in place should be a priority.

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Using EzyLearn’s learning management system to deliver your company’s WHS training materials allows your staff, contractors or remote workers to access the content regardless of where they’re based, so you have peace of mind in knowing that they’ve been made properly aware of any risks or hazards relating to their work — and their workplace.

If you would like to know more about how EzyLearn’s learning management system works, contact us.

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Get Your Business Noticed for FREE: The Difference Between PR and Marketing

PR is about getting word of your business out there for free, often by providing people with obligation-free information.
PR is about getting word of your business out there for free, often by providing people with obligation-free information.

At EzyLearn, we’re committed to helping students of our MYOB courses gain employment as an MYOB bookkeeper or even start their own bookkeeping business; it’s why we provide you with lifetime access to our MYOB training courses as part of our commitment to continuing professional development. We also offer students a small business management course, which can be extremely relevant for bookkeepers who want to branch out and operate an existing small business or start one from scratch. One of the topics we cover in our small business management course is marketing for small business and we thought it was worth devoting a blog post to pointing out the difference between the two.

The Difference between Public Relations and Marketing

For some reason, marketing and PR are two activities that are often confused with one another. Perhaps that’s because many companies combine their marketing and PR departments, or maybe it’s because people don’t really understand what PR is.

At its most basic PR is the deliberate, planned and sustained effort to establish and maintain mutual understanding between an organisation and it’s public. Marketing, on the other hand, is the business of promoting and selling products or services, which includes market research and advertising.

It’s important to keep these two definitions in mind when undertaking either activity, because if there’s one thing PR is not, it’s selling, which is the ultimate goal of marketing.

That doesn’t mean that PR won’t result in eventual sales, but it shouldn’t be the primary objective of a PR campaign, (although it’s not uncommon for many established PRs to forget this subtle nuance between the two).

If it’s done right, PR is a great way to generate buzz about a new business or product, particularly for small businesses that may not have a huge marketing budget.

Simple Ways You Can Create a Buzz for Your Small Business

For a home-based bookkeeper or virtual assistant just starting out, PR activities to generate interest in your business could include holding an event with other home-based bookkeepers or virtual assistants and inviting local business owners along so you can educate them in the benefits of employing a remote worker.

The goal for an event like this would be to build relationships with your “publics” — people that may come to employ or use your services—but not necessarily to win new business on that particular day.

Alternatively, you could contribute to a few online business publications on what it’s like being a remote worker, or seek opportunities to be quoted in those publications.

Ultimately, that’s the goal of any PR campaign: to gain exposure for yourself or your business by educating and informing first. The selling part comes second, which is where PR differs substantially from marketing, of which the ultimate goal is to promote and sell.

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If you’re a remote worker, why not give your business a PR boost in addition to your regular marketing activities — contact us and tell us your success story. In fact, this very blog is always looking to hear how our students are doing since completing one of our courses, so if you’re now working remotely as a bookkeeper or a virtual assistant, get in touch! It’s great exposure for your business.

 

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Internet Marketing Scholarships Available for Mums in Chatswood

Digital Business Course - Google marketingPerhaps you’re a mum who’s available during school hours and want to start your own business? We might have the opportunity for you. Due to the success of our MYOB training courses and with requests from our students we are developing the Digital Business Course in conjunction with the Australian Small Business Centre.

[quote]We’re looking for talented mumpreneurs who want to learn some new skills while working with a live online training business.[/quote]

With the Small Business Management Course on our Learning System we’re keen to help mums create a business plan for their own business from our office right here in Chatswood. If you’re a reader from another part of Australia (or the world for that matter) you can still learn about our developments at this blog and at the Small Business Centre blog.

Michelle provides support for MYOB course students
Michelle provides support for our MYOB training course students

Michelle recently started on our training support team and we are looking for mums to help us with the development of the Digital Business Course and we are looking for mums who have excellent skills or motivation in:

  • Graphic Design
  • Business and Blog Writing
  • Website Design using WordPress
  • Social media
  • Online and Telephone based support
  • Bookkeeping
  • Marketing and Advertising
  • Google Online Marketing

If you would like to join us on a journey of learning and growth please enter your details at this form: http://www.australiansmallbusiness.com.au/services/business-service-provider/ (make sure you mention the EzyLearn blog post and we’ll receive all your information).

You’ll be interested to know that our Digital Business Course is designed around helping a printing business in Artarmon get a professional website using WordPress, but more importantly students will learn about:

  • Integrating social media,
  • Creating and optimising a blog (just like this one!),
  • Using YouTube
  • Using Google Analytics to measure your results
  • Getting the most from Google Adwords
  • Learn about Google authorship
  • Google Local Marketing

Students will also learn about a host of other Google services available to help businesses become more visible to their potential customers and step into the new age of online marketing. Students will learn about how to make a business “relevant” in Google searches.

The other aspect of our Digital Business Course is we want to educate mums how to perform the tasks that many businesses need to become visible online. In the same way that learning MYOB enables mums to work flexible hours from their own home, the Digital Business Course will provide an excellent structure to enable mums to work flexible hours while helping businesses get into the digital age.

Enter your details at this website for an opportunity to win a scholarship:  http://www.australiansmallbusiness.com.au/services/business-service-provider/

 

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Why Join the MYOB Job Seekers Student Community?

Mums study group for MYOB job seekersI recently welcomed Michelle, our newest team member who completed our MYOB training course and whom we found by writing a blog post as opposed to spending lots of money on Seek with no success at all.

[quote]I’m not stressing too much how bad our Seek experience was am I?[/quote]

Moving on, I want to share with you what we discovered are the reasons that students join a study community and more specifically a Study group for specialised programs like MYOB. The reasons are very similar to why some people prefer to do an trainer-led (or class-based) course at places like TAFE.

It’s important to remember the goal for the course and joining a study group and that is to find an MYOB job.

Here are the reasons:

Tips and Tricks using MYOB

You may be studying the same course content as other students, but you will interpret some things differently to others just based on your life and work experiences.

Help with your MYOB course

Just because you’re studying online and there is not a teacher standing at the front of the classroom, help and support is available.

Request more MYOB training

We understand that it can be hard to stay up-to-date with market demands—and costly, too. Software vendors are always changing their products, technologies are changing, and then there is the advent of new ones. But as an employee the more you know about changes to software and new technologies, the more valuable you are to an employer.

Get Inspiration from other MYOB students and our Tutors

At some point in our careers, we’ve all needed some form of mentorship or guidance to inspire us to keep going, to reach our goals and our dreams.

Get Recognition in front of their peers

An award ceremony—where you’re presented with your MYOB certificate is a significant and important part of the learning experience.

Find a Study Buddy

Don’t go it alone, get a study buddy. It make the learning experience much more social and human.

Compare yourself

We all do it at some point or another: we size each other up to see how we’re fairing by comparison.

Read more about our Revamped Student Community and come along and join us.

 

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Admin Assistant position filled and new MYOB job at Chatswood

Michelle provides support for MYOB course students
Michelle provides support for our MYOB training course students

Did you remember receiving that blog post about us looking for a person to work with us doing office admin in Chatswood? Michelle, one of our MYOB course students, completed her Business Service Provider profile and fit the bill so we brought her in for interviewing.

You might recall that we wrote about an MYOB course student who also created a website for her fathers business? It was Michelle!

Michelle is a hard working mother of two teenage children and she has worked hard to learn new skills, while managing her fathers business, building it’s website and lots of other great things.

Michelle is now part of our team and she’s learning a lot of new things about how we operate our business, how we promote ourselves online and also how we use online marketing tools like Google. Most importantly I’m introducing her because she’s available to help current students get through their course as part of our Student Community and Tutor Support program to helps them in their journey to find MYOB jobs.

But more than MYOB, Michelle is currently completing her Cert IV in Small Business Management with the aim of being able to help people start their own business or manage their existing business better.

Welcome aboard Michelle 🙂

We’re revamping our Student Community and Tutor Support service to specifically focus on skills to help students find MYOB jobs and learn small business management skills and Michelle will be available to help students.

MYOB jobs in Chatswood and Gold Coast.

I was so impressed with the result of our search that I’m reaching out again. We are looking for another admin assistant at our Chatswood office and also in the Gold Coast area so if you live in these areas make sure you complete the Business Service Provider and tell us a bit about yourself. We prefer to work with students who have completed our course and understand how we operate our business so you get the first chance!

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Writing Off Asset Purchases

The ATO is allowing businesses to write-off more assets than before without having to depreciate them.
The ATO is allowing businesses to write-off more assets than before without having to depreciate them.

Our MYOB training courses come with LIFETIME student access and we are constantly adding new content to these courses.

When the ATO introduced changes to asset purchases we wrote a blog post about how the ATO brought in changes to the value of capital goods that had to be depreciated (raising the figure dramatically from $1000 to $6500). This content is particularly relevant at the end of each financial year so we put it into our MYOB Reporting Course.

The result is more content for you to sink your teeth into and really understand Assets, Expense, Depreciation and Accelerated Depreciation.

If you are an existing student of MYOB, you can access this new workbook free of charge within our 504 course material.

The Assets of a Business

First of all, what is an asset? When referring to the term “Asset” it is simply referring to what the business owns (ie. a car is an asset, or your computer desk is an asset).

There are two types of assets that we commonly refer to: Current Assets & Non-current Assets. A current asset generally means one that can easily be converted into ‘cash’ within the next 12 months. An example of current assets may be your business bank account balance, inventory and debtors (customers who owe you money).

Examples of non-current assets may be investments (shares or bonds), trademarks, copyrights, land, buildings and cars.

We know by now of the afore-mentioned changes that the ATO announced back on the 1st July 2012 that businesses with a turnover of less than $2M were know able to instantly write off assets of $6500 and below to an expense account —and this amount is exclusive of GST.

AN EXAMPLE: Accelerated Depreciation on a Motor Vehicle

A lot of people don’t quite get the Accelerated Depreciation side to purchasing a motor vehicle (new or secondhand) so we’ll try to explain this a little better. Let’s use the scenario of Jerry Lame:

Jerry has just purchased a new motor vehicle outright for a total of $25,999 including GST and this was obtained on 1 June 2013. As he is GST registered, he can receive an instant claim of the GST (2,363.55) component which will be applied in the 4th quarters BAS as GST paid; you may see this coding referred to as CAP on your reports, which merely represents it was a capital purchase.

Now what’s left is the remaining capital amount of 23,635.45 to purchase the asset. (This amount is the cost of the car excluding GST) and this will be seen in MYOB as an Asset At Cost. Now how do we work out the Accelerated Depreciation amount? It’s simple — we know that for the first year we can automatically receive $5000 and an additional 15% of the remaining price after the $5K. Here is how it is worked out:

When we enter this into MYOB as depreciation, we could enter a journal like:

Desc: First Year Accelerated Depreciation

CR 1-XXXX account (MV Accum Dep) $7795.32

DR 6-XXXX account (Depreciation) $7795.32

***

To find out more, enrol in our online MYOB course and have full access to this workbook — and many others that EzyLearn Online provides. Remember, if you are an existing lifetime student of MYOB, you can log into our training site and automatically get access to this new workbook, any new videos and our online helpdesk, all totally free of charge.

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ATO Tax Refunds – Get Your Tax Return in Early

Lodge your tax return early and you're bound to get a quick refund.
Lodge your tax return early and you’re bound to get a quick refund.

We’re always updating our course content to ensure our MYOB course reflect the market demands of bookkeepers in an ever-changing industry, and if you’re one of our MYOB lifetime students you have access to this content any time, every time.

And we use this blog to keep you up-to-date with industry news — like this news just in from the ATO:

A total of 1.7 million returns were received by the ATO between 1 July and 23 July 2013, and already refunds have been issued for some 40 percent of those returns—a whopping $1.68 billion refunded in less than 30 days. Continue reading ATO Tax Refunds – Get Your Tax Return in Early

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Superannuation News: What is the Small Business Superannuation Clearing House?

Allocating everyone's super into different super funds can be taxing! Now the government's stepping in to help.
Allocating everyone’s super into different super funds can be taxing! Now the government’s stepping in to help.

One of the modules we cover in our MYOB course is the tricky business of payroll, which includes the even trickier business of superannuation. Over the last 12 months there’s been a raft of changes to the superannuation guarantee, including its gradual increase to 12 percent, which came into effect this July. But super just got easier.

Super: Confusing and Consuming

Many small business owners find managing the day to day items confusing enough without having to look after payroll — a complex, but all-important aspect of any business. Fortunately, the Australian Government has recognised that the superannuation requirements are making payroll and increasingly complicated business that many small business owners struggle with.

Making super contributions for your employees is not just complicated — it’s also time-consuming. Under the current tax laws, each of your employees have the option of selecting their own super fund, which means you can be making super contributions into different super funds for each of your employees. With the Government’s new initiative The Small Business Superannuation Clearing House, those days are over.

The Small Business Superannuation Clearing House

Every small business with 19 or fewer employees is eligible for this free service that enables you to make just one secure superannuation payment to The Super Clearing House, which is then distributed among your employees to their nominated super funds.

The Super Clearing House minimises the paper work and red tape associated with superannuation for small businesses and also allows you to nominate a regular contribution amount for each of your employees, so you can easily meet the superannuation guarantee obligations.

Using The Super Clearing House won’t affect the rest of your payroll requirements in MYOB — though it does look like it’s a direct competitor for MYOB’s M-Powered Superannuation — and once you register for The Super Clearing House service online, you can access it 24/7.

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For more information on The Super Clearing House, visit their website, the Department of Human Services website or download The Small Business Superannuation Clearing House reference guide here.

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The Virtual Business: Transitioning from the Real World to the Digital World

If you prepare and test first, then the transition from physical to virtual office should be smooth sailing.
If you prepare and test first, then the transition from physical to virtual office should be smooth sailing.

There are many benefits to be had by operating a virtual business — both to yourself as a business owner and to your clients — and in our last post about closing your bricks and mortar office doors to create a virtual one, we discussed the importance of getting the timing right.

But once you know the timing is right, how do you make the transition? Continue reading The Virtual Business: Transitioning from the Real World to the Digital World

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Friend or Foe? The Bookkeeper-Accountant Relationship

Bookkeepers and accountants can be allies.
Bookkeepers and accountants can be allies.

IF YOU’VE RECENTLY COMPLETED our MYOB course, or perhaps started your own bookkeeping business, or thinking about starting one, the word ‘accountant’ can sometimes make you feel a little nervous. Particularly if it’s hurled at you in a sentence like: “I’m going to check that with my accountant!”

It is unfortunate, but many people aren’t aware of the important function a bookkeeper can play in a business. Bookkeepers are often relegated to being “the accountant’s poor cousin” (not dissimilar to the way nurses are seen in comparison to doctors); while for some people the only bookkeeper they’ve heard of hangs out at the dog track!

Don’t Fear Your Accountant!

But the word ‘accountant’ really doesn’t need to put the fear of God in you. The fact is a bookkeeper provides valuable services that many accountants simply can’t; and nearly all accountants are more than grateful for the work bookkeepers do.

To work as a professional bookkeeper, you must show you are amply qualified in areas of Australian tax, payroll and sometimes, basic accounting. As it happens, there are many qualified accountants that work as bookkeepers — as is the case with bookkeeping firm, Build on Bookkeeping.

Since most business owners will find themselves an accountant first and a bookkeeper second, if you have a good working relationship with all of the accountants you deal with, they will more than likely refer clients on to you.

So if you can work well with your client’s accountants — by getting your EOFY analysis done in time and the relevant reports to them quickly — you may find yourself a personal advocate for your business.

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So don’t live in fear of the accountant — embrace them. Read our tips on keeping the accountant happy come EOFY and you’re well on your way to a prosperous working relationship with the accountants of all of your clients.