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What’s your career preference? Bookkeepers vs. Real Estate Agents

Choice of sales vs administration work

Components of choosing a career path include education, experience and skills - MYOB and Excel are important skills for office workThey say that, in life, nothing is certain but death and taxes. If you live in Australia, however, it’s fair to say that nothing is certain but death, taxes and real estate, since selling property seems to be the national pastime (Sky News does broadcast live auctions every Saturday now, thanks to a new partnership with REA Group). Since real estate agents and bookkeepers share a thing or two in common (they both handle the two most important aspects of their clients’ livelihoods), we thought we’d look into compliance for both professions.

Until 2010, when the Tax Agent Services Act was established in 2009, any person with a reasonably good understanding of an accounting software package, like MYOB, could provide bookkeeping and tax services to clients. With the introduction of the Tax Services Act, however, a bookkeeper wishing to provide tax services to their clients was required to register with the Tax Practitioners board (TPB), which has its own criteria that applicants must satisfy in order to register.

Although a bookkeeper who isn’t registered with the TPB can still provide general data entry services to their clients, by law, only a registered BAS or tax agent can lodge activity statements or tax returns on behalf of their clients. We’ve written about how a bookkeeper can become registered with the TPB before on this blog, so we’re not going to cover that here. Instead, we’re going to look at the compliance requirements for real estate agents and bookkeepers, which for the sake of clarity, we’re going to refer to as BAS and tax agents moving forward.

BAS AND TAX AGENTS

COMPLIANCE REQUIREMENTS

SKILLS

Completion of Certificate IV in Financial Services (Bookkeeping or Accounting) or higher – 12 month course Proficiency in major accounting software packages – MYOB, Xero, Quickbooks, etc
Register as a BAS and/or tax agent with the Tax Practitioners Board Excellent time management skills
Become a member of a professional organisation, like the Institute of Certified Bookkeepers (optional) Multi-tasking skills – ability manage multiple clients at once
Satisfy continuing professional education (CPE) requirements, per the TPB. Have excellent customer service skills
Specialist skills in a particular industry – i.e., building and construction (optional)

Now, let’s turn our attention to real estate agents.

Derek Farmer real estate agent smiling portrait in selling your property educational training videoBefore we continue, it’s necessary to mention that there are two different kinds of real estate agents, just as there are bookkeepers. When an agent begins their career, they usually complete a short course (approximately three days) that allows them to work as as an agent’s representative. An agent’s representative works under the guidance of a fully licensed real estate agent, and is allowed to assist on a variety of real estate transactions, but is not, by law, legally allowed to carry out real estate transactions for a client unsupervised.

A licensed real estate agent, on the other hand, has fulfilled a more extensive set of educational requirements, which is necessary if they are to carry out a real estate transaction unsupervised or operate their own agency. In Australia, there is no national piece of legislation governing real estate, as it is, instead, overseen by each state or territory government, which are responsible for licensing real estate agents via the relevant department of fair trading, consumer affairs or protection. Licensing requirements vary state-to-state, albeit only minimally, so for the sake of this blog post, we’re going to refer to the licensing requirements as laid out by the NSW Department of Fair Trading.

LICENSED REAL ESTATE AGENTS

COMPLIANCE

SKILLS

Completion of Certificate IV in Property Services (real estate) -18 month course Proficiency in major software applications – MS Word, Outlook, etc
Obtain real estate license from Dept. Fair Trading Excellent time management skills
Obtain auctioneer’s license from Dept. Fair Trading Multi-tasking skills – ability to manage multiple clients at once
Become member of professional association, like Real Estate Institute of NSW (optional) Skilled negotiator and sales person
Satisfy continuing professional education (CPE) requirements, per Dept. Fair Trading Excellent customer service skills
Specialist knowledge – i.e., local area, commercial/residential/regional real estate, etc
Excellent networking skills
Understanding of marketing and advertising

As the two tables show, BAS and tax agents are just as educated – and must remain to be so, if they hope to stay registered – as real estate agents. This may come as a surprise to many people, given the long held assumption has always been that real estate agents are uneducated, but that’s clearly not the case – nor has it ever been so, unlike BAS and tax agents who only recently had to meet a minimum educational requirement.

Bookkeepers, BAS and tax agents need to do what real estate agents do

Indeed, although the compliance requirements of both professions are similar, there’s quite a disparity in the skill sets of BAS and tax agents when compared with real estate agents. The latter are skilled negotiators with excellent sales skills, who also have a thorough understanding of marketing and advertising, which, along with networking, they use to get new listings. Few BAS and tax agents, however, have much knowledge of marketing and advertising, and most of them confess that they aren’t very good at sales (and really don’t want to do that type of work).

This is okay if they work for a well-known specialist tax franchise, like HR Block, which already has a name for itself and has a marketing department in its head office to oversee the group marketing and advertising needs. But an independent BAS and tax agent working from home, which most of EzyLearn’s students and readers do, don’t have those resources at their disposal. They need to find their own clients and do their own marketing, just like real estate agents do.

OR, someone else can do the marketing for you

Start a bookkeeping business not a franchiseIf you’re a registered BAS or tax agent (or both!), and you’d like to learn more about sales and marketing so you can grow your client list and your business, become a National Bookkeeping licensee. As a National Bookkeeping licensee, you’re provided with all the resources you need to operate your own bookkeeping business, particularly how to market your business to get new clients. Visit the National Bookkeeping website or make contact to discuss for more information.

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Xero appears as the king of the cloud, but MYOB does it too

ServiceM8 on the go Job Management Xero Integration - Master Xero with Xero Complete (Beginners to Advanced) training courses - EzyLearn

MYOB Cloud App Integration

servicem8 provides cloud based booking, scheduling, time sheets invoicing for all major accounting programs and they're Aussie

Our Xero courses are proving very popular with bookkeepers and small business owners so ex-MYOB owner Craig Winkler (who now owns a significant shareholding in Xero) must know a thing or two about marketing but it’s important for MYOB users to know that they can use cloud-based add on services just like those available from Xero.

I was speaking with a research analyst recently and he confirmed my thoughts about the next frontier for the “fight in the cloud” that will relate to add-ons and cloud based features that build on the basic accounting software.

Continue reading Xero appears as the king of the cloud, but MYOB does it too
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QuickBooks and PayPal Want To Help You Get Paid QUICKER!

Quickbooks is stealthily forming partnerships to fight MYOB and Xero

Quickbooks Online is back and they want to beat MYOB and Xero

Small business owners know better than anyone the difference an an invoice paid on time (or early) can make to their cashflow.

Yet, getting paid on time, never mind early, remains as elusive as a pot of gold at the end of a rainbow.

A union between PayPal and QuickBooks Online hopes to change that. Manage your Credit Risk! Continue reading QuickBooks and PayPal Want To Help You Get Paid QUICKER!

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What do bookkeepers do during the first consultation?

Interviewing a potential bookkeeper

become an independent contract and start a bookkeeping businessIF YOU’RE LOOKING TO start your own bookkeeping business, or looking to hire a bookkeeper to help you with your bookkeeping, you might be wondering, how does a bookkeeper assess a business’s bookkeeping needs?

As it’s a legal requirement for every business to file a tax return and, sometimes, a quarterly business activity statement (BAS), it’s necessary, then, to keep accurate records of the business’s income and expenditure.

The process of keeping this up-to-date and, if the person is also registered to do so, complete any activity statements, is the role of a bookkeeper.

A bookkeeper, unless they’re just providing a business with general data entry services – reconciling accounts, paying invoices, chasing late payers – should be registered with the Tax Practitioners Board (TPB) as either a tax agent, BAS agent or both. If they’re not, and they don’t hold a bookkeeping or accounting certification, either, then they’re only qualified to charge for the general data entry services.

But, assuming they are TPB registered and qualified to prepare and lodge tax returns and activity statements, then there are a number of things you can typically expect of a  bookkeeper during the first consultation with a prospective client.

Free consultation with bookkeeper: what to expect

1. Accounting data file health check

If a business already has an accounting package, a bookkeeper will perform what’s called a ‘health check’. This is a basic check to ensure the accounts have been set up properly in MYOB, Xero, Quickbooks or whatever accounting software the business happens to use – though it’s generally only these well-known packages that a bookkeeper will work with. If a business is using a lesser-known package, like Zoho books, for instance, they may not be able to work with it.

2. Recommend an accounting package

If a business doesn’t already have any accounting software – or maybe they do, but it’s not a package the bookkeeper is familiar with – they may recommend certain software for the business to use, typically MYOB, Xero or Quickbooks.

Generally, the bookkeeper will recommend that someone in the business is trained in whatever software they recommend, as there are some functions — invoicing for example, and even sometimes bank reconciliations — that the business will still need to take care of themselves to reduce their costs, unless the business wants to pay the bookkeeper to do this. Some bookkeepers provide this training so there’s a uniform approach to managing a business’s books.

3. Review of current systems/procedures

The bookkeeper may make recommendations to your general account keeping procedures or systems to improve or streamline them. This could involve, for instance, a recommendation to open a business bank account or using a certain credit card for payments; invoicing clients on a particular day of the week or as jobs are completed to improve cash flow, et cetera.

4. Draft a tentative action plan

In that plan, the bookkeeper will include a confidentiality agreement or letter of engagement which both parties need to sign; they’ll also make recommendations as to how the business should provide information, such as source documents which will differ based on the working arrangement. For instance, virtual bookkeepers may suggest uploading documents to Dropbox, while a local bookkeeper may go to the business’s premises or request the business to come to theirs.

The bookkeeper will also make suggestions as to how regularly their services would be required — once a week, month, and so on.

5. Answer any questions or queries

If the bookkeeper is registered tax agent, they should be able to tell you what sorts of expenses count as a tax deduction. Many people mistakenly believe that only an accountant can provide this sort of advice, but that isn’t true.

An accountant can only lodge and give tax advice if they’re a registered tax agent, and the same goes for a bookkeeper. Thus, should be well versed in Australian tax law.

Why a free initial bookkeeping consultation?

Typically this initial consultation is free and should take an hour or less and it also gives the bookkeeper an opportunity to see if you are the right fit for the client base they would like. Generally the initial consultation occurs in person, even if the bookkeeper will work from home or remotely once their services have been engaged.

In the case of virtual bookkeepers working in a different city or state to their clients, it’s now possible to carry out the initial consultation using Skype, Google Hangouts or any other video conferencing apps – or even just over the telephone.

If the bookkeeper finds that your circumstances are not ideal for their skills or time capacity they should have a network of other bookkeepers/accountants who they can refer to you.

Start a bookkeeping business today

Start a bookkeeping business not a franchiseIf you’d like to start a bookkeeping business, EzyLearn has recently partnered with National Bookkeeping, which is looking for licensees.

As a licensee with National Bookkeeping, you’ll have access to EzyLearn training courses (which also means the license fee is one hundred percent tax deductible. Visit the National Bookkeeping website today and register your interest online.


 

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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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How much should a local bookkeeper charge?

What is a local bookkeeper worth?

I recently wrote a blog post about whether bookkeepers could also provide marketing services to their clients, which I also touched on in another recent post about starting a bookkeeping business and the need to be diverse in the services you offer as an independent contractor.

While brainstorming with Ray from the Startup Academy about the services bookkeeper charge and the rates they can earn we discovered that there is a huge variety of services that a bookkeeper can offer and as a result their rates differ. Continue reading How much should a local bookkeeper charge?

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Why Start a Bookkeeping Business?

Australia needs bookkeepers!

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

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

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

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

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

Bookkeeping: the low-risk, high reward business option

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

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

The multi-talented bookkeeper

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

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

With great demand, comes great opportunity

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

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

Develop valuable business skills

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

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

Becoming a National Bookkeeping Licensee

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

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

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

Stay ahead of industry trends

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

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

***

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

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Saasu, Westpac, St George Bank Can Help Reach Independent Contractor Clients

SAASU and the Big Four

SAASU online cloud accounting free trial and prices

Saasu recently announced a new partnership with Westpac bank to deliver direct bank feeds to Saasu and Westpac customers, including those with St George business accounts. Among the new features, the Westpac/Saasu partnership promises ‘real-time insight into cash-flow with online invoices, expenses, banking, budgets, payroll, inventory and financial reports.’

We’ve been following emerging trends in accounting software to ensure our training courses meet current market demands. It’s why, in addition to our flagship MYOB Training Courses, we offer training courses in Xero and are currently developing an Intuit Quickbooks Online Training Course.

As a St George customer, one of our team members was interested in what this new partnership would mean for Saasu customers, and even wondered whether it would be worthwhile making the switch from MYOB, given Saasu’s relatively cheap offering of cloud-accounting software.

SAASU could easily replace Reach Accounting

I recently wrote of the sad news of Reach Accounting software shutting down and there might be some good news for independent contractors who operate their own business. SAASU – a privately owned Australian company has a $15 per month plan aimed at helping small business manage their bookkeeping in the cloud with cheap accounting software.

Direct bank feeds without the use of third-party providers

What I discovered was promising. For Westpac customers, the partnership brings the ability for Saasu to provide direct bank feeds for free, without the use of a third-party provider, which so many other cloud-accounting platforms use – even MYOB utilises BankLink, for example. For non-Westpac customers, little will change in terms of bank feeds; Saasu will continue to utilise the services of Yodlee for bank feeds just like Xero and Zoho.

Bank feeds eliminate nearly all of the data entry associated with bookkeeping, and they’ve been a revolution for small business owners and bookkeepers alike. As the most time-consuming, yet crucial, part of the bookkeeping process, automatic bank feeds, which pull your bank transactions into your accounting software, allow BAS agents to get on with actually preparing a client’s BAS, while business owners have an up-to-date picture of what’s happening with their cash-flow as it’s happening.

Bank feeds are changing the role of the bookkeeper

Note that I’ve mentioned BAS agent, rather than bookkeeper. Technically, the BAS agent I’m talking about is a bookkeeper, but with bank feeds now pretty well commonplace among most cloud-accounting apps, there’s really no need for them to engage in that tedious data entry process, freeing them up to take on more clients and earn more money.

So will our team member be switching to Saasu? No, not just yet. The latest Westpac partnership is promising and our independent contractor certainly liked the pricing, but Saasu lacks one major feature that our independent contractor couldn’t live without: a mobile app, or at least a well-functioning one. The current Saasu app hasn’t been updated since 2011, and doesn’t work on an iPhone running IOS 5 or higher, so despite the volume of small businesses that invoice from the road (think: tradies), Saasu appears to have neglected it’s mobile properties.

Mobile is the future of cloud-accounting

MYOB has the MYOB OnTheGo app that businesses can use to check outstanding payments, create invoices, and even update customer records. The app allows users to manage their accounts when they have the time – like in the few minutes waiting to meet with a business associate for lunch, for instance – rather than forcing them to set aside large portions of their time to stay on top of their accounts, which is really why bank feeds and cloud-accounting have become so popular. Of course, MYOB isn’t the only company to offer a mobile app – Xero, Quickbooks, and Zoho all offer mobile apps to compliment their desktop offerings.

As for Saasu, they’re certainly the ones to watch. For what was once a nimble Aussie startup to have partnered with one of the big four banks, it shows that there’s a new frontier of cloud-account nearly upon us.

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Getting the Accreditation You Need for MYOB and Bookkeeping

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

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

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

Continue reading Getting the Accreditation You Need for MYOB and Bookkeeping

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Get Paid FASTER! Credit Management Strategies

invoicing small business

If you’re working as a contractor and using an Australian business number (ABN), rather than a tax file number (TFN), you’re self-employed, and this means you will need to invoice your customers for the products or services you provide in order to get paid.

If you’ve only ever worked as an employee before, you’re probably used to being able to set your clock to payday, but unfortunately this isn’t often the case when you’re a contractor.

Getting paid late — or worse, not at all! — can seriously affect your cash-flow, and in turn, affect the success of your business, which is why we cover things like financial planning in our Small Business Management and Start Up Course.

Continue reading Get Paid FASTER! Credit Management Strategies
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Does Your Bookkeeper Have a Clue?

bookkeeper induction program
Having a bookkeeper induction program will add value to your business.

Having accurate business records is vitally important for any business — and most of that hinges on accurate account keeping. If you’re a small business looking to hire a bookkeeper, you want someone who’ll be able to manage all of the data entry and coding for your company accurately and efficiently.

The best way to ensure this is to have a bookkeeping induction program. Continue reading Does Your Bookkeeper Have a Clue?

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You Can Still Be a Valuable Bookkeeper Without a Cert IV

Cert IV Bookkeeper
You don’t need a Cert IV to be a valuable bookkeeper for small businesses.

In our last post about getting bookkeeping clients for free, we mentioned how the Institute of Certified Bookkeepers (the ICB) only adds bookkeepers to its Practice Directory who are Cert IV-qualified. Having a Cert IV qualification in bookkeeping enables you to apply to the Tax Practitioners Board to become certified to provide BAS services to your clients.

Only Needed for Lodgement of BAS

However, most of the work carried out by a BAS agent is work that can be completed by a bookkeeper without a Cert IV; it’s just that only registered BAS agents can lodge a BAS return for their client.

So while it may be useful for some contract bookkeepers to get their Cert IV qualification so they can lodge their client’s BAS returns among other things, it’s not necessary if you only want to manage the data entry for your clients.

Bookkeepers Needed for Data Entry

In fact, bookkeepers carrying out data entry is one of the core functions required by a lot of small businesses and sole traders because they have become too busy to look after it themselves and because it takes them away from their core work.

An experienced bookkeeper that can look after a business’ books is still an incredibly valuable asset to any business, and as more and more Australians go into business for themselves, the demand for bookkeepers is going to increase.

***

So if you’ve completed our LIFETIME access MYOB Training Course with the certificate option, contact us today to arrange to have your profile placed on the MYOB Bookkeeper Directory.

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MYOB Training Courses and Small Business Bookkeeping Inductions

Our online MYOB training course is like an induction into the world of bookkeeping.
Our online MYOB training course is like an induction into the world of bookkeeping.

Our MYOB training courses are more than just training course in software. They also function as a quasi induction to the life of a bookkeeper, in that they train you in the day-to-day processes and procedures of a bookkeeper as well.

Even though you still need to have completed a Certificate IV in bookkeeping to become a registered BAS agent, you can still provide clients with basic bookkeeping services if you’ve done our MYOB training course.

Quizzes and Knowledge Reviews

The MYOB workbooks provided in the training courses contain practical exercises that students can complete to familiarise themselves with the software, which they are then later tested on to through a series of quizzes and knowledge reviews.

By the time you’ve completed our MYOB training course, you’ll be proficient not just in the MYOB software, but also in the day-to-day of a professional bookkeeper.

Some of our previous students are already business owners themselves and our MYOB courses provide them with the necessary skills to take care of the data entry and bookkeeping for their own business.

An Entry Point to Your Home-Based Business

But a good many more of our students also use our MYOB courses as an entry point to starting their own home-based bookkeeping business, providing other businesses with data entry while they’re completing a Cert IV in bookkeeping.

This is a great way to familiarise yourself with the bookkeeping process while you’re still learning, and even help you to network with accountants who could later help you become certified with the Institute of Certified Bookkeepers and supervise your work.

We also offer a Small Business Management Course to help those people thinking of starting a home-based bookkeeping business develop a business plan, carry out marketing activities report on financial activity, and so forth. Currently we’re offering this course for just $897 (for a short time only!).

For information on our courses, visit our website or contact our team.

 

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Bookkeepers: Stand Out from the Crowd and Become ICB Certified

You'll stand out by becoming ICB certified and BAS registered.
You’ll stand out by becoming ICB certified and a registered BAS agent.

Many of the students who take our MYOB training course in order to start their own bookkeeping business wish to then become certified with the Institute of Certified Bookkeepers (ICB).

How to Get ICB Stamp of Approval

Since 2006 the ICB has had a set of requirements bookkeepers must meet before they are permitted the ICB stamp of approval. Among these requirements – which also include possessing a Certificate IV in Financial Services (Bookkeeping) and personal indemnity insurance – all bookkeepers seeking to become certified with the ICB must possess a minimum of two years’ working experience.

For many bookkeepers starting out, getting that two years experience is a tough hurdle, particularly since the vast majority of bookkeepers in Australia are, according to General Manager of the ICB, Rick van Dyk, “independent sole traders”. “That’s why the ICB holds networking events at 59 locations around the country,” Rick says. “Because the best way to get the experience you need to become an ICB certified bookkeeper is to network with other bookkeepers.”

The ICB also holds online webinars each month, but Rick recommends attending networking events in person, because it provides you with more opportunity to network and get to know other bookkeepers.

Good Ways to Gain New Business

While it may seem like a lot of hoops to jump through in order to obtain membership to an organisation that’s voluntary, being an ICB certified bookkeeper does set you apart from the many other bookkeepers; it’s also a way of gaining new business, as the ICB is often the first port-of-call for many businesses looking for a contract bookkeeper.

But Rick van Dyk says that if your really want to stand out as a contract bookkeeper, become a registered BAS agent. “If you’re a contracting bookkeeper, you can look after a client’s data entry and do their reconciliation, but you’re not allowed to print any of the reports and advise your client on figures and so forth, as that contravenes the Act,”

Rick explains. There are currently about 9000 registered BAS agents in Australia, so there’s plenty of opportunity for bookkeepers to enter into this field by becoming a registered BAS agent with the Tax Practitioners Board.

Rick also offers this last piece of advice to budding bookkeepers-to-be: “Learn to use Excel; Excel still plays a very important part of the bookkeeper’s role, so it’s important bookkeepers know how to use it – fluently.”

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You can find more information about out MYOB course here or our Excel course here. Alternatively, if you’d like more information about becoming certified by the ICB, visit their website.

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Bank of Queensland not Using BankLink – and Others?

It appears not every bank is using BankLink.
It appears not every bank is using BankLink.

We wrote a post last year about a service called Bank Link, which we discovered is being used by a large number of accountants to reduce the amount of data entry involved in bookkeeping. Being that one of our most popular training courses is our MYOB training course and that many of our students are bookkeepers, we wondered what the bank link service would mean for the future of bookkeepers.

Bookkeepers Still Vital!

As it happens, we don’t believe that the BankLink service will make the role of the bookkeeper redundant, given that there is so much more to be being a bookkeeper than just data entry. In fact, we found that because BankLink eliminates much of the time-consuming data entry process, BankLink should be used by more bookkeepers.

Since the post on BankLink was published, however, we heard from one of our readers who told us that the Bank of Queensland does not provide credit card transactions data through BankLink. We thought this was unusual, so we decided to look into it a little further.

After doing a little digging, we discovered that BankLink is not available to be used with all banking institutions, and Bank of Queensland happens to be one of those institutions. We tried to contact the Bank of Queensland to find out if the BankLink service would be extended to their customers, however, we were unable to reach anyone able to give us any information as to if, and when, this service would be adopted.

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For bookkeepers, or small business owners, even, who are customers of the Bank of Queensland this means that you will still need to enter your credit card transactions into MYOB manually. If you are aware of any other banking institutions that do not provide credit card data though BankLink, we’d love to hear from you — let us know in the comment section below.

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How to Set Up Bank Feeds in MYOB – Free TRAINING VIDEO

At EzyLearn we are always updating our course content and when you enrol you can access lifetime membership for free continued updates.

One of the many reasons we became early champions of MYOB Account Right Live when it was first released — the software you’ll learn to use in our MYOB training course — is because of the bank feeds feature. Take a look at the video below for a demonstration on how to set up bank feeds for a business:

The Beauty of BankLink

For a long time, one of the most tedious aspects of the bookkeeping process was the data entry. For bookkeepers with large clients, who had many expenses and transactions each month, the process of manually entering each of those transactions into MYOB could be the most time-consuming parts of the job.

That was until recently when MYOB added the bank feeds feature to their Account Right Live software by entering into a partnership with BankLink which they eventually acquired in 2013. The bank feeds feature in MYOB is a little piece of computer magic that eliminates all of the tedious data entry by automatically feeding transactions from your bank account right into MYOB.

And it’s not just large organisations with many expenses and transactions each month that can benefit from the bank feeds feature in MYOB. Everyone from sole traders through to large corporations can and should use the bank feeds feature.

Remember, enrol with EzyLearn to learn MYOB and take up our lifetime membership offer to receive continuous, free MYOB updates.