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Is Xero Better than MYOB for Bookkeeping Businesses?

Bookkeeping Incumbent, MYOB Versus Cloud Innovator, Xero

MYOB or Xero online accounting course training videosMYOB HAS LONG BEEN the preferred accounting software of choice for accountants, but a lot of small business owners have now come to prefer Xero. It’s easier to use, and they can access it anywhere — their desktop PC, tablet or smartphone.

Meanwhile, the rise of cloud-based accounting software, which was pioneered by Xero, has made it a lot easier for bookkeepers to base themselves from home. Throw in other technological innovations — cloud storage, bank feeds — and a remote Xero bookkeeper has become the more appealing choice for businesses, too.

Good bookkeepers have a corporate background

Many experienced bookkeepers (around level three upwards) have a corporate background. They’ve typically worked for big accounting firms, and are possibly qualified accountants or BAS and tax agents, familiar with all the available ERP systems on the market.

As much as they know MYOB as the big robust accounting software for medium-sized businesses, a lot of these ex-corporate bookkeepers are also well aware of how Xero benefits small-to-medium businesses: It’s less confusing to use and it’s cloud based; things that make the bookkeeper’s job easier, too. But there’s no guarantee they’ll recommend Xero purely because of that.

Their experience with a range of different ERPs, makes them just as likely to have a subscription to more than one accounting software so they can recommend, with firsthand knowledge, the right accounting software for your business — be it Xero or QuickBooks or, yes, even MYOB.

Bookkeepers can grow their business

National Bookkeeping - How to Earn More MoneyOf course, one reason Xero has become the preferred accounting software, over MYOB or QuickBooks, for a lot of ex-corporate bookkeepers is because of the Xero partner program which enables them to earn ongoing income by recommending Xero to their clients.

Billed as a way for Xero bookkeepers to grow their business, the program lists certified partners in the Xero Advisor directory, which is used by businesses looking for a Xero-certified bookkeeper to manage their accounts. To become a Xero partner, bookkeepers must successfully complete a Xero skills test. When they do, they’re listed on the directory.

The more Xero clients a bookkeeper brings in under the Xero Partner program, the higher their status and the greater their rewards — free Xero memberships, marketing help, and big discounts on subscriptions for their clients.

It’s incredibly appealing for ex-corporates who want the flexibility of self-employment, but want to grow their business with a client-base of substantial mid-sized businesses — and fast. So the more business a bookkeeper can bring Xero, the more business Xero can bring the bookkeeper. At least, that’s how it’s supposed to go.

Universal access with Xero

But Xero Partner or not, far and away Xero’s popularity is really due to its technology — and its commitment to using technology to improve the way businesses stay compliant with the tax office.

That all started with universal access. Businesses that use Xero can invite anyone in their team — their admin assistant, bookkeeper, accountant, their entire sales team — anytime they like, as part of their Xero subscription. Here are a few more reasons:

  • Invoices can go out as soon as a project is finished or a sale is made; likewise for estimates and customer statements.
  • It also means that a business owner can monitor their cash flow in real time, while their bookkeeper is keying transactions and their sales people are sending off invoices.
  • And because the software is in the cloud, these people don’t even need to be in the same building, never mind the same city, state or country! (Xero is the rare low-cost accounting program that supports multi-currency.)

It’s all about the Xero tech

Xero also integrates with more than 500 third-party apps. Some popular integrations include Gmail and Hubspot, the marketing and sales platform. These two integrations alone turn Xero into a complete business management platform and enable it to scale up to the services provided by mid to large sized ERP systems.

Businesses can import data to Hubspot based on customer spend or products and services sold, and send those customers tailored marketing messages. The Gmail integration gives users a complete snapshot of previous conversations with customers — salespeople can see if there are outstanding invoices, or problems with a customer’s account, for example.

Gold standard in bank feeds

Although bank feeds are accurate most of the time, they’re not perfect. MYOB has been know to be particularly temperamental, but Xero has a reliable bank feeds function. Again, that’s a lot to do with Xero’s commitment to tech. 

Setting up bank feeds in any accounting software is as simple as clicking a few buttons, giving a few permissions, and voila! Your bookkeeper has just saved themselves hours each month. Bookkeepers much rather spend as little time as they can keying and coding transactions.

[box type=”info”] This time is better spent doing bigger jobs — lodging activity statements, reporting, payroll — so they’re going to recommend an accounting program with bank feeds.[/box]

Plus, business owners won’t have to wait for their bookkeeper to enter their transaction data each fortnight or month to see how their cash flow is tracking: Bank feeds give business owners a complete picture of their business’s cash flow and financial health because transactions are imported in real-time.

Xero courses provide Bookkeeper CPD points

EzyLearn Online Course CPD points for bookkeepers and marketing professionalsEzyLearn gets lots of enrolments in our Xero training courses and we’re an accredited training provider with the Institute of Certified Bookkeepers. The ICB requires its bookkeepers to continue developing their skills and knowledge as a bookkeeper in order to retain their membership (this is known as continuing professional development, or CPD).

Many bookkeepers and accountants do EzyLearn’s Xero courses to earn their annual CPD points. EzyLearn offers a number of different training courses as continuing professional development (CPD) for bookkeepers, including our Microsoft Excel, Xero or MYOB training courses.

Our Bookkeeping Academy training courses start at $99 — for Xero or MYOB — and allow you to learn what you want, when you want, entirely at your own pace. Visit the Bookkeeping Academy website for more information or to enrol.


 

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Importing Bank Statements into Xero

Making bookkeeping easier, faster and more accurate

importing bank statements into Xero online learning course training videos
You’d be surprised how many business owners don’t even know how to import their bank statements into their accounting software. Are you one of them?

WE HAVE CREATED A brand new Cash Flow Reporting, Budgets and ROI Course for Xero and one of the things you’ll learn is how to import your bank statements into Xero.

The sales spiels of many of the notable online accounting software packages like QuickBooks, Wave Accounting, Outright, Kashoo, LessAccounting, Clearbooks and even Xero, claim that this feature will save you time and effort as it imports your bank transactions. The truth is, this is not foolproof and won’t work 100 percent of the time (even if it’s just a matter of not being able to get your software and your bank to “connect” just as your mobile phone connection inexplicably doesn’t work sometimes).

Therefore, always double check your bank transaction data has been imported accurately. This said, importing your bank statement into Xero (or whatever accounting software you use) is a really important step in the bookkeeping process that a lot of business owners forget or don’t know how to do. And the technology is only going to get better!

Using the correct format

To import your bank statement into Xero, you must ensure it’s in the correct format. Xero can only work with a CSV file of your bank statement. Depending on your bank, you might be able to download your bank statement as a CSV file from your internet banking, or you will have to create one from scratch.

Creating one from scratch isn’t too difficult. If your bank doesn’t give you the option of downloading a bank statement as a CSV file, you can create one yourself in Microsoft Excel.

You can download an Excel template from Xero. It includes the recommended fields and is already set up as a CSV file, so all you need to do is add in your data.

Set transaction rules

Once you’ve created and uploaded your bank statement to Xero, you’ll need to set up transaction rules for recurring expenses. You’ll learn how to do this in our Cash Flow Reporting, Budgets and ROI Xero Course.

Setting rules for recurring transactions helps speed up the reconciliation process, which depending on the type of business you operate and how often you reconcile your account, can be the most time-consuming part of the process.

Importing your bank statement and creating rules for transactions that occur each week, month fortnight, year, etc, greatly speeds up this process.

No CSV? Use bank feeds

If your business has lots of expenses every week, and your bank doesn’t let you download your bank statement in a CSV format, you may find that manually creating one in Excel each month is too time consuming.

Set up bank feeds instead. Bank feeds is the process of linking all of your business accounts, whether they’re credit cards or bank accounts, to your accounting software, so that each time you make an electronic purchase, it’s automatically imported into your accounting software.

This will allow you to reconcile your account each fortnight, week or more frequently, if you desire, than once a month when your bank statement comes in.

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Bank feeds save your business time and money. Find out more about setting up automatic bank feeds in Xero and importing bank statements into Xero. You can also read more about our new Cash Flow Reporting, Budgets and ROI Course for Xero, visit our website or enrol today!


learn to use excel online training course videos cheap best

Learn Microsoft Excel from scratch or brush up your Excel skills, at your own pace, with our affordable Excel online training courses — where you get THE LOT (that’s 9 courses in total) for ONE LOW PRICE — everything included! Volume corporate discounts are available and our courses count towards CPD Points. NOW is the time to learn to use Excel, one of the most-used software applications in the world.


 

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EOFY: Get Your Business Expenses In Order

bookkeepers fixed price quotes

We Show You 2 Steps You Can Take — Right Away!

WE’VE ENTERED QUARTER 4 for the 2016/17 financial year, so we’ve been writing about the things your business should be doing this quarter in preparation for the end of the financial year. In our last post we wrote about writing off stock and inventory. Now we’re looking at business expenses.

Our MYOB BAS Reporting and GST online training course or our Xero GST, Reporting and BAS training course will show take you through the necessary steps in your accounting software. 

Here’s what you can do now to make sure you’re prepared come tax time? Continue reading EOFY: Get Your Business Expenses In Order

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How Bank Feeds Save Time and Money

Making Light Work out of Bank Reconciliations

Xero bank feeds
Incorporating Xero bank feeds will save you time, money and stress.

Cloud accounting software’s greatest innovation was not putting the software in the cloud; it was introducing bank feeds. You’ll learn how to set up bank feeds in the latest version of Xero in our Xero Bank Reconciliations and Journal Entries course. For now however, we’re going to explain why you should — whether you’re a business owner doing your own bookkeeping or whether you’re a bookkeeper employed to do it for your clients — be using bank feeds.

Bank feeds in brief

A bank feed is an automatically created list of the transactions (spent and received) in your bank account that is imported into your Xero accounting software. For this to occur, you have to give Xero permission to access your account. Some people feel funny about this, but bank feeds have been around for so long now that, just like online shopping, there’s really nothing to worry about. I won’t go into how the technology works, but I will say that no one looks at your account data; you’re just allowing the free flow of information between your bank and Xero.

Direct bank feeds save time (and indirectly, money)

There was a time when you or your bookkeeper had to wait until your bank statement arrived before any transactions could be reconciled in your accounting software, usually at the end of the month. For businesses with a lot of transactions, either in the form of receivables or payables or both, reconciling a month’s worth is a finicky job that’s prone to errors.

With bank feeds, transactions will show up in your accounting software as soon as the payment leaves your account or credit card. If you (or your bookkeeper) get in the habit of reconciling your account on a daily, twice weekly or weekly basis, it makes it easier to accurately code each transaction because you’re only dealing with a few at a time. This results in fewer errors and fewer hours spent fixing them, and that saves money (read: time = money).

The Xero online courses we offer

Xero online training course bank feedsBank feeds are an important aspect of reconciling your (or your client’s) accounts. Our Xero Bank Reconciliations and Journal Entries Course covers setting up bank feeds, plus much much more. Alternatively, to take it back a step, you can learn about invoicing, credits and reporting in our Xero Day-to-Day Transactions Course.

Using an old version of Xero?

You might like to read this prior post we wrote explaining how you can add bank links on an older version of Xero or enrol for our Xero courses here.

 

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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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Setting Up Automatic Bank Feeds In Xero

Many accountants and businesses are now using Xero instead of MYOB so it's important for bookkeepers to be trained in this.
Many accountants and businesses are now using Xero instead of MYOB so it’s important for bookkeepers to be trained in this.

In our last post we talked about the developments that have occurred over the last few years in the accounting software space; one of which was the introduction of Xero to the marketplace. Since then, a huge number of accountants and businesses have switched to Xero.

Xero has quickly gained momentum in the accounting software space, and while it’s important for bookkeepers to be skilled in MYOB, it’s becoming increasingly important that they’re also skilled in Xero as well.

Upskilling to Xero

We developed a Xero training course for bookkeepers who’d like to add another skill to their CV, or for business owners looking for an alternative to MYOB. Like MYOB, you can add bank feeds to your Xero package, something that  is very popular because it saves you time and money.

Here, Xero Certified Advisor, Jacci Quinlivan, talks us through setting up the bank feeds function in Xero:

“Automatic Bank Feeds are becoming increasingly common and if you are using Xero, it has never been so easy to automate them and make your data processing even easier.

When you are initially setting up your bank account details in Xero, the program will automatically tell you if your bank has the availability to get live data feeds (most banks are Xero partners these days). This involves pre-populating a form with your bank account information and sending it off to Xero’s bank feeds department (a scanned, emailed copy does usually suffice).  The turnaround time from when you email or post the form usually takes between 7-10 working days.

You will receive an email from Xero once this has been completed and your data feeds will automatically sync with your bank. There is now no more uploading manual bank statements and the like from the new processed date. If your accounts aren’t quite in sync there may be a variety of things to check from the accuracy of your opening balances, or maybe you had missed a few transactions when you were manually importing them.

If you need to go back with your data feeds you may need to do this manually as a once off until you reach your current live bank feed date. This will involve you obtaining your banking history in a CSV format (OFX and QIF is fine), ensuring the columns are in the correct format and uploading to your Xero AIS. This may seem daunting, especially if you have hundreds or even thousands of transactions to reconcile, but by using the “cash coding” tab within your program, this can be done much quicker than imagined.”

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We cover setting up bank feeds along with many other aspects to get you working proficiently in Xero in our online Xero Training Course.

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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.