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How my 7 year old son learnt about credit risk and how that can help tradies

QuickBooks Online Training Courses - Acquired CreditKarma to help clients check on credit scores and get loans

My 7 year old son lent me $5 (which I then lent to his 12 year old brother) and then he lent his brother a further $10 directly so the older brother could buy something he really wanted at the time. Is it getting complicated already!?

This lending happened over a month ago and a conflict is brewing over the $10 he lent to the 12 year old because it was underwritten by his pocket money which had not been paid at the time. 

So simple isn’t it. All this credit offered and accepted and it seems less relevant because it relates to my kids but these lessons last a lifetime so it’s important to explain credit risk and recourse. Continue reading How my 7 year old son learnt about credit risk and how that can help tradies

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Terms of Trade and Credit Risk Controllers

Air Conditioning installers and suppliers in Central Coast, Ourimbah, Gosford, Wyong, Long Jetty, Erina

All of a sudden I’m hearing about terms of trade from everyone! Maybe it’s because things are tight and customers need credit? Or maybe it’s because we have started offering course funding at $20 per week!!

We are busy updating our Credit Controllers Course right now. Check out some of the topics included that will get you up to speed.

Continue reading Terms of Trade and Credit Risk Controllers
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The Secret to an Error-Free BAS Report

What To Do So You Don’t Lose Money When Doing Your BAS – 6 steps

If your business is registered for GST, it means you have to file regular activity statements with the ATO, usually each quarter. A lot of business owners export their Business Activity Statement (BAS) data straight from their accounting software, like MYOB or QuickBooks, and quickly prepare their BAS’ that way. But this is an imprecise method, and one that could be costing you money.

Tracey Marino, an experienced bookkeeper based in Rockingham, WA, knows how important it is that businesses of all sizes keep their Business Activity Statements error-free so as not to end up costing business owners money.  Continue reading The Secret to an Error-Free BAS Report

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What if a Credit Check Comes Back Negative?

Do You Have to Drop a Client Because of a Bad Credit Check?

customer-with-bad-credit-rating
It’s only business: but sometimes a bad credit rating doesn’t mean you have to end the working relationship.

A Credit Check is one of the most important first steps of good credit and debt management but you can still do business if the check comes back negative.

In a previous post on credit and debt management, I recommended that all businesses — regardless of whether they offer credit to customers on a 30-day account or not — perform a credit check on any new client who will spend more than $1000 on goods or services in one sale, on an ongoing basis.

What should you do if the credit check comes back negative, and shows that the potential customer is guilty of late payments, pending legal action or already carries a significant level of debt? Continue reading What if a Credit Check Comes Back Negative?

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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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Zoho Books, You don’t want to be a high risk do you?

There’s always Zoho Books

Zoho Books and Bank FeedsYou may have a different opinion when it comes to paying your suppliers but I believe you should pay quickly. I’m talking mainly about service providers rather that product suppliers, but I think in small business it doesn’t matter.

Everyone loves to be paid on time and if you can get paid earlier, even better. It once took me 16 minutes to pay a supplier – OK, I was making other payments at the time, but still, it looked impressive.

I mention it today because one of my team told me that I was categorised by their accounting software as “high risk” and I wasn’t too happy – they use Zoho Books and it’s been recommended around here to team members who are just starting their own businesses as independent consultants. When I delved a little deeper I discovered that they offer automated bank feeds.

Zoho Books + Bank Feeds = Faster Reconciliation

We’re written about Zoho Books in several different blog posts about their free version which is ideal for virtual assistants, Zoho’s huge range of other cloud based software tools, and their fantastic automated tools to help you get paid faster and this time I was fascinated to learn about their banks feeds.

Zoho uses a company called Yodlee to enable Zoho Books users to get their bank feeds and they boast that “Zoho Books does not store any of your bank login credentials.“. This is a comforting feature in the cloud accounting wars that have erupted since MYOB started facing stiff competition online against SAASU, Xero and Quickbooks.

bank feeds in Xero and MYOB for faster bank reconciliationI wrote about the time saving features of bank feeds and showcased some of the training videos in our online MYOB Training Course. If you are interested there are two free training videos to help you understand bank feeds in MYOB as an overview and how to setup bank feeds in MYOB.

I discovered a great article by “Cloud Commentator” Sholto Macpherson at his Digital First blog where he wrote about all the different perspectives of modern day bank feeds and the opinions of ICB, Accountants and the software companies themselves. If you’re interested it’s an interesting and objective read.

Zoho Books is in the Clouds

Either way you look at it, the new online cloud based accounting programs give you the power to work from anywhere, the tools to get paid faster and the connectivity to complete your bookkeeping in much less time.

We offer bookkeeping training in our MYOB Courses, Xero Courses and Reach Accounting so please enrol with us, take advantage of our lifetime course access feature and 30-Day money back guarantee.