Posted on

Use DropBox to Store Your Tax Records Digitally

In a previous post we suggested it’s a good idea to create a digital filing system for your business receipts and tax records. Storing tax records digitally is not just a space saver — it’s also an efficient way to share information with your accountant and bookkeeper, especially if you’re working with a remote bookkeeper, as it’ll speed up the process.

Our Xero Bank Reconciliations and Journal Entries Course will also show you how to record these transactions in Xero.  Continue reading Use DropBox to Store Your Tax Records Digitally

Posted on 1 Comment

How and What Kind of Receipts Do You Need to Keep?

Xero course online receipt keeping

Online Receipt Keeping is the Way to Go

A HUGE PART of reconciling your bank account involves coding business expenses or purchases. You then need to keep a record of those expenses in the event you’re ever audited.

Our Xero Bank Reconciliations and Journal Entries Course covers how to code an expense or purchase in Xero, and it’s important to also store your receipts and get them to your bookkeeper if they’re working remotely.

Many people have used Dropbox to capture images of receipts but there are even better ways. Continue reading How and What Kind of Receipts Do You Need to Keep?

Posted on 5 Comments

Performing Weekly Reconciliations in Xero

Why it Pays to do Regular Bank Reconciliations

bank reconciliations weekly
Doing regular weekly bank reconciliations will help avoid confusion or errors later on.

In our Xero Bank Reconciliations and Journal Entries Course, you’ll learn how to carry out each step in the reconciliation process, in particular how to set up bank feeds. Bank feeds are an important function that allows transactions on your linked bank account or credit card to automatically show up in Xero, so you (or your bookkeeper) don’t have to spend time entering the details from scratch.

Both contract bookkeepers working from home or employees working remotely or in the office can log in and perform bank recs using bank feed data. Continue reading Performing Weekly Reconciliations in Xero

Posted on 2 Comments

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.

 

Posted on

Working Out Job Costs and How to Charge Your Clients

Why You’re Underselling Yourself with Fixed Price Quotes

bookkeepers fixed price quotes
There are many reasons why you may lose out when fixed price quoting.

I’ve written a number of blogs on how bookkeepers can work out their fees and what good local bookkeepers generally charge. However, now we examine the nitty gritty of determining your on-the-job costs so you can clearly see what your hourly rate should be.

When it comes to working out fees, most business owners go: “Well, the average market rate for my profession is X per hour and this job should take around Y hours” and off they go and give their client a quote that, in today’s small business parlance, is frequently referred to as being a fixed-price quote or the project fee.

This would be fine except that you’re essentially working on an hourly rate, without the benefit of being able to charge the client if you run over your allocated timeframe. Continue reading Working Out Job Costs and How to Charge Your Clients

Posted on

What Bookkeepers Can Learn From Real Estate Agents: Facebook Advertising

Facebook – Great for Local Marketing

using facebook for bookkeeping marketing
Facebook can be extremely useful for marketing to a local audience.

In its decade of existence, Facebook has built up a wealth of data about its users, data that it likes to sell back to those who need it, in the form of targeted advertising. Facebook advertising, though similar in its approach, is very different to Google Ads in what it delivers.

Real estate agents discovered the value of Facebook advertising early, and have used a combination of images and videos to successfully deliver their marketing messages and sale pitches directly to their target market and in order to set their prices. Continue reading What Bookkeepers Can Learn From Real Estate Agents: Facebook Advertising

Posted on 1 Comment

What Bookkeepers Can Learn From Real Estate Agents: Using Video and Images

Focusing on Education Rather than Sales

how bookkeepers can use videoTHE INTERNET HAS CHANGED the way businesses market their services to prospects, from a simple sales message to an educational one.

Real estate agents caught onto this shift in buyer trends early and started creating online content to cater to these buyers.

Visit the website of any real estate agent and you’ll find lots of images and videos educating potential buyers about their services, previous sales and the local area they represent.

Continue reading What Bookkeepers Can Learn From Real Estate Agents: Using Video and Images

Posted on 1 Comment

What Bookkeepers Can Learn From Real Estate Agents: Sales Pitches

Never Fear: A “Sales” Pitch Can Really Just Be a Conversation

bookkeeping sales pitch
You actually don’t need to be ‘salesy’ at all; just find out how your services match another person’s needs.

After you’ve set the correct prices for your bookkeeping services, it’s time to perfect your sales pitch. It’s good to think about the way real estate agents sell a property to prospective buyers: Good sales agents don’t pitch to the buyer at all. Instead, they get to know the buyer and their needs.

If that happens to suit the property they’re selling, they tell them so. If it doesn’t they tell them that too. Often, they’ll mention another listing they have that might better suit the buyer.

Continue reading What Bookkeepers Can Learn From Real Estate Agents: Sales Pitches

Posted on 3 Comments

What Bookkeepers Can Learn From Real Estate Agents: Setting Prices

Don’t Reinvent the Wheel: Glean Relevant Info from the Property Industry

how much to charge as a bookkeeper
As a bookkeeper you can learn much from the humble, or not so humble, real estate agent!

As a bookkeeper, or someone thinking about becoming a bookkeeper, you may be surprised how much you can learn from real estate agents. For an example, take the way a real estate agent has to price a property for sale.

The key to selling a property quickly and efficiently, is setting the right price. A real estate agent who sets a price that’s too high for the market, isn’t doing her or his job properly. In such cases, the property will sit around for many weeks, or possibly even months, until the price is eventually reduced to one the market will bear, sometimes to well below market value.

Continue reading What Bookkeepers Can Learn From Real Estate Agents: Setting Prices

Posted on 1 Comment

MYOB, Xero or QuickBooks: Which Suits Your Business Best?

Which is the Pick of the Bunch?

xero myob or quickbooks which is best
It’s a competitive accounting software market place out there … which is the pick of the bunch for you?

IN A PREVIOUS POST, we highlighted some of the biggest differences between QuickBooks and MYOB

However Xero is also a serious competitor to MYOB (and QuickBooks to a lesser degree).

So let’s take a look at the different capabilities of each accounting application and the kinds of businesses they best suit.

Continue reading MYOB, Xero or QuickBooks: Which Suits Your Business Best?

Posted on 2 Comments

Is QuickBooks Better than MYOB for a Small Business?

How Does QuickBooks Really Stack Up Against MYOB?

compare QuickBooks and MYOB
QuickBooks is a much simpler accounting package to use than its rival, MYOB.

WE RECENTLY INTRODUCED our QuickBooks Online Daily Transactions Course because we can see that QuickBooks is fast becoming a serious and respected rival to the more established accounting software packages.

We recently wrote about how QuickBooks uses the SuperStream-compliant service KeyPay to deliver payroll services because QuickBooks itself isn’t actually SuperStream compliant. Currently, the payroll feature in QuickBooks is free for all Small Business plans, as the company further positions itself as the low-cost accounting software option for Aussie small businesses.

Continue reading Is QuickBooks Better than MYOB for a Small Business?

Posted on 2 Comments

QuickBooks Isn’t SuperStream Compliant, But It Doesn’t Matter!

How QuickBooks Palms Off Payroll

quickbooks superstream compliant
Quickbooks is gaining traction in the Australian marketplace.

I’m a fan of QuickBooks as the functionality is excellent and the cost of the software is still low. I’m really pleased to announce that you can now enrol in our QuickBooks Online Daily Transactions Course — but does QuickBooks fulfil Australian legal obligations to be SuperStream compliant?

The background is that from July 1 this year, all Australian businesses with fewer than 20 employees were required, by law, to be SuperStream compliant.

SuperStream is a government initiative to improve the efficiency of Australia’s superannuation system, namely by making superannuation a totally electronic process.

Most cloud-accounting packages that have been developed for the Australian market (such as major applications, like MYOB, Xero, Reckon and so forth, but not smaller apps like Zoho or QuickBooks, which can be used in Australia but don’t interface well with Australian tax procedures) are now all SuperStream compliant, with one exception: QuickBooks. Continue reading QuickBooks Isn’t SuperStream Compliant, But It Doesn’t Matter!

Posted on

Are You a Bookkeeper Who Needs More Clients? Want My Advice?

FINDING PROSPECTS AND converting them into clients involves selling and most of us hate doing it, but wait…

If you are a bookkeeper, selling online MYOB training courses to your clients could be the perfect complement to your business.For those of us in small business, be it as a bookkeeper, real estate agent, sales rep, virtual assistant or the like, most of us are selling every day of our lives.

This means we get pretty good at it. We develop techniques that we can replicate and that become part of our daily lives.

The process of selling is really no longer about selling per se; it becomes about a systemised process of: Continue reading Are You a Bookkeeper Who Needs More Clients? Want My Advice?

Posted on 1 Comment

The New Year’s Approaching: Think About New Content Marketing for Your Business

The Value of Content Marketing

the-value-of-online-content-marketing
Finding it hard to get started in content marketing? Register for our upcoming course.

The beginning of a new year, which is typically the quietest as people take a while to adjust to the work and school routine, is when a lot of business owners spend time setting goals for the year ahead.

Just as individuals set their own personal new year’s resolutions, many business owners use January to set some new year’s resolutions for their business’s marketing activities.

Here are the Digital Marketing tasks that staff can do to bring more inquiries and more sales:

  • Business blogging vs paid Google Ads or Facebook Ads
  • Email Newsletters
  • Optimising images and photographs for SEO

Continue reading The New Year’s Approaching: Think About New Content Marketing for Your Business

Posted on

Why Partnerships Can Be Risky Business

An Understanding of Business Partnerships is Essential

business-partnerships-training-course-online
Structuring your business as a partnership doesn’t have to be risky business if you arm yourself with the right information first.

As we mentioned in our previous post about doing the necessary actions to start your new business now, rather than in January, there are lots of tasks to carry out before your business will be ready to commence trading. The first, most important thing you should do, is register for an ABN.

There are lots of services available that, for a fee, will register your business name, company structure, domain name, email hosting, and even register your business for GST and PAYG. But do you really need to use these services? Well, it depends. 

You might if: Continue reading Why Partnerships Can Be Risky Business

Posted on 1 Comment

FREE Digital Business Course

Learn How to Run a Business Online

starting-a-new-cafe-or-retail-business
It doesn’t matter whether you have a specifically online business, or a gift shop, clothing store, cafe or other bricks and mortar business, as a business owner, we can help you understand the digital economy.

In a post I published about starting your own business, I said that all small business owners should have an understanding of traditional and digital marketing. You’ll be surprised how many don’t!

All businesses have a digital aspect to them these days so it’s vital that business owners and managers know how to manage the digital aspects of their business.

This starts by understanding some of the terms used and how websites, domain names, hosting and the Google search engine works. Continue reading FREE Digital Business Course