What Does Lifetime Access Mean for Xero and Excel Courses?

Receive updated course content — for life!

learning how to use excel and xero with online training
We are one of the only online learning centres offering access to course updates for the rest of your working life with our Lifetime Access option.

ONE OF THE GREAT THINGS about Excel is that it has so many applications. It can be used to create financial budgets and forecasts, monitor stock levels in a retail shop, roster staff, and also determine how much money an investor can borrow to buy a property.

A lot of the time, however, people enrol in an Excel online training course or Xero online training course because they need to refresh a specific set of skills for their job, which means they don’t have the time to focus on other areas that don’t have an immediate relevance for their work.

Upskill at your own pace

With our Lifetime Access courses for Excel and Xero and many other online cloud accounting and business options, students can continue learning in their own way and at their own pace, either as part of continuing professional development or for their own personal interest — our course content includes real-world case studies, like building a granny flat, to give context to the functions of Excel.

Keep up-to-date across all software versions

The other benefit of our Lifetime Access for Excel online training courses and Xero online training courses is that it means you can quickly brush up on where functions have been moved to when new versions of Xero and Excel are released.

We update our course content every time a new version of software is released, and with Lifetime Access, you’ll be able to access all of this new content, along with previous versions of course — so you can keep learning on the most current versions of Excel and Xero.

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Stop wasting time, and start learning for less. Visit our website for more information about Microsoft Excel training courses and our Xero training courses, and to enrol.


Don’t miss out on our terrific Spring specials

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We are constantly refreshing the content of our online training courses so that you can benefit from all the new information that is always coming in about being in business, or running your own business as a bookkeeper or looking for bookkeeping work.

Our Xero online training courses include EVERYTHING for ONE LOW PRICE. Furthermore, if you select our Lifetime Membership option, you’ll have LIFETIME access to our ongoing course updates. All EzyLearn courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses.


 

Should You Buy Commercial Property Outright or Get a Mortgage?

The power of using Excel and Xero combined

Excel and Xero combined importing_comp
Our courses cover how to import from Excel into Xero and visa versa, for purposes such as working out depreciation on a business premises.

THERE ARE MANY UPSIDES to buying a commercial property for your business and if you’re able to buy an industrial unit like a Cubbyhole, it can also be a lot cheaper than renting premises.

Buying outright

If you’re in the financial position to buy your business premises outright, it may seem like a no-brainer to do this instead of getting a mortgage. However, there are some things you need to consider:

  • You’ll lose liquidity on the assets in your property, which means you won’t be able to tap into any equity in the property, unless you take out an equity loan against the property.
  • You’re tying all your cash to one asset class, which may limit your ability to make other investments and prevent your business from expanding. This could run counter to your reasons for making the property purchase in the first place.

Getting a mortgage

When you get a mortgage, you have the benefit of being able to access equity in the property, which will enable to invest elsewhere. Of course, there are still factors to keep in mind:

  • You’re spreading the payments over many years, which ties you to paying down that asset for the foreseeable future.
  • You’re paying interest, which although it’s a tax deduction, will significantly inflate the price of the property.

Work out the best way in Excel

Using the data from your Xero accounting software package, Microsoft Excel can help you determine whether your business will be financially better off buying its premises outright or getting a mortgage.

You can also create a financial forecast in Excel. Using Excel, you can calculate the depreciation amounts, which can then be entered into Xero. We cover how to deal with aspects like depreciation in our Xero Bank Reconciliation Course, because many businesses own, or will own, a capital asset at some point.

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Check out our new Cash Flow Reporting, Budgets and ROI Course for Xero which shows you how to deal with an asset purchase like a business premises in Xero. Remember, you get access to ALL our Xero courses for ONE LOW COST. Visit our website for more information on our suite of online training courses or enrol today!


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Importing from Xero to Excel and back again is included as part of our Advanced Microsoft Excel training courses — and you receive access to ALL OF OUR COURSES, including ALL skill levels for ONE LOW PRICE. You can even start your Excel journey with our FREE Beginners’ Excel Course Workbook. Read more about our beginners’, intermediate and advanced Excel training courses on our website, or enrol to start learning by 5pm tomorrow!


 

Buying Real Estate For Your Business

The pros of buying a business property

xero reports to buy or sell business industrial unit business investment
Buying a premises for your business need not be cost prohibitive and you may enjoy good equity growth.

IN OUR NEW CASH FLOW reporting, Budgets and ROI course for Xero, we delve into the purchase of real estate for your business, which you may use as office space or as a warehouse or as a storage facility and workshop, depending on your line of work.

Why some businesses don’t like buying

Lots of businesses avoid buying premises for their businesses, because you’ll need to have a large capital injection right off the bat, and you may also incur land tax obligations, building insurance, and also be liable for maintenance and repairs.

Renting gives businesses, especially new ones, flexibility, as you’re only locked into a short term lease — not a multi decade mortgage. And if you decide to move or find new premises before your lease term is up, you can often minimise the costs by subletting the premises.

Buying as an investment strategy

However, buying your premises is a good investment strategy, as you’ll be able to access the equity and capital growth in the premises as property prices rise.

You’re also afforded greater freedoms and stability when you own your business’s premises — in particular, protections from rising rents — than you would have if you rented your premises. If you outgrow the space, you can always access the equity and may be able to buy adjacent premises, or rent out your existing ones while you upgrade, providing another valuable income stream.

Running the right reports to help you decide

Of course you can use a cloud accounting program like Xero to run reports that will help you decide whether to buy or rent your business premises and how such a decision will impact your cash flow. There will naturally be capital gains tax considerations and associated deductions. Our Xero training courses go through how to run these kinds of reports to ascertain the financial health of your business.

Low cost pathways to ownership

Industrial units are a good pathway into ownership for your business. If you don’t need to be right in the heart of the city or major town centre, you can often purchase an industrial unit for under $100,000.

In Newcastle in the Hunter region of New South Wales, you can purchase an industrial unit called a Cubbyhole, which can be used as a workshop, storage unit or office space for tradespeople, small and online businesses. These come with amenities such as toilets and showers, car parking (including visitors’ and disabled) and CCTV security, among other things and are worth checking out if you want to buy and only need a smaller business space. 

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In our Cash Flow Reporting, Budgets and ROI course for Xero, you’ll learn how to deal with the purchase of business premises just like a Cubbyhole in Xero. Visit our website for more information on our variety of online training courses or enrol today!


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Our Xero online training courses include EVERYTHING for ONE LOW PRICE. Furthermore, if you select our Lifetime Membership option, you’ll have LIFETIME access to our ongoing course updates. All EzyLearn courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses. 


 

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!


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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.


 

Is a Certified Advisor or Certified Consultant Better Than a BAS Agent?

Finding the best bookkeeper for your business

find a good bookkeeper xero myob quickbooks learn online training course videos
A bookkeeper who’s certified in a particular accounting software may not mean that much for your business. Better to have someone who is simply a good bookkeeper. Period.

IT’S NOT ALWAYS EASY to find a bookkeeper who suits your business’s needs. This can be further complicated by the fact that a lot of business owners don’t know too much about bookkeeping.

Now that virtual bookkeepers have become more common, lots of business owners have started selecting bookkeepers based on their affiliation with an accounting application. Such bookkeepers are often called a Certified Advisor (Xero), Pro Advisor (QuickBooks) or Certified Consultant (MYOB). But are they really the best bookkeeper for your business?

What are Certified Advisors, Consultants and Pro Advisors?

In a nutshell, a certified advisor, consultant or pro advisor is just an individual who has been endorsed by a software company because they’ve demonstrated a high level of knowledge and skill with a particular accounting product.

Hiring a bookkeeper who’s been endorsed by MYOB, say, means you shouldn’t have to worry about whether your bookkeeper has set up your accounting package correctly, or whether they’re using the correct codes. What it doesn’t guarantee, however, is that each consultant or advisor is a highly experienced BAS or tax agent, as the certification relates to their software knowledge only.

Find a highly qualified BAS or tax agent instead

Sure, a bookkeeper who’s experienced in your accounting package is important. It’ll help keep your bookkeeping bill down because they’re able to perform certain functions quickly, while your accountant shouldn’t need to fix any errors, either. But that’s only providing that they’re as knowledgeable in Australian tax as they are MYOB or Xero or QuickBooks.

Unfortunately, however, the two aren’t mutually exclusive. So instead of focussing on a bookkeeper’s software experience, it’s more beneficial to ensure they’re qualified BAS and tax agents, with either a Certificate IV in Bookkeeping or higher.

If you don’t get a bad reference from their current and former clients, then there’s a pretty good chance they’re proficient in the major accounting packages, and if they’re not, most bookkeepers will tell you upfront.

Get the accounting package that’s best for your business, not your bookkeeper

There are lots of reasons a bookkeeper would choose to become certified with a software company, the biggest being that they get their accounting software for free and receive a commission for each new client they sign up to use the accounting package they’ve been certified with.

However, when you hire an independent bookkeeper who’s well-versed in a few different accounting packages, you’re more likely to get better advice about which accounting package is best suited to you and your business’s needs, rather than the accounting package that will generate income for your bookkeeper.

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Are you looking to brush up your skills in cloud-accounting packages like XERO, MYOB or Quickbooks? We provide a range of online training courses in all of these packages at ONE LOW COST for ALL SKILLS LEVELS. Find out more.


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We feature our own online directory of local bookkeepers looking to add to their customers. Visit National Bookkeeping to find a suitable and experienced person available to work in your area, or able to work anywhere in the cloud. Alternatively, if you are a bookkeeper looking to expand your client list or find contract work, you can register and become part of our network for free


 

3 Things You MUST Do in Excel!

Business owners and job seekers take note!

learn xero myob excel online training course videos
Excel isn’t just for budding bookkeepers; it’s a great tool for all business owners to know.

MICROSOFT EXCEL IS THE most widely used spreadsheet application in modern computing. That said, it’s also one of the more difficult programs of the Microsoft Office Suite to learn, which is why we recently updated the content of our Excel training courses.

A lot of people do our Excel training courses to help them “skill up” to find a job, find a position better suited to them, or develop their career path. However, Excel is a fantastic tool for small business owners as well.

But whether you use Excel to create a pivot table or a database, there are a few things you should do each time you open an Excel document. Here we present you with three:

1. Vertical align: always centre

Always align the text in the cells of your Excel spreadsheet to the centre, or the top in certain circumstances. But never, ever align it to the bottom. It’s hard on the eyes and, when you’re looking at lots and lots of data in lots and lots of cells, it becomes difficult to know which row, column, etc, you’re looking in. Centre alignment, always.

2. Build error-checking into formulas

There should never be an instance where one of your workbooks is showing a #DIV/0, #N/A, #REF, #NAME?, #NUM!, or #NULL! error. This is especially true if you’re sharing these workbooks with your business partners or accountant or whomever.

Seeing an error in a financial report may cause the reader to doubt the accuracy of the entire workbook, so ensure your workbooks remain error free by using the simple IFERROR() error-checking function in Excel.

3. Print preview your work

Again, if you intend to share workbooks with other people, you should always ensure that your Excel workbooks can be printed nicely and easily, even if you don’t intend to ever print the document yourself. This is easy enough to do via File > Print Preview and adjusting the print margins before sharing (or printing) the document.

However, judging by the number of times I’ve printed an Excel document only to collect 87 sheets of paper off my printer to read the contents one 4×4 table, the function is seldom used by anyone else but me!

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For more Excel formatting tips and tricks, download our FREE Beginners’ Guide to Excel, or enrol in our intermediate or advanced online Excel training courses to learn how to create databases, pivot tables, charts, graphs, and much more…

Read more about our beginners, intermediate and advanced Excel training courses on our website, or enrol to start learning by 5pm tomorrow!


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At EzyLearn, we’re committed to helping students of our MYOB, Xero and Quickbooks courses gain employment as a bookkeeper or even start their own bookkeeping business; it’s why we provide you with lifetime access to our online cloud-accounting training courses as part of our commitment to continuing professional development


 

Is the ATO Getting into the Cloud Accounting Game?

The ATO is helping you keep track of deductions and expenses

ATO expense app learn xero online training course
The ATO’s recently launched app isn’t helping you invoice just yet, but it is good for keeping track of your business deductions.

ALL BUSINESSES CAN TAP into useful cash flow forecasting apps, whether they use Xero, Quickbooks or MYOB. There are also a host of basic expense and budgeting apps that sole traders and contractors can use for similar purposes.

The difference between the two boils down to price and functions: The more functions you need, the higher the price tag. Businesses that require high-level reporting and forecasting tools, such as a “scenarios” function that lets you determine the impact different business decisions would have on your cash flow, before you actually make them, would need to stump up, at a minimum, between $50 and $80 a month for this functionality.  

Free expense and budgeting apps would suit most contractors and sole traders who don’t require complex forecasting and reporting tools, but who do need to see when money is coming in and when it’s going out, and whether there are deficiencies.

The ATO’s tax and superannuation app

ato app my deductions learn xero online training course
Image: Courtesy of ATO website

Looking into the best expense and budgeting apps for small business, we came across the Australian Tax Office’s app, simply called ATO. It works on Windows phones, as well as iOs and Android devices, and it’s updated regularly by the ATO, so you know this isn’t just a passing fling.

Our post on cash flow reporting and forecasting for contractors and sole traders went through the app’s functions, including what we thought were some standout features:

  • Recording expenses and deductions
  • Tracking mileage
  • Inputting income
  • Tax calculators
  • Business performance calculator
  • Lodging income tax returns.

If these features sound familiar, that’s because they’re all the features you’ll find in a basic cloud accounting program, with the notable exception of invoicing. Electronic invoicing is not something the ATO is particularly concerned with because it’s not a requirement. Invoicing, of course, is a requirement, but how you do it — in person, by snail mail, email, etc — isn’t.

Cloud accounting still best and easiest

If the ATO app introduced a simple way to invoice customers, we’d say it was definitely muscling in on QuickBooks and Xero’s territory, since both programs appeal to the small business owner, QuickBooks in particular.

In absence of that, the ATO app is a great tool for contractors and small business owners to use to keep track of their expenses and deductions, and especially to calculate their tax rates (so as to properly keep money aside for tax, rather than being hit with a tax bill you have to pay off). For contractors with a very simply business model, it’s even useful for lodging your tax return.

But otherwise, cloud accounting applications are still the best and easiest way for businesses to run an efficient, compliant business. At the end of the day, for many small business owners, they’re not drawn to Xero or QuickBooks because they want to stay compliant, it’s because they want to be able to easily invoice customers and track their income — compliance is just an added bonus.

Our online Xero training courses meet all skills levels for ONE LOW COST. We will show you how to record deductions, invoice customers, run financial reports, and lodge activity statements and tax returns. Visit our website for more information about our range of online accounting, media and general business courses.


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Need to brush up on Excel? You receive access to ALL OF OUR COURSES, including ALL SKILLS LEVELS for ONE LOW PRICE. You can even start your Excel journey with our FREE Beginners’ Excel Course Workbook. Read more about our beginners’, intermediate and advanced Excel training courses on our website, or enrol to start learning by 5pm tomorrow! And all of our Excel courses can be counted towards CPD points.


 

Cash Flow Forecasting for Sole Traders and Contractors

Great expense apps if you’re self employed

expense apps for self employed people
Are you busy and self-employed but can’t afford the higher price tag of some expense tracking apps? Don’t worry, there are cheaper options available.

AS WE’VE WRITTEN PREVIOUSLY, cash flow is one of the most accurate instruments for predicting your business’s financial health. It’s more accurate than profit and loss statements, which don’t take into account any cash outlays, and so don’t show a true picture of your business’s finances.

We have also checked out some of the latest cash flow forecasting apps that integrate with Xero and other accounting packages. These can be excellent tools for businesses that employ staff or are expanding rapidly, but there are still many business owners that don’t fit into that category, and although keeping an eye on their cash flow and forecasting trends remains critical to their financial health, they can’t justify the high price tag of an app like Spotlight or Float.

Expense and budgeting apps

What’s a cash flow app, if not a program that tracks your expenses and income and then tells you how much money you have left in the bank? That’s what FUTRLI and Spotlight, the apps we reviewed recently would do, and then also let you do other things, like create scenarios to determine the particular outcome of a business decision.

But there are other expense apps that sole traders and contractors can use for cash flow forecasting:

Pocketbook

Pocketbook, the Australian personal finances app recently acquired by ASX-listed ZipMoney, is free to use, although a recent deal with 1300HomeLoans means it may analyse your spending data to make commercial suggestions around your personal finances. (For the record, I have been testing it for months and hasn’t been subject to any such suggestions.)

Pocketbook lets you connect your bank account to the app so it can import your income and transaction data. Once you get some initial housekeeping — categorising your expenses and income — out of the way, you can then set up a safety spend limit based on Pocketbook’s analysis of your spending vs. income.

Pocketbook also learns from your transaction history, meaning it can predict upcoming income and bills. It’s very nifty for contractors or freelancers who have more than one income source that doesn’t always run through your accounting software — if you’re working on your TFN and ABN, for instance.

TrackMySpend

TrackMySpend expense apps for Xero online training courseThis free app, by ASIC MoneySmart, lets you connect your bank account to the app, categorise your expenses, nominate a spending limit, and create expense reminders that can be sent to as text messages ahead of their due date.

Like Pocketbook (but without the commercial overtones), TrackMySpend will also learn from previous trends in your income and expense data to predict future income and expenses. Best of all, TrackMySpend can be exported as an Excel file or connected to your accounting software. The iOS app is a bit out of date, though, so it won’t work on more recent Apple devices.

ATO

ato_mobile_app for Xero online training course videosIf you didn’t know it already, the Australian Tax Office has its own mobile app. It allows you to access the ATO’s online services, lodge and track your tax return (yes, right from your mobile phone), work out key tax dates and access tools and calculators.

Its most handy functions: being able to enter your expenses (including a photo of receipts and bills), track mileage, and record your income. It’s not automated, but it does propagate that info directly into your tax return, so you don’t have to do it later. It also accurately calculates your tax liabilities.

The ATO app’s best function, however, is its “business performance calculator”, which, using the data you input, will give you an indication of your business’s ability to pay its debts, as well as a comparison of its performance based on the ATO’s “small business benchmarks” data. Over time, it’ll also show whether your business has improved or declined since you last used the tool.

Understanding your business’s cash flow is critical to its ongoing financial health, and to your ability to make sound business decisions. Use one of these tools in conjunction with your accounting software to ensure your business is running on all cylinders.

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Our Xero training courses, which provide training in EVERY LEVEL for ONE LOW COST, will show you how to run financial reports, including cash flow statements that you can use to create forecasts in Excel. Visit our website for more information about our online training courses.


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Are you in business as a bookkeeper, tradesperson, retailer, trainer or real estate agent and want to stand out from the crowd? We can teach you the online marketing techniques to help you do just this! Check out what’s included in our comprehensive Social Media and Digital Marketing online training courses.


 

 

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Why are there More Expense Tracking Apps for Xero than MYOB?

Less complicated accounting software, like Xero, connects better with mobile apps

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The robust nature of MYOB can make it harder to link with mobile apps that track your expenses and cash flow and the like.

WE RECENTLY PUBLISHED A blog examining the different expense tracking apps you can connect with Xero, MYOB and QuickBooks, but during our research it became clear that most expense apps integrate with Xero or QuickBooks, but not MYOB.

That’s not to say there are no expense apps that integrate with MYOB. There are. Receipt Bank is one, Squirrel Street is another, and there are probably a lot more on the MYOB marketplace (or add-ons page). Probably the best expense tracking application we found is ExpenseManager, and it only integrates with MYOB.

MYOB is a robust, yet complicated system

As anyone who’s ever used MYOB can attest, it’s a complicated piece of software to navigate, even if it is a robust one. When Xero came along, it aimed to be both robust and easy-to-use, and for the most part it succeeded (it’s probably not as easy as QuickBooks, but then QuickBooks isn’t quite as robust).

Behind the scenes, there’s also a lot of complicated code driving MYOB that’s not easy to integrate with, unlike QuickBooks and Xero which rely on third-party integrations to deliver payroll and other services, so Xero and QuickBooks can keep the cost of their platforms down.

MYOB is used by accountants and bookkeepers

MYOB doesn’t really go after to same market that Xero and QuickBooks do (small and micro businesses), which is reflected in MYOB’s price. It’s aimed at medium sized businesses, which employ accountants and bookkeepers, and that’s not really the market expense apps like Expensify and Xpenditure are targeting.

Xero is one of our most popular training courses

That’s why Xero has become one of our most popular training courses. It’s robust and once you understand the principles of bookkeeping, fairly easy to use. And it integrates with a tonne of third party applications developed to make the life of the small business owner much easier and more efficient.

Keep an eagle eye on your expenses by using Xero and an expense app, and you’ll be able to see precisely where your business is the most profitable and where it’s not, so you can modify it accordingly.

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Our Xero training courses will show you have to track expenses in Xero and how to connect third party apps to your Xero account. You can also brush up your MYOB skills or learn how to use MYOB with our MYOB online training course, incorporating 5 courses and 12 months’ access — all for one low cost. Visit our website for more information covering our ONE LOW COST for ALL LEVELS course options.


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Our Xero online training courses include EVERYTHING for ONE LOW PRICE. Furthermore, if you select our Lifetime Membership option, you’ll have LIFETIME access to our ongoing course updates. All EzyLearn courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses. 


 

Cash Flow Forecasting and Reporting Apps for Xero

Do you know how happy your business is?

running cashflow reports in xero and exporting to excel
Cash flow is THE key indicator of your business’ health and happiness so it pays to know the tools that will help you run regular cash flow reports.

AS WE’VE WRITTEN NUMEROUS times before, cash flow is the best indicator of financial health. A cash flow report takes into account the money you have in the bank after you’ve paid all your suppliers, employees, made your loan repayments.

Cash flow represents money in the bank

If, after paying your suppliers, employees, making loan repayments, cash outlays, and so forth, you don’t have any money in the bank (or you can’t make all of your obligations) this is negative cash flow.

Negative cash flow indicates a problem. There’s either a failing in one or more of your processes — your credit management procedures, for instance — or you’re simply spending more money than you’re making.

Cash flow forecasting is critical

You can create a cash flow forecast report in Xero by running a number of cash flow reports and importing them into Excel for analysis. (We’ve written before about how to link a financial forecast created in Excel with your Xero accounting information.) Linking the two in this way is a highly customisable method for seeing what you’re spending your money on, and when. You’ll also be able to track your clients’ payment patterns, so you can put processes in place to speed up the time it takes to get paid.

Forecasting and reporting apps

This Xero-Excel method for creating a cash flow forecast report can be time consuming, however. It also requires a good knowledge of Excel so you can set up formulas that will allow you to forecast 12 months ahead. 

For smaller businesses or sole traders — or even large businesses that just want to glance quickly at their cash flow — a dedicated cash flow app is a good way to track and forecast your business’s cash flow — and in real time. In our last blog we covered some of our favourite expense apps and why we like them.

Float

Float expense tracking app logoAt $79 a month for a basic (or “medium”) plan, Float is on the pricier end of cash flow apps, but its many features — in particular, the ability to create “scenarios” that allow you to determine the outcome of a particular business decision, such as employing two staff members instead of one — make up for it.

Float quickly learns trends in your business and will be able to anticpate upcoming payments, bills, etc. It also integrates with Xero, QuickBooks and even FreeAgent, the free cloud-based accounting app for small businesses.

FUTRLI

Futrli Expense App logoFormerly known as CrunchBoards, this British app, which has expanded into Australia and the U.S., features predictive alerts, KPI dashboards, tax forecasting (so you can accurately estimate your tax bill), trend indicators, forecasts for the next ten years (if you want), scenario planning, and a heap more.

It doesn’t, however, learn from your business, so it can’t predict upcoming payments and bills. FUTRLI will set you back $59 a month, regardless of whether you’re a startup, growing business or established enterprise. It integrates with Xero and QuickBooks.

Spotlight

Spotlight_Reporting-logoA lot simpler than FUTRLI, but with fewer features (although you could argue, it’s a spotlight on the *only* features you need), Spotlight will let you import all your budget data, create scenarios, and create KPIs for your business, making forecast reporting a cinch, but it doesn’t learn from your business.

This means it can’t anticipate upcoming payments from clients or bills coming due, leaving you to create forecasts based on past trends, rather than upcoming ones. Spotlight integrates with Xero.

***

Understanding your business’s cash flow is critical to its ongoing financial health, and to your ability to make sound business decisions. Our Xero training courses will show you how to run financial reports, including cash flow statements that you can use to create forecasts in Excel. Visit our website for more information.


cashflow reports in xero and excel

Our Xero online training courses include EVERYTHING for ONE LOW PRICE. Furthermore, if you select our Lifetime Membership option, you’ll have LIFETIME access to our ongoing course updates. All EzyLearn courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses. 


 

Financial Reporting with Expensify and Xero

How Expensify can link with Xero

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Are you deducting everything you could be? Perhaps you need an app to help you.

WE’VE TALKED IN THE past about what a life saver daily reconciliations can be, and why some businesses could benefit from reconciling their account daily, twice weekly, or at least, on a more regular basis than once a month.

The expenses your business incurs form deductions that reduce your taxable income, so making sure you’re recording them accurately — and then storing them securely too — is an important part of your business remaining compliant.

An online software program like Xero will enable you to enter your expenses and transactions; and you can also use an app to automate the process for you, like Expensify.

Expensify for accurate record keeping

The way Expensify works is pretty simple. You connect it to your bank or credit card accounts, and it will import transactions into its app, which you then approve as business expense and it send the data through to your connected accounting software — in this case, Xero.

If all your expenses were electronic, Expensify wouldn’t provide much more value than the bank feeds feature in Xero. But Expensify does more than just that.

It can, with impressive accuracy, import expense data from any hardcopy receipt — even handwritten ones — by taking a picture on your smartphone, sending them to a dedicated email address for upload, or importing them straight from Dropbox or Evernote.

Once a receipt has been uploaded to Expensify, it stores it in the cloud, so you don’t have to keep the physical copy.

Accurate vehicle mileage

The best feature, which anyone who uses their vehicle for business purposes will appreciate, is how it tracks mileage. You have two options: input the distance you travelled by typing it into the app, or using the app’s built-in GPS.

You simply tell Expensify to start tracking your mileage and it will, using its own motion sensors and GPS. This is different (and better) than other apps that work out the distance you travelled using routes in Google Maps after the fact.

Expensify would be better if it automatically detected car motion without having to open the app at the start of your journey, like the QuickBooks Self Employed app does. Of course, that also results in many unnecessary travel trips — taxi, Uber and bus rides, lifts from friends, as well as your own personal trips — showing up in the QuickBooks app.

Create expense reports

Expensify also lets you create expense reports to collate expenses together. This is extremely useful for businesses that want to see expenses associated with their projects, bill their clients for expenses, or for businesses with employees who need to be reimbursed for their expenses.

Rather than manually collating expenses together and matching them to employee trips, work trips, customers or projects, Expensify does it for you, and then imports it straight into Xero as either a bill or invoice.

An expense app like Expensify will help your business reconcile its accounts regularly and more accurately, and will also ensure you’re compliant by storing your receipts securely in the cloud.

***

Our Xero training courses will show you how to track expenses in Xero and how to connect third party apps to your Xero account. We provide training in ALL SKILLS LEVELS for ONE LOW COST.


learn Xero online learning videos cheapest

Our Xero online training courses include EVERYTHING for ONE LOW PRICE. Furthermore, if you select our Lifetime Membership option, you’ll have LIFETIME access to our ongoing course updates. All EzyLearn courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses. 


 

EXCEL: Other Data Sources You Can Use to Create a Pivot Table

The latest versions of Excel are jam-packed with new features!

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How are your Excel skills? Brushing up or learning how to use Microsoft Excel as a business tool could see you brimming from ear to ear too.

WE’RE ALWAYS UPDATING OUR Excel training courses, and as we do so, we’re reminded of just how useful Excel continues to be for small business owners — particularly the latest versions of Excel which include a boatload of new features that make it easy to create and manage relational databases, which you can also use as the data source for a pivot table.

But supposing, for whatever reason, you don’t want to use an Excel database as your pivot table’s data source? Well, there are some other options to create a pivot table without manually entering the information into Excel first. Here are a few more data sources that you can use to create a pivot table in Excel.

Office data connection files

The office data connection (ODC) file extension was created by Microsoft and contains properties to connect to and retrieve data from an external data source. It contains a connection string, data queries, authentication information and other settings. Microsoft recommends that you retrieve external data for your pivot tables and reports using ODC files.

External relational databases

If, for instance, you’re using another relational database program, like Microsoft Access or Filemaker Pro, you can also import data directly from these programs into your pivot table, rather than manually entering the data into an Excel worksheet. In the case of connecting data from an MS Access database, you can do this quite simply by selecting Access from the ‘data source’ dialog box. For all other external databases, you would select the ‘from other sources’ dialog box and follow the steps in the data connection wizard.

Using another pivot table

Each time that you create a new pivot table, Excel stores a copy of the data for the report in memory, and saves this storage area as part of the workbook file. To use one pivot table as the source for another, both must be in the same workbook. If the source pivot table is in a different workbook, copy the source to the workbook location where you want the new one to appear. Keep in mind that when you refresh the data in the new pivot table, Excel also updates the data in the source pivot table, and vice versa. When you group or un-group items, or create calculated fields or calculated items in one, both are affected.

Create a database in Excel first

The easiest and most efficient way to create a pivot table is to create a database in Excel first. Here, you can update and manage as much information about your business — including customer data and financial data — and then use that as a data source for a pivot table.

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Creating databases and pivot tables are part of our advanced Microsoft Excel training course, but you can start your Excel journey with our FREE beginners’ Excel course. Read more about our beginners, intermediate and advanced Excel training courses on our website, or enrol to start learning by 5pm tomorrow!


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Our Xero online training courses include EVERYTHING for ONE LOW PRICE. Furthermore, if you select our Lifetime Membership option, you’ll have LIFETIME access to our ongoing course updates. All EzyLearn courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses. 


 

Using Excel for Client Databases

Excel does great CRM

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Managing large amounts of client and business data is not only possible, but also something you can learn fast and with ease with the help of our comprehensive range of online Excel training courses – covering all skills levels.

MICROSOFT EXCEL IS THE most widely-used spreadsheet application in modern computing. It’s ubiquity means most people use Excel on a regular basis, despite never having had any formal training in its many, many, MANY functions.

While updating the content for our Excel training courses recently, we were reminded of just how powerful Excel remains, and in particular, how useful it is for small businesses.

With its 2013 release, Excel got a serious update, which made it the perfect application to create and manage client and customer databases. Although there are many CRMs available on a subscription that provide the same functions of a database created in Excel, just in a more visually appealing format, they often lack reporting and analysis functions, requiring you to export your data in a Excel sheet anyway.

Flat file databases

Excel’s original ‘flat file’ database still remains the easiest and most basic database to set up and manage, and depending on your business and how you’ll use your database, a flat file database may be all you’ll ever need. If set up correctly, a flat file database will allow you to easily import your customer data into Word, your accounting software, an email marketing service, and so forth.

Relational databases

A relational database is a database that’s structured to recognise relations among the information stored in them. Microsoft offers a relational database program, called Access, which is available with Microsoft Office Professional or higher, or can be purchased separately.

Alternatively, you can create your own relational database in Microsoft Excel, providing you have the 2013 version or newer. When Excel got its update in 2013, it became easier to link charts and cells and to perform searches — all essential features if you’re working with large amounts of business data.

Correct Excel set up is crucial

Once Excel has been set up, it’s as easy as it is powerful to use. Of course, the key is to set it up correctly, so you can avoid errors or having to re-enter large amounts of data to make the format suit another third party software application.

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Creating and managing databases is included as part of our Advanced Microsoft Excel training courses — and you receive access to ALL OF OUR COURSES, including ALL SKILLS LEVELS for ONE LOW PRICE. You can even start your Excel journey with our FREE Beginners’ Excel Course Workbook. Read more about our beginners’, intermediate and advanced Excel training courses on our website, or enrol to start learning by 5pm tomorrow!


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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.


 

What to Do When You Have More than One Income Stream

Why it’s important to track your income streams

keep-track-of-more-than-one-income-stream-using-excel-myob-xero-learn-online-training-course-videos
It can be easy to lose track of separate income streams; Excel is a great tool for monitoring which work your income is coming from.

IF YOU’RE AN INDEPENDENT contractor, or you’re a full-time employee about to start up a side business, then you need to be able to keep a good track of all your income streams. There are a couple of reasons for this and both of them relate to tax. 

Basically, income is income, regardless of how you earned it, and you’ll pay tax on the total amount. As an employee of another business, you’re likely to be earning money through your tax file number. Each week, your employer will withhold tax commensurate with how much money your employer has paid you. But this doesn’t take into account any other income.

If you’re also earning money from a side business, using an ABN, there’s no one to withhold tax on your behalf, so you need to keep a close eye on your income to ensure you have enough money in the bank to pay your tax bill — which you will get, I’m afraid — after your tax return has been filed.

Two tax returns? Use Excel

Although income is income, you will still have to file two tax returns, one for each income stream. That’s why you need to keep an eye on your accumulative income, and not just the money earned through your business.

There are lots of personal finance and budget apps that help you to track and manage your income, but the easiest, most flexible and most straightforward way to do this is to create an Excel spending or expense sheet, which our Excel training courses will teach you how to do.

Reasons why people have two income streams

It’s not just full time employees who are starting their own side business that have two income streams. Plenty of freelancers and independent contractors earn money through their ABN and TFN.

There are some businesses that prefer to put contractors on the payroll, usually because they’ll be working on a regular basis, onsite, and it’s just easier for the business to employ them as casuals. Often for insurance purposes, but it’s also because the work involved doesn’t conform to the definition the ATO uses for an independent contractor.

Other times, it’s because the contractor or freelancer is working in an entirely different industry on the side — hospitality or retail, for example — to supplement their freelance income, which is how a lot of people get businesses off the ground.

Focus on how to earn money

The main take away from all of this, is that when you’re tracking your income, focus on the ways to earn more income. If you discover that each month, you have a week where your income is lower, there’s an opportunity to fill that gap with another job or other income stream.

***

You can learn how to create and manage your expenses or spending in our Excel training courses, where you’ll be able to create your own spending or expense sheet, and how to perform daily bank reconciliations in MYOB or Xero in our cloud accounting training courses. For more information, visit our website.


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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.


 

A Close-Up Look at a Listed Company and How it’s Performing

We show you what financial data really reveals

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There’s more to profit and loss than meets the eye: Sometimes a company’s losses outweigh its revenue, but it doesn’t mean that company is in a bad position.

AS A BUSINESS OWNER you’ll need to run regular financial reports (never more so than at the end of financial year) to ensure your business is in good shape. Understanding what each element of a financial report means is critical to your business’s financial health.

You’ll learn to run and interpret financial reports in our Xero, MYOB and Quickbooks training courses, but we’re just going to look at a couple of areas of most importance.

Close up: BuyMyPlace’s financial results

BuyMyPlace is an ASX-listed service that allows property owners to sell their properties without a real estate agent. Because it’s a publicly-listed company, they have to make all of their financials public too.

As such, we got hold of their most recent financial results for the first half of financial year 16/17.

It’s not the most detailed financial report, probably because the company itself is still in its early stages — there’s actually a good argument against early stage ventures listing on the stock exchange, but that’s fodder for another post.

Revenue vs. losses for the period

The good news for BuyMyPlace is that its revenue increased 129 percent on the prior comparative period (PCP) to $1 million for H1 FY16/17, up from $133,518 in H1 FY15/16.

That’s an impressive leap in revenues in just 12 months, however, the BuyMyPlace financial results also reveal that the business made an even greater loss of $1.7 million, an increase of 1205 percent on the PCP.

A closer look at the report shows that, while the losses increased more than a thousand percent, it was due to an increased investment in marketing and advertising — principally on TV spots which totalled $517,723 compared with $98,578 the year prior.

This resulted in an 80 percent increase in the number of listings on the site (that is, the number of people using BuyMyPlace to sell their home), while order value increased 27 percent (people who were choosing more expensive packages).

BuyMyPlace is in good health

Although this business recorded losses that outweighed its revenue, BuyMyPlace is still in good financial health.

The report also shows that it has over $4 million in cash and cash equivalents, and only a little over $600,000 in liabilities. Although the liabilities have increased, it’s not due to taking on any additional debt — indeed, BuyMyPlace has paid down all of its loans — but was instead due to a 786 percent increase in staff salaries and, as a consequence, an increase in staff provisions and benefits — i.e., sick and annual leave.

Strategy for future growth

Not many homeowners actually want to sell their properties themselves — one estimate puts it at around 7 percent of the total number of homeowners. However, most people do want greater clarity around how the process works (including fees and commissions) — even if they still want assistance selling their homes.

Perhaps realising this, or perhaps in response to increased competition in the fixed-fee real estate services (see: Purplebricks, Settl, etc), BuyMyPlace also launched its own full service package, giving homeowners access to a real estate agent to sell their home for a fixed fee.

This will enable BuyMyPlace to capture a greater volume of homeowners, who are looking for a low cost alternative to sell their homes, but who don’t want to do it entirely themselves.

The other strategy for growth: increasing listing depth revenues.

At some point, BuyMyPlace will stop growing its market share. Or, in other words, the market of people looking for a low-cost option to sell their home will be tapped out.

But as a business, and as a publicly listed one, BuyMyPlace will need to keep growing its revenue, not merely keep it steady. It’ll need to do as other real estate services, such as REA Group and Domain have done, and increase listing revenue depths, by selling more expensive packages to customers.  

BuyMyPlace will need to find additional value it can sell to customers, without necessarily increasing its own expenses to do so — or putting up its prices, which a business can usually only do once it’s cornered about 65 percent of the market, and BuyMyPlace is a long way off that yet.

***

That’s a lesson for every business owner out there. And it’s something we cover in our online Business StartUp Course.

You’ll learn how to run and understand the financial reports for your business in our Xero and MYOB training courses. You can also learn about strategies for business growth in our Business StartUp Course. Or for more information, visit our website.


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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.


 

Marketing for When Your Business Strategy Changes

Where lead generation services are useful

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Using a dedicated lead generation service can be more useful than advertising but the quality of the leads may be questionable.

CHANGING YOUR BUSINESS STRATEGY to include additional services will require an additional investment in marketing if you are to make this successful. In terms of simply paying money to advertise your additional services, as you’re probably already aware, advertising doesn’t always yield immediate results. Therefore you might consider spending money on a lead generation service.

We cover how to account for marketing and lead generation costs in our Xero training courses, which includes a new workbook that looks at what to do when your business strategy changes.

Lead generation vs marketing

Lead generation, as the name suggest, is solely focussed on generating a potential customer or client for your business. For instance, there are lots of lead generation services in the building and home maintenance trade — hipages, One Flare, Service Seeking, Quotify, etc — but there are also a growing number for people in creative services, although they’re typically referred to as online marketplaces and include Freelancer.com, Upwork, Fiverr, and so forth.

Advertising and digital marketing (including content marketing), puts your message or business in front of your target audience, but there are more steps in the process before you can capture a lead.

The benefits of lead generation

The main benefit of using a lead generation service is that it delivers active leads almost as soon as you sign up to the service. The quality of the leads tend to differ between services, and the leads also tend to be people who are focussed solely on price, and not so much workmanship. In other words, they’re looking for something done in a particular fashion, for a particular price. No more, no less.

These sorts of jobs are good when you’re getting started or as a way to keep the home fires burning, but it may not be appropriate to rely on them as your sole means of developing clientele.

The benefits of marketing and advertising

If you’re using the correct channels to reach and market or advertise your business to your target market, you’re effectively developing a relationship with those people and educating them about your business.

This means you’ll capture people at all stages of the purchasing funnel — some will be at the pointy end, while others won’t be ready to make a purchasing decision for a while. The benefits of marketing and advertising is that you’re capturing a wide array of people and building brand awareness.

A combination of both works best

If you have the resources, a combination of both marketing (advertising, content marketing) and lead generation works best, though your focus should on marketing and advertising your business to your target market, rather than trying to fit your business into the mold of all the different leads fed to you through a service like hipages or Freelancer.com.

Create a marketing budget

Run a cashflow report in Xero to determine how much cash you’ll have to invest in marketing your business. Our Xero training courses will show you how to run a cashflow report, which you can then export to Excel and use when creating your marketing budget, which should include a schedule, costs, desired outcome — i.e., number of leads, conversions each week, month, quarter — to ensure you’re getting a good return on your investment.

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Our Xero training courses will show you how to run cashflow reports and account for your marketing costs, while our Business Start Up Course will show you how to create a marketing plan. Visit our website for more information.


learn Xero online learning videos cheapest

Our Xero online training courses include EVERYTHING for ONE LOW PRICE. Furthermore, if you select our Lifetime Membership option, you’ll have LIFETIME access to our ongoing course updates. All EzyLearn courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses.