As part of our new initiative, EzyLearn Worklife, we’ve been speaking to EzyLearn graduates about their experiences with their course, and how they use the skills they’ve learnt in their work life.
One such student is Ian, who enrolled into both the Microsoft Word and Microsoft ExcelComplete Training Course Packages in 2021. He is also part of our Career Courses Membership, which gives him lifetime access to his course content and student support.
Ian works for Services Australia and we had a chat with him about his work, his course, and all things in between. And he gave some great insight into just how valuable online training can be…
Are you only using 10% of Microsoft Office? Are you taking 2 hours to do something that can actually be done in 30 minutes? Microsoft Office software had a feature that could identify your productivity score in reports to managers.
The technology was designed as a sales tool for Microsoft to help identify software that could be utilised better at Microsoft corporate clients but it unveiled a whole privacy issue.
Can you show me how to change the alignment of these paragraphs, put bullet points here and make the image aligned to the right side of the text?Um, I’ll give it a go.
This is a common scenario in conversations I’ve had with students looking for office admin and support jobs. Some people think that just because you can type they can use Microsoft Word but that’s not the case and when I look at the high number of office jobs that require good data entry skills it makes these skills very important! Here’s our offer for October. Continue reading Office Academy gives Microsoft skills to all staff, online, remotely – NOW $200 OFF
It seems that we Aussies always get on the retail marketing bandwagon so here we go! For a limited time we’re making our full library of Microsoft Excel training course videos available for $1
To be fair, this gives us an opportunity to explore different ways of making our training available (digital marketing) and enables us to use some fantastic new technology.
MAKING THE DECISION whether to take the risk and invest in anything is hard. However, when you put the information in an Excel spreadsheet, it soon becomes very clear whether it’s worth doing.
Once you decide it’s worth going ahead, you can use Microsoft Excel to create a Gantt Chart of the project to make sure it happens right as planned.
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.
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.
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.
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.
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…
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
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.
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.
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
This 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
If 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.
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.
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.
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!
Being Jack of All Trades can land you in hot water with BAS
Don’t submit inaccurate financial documents by trying to do everything yourself by way of bookkeeping.
IT’S PERHAPS EASIER TO do your own bookkeeping these days than it used to be; particularly if you’re using a cloud accounting program like MYOB, Xero or QuickBooks, which are among the easiest, yet robust, accounting applications currently on the market.
But even so, there are many aspects of Australian tax that, while accounting software makes it possible to carry them out yourself (like business activity statements, for example), it’s not a good idea unless you really know what you’re doing. Here are the three GST mistakes nearly every business owner makes in their bookkeeping. Continue reading Are You Making these GST Mistakes in Your Bookkeeping?
No amount of data is too big for Excel’s pivot tables
Go You Excel Pivot Table! Excel’s signature function, the pivot table, is still as useful for making sense of large amounts of data as it ever was.
WE’VE RECENTLY BEEN UPDATING the content for our Excel training courses and were reminded of just how useful Excel is for small businesses. In Excel, you can easily create and manage client databases and then export part or all of that data into a Word document, your accounting software, an email marketing service, or use it in other Excel documents, such as a pivot table.
A pivot table is Excel’s signature, and most powerful, feature — Microsoft trademarked the words ‘pivot’ and ‘table’ in their compound form PivotTable back in the 1990s. So if you intend to use Excel in any meaningful way for your business, knowing how to create and work with pivot tables is an essential skill, one which we cover in our newly-updated, advanced Excel online training courses.
What are pivot tables used for?
A pivot table is a way to quickly summarise and analyse large amounts of data, and the pivot tables you can create in Excel are especially designed for:
Subtotalling and aggregating numeric data
Summarising data by categories and subcategories
Creating custom calculations and formulas
Expanding and collapsing levels of data
Drilling down on details from summary data
Filtering, sorting, grouping and conditionally sorting data
Presenting concise, attractive, and annotated reports
Moving rows to columns and vice versa (‘pivoting’) to see different summaries of source data.
Pivot table data sources
There are a few ways that you can create a pivot table, though the most common way is to use an existing Excel worksheet — a database, for example — as a data source. Here are a few ways to create a pivot table in Excel:
Excel tables: Excel tables are already in list format and are good candidates for pivot table source data. When you refresh the pivot table report, new and updated data from the Excel table is automatically included in the refresh operation.
Using a dynamic named range: To make a pivot table easier to update, you can create a dynamic named range, and use that name as the pivot table’s data source. If the named range expands to include more data, refreshing the pivot table will include the new data.
Create a database in Excel first
The 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.
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. Continue reading What to Do When You Have More than One Income Stream
The simple act of creating an Excel spreadsheet to itemise your expenses can help you keep track of everything eating into your business’ cashflow – even if not strictly deductible.
HAVE YOU RECENTLY STARTED running your own business? Whether you have, or whether you’re about to, reconciling your bank accounts regularly is probably one of the best ways to monitor your expenditure in relation to your income.
Your accounting software will help you to keep track of your income and business expenses and other important things that will affect your start up — such as how long it takes to get paid — while an Excel spending or expense sheet will help you to monitor all of your spending, business or otherwise.
The bank reconciliation process
This starts when you get your bank statement, but you can speed the process up, by entering recurring expenses into your Excel spreadsheet as they occur.
In your Excel spending sheet, you’ll enter the expense in total, but in your accounting software, you’ll only enter the percentage of the expense that relates to your business.
Identify cash flow problems
If your business has poor cash flow, using an Excel spending sheet in addition to your accounting software will allow you to identify what’s causing your cash flow problems. Sometimes cash flow problems are caused by later payers, due to poor credit management processes. Other times, however, you may find that you’re simply not earning enough to cover your expenses each week or month.
To remedy this immediately, you should look through your Excel spending sheet and see if there are any expenses, either business or discretionary ones, that you can reduce or eliminate. Then you should work on increasing your income. That’s easier said than done, which is why you should reduce your spending first.
Forecasting profit
If you don’t identify any cash flow issues, you will be able to begin forecasting profit. Typically, profit just refers to the income left over after all your business expenses have been accounted for.
But there are plenty of start ups and sole traders, who have a profitable business but are not profitable themselves.
That’s because there are many other expenses in your ordinary life — the remaining 70 percent of your internet bill, for example — that you still need to pay for.
If you’re also recording all your other expenses in an Excel spending sheet, you’ll be able to forecast your business’s profit, as well as your own personal profit (otherwise known as savings) with much greater accuracy.
The chart of accounts
In effect, what you’re doing here is creating a chart of accounts. You’ll learn more about the chart of accounts in our Xero and MYOB courses, but they are, in a nutshell, a financial record of every account — asset, liability, equity, revenue, etc — in your business.
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This 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. 
If 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. 
