FOR ANYBODY WHO DECIDES to be self-employed and own their own business, or who is doing so already, the question of how to match the hourly rate of someone working on salary while working in your pyjamas is one that frequently goes unanswered.
But ponder no more.
If you’re well versed in the advanced features of MYOB, Xero or Quickbooks, possess an accounting qualification and can operate your business as an independent contractor, you’re well on your way to earning the big bucks as a bookkeeping consultant.
Specialist skills earn you more money
Currently, bookkeepers with a good understanding of things like time billing, job reporting and forecasting, advanced payroll, end-of-period transactions and journal entries, as well as Australian tax, are highly sought after by other businesses to work as consultants.
Of course, you could also carve out a niche specialty for yourself if you happen to be highly skilled in a particular sector or industry.
MYOB Training Online
Our MYOB courses (offered for one low price and include lifetime access) cover 85% of the MYOB skills the majority of MYOB bookkeepers require to perform most bookkeeping tasks. For everything else, however, it’s a good idea to engage the services of a specialist who can provide a solution to your specific needs.
Is it a good time to start a bookkeeping business?
Tim Reed, the CEO of MYOB recently mentioned that they track the number of Australian business registering for GST because it gives a good indication of the number of business entering the market and the chart showed an astonishing decline in the last 12 months. What I found most interesting is that our recent blog about Starting a bookkeeping business cheaply was one of our highest read blog posts. So is it a good time to start one?
Is there a need?
If you ask any business owner or accountant you will soon discover that there is always a need for good bookkeepers. Most business owners start out in business because they are good at their craft and bookkeeping is the last thing they want to worry about. After all, it is a compliance issue not a money earning issue. What do I mean by compliance? I mean the Australian Taxation Office require you to lodge your financial information with them if you want to operate a company.
The next common question is how much will I earn as a bookkeeper and the answer depends on how good you are and how you want to work. If you are an employee working full-time for a company you will most likely earn award wages, if you are a bookkeeping business owner you can charge more because your customers know that you have a business to run, but also because you are only working for them a handful of hours per week or month.
There is a need for MYOB skills
One of the most commonly sort after skills in Australian office administration type jobs is the ability to use MYOB accounting software. We have many students from accounting backgrounds do our MYOB Training Courses because they haven’t used the software in their corporate work. We’ve even had bookkeepers perform our courses because many Cert IV’s in Bookkeeping (a common course for those wanting to be registered BAS agents) do not include training on how to use MYOB – they cover bookkeeping principles.
Who are your competitors?
If you look at the graph in this blog post you should probably be encouraged to start a bookkeeping business because it appears that your competitors are scared to start one right now. It’s also a good time to note that the bookkeeping business is starting to become a regulated industry and a profession in it’s own right. After all you need qualifications and to be a registered BAS agent if you are going to operate a bookkeeping business these days and with these higher standards come higher expectations and higher pay.
If you explore your local competitors in your bookkeeping business planning process you will start to better understand just how important bookkeeping is. It will make you feel more comfortable in choosing your new profession and taking the right steps to get to your desired goal.
Do you have what it takes?
The real question you should ask yourself if you are looking at starting a bookkeeping business is do you have what it takes? Are you good at explaining bookkeeping and accounting terminology to your customers in their own language? Do you have the skills to get the job done quickly and efficiently. Do you have the confidence to speak to prospective customers and charge the amount you want to charge?
The business planning stage is very helpful in building your confidence, but the winning formula is:
a willingness to speak openly and simply with potential customers,
find solutions to customers problems and
explain accounting to them in simple language
Remember that owning a bookkeeping business requires people skills, business skills and bookkeeping skills. If you are interested in starting a bookkeeping business contact our business partners at workface.com.au and begin your journey to flexible hours and business success.
A good percentage of the students who complete our MYOB training courses want to start their own business. Getting into any new venture can be daunting if you have never been in business before and if that’s you a bookkeeping franchise might be the way to go. There are many aspects to Small Business Management and they include:
how that business works,
how to get and maintain customers,
how to provide great customer service
how great customer service will bring new customers
ensure you do a consistently great job, and
manage your finances well
The key aspects to consider when looking at a bookkeeping franchise are the costs. When we ran our training courses in Dee Why (Sydney) there were many business owners in surrounding shops and I recall speaking to one franchised business owner who said that he chose the wrong location and his overheads were killing him. This highlights the most important gripe that most people have about a franchise; “what am I paying for?”
Franchising is regulated now which means that bookkeeping franchise operators like all others, now need to disclose more information about existing franchisees. StartupSmart recently wrote about the harsh franchising reality check that a couple went through in South Australia and it’s an interesting read if you want to explore a bookkeeping franchise further. The article quotes Phil Blain, Co-author of The Franchisee’s Guide:
[quote]Thanks to recent legislative changes franchisees are now able to access critical details in the disclosure document like full details of existing franchisees and also people who have left the system.[/quote]
What are you paying for with a bookkeeping franchise?
If the franchise you are researching charges you a percentage of sales it’s good to know exactly how they are going to get you new customers and justify this payment. It’s also important to know that if you buy into a franchise you will have to sell your business to someone who also wants to buy into that franchise. Sometimes the franchiser can have a sale in who buys your business.
The other popular alternative is to go it alone and start your own bookkeeping business by yourself. If you are in this category you will have to spend more time at the beginning choosing your logo and other branding aspects of a small business. You also won’t have the leverage in advertising that a larger company can offer.
MYOB Training Courses
If you are looking for work as an MYOB Bookkeeper and have contemplated buying a bookkeeping franchise feel free to ask questions and share your story at our Facebook page. We have teamed up with Workface to help not only our MYOB Training Course students, but any bookkeepers find work or new customers if they operate their own bookkeeping business. If you are looking for work as an MYOB Bookkeeper feel free to register at their site.
More and more students turn to us to learn how to use MYOB bookkeeping software to find a new job, start a bookkeeping business or be more effective in their current job. To reflect our focussed committment to help you get that job we have re-designed our MYOB training course certificate.
MYOB Certificate designed to find you work
If you complete an MYOB Training Course with us, and you successfully complete all the knowledge reviews in each course you will received the revamped MYOB Certificate that looks like the image in this blog post.
Our courses are delivered 100% online and in keeping with that our certificates are supplied via our support site to students as a pdf file that you can print yourself. By keeping everything online we are able to combine 5 courses into one, from Setup to BAS and Reporting, for a very low price and provide you with lifetime access to the training resources.
We provided a free training video about Xero online accounting software and this is another part of our commitment to students studying to be MYOB Bookkeepers. Our Bookkeeping Academy is available to all students completing an MYOB training course and it’s our way of helping to keep you up-to-date with the latest in bookkeeping software and services (like cloud based bookkeeping systems).
To see the price for our courses with MYOB Certificate as well as Microsoft Excel and WordPress, visit our enrolment page. Remember that you get all courses for one price and lifetime access. This means that if you enrol now into our MYOB Training Courses you receive
Five (5) courses from Setup, Day-to-Day, Bank Reconciliation, GST, BAS, Reporting and Payroll for
One low price, and
Lifetime Access to the course and updates
Our MYOB Certificate course is currently being updated to version 12 and as an EzyLearn student you have access to this new material for no extra charge! Make sure you subscribe to receive our updates via email.
It’s the same with Microsoft Excel Courses, you receive access to all levels (9 short courses in total) from Excel beginners to advanced users for one price and lifetime access and we have training material for 2000-2003 versions as well as training material for 2007-2010 versions.
If you are like a lot of students who enrol into our online MYOB and Excel training courses you probably haven’t used your CV in quite a while. I had a situation in 2008 when I needed a CV for a project I was presented with and it was a time consuming task which took a lot longer than I expected.
We’ve been talking to a man who operated his own head-hunting business and he has plenty of experience in not only presenting himself to potential employers, but also as a person who reads resumes, and conducts interviews on a day to day basis.
We also spoke to a professional writer and a rehabilitation consultant and they will share their insights as well as provide tips on how to write the perfect resume, prepare for job interviews, write cover letters and much more. Their team even includes a professional bookkeeper who will share insights about how to find work as a bookkeeper.
One of the tid-bits that I can reveal is the importance of personalising every resume so that the recipient feels like you are talking only to them. Subscribe to their blog and get some great job seeking skills.
Want to read other blog posts about resume writing and tips and tricks to find employment?