Having accurate business records is vitally important for any business — and most of that hinges on accurate account keeping. If you’re a small business looking to hire a bookkeeper, you want someone who’ll be able to manage all of the data entry and coding for your company accurately and efficiently.
We are regualarly refreshing the content of our MYOB training course so that you can benefit from all the new information that is always coming in about being a bookkeeper, running your own bookkeeping business or doing the books for someone else’s business.
We’re always updating our course content to ensure our MYOB course reflect the market demands of bookkeepers in an ever-changing industry, and if you’re one of our MYOB lifetime students you have access to this content any time, every time.
And we use this blog to keep you up-to-date with industry news — like this news just in from the ATO:
If you’ve been following our recent posts about payroll, you know it’s the payroll professional’s responsibility to make sure any mandatory changes are carried out, so we’ve put together a cheat sheet on the changes to the PPP.
Expansion of the Paid Parental Leave Scheme
On 1 January 2013, the Australian Government expanded the Paid Parental Leave scheme to include a two-week payment for working dads or partners called Dad and Partner Pay.
The Paid Parental Leave scheme, which provides a maximum of 18 weeks pay at the national minimum wage, applies to eligible primary carers of newborn or adopted children born on or after 1 January 2011.
From 1 July this year, the Paid Parental Leave scheme has also increased from $606.50 to $622.10 per week before tax, while the daily rate increases to $124.42 per day.
Because of the way paid parental leave works (the government pays the employer who then pays the employee) you need to keep thorough records of any paid parental leave in addition to your usual record-keeping requirements, such as:
The amounts of parental leave funding received from the Government for each employee and the period these amounts cover.
The date of each parental leave installment made to their employee.
The period the payment covers.
The gross amount of the payment (before tax).
A statement identifying that the payments are parental leave under the Australian Government Paid Parental Leave scheme.
If no other payments are made for the period, the net amount of the parental leave and the amount of income tax withheld from the payment.
If other payments (such as annual leave or employer-funded parental leave) are made for the period, the total net amount paid for the period (after tax) and total income tax withheld for the pay period.
The total amount of any deductions made from each parental leave installment.
Bookkeepers Who Want to Provide BAS Services Need TPB Certification
Whether you are a bookkeeper who uses Xero or MYOB or one of the other accounting software packages that we offer training on, you are probably aware that Australian tax legislation has changed recently. As a result, providing BAS services to clients is not as simple as it once was.
All bookkeepers who wish to provide a BAS service for a fee, must now hold a Certificate IV in Financial Services (Bookkeeping or Accounting) or higher to be eligible for registration.
Becoming certified with the TPB is a lot like getting your drivers license: you need to be able to demonstrate the relevant experience of at least 1400 hours, or 1000 hours if you’re already a member of a professional organisation — like the Institute of Certified Bookkeepers — which you can become a member of for free when you complete an applicable EzyLearn Training Course.
If you’re working under the supervision of another registered Tax or BAS agent, you cannot provide any Tax or BAS services to any clients you may pick up of your own. In other words, you must only provide tax or BAS services to clients known to your supervising Tax/BAS agent.
For some newcomers to the industry, this may seem daunting. But that’s just because conventional wisdom suggests that you must take on some form of permanent employment, working for a bookkeeper or accountant who is registered with the TPB and can supervise you while you gain the necessary skills to go out on your own.
But that’s not actually the case. While this is an option — and a good one if you’ve never worked as a bookkeeper before — it’s not the only one. You can still work with another registered Tax/BAS agent as a contractor, providing these services to the registered Tax/BAS agent’s clients until you’re eligible to go out on your own.
Kick start your own business
This is a great way to get a start on your own business — perhaps just offering non BAS services to start with — while you gain the skills to become registered to offer GST and BAS services. Contract bookkeeping jobs of this nature are actually easier to find that it may seem — often by striking up a working relationship with an accountant or another certified bookkeeper.
A recent study commissioned by internet giant Google and carried out by Lawrence Berkley National Laboratory in the US, found that if the entire US workforce moved into cloud computing — where employees would now work from their home offices — it could save up to 87 percent of the energy used to power IT systems. That’s enough energy to power the entire city of Los Angeles for a year.
Using the Cloud Means Going Green
For Google, this showed just how great the energy saving potential of the internet is — something we’ve often discussed in posts about operating a home-based or virtual bookkeeping business.
In fact, the Green Factor is another reason why we moved all of our training materials and content online in 2007; it meant we would no longer have the costly overheads of powering physical training centres (and adding to our carbon footprint), allowing us to deliver the same high quality training courses at a lower price.
Of course, being an internet company, Google only looked at the IT energy savings to be had if every worker in the US began working from their home offices. They didn’t look at the potential knock-on effect this would have when two or more people in a household were both working from home.
The Communal Office
So while saving some 23 billion kilowatt-hours in energy is a massive feat, we wonder how much of that energy would be reinvested in individuals’ upsizing their homes or renting office spaces once working at home with the whole family became more distracting than it did productive? Perhaps, then, a chain of communal office spaces might become the next McDonalds of the digital world?
Regardless of whether it’s a saving of 23 billion kilowatt-hours of just 23 kilowatt-hours, increasing our energy efficiency and reducing our carbon footprint is always a good thing; cloud-based software and studying online goes along way to doing just that.
A large number of bookkeepers who have completed our online MYOB course have successfully started their own businesses and to reiterate a recent blog post from Steve, the first step in starting your own business is making the decision to begin. Secondly you have to come up with the idea, and whether it seems like it or not, all of us every day are full of ideas. It doesn’t matter what your level of education is or how old (or young) you are — we all have ideas and desires, so the initial stages of starting a business are really pretty simple. And never think you’re alone; did you know that small businesses (defined as having less than 20 employees) employ a whopping 47 percent of Australia’s total workforce. That’s a lot of people who had ideas and keep growing them.
Making Sure You’re Relevant
The actions you take after you’ve come up with your idea and how you develop this idea into a product or service that others are interested in or need is critical. We provide online training for Australia’s most popular accounting software, MYOB, and it’s clear there’s a strong demand for bookkeeping skills in small businesses around the country. Indeed, if you have accounting or bookkeeping skills and qualifications and are interested in starting a business, then there’s never been a better time to explore a Small Business Course that has now been loaded on our Learning Management System (LMS).
The Small Business Management Course for Self Starters
Our Small Business Management course covers all the aspects you need when starting a business. Our first subject covers ‘Originate and Develop Concepts‘. As you progress, the course provides you with the skills you need to create a business plan so you end up with something tangible and that ensures you’re idea can actually come to fruition. But the course is not only suited to those people thinking about starting a business; it’s also a terrific course if you want to elevate your skills in your current work too.
Our course has been designed by Maggie Richardson from the Australian Small Business Centre. Maggie has helped over 1,000 people build business plans that have turned their ideas into profitable realities.
Remember: Businesses are proven to be more successful when they operate to a business plan.
If this is your year to start a business, come and join us online with the Small Business Management Course or visit the Australian Small Business Centre and get started by subscribing to their blog posts.
Keep up-to-date with what is going on with Xero training courses, including integrations and the accounting industry for jobs, contractors and bookkeeping business owners:
This advanced Xero Cashflow Training Course is the final of the 7 Xero courses included in the Xero Complete Course package. Great skills to measure your cashflow, reporting and decision making: