Posted on 4 Comments

Smart TV Guy Has Feet Planted Firmly In Cloud Accounting

Smart TV Installation & Cloud Accounting Guy

As smart devices and cloud-based apps have become more popular, I’ve started to see more and more tradies using their iPhones and iPads to handle their paperwork, a task traditionally left to the wee hours of the evening – or to their wives and partners!

Now, with cloud-based accounting software like Xero and a number of other great mobile apps, tradies can quote, invoice, and even take payments for work right from their smart phones and tablet devices.

Streamlined business processes with cloud accounting

I met Ken Burrows from Love My Home Theatre, a home theatre installation, TV installation and plasma wall mounting business based in Sydney recently, when he was installing a new home theatre system for some friends, and I was taken with how streamlined his entire business processes were.

Everything – from the quote through to payment – is performed entirely online, using a couple of different apps, including Xero which is used to maintain the business’s accounts. In the video you can Watch Ken talk about how he uses cloud-based apps in his business to streamline his business processes, and make him more efficient and I think it helps 1 business owner do the work of more than 1 person – perhaps he can use more people in marketing..

EzyLearn offers a number of cloud accounting training courses, including our flagship MYOB training course, as well as training courses in Xero and Reach Accounting.

Share your cloud accounting story

start a bookkeeping business
Business Opportunities for Ordinary People

We’ll soon be running meetups for our startup academy in these locations.

  • Brookvale
  • Hornsby
  • Epping
  • Chatswood
  • Parramatta
  • Blacktown
  • Penrith
  • Bankstown
  • Liverpool
  • Campbelltown
  • Sutherland
  • Hurstville
  • Randwick

If you want to come along and share your story or learn more about the StartUp Opportunities for ordinary people, make sure you subscribe to this blog to keep up-to-date.

Posted on

Setting Up Automatic Bank Feeds In Xero

Many accountants and businesses are now using Xero instead of MYOB so it's important for bookkeepers to be trained in this.
Many accountants and businesses are now using Xero instead of MYOB so it’s important for bookkeepers to be trained in this.

In our last post we talked about the developments that have occurred over the last few years in the accounting software space; one of which was the introduction of Xero to the marketplace. Since then, a huge number of accountants and businesses have switched to Xero.

Xero has quickly gained momentum in the accounting software space, and while it’s important for bookkeepers to be skilled in MYOB, it’s becoming increasingly important that they’re also skilled in Xero as well.

Upskilling to Xero

We developed a Xero training course for bookkeepers who’d like to add another skill to their CV, or for business owners looking for an alternative to MYOB. Like MYOB, you can add bank feeds to your Xero package, something that  is very popular because it saves you time and money.

Here, Xero Certified Advisor, Jacci Quinlivan, talks us through setting up the bank feeds function in Xero:

“Automatic Bank Feeds are becoming increasingly common and if you are using Xero, it has never been so easy to automate them and make your data processing even easier.

When you are initially setting up your bank account details in Xero, the program will automatically tell you if your bank has the availability to get live data feeds (most banks are Xero partners these days). This involves pre-populating a form with your bank account information and sending it off to Xero’s bank feeds department (a scanned, emailed copy does usually suffice).  The turnaround time from when you email or post the form usually takes between 7-10 working days.

You will receive an email from Xero once this has been completed and your data feeds will automatically sync with your bank. There is now no more uploading manual bank statements and the like from the new processed date. If your accounts aren’t quite in sync there may be a variety of things to check from the accuracy of your opening balances, or maybe you had missed a few transactions when you were manually importing them.

If you need to go back with your data feeds you may need to do this manually as a once off until you reach your current live bank feed date. This will involve you obtaining your banking history in a CSV format (OFX and QIF is fine), ensuring the columns are in the correct format and uploading to your Xero AIS. This may seem daunting, especially if you have hundreds or even thousands of transactions to reconcile, but by using the “cash coding” tab within your program, this can be done much quicker than imagined.”

***

We cover setting up bank feeds along with many other aspects to get you working proficiently in Xero in our online Xero Training Course.

Posted on 3 Comments

Will Xero Dethrone MYOB as the King of Accounting Software?

Xero may not have toppled MYOB's crown, but they've certainly forced them to find new ways to remain relevant.
Xero may not have toppled MYOB’s crown, but they’ve certainly forced them to find new ways to remain relevant.

We’ve been offering MYOB training courses for a very long time and that’s largely because they have long been the market leader in accounting software. But in the last few years there’s been a definite shift in the accounting software space, and with cloud-based technology, a number of other players have entered the marketplace.

Xero — Forcing MYOB to be More Competitive

One of those new players happens to be Xero, which has quickly gained momentum as the preferred accounting software among accountants and small business owners. Because of its increasing popularity, we decided to branch out from MYOB training courses by developing a Xero training course as well.

Although it’s unlikely Xero will topple MYOB from their position as the best known and most widely used accounting software, Xero’s presence has forced MYOB to get up off their laurels and find new ways to remain competitive in the marketplace.

For some bookkeepers the increasing fragmentation of the accounting software space is a drag and one that forces them to learn how to use a number of different account software packages as their clients move away from MYOB.

The upside is that all this competition in the marketplace has led to some very useful developments as MYOB, Xero and others battle it out in a bid to stay relevant to their customers. The first big development was MYOB’s decision to follow Xero into the cloud, by launching MYOB Account Right Live.

This was soon followed by the introduction of automatic bank feeds (which we’ll cover at length in a future post), and then MYOB Essentials, the low-cost option for small businesses.

The developments in the accounting software space are likely to keep coming — all to the benefit of you as a bookkeeper and as a consumer.

***

So while Xero may not take the crown from MYOB, they are an increasingly popular accounting software choice for many accountants and businesses. If you’re a bookkeeper and you’d like to stay relevant in the marketplace, Xero is a must-have skill.

For more information on our Xero training course, visit our website or contact our team.