Are EzyLearn students just like YOU?

‘Social proof’ is testimonials, reviews and feedback of others, that vouches for the product or service we’re thinking of buying. Social proof backs up the fact that what we’re considering buying is what it says it is.

Come see some social proof about EzyLearn by meeting some students from the past few weeks
— you just might have a lot in common with them.

Continue reading Are EzyLearn students just like YOU?

The smart cover letter to get your next accounting job

So you’ve switched on the job alerts with SEEK and accounting jobs, part-time or contract accounting jobs are coming into your Inbox! Jobs galore! Everyone needs accounts people, right?

IF YOU’RE RECEIVING the job alerts everyday — indeed, you may even have applied for some jobs already — but you’re still not getting called up for interview, then the following questions of doubt may be brewing:

  • Why haven’t they picked me?
  • Have I been filtered out for some reason?
  • Was my cover letter not good enough?
Continue reading The smart cover letter to get your next accounting job

Introduction to Bookkeeping Basics: What’s a Journal Entry?

In our educational guide, Bookkeeping Beginner Basics, which you can download from the EzyLearn website for free, you’ll learn how to record journal entries in your accounting software, whether you’re using MYOB, Xero or QuickBooks. Most bookkeeping newbies don’t know what a journal entry is, though, which is what this blog post – the latest in our Bookkeeping Beginner Basics guide companion series – is going to help you to understand.

The journal vs. the general ledger

An accounting journal is the record that keeps accounting transactions in chronological order (i.e., as they occur), while the general ledger is a record that keeps accounting transactions by the account – see our previous post on the chart of accounts [Bookkeeping Beginner Basics: The Chart of Accounts] if you need help understanding what the term ‘account’ means in this context. Before computers, bookkeepers used to log all the financial transactions of a business in paper journals, and then at the end of the month transfer these journal entries into the general ledger, which was divided into various accounts that is now called the chart of accounts, and all the transactions were posted to these accounts using a method called double-entry bookkeeping.

Journal entries using accounting software

Today, however, accounting systems, such as MYOB, Xero, QuickBooks and the like, will automatically record most business transactions into the ledger immediately after the software prepares sales invoices, issues cheques to creditors, or processes receipts from customers, and as such you don’t have to create journal entries for most of your business’s transactions.

That being said, some journal entries still need to be processed, in order to record transfers between bank accounts and to record adjusting entries. You would need to make a journal entry, for example, at the end of each month to record depreciation or to record interest accrued on a bank loan.

Double-entry bookkeeping

If journal entries and general ledgers and the double entry bookkeeping method sound a bit too much, and you think you’d rather stick to the cash-based accounting method instead, prepare yourself for bad news: all businesses, whether they use the cash-based accounting method or the accrual accounting method, use double-entry bookkeeping to keep their books, and all accounting software applications, by default, are set up to adhere to the double-entry method, too. The double-entry bookkeeping method reduces errors and also ensures that your books balance, so as complicated as it may seem, it’s much easier in the long run.

If you still feel a little out of your depth, however, you can hire a reliable bookkeeper to manage your bookkeeping system and deal with all the journal entries and double-entry business for you, instead. Visit the National Bookkeeping website for to find a highly qualified bookkeeper whose experience and skills suit your business needs.

This blog post is part of our Bookkeeping Basics series, which are being published to complement our new educational guide, also titled Bookkeeping Beginner Basics, which you can download for free from the EzyLearn website.

We’re using your resume bio to sell you as an accounting tutor

I’ve written recently about our Accounting Tutor initiative and the response has been fantastic. EzyLearn Accounting Course students are AMAZING!

Our team has gone through dozens of resumes and been very impressed at the knowledge and experience of most of the applicants, but you’ll need to decide which one you like best.

Continue reading We’re using your resume bio to sell you as an accounting tutor

Introduction to Bookkeeping Beginner Basics: The Chart of Accounts

We created a free educational guide, called Introduction to Bookkeeping Beginner Basics, which is available to download from the EzyLearn website, and to complement that guide, we’ve been publishing a series of blog posts, also titled Bookkeeping Basics. We’re now three posts in, and we’re going to be look at the chart of accounts, which is the foundational element of every business’s accounting system. The Bookkeeping Basics guide will take you through how to set up a chart of accounts in your accounting software, whether you’re using Xero, MYOB or QuickBooks, while this blog post is going to explain why it’s important.

What is a chart of accounts?

The chart of accounts (COA) is an organisational tool that lists every account in a business’s account system. In the context of bookkeeping, ‘account’ is used to refer to a unique record for each type of asset, liability, equity, revenue and expense. So a chart of accounts, then, is just a system that organises your finances so that your reports make more sense and you can easily see the financial health of your business.

A well-designed COA helps the business to comply with financial reporting standards, and should be flexible enough so that a business can tailor its chart of accounts to best suit its needs. Within the categories of operating revenues and operating expenses, for instance, the accounts might be further organised by business function or by company divisions. As such, a COA can be as large and as complex as the business itself.

Understanding your ‘accounts’

When you set up your chart of accounts, it will be organised the same way every other company does – your banks accounts come first, then all assets, liabilities, equity, income, and expenses in that order. Here’s what each of those accounts mean:

Assets:

Your accounts receivables are considered an asset, as is your income, but the two are completely different things. Accounts receivables are business claims against the property of a customer that’s occurred following the sale of goods and/or services, and income is what you have collected from the sale of those goods or services.

In other words, if you invoice a customer and give them time to pay, then that’s ‘accounts receivable’. When you collect the money and deposit it into your account, it’s ‘income’.

Learn about Accounts Receivables tasks in the Daily Data Entry Transactions courses for MYOB, Xero or QuickBooks Online.

Liabilities:

Liabilities are notes owed by the business. If you lease anything or you’re buying anything on credit – this includes suppliers who extend a line of credit to you – then it’s considered a liability.

Equity:

An equity account would be any equipment the company has paid for, or would receive money for if it is sold. Cars, machinery, and certain office equipment are all considered equity. If you had a loan on a business vehicle, the payments you make would be considered a liability, but the vehicle itself would be equity. Each time you make a payment, the liability goes down, while the amount of the equity account would increase. To keep your balance sheet accurate, you need to track both.

Expenses:

Finally, expenses are just that: the money paid by the business for the operation and production of goods and services that are paid for immediately. This includes things like stationery or fuel for a business vehicle, which are paid for at the point of sale, is an expense, where a telephone bill that allows you 14 days to pay, on the other hand, is a liability.

Why a chart of accounts is important

Whether you’re using an old fashioned pencil and paper, an excel spreadsheet, or more sophisticated accounting software, such as MYOB or Xero, it’s important to know where your money is coming from and where it’s going to. A chart of accounts is the organisational tool that allows you to do that. And it’s important to keep it up-to-date, so that, if for any reason, you want a picture of how your business is performing financially, your reports will be accurate.

This blog post is part of our Bookkeeping Basics series, which are being published to complement our new educational guide, also titled Bookkeeping Basics, which you can download for free from the EzyLearn website.

Bookkeepers Need to Know All Cloud-Accounting Systems

GONE ARE THE DAYS when a bookkeeper only needed to know their way around MYOB. Since the internet democratised the accounting software market, abundant MYOB rivals have appeared.

But while there are close to a dozen cloud accounting systems on the market, most bookkeepers — thankfully — will only need to know their way around three: Xero, MYOB and QuickBooks. If you’re looking for a course or training resource on these programs we have a combo offer.

Continue reading Bookkeepers Need to Know All Cloud-Accounting Systems

Xero Training Course May 2018 UPDATE

Cloud Accounting Software is CONSTANTLY Updated – SO IS OUR XERO COURSE

Xero Product Releases, LIFELONG Learning, LIFETIME Course access, Updates, best Xero Training CourseWhen I made the decision to convert EzyLearn from a Bricks and Mortar training centre to an online only provider of training courses I realised that we were going to have to get good at:

  • online digital marketing,
  • online pre-sales and student support, and
  • course content creation.

EzyLearn has been in business helping job seekers, business owners, managers and clients of rehabilitation providers learn how to use software for over 20 years. Read our story here..

I’m lucky today to have a professional team who’s sole focus is on getting better at all of these tasks – every week! I guess this post is as much a thank you to all of them for their help as it is an announcement that ALL of our XERO courses have recently been updated!

Beginners Xero Payroll Administration Training Course to Advanced Xero Payroll online course dashboardBeginners and Advanced Xero Training Course updates

Almost every course has been touched in our latest updates but here is a summary:

One reason that students choose EzyLearn for their online training courses is because they receive access to new added content and course updates.

Available to New, Current Students and LIFELONG Students

The usual time to finish the COMPLETE set of Beginners to Advanced Xero Courses is 3 weeks but one of the reasons we offer 12 months course access (and the LIFETIME Xero Course Access) is so that students can go back and review the contents when they need it in their business or job.

EzyLearn Discount Voucher Coupons online training for Office, Excel, Xero, MYOB, Marketing courses 2Get all the Xero Course details at our FAQ’s.

Current Discounts for Xero Training Courses

If you’re interested in enrolling into a Xero course take a look at the current special offers and subscribe to our Discount Voucher program to receive the discount codes.

Profitable Businesses Suffer Poor Cashflow

Xero Course cashflow-forecast-charts-reporting-budgetsI’VE TALKED ABOUT CASHFLOW on this blog before, particularly as it relates to good credit management processes.

This time, however, we’re going to look at how profit differs from cashflow, even though the two are intimately related.

There is the perception that a profitable business can’t suffer from poor cashflow, but this is incorrect. There are plenty of profitable businesses that don’t have enough money in the bank at a given time to pay their outgoings because cashflow is lumpy.

We’re in business to make a profit, and yet the term ‘profit’ is really just an accounting concept. Profit is revenue minus expenses, but it doesn’t reflect our investment in capital assets, such as equipment or vehicles, nor does it take into account the liabilities we have funding our business (loans and hire purchases).

Cashflow is the true indicator of success

Cashflow, unlike profit, is about timing. Specifically, it’s about having money before you have to pay out money, something not identified by profit. Managing cash flow is one of the most stressful things about running a business, because many variables affect it.

Sure, not earning enough money or not having processes in place to make sure that money flows into your business in a timely fashion are part of it, but there are other factors too, such as:

  • Incorrectly priced products or services
  • High overheads
  • Holding too much stock
  • Large bills (tax bills)
  • Seasonal cycles
  • Large projects
  • Growing pains (putting on more staff, increasing stock levels)
  • Unrealistic forecasts.

P&L reports help determine causes of poor cashflow

Quite a few of the things that adversely affect a business’s cashflow can be determined by running regular Running Multi-Period Profit and Loss Statements], while others can be managed (or avoided) by implementing better processes or procedures for doing business.

Product based business which keep inventory can have their cashflow affected by:

  • incorrectly priced products and services
  • holding too much stock
  • seasonal sales cycles

and this evidence will show up when you run your P&L reports, as well as your inventory sales and stock-on-hand reports. If, for example, you identify that May, June and July is your busiest quarter, while November, December and January is your quietest, and where you struggle to meet your outgoings, you should implement strategies to better plan for that leaner period.

A seasonal period of downturn is common among most businesses. It’s how you manage and plan for that downturn that separates successful businesses from ones that aren’t. For example, it’s unwise for a sole trader to take a holiday March, a seasonally busy period for his business, when he could wait until June when it’s much quieter.  

Your bookkeeper will play a key role in how you plan and manage your cashflow. Ask them to run reports that will help you to identify any inefficiencies in your business that’s causing poor cashflow, and implement strategies to better manage it.

Bookkeeper, BAS Agent or Finance Manager

start a bookkeeping business & find a good bookkeeperIf you’re looking for a reliable bookkeeper to manage your daily or weekly bookkeeping and accounts, either remotely or in-person, Tracey from Rockingham is a highly qualified bookkeeper, who also has the practical experience of having operated her own business in the past. Tracey has a lot of experience in the day-to-day accounting functions of a small business and you can contact her directly as a fully licensed member from her profile page.

Our National Bookkeeping website has recently gone through a significant upgrade so watch out for more stories about featured bookkeepers in forthcoming blogs! Join and we can feature YOU in our articles too. Subscribe and stay tuned to learn about some new members who have moved from the corporate world to focus as Finance Managers for small to medium businesses. 

Learn How to use Xero EzyLearn Online CoursesXero for LIVE data and Accurate Reports

Xero enables business owners and their bookkeepers and financial managers to see what is going on RIGHT NOW and because it’s popularity is growing we’ve created a NEW Xero course which goes through a great example of the business decisions that a business owner makes about buying an investment property, figuring out which products/services provide a better Return On Investment (ROI) and more.

Check it out at Xero Cashflow Course and remember that existing EzyLearn students can get access to this course by just sending an email request to student support.


 

Is Xero Really All It’s Cracked Up To Be?

How does Xero stack up in the cloud accounting game?

xero learn online xero course training videos cheap
Xero CEO, Rod Drury

WHEN XERO FIRST ENTERED the accounting space, it gave MYOB a real run for its money — something Xero continues to do to this very day.

When Xero first entered the market, it was with a bang. You see, even though  Xero and MYOB share many of the same features, Xero was cheaper and easier to use than MYOB, but perhaps even more so, it was also cloud-based. Being cloud-based meant you didn’t have to buy and install pricey software that would be out-of-date within 12 months. A huge advantage.

Since then, however, a number of cloud-based accounting applications have entered the market — QuickBooks Online (now distributed by their US-based parent company Intuit), Reckon One, Saasu, Zoho, and so on.

As business owners have more choice than ever before, it’s got a lot of people wondering about whether the two market leaders (Xero and MYOB) are really all they’re cracked up to be, Xero in particular.

Missing a dropdown menu

Even though Xero was hailed as a breath of fresh air when it first entered the market, it is still a little more complicated to use when compared with other cloud accounting apps, like QuickBooks and Reckon One. For instance, the purchase orders feature is still hidden behind bills, when it could easily be access via a dropdown menu. But it’s not a major quibble.

Xero’s contact profile misses a beat

Although Xero allows you to assign customer numbers for your suppliers or customers in the contact profile, it doesn’t have the functionality to record customer numbers assigned by supplier or customer.

If you’re trying to get in touch with Telstra, for example, with whom you’ll have been assigned a customer or account number, you’ll have to dig around for the paper bill to find that customer or account number.

It’s easy to file bills, though

This feature is available in QuickBooks, and it’s also available in MYOB, but as is often the case with MYOB, it requires more steps to do what you can in Xero in just a few clicks. Rather than keep paper bills on hand, Xero allows you to attach them to you transactions, so you never have to go hunting around for a bill again (very useful given the contact profile issue mentioned above).

In MYOB, you must upload your bills to your in-tray, and then link them to your transactions. This is annoying, because it requires you to leave the transaction window and open the in-tray one.

***

Remember that when you select a cloud accounting package for your business, do not choose solely based on price. Make a list of the needs of your business and the functions you’ll require, and then select the accounting package that suits your needs the most. Ask your bookkeeper and other business friends for their recommendations as well.


Announcement: Microsoft Excel 2016 Beginners’ to Advanced courses now available!

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At EzyLearn we include all versions of a software program in our training courses. That means when you enrol into Excel you get 2016 — AND — the older Excel courses which include version 2013, 2010, 2007 and even 2003 (if you really need it).
When you enrol in Lifetime Course Access you get access to ALL versions and ALL FUTURE VERSIONS as we continually update them — at no extra cost!

Ratings, Reviews, Testimonials, Recommendations

Why you can’t beat old-fashioned word of mouth

social media ratings reviews online word of mouth referrals
Online ratings and reviews have a role to play in buying decisions, but sometimes you just can’t go past traditional word of mouth to find good workers.

ONLINE RATINGS AND REVIEWS ARE a great way to determine whether a business is trustworthy or whether they products and services they provide will suit your needs. TripAdvisor and Yelp have transformed the hospitality and accommodation industry, for example. And Airbnb is doing similar with short-term rentals.

But as we’ve previously discussed, online ratings and reviews can be easily faked and sometimes biased or devoid of useful information

Looking for a local? Ask around!

While recently working on a home renovation in Newcastle, I came across a carpenter who had seven employees working for him. Jimmy the Chippy in Belmont has been in business nine years, has no website or online presence — but his business is booming.

How does he do it?

The old fashioned way! He does exceptional work for his customers and clients, who hire him again and again and refer him to friends, relatives, colleagues and so on. He also made a point of networking with local builders and plumbers in the area, who contact him when they have work to do, and refer him to other builders and plumbers as well.

Use word of mouth

If you’re looking locally, and the online ratings and reviews of the businesses you’re trying to decide between aren’t helping, asking a friend, relative or work colleague if they know any of the businesses.

If no one in your social network knows the business, you can also google an online forum like Whirlpool, where members frequently provide fair and balanced opinions of businesses they’ve dealt with — and if they don’t, they’re usually called out for it.

Testimonials are helpful, too

Real estate agents, accountants and many other businesses — EzyLearn included — use testimonials rather than ratings or reviews (except on Facebook), so you shouldn’t discount these just because they’ve been vetted before going online.

And don’t be put off if a business has received the odd bad review. Look at why they’ve received the review and what the business has done or said to address the bad review. Some businesses with a less than perfect record may be more trustworthy than those with reviews and ratings moderated by the businesses themselves.

At EzyLearn we provide testimonials from our students, which include their full name and location, and why they chose EzyLearn to study in the first place. We ask each student whether it is ok to publish these beforehand. We also offer a money-back guarantee and free samples of our course content, so students know they can trust they’re making the right choice.

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At EzyLearn, we’re committed to helping students of our online training courses, be it in in Xero, MYOB, Excelsocial media or other courses, gain employment as bookkeepers, generally better their businesses, or even start their own bookkeeping business. To this end, we provide you with a Lifetime Access option to our cloud accounting training courses.


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. 


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.

***

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!


learn to use excel online training course videos cheap best

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!


 

Can You Trust Online Ratings and Reviews?

How to tell a review is authentic

online reviews are they real
If using online reviews to help you work out what to buy, you want to make sure you’re really hearing it from the horse’s mouth, and not just reading fake marketing guff.

IF YOU’RE ANYTHING LIKE most people, rating and reviews are how you probably make many of your purchase decisions. This can be for purchasing white goods, clothing, a holiday, or even choosing a real estate agent.

The OpenAgent example

Take OpenAgent. A core function of OpenAgent, the real estate agent comparison site and lead generator, is its customer reviews, which serve two purposes:

  • The first is to help consumers to make an informed decision when selecting a real estate agent
  • And the second is to recommend top rated real estate agents to new OpenAgent customers.

True and and real ratings and reviews for businesses, whether they’re real estate agents on the OpenAgent site or reviews for OpenAgent itself on third party review sites, are important, because they’re the basis for which many consumers make their decisions.

Check reviewers are real people

So how do you know which ratings and reviews you see online are true, and which ones aren’t? It’s something companies like Google and Amazon and TripAdvisor have had to grapple with, because there are ways that companies can game them.

Lots of review sites don’t allow anonymous reviews or reviews that are left by people who don’t verify their identity by signing in with their Gmail or Facebook account. The theory goes that people are less likely to leave false reviews if they’re using their own name, and can be easily identified.

You can test this further by checking how many reviews, and the kinds of reviews, certain individuals leave on sites such as Yelp and TripAdvisor.

If the same person shows up multiple times leaving only positive or only negative reviews for lots of different businesses, there’s a good chance this person isn’t real or they’re being paid to leave these reviews.

Likewise, a good test is to see how long the account has been active for. If it’s only recently been set up to give glowing (or negative) reviews to a new business, it’s likely there’s an ulterior motive at play.

Negative feedback is responded to

Not every business will be able to satisfy every customer or do everything right 100 percent of the time. But the businesses that make an effort to respond to negative reviews and criticisms, prove they’re committed to delivering the best possible service to all their customers, and also help show some reviewers for what they really are: baseless complaints or fakes.   

Also keep your eyes peeled for the language used in reviews on businesses websites. If all the reviews say mostly the same thing, mostly the same way, they’re more than likely not legitimate.

Reviews with full names and locations

We believe there’s many reasons you can trust the reviews provided at EzyLearn. All of our student testimonials include their full name and location, and why they chose EzyLearn to study in the first place. We also offer a money-back guarantee and free samples of our course content, so students can trust they’re making the right choice. 

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Looking to brush up your skills in cloud accounting software? Looking to progress to intermediate or advanced levels in MYOB, Microsoft Excel, Xero or another accounting package? Need help with social media? Take a look at our wide range of online course options


Social Media and Digital Marketing online training course_comp

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.


 

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!


learn online training Xero courses videos for less

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 Reporting in Xero

Show me the money!

learn cashflow reporting in xero online training course videos
Creating a cash flow report in Xero will tell you more about the financial state of your business than profit and loss statements.

IN OUR BRAND NEW Cash Flow, Budgets and ROI Xero Training Course, you’ll learn how to generate a cash flow report for your business.

Cash flow reports show the money going in and out of the business, so they’re better indicators of a business’s overall financial health than a Profit and Loss statement (P&L).

A cash flow report enables you to make forecasts and budgets for your business based on previous trends — recurring expenses, average time to get paid, seasonal quiet periods, and so forth.

The 3 cash flow categories

Cash flow reports are typically broken up into three categories:

  1. Operating activities: cash flowing in and out of the business from revenue-generating activities
  2. Investing activities: cash flowing in and out of the business from the acquisition and sale of long-term assets
  3. Financing activities: cash flowing in and out of the business from borrowings and changes in equity.

Items in a cash flow report

In our Cash Flow, Budgets and ROI Xero Training Course, you’ll learn how to generate a cash flow report in Xero. That report will show every transaction that’s run in and out of your business, divided among one of the three categories.

In the operating activities category, you’ll typically find things like costs associated with any training courses or seminars, advertising and marketing expenses, income or commissions from your business, subscriptions to any magazines or periodicals, etc.

Under the investing activities category, you’ll find the cost of purchasing office or warehouse space and the capitalised borrowing cost, for example.

The financing activities category will show the loan you’ve taken out to purchase your business’s office or warehouse space.

You’ll learn how to generate and work with cash flow reports in our new Cash Flow Reporting, Budgets and ROI Training Course. ENROL now or read more about the benefits of cash flow reporting to your business. Are you a sole trader or contractor needing to record your ongoing expenses? We cover that too!


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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. Or learn more about our entire suite of online software training packages and social media training packages.


Importing Bank Statements into Xero

Making bookkeeping easier, faster and more accurate

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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.


 

3 Things You MUST Do in Excel!

Business owners and job seekers take note!

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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