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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


 

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New Financial Year, New Financial Habits

Help us help you get your business financials set up right

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Taking time to set up your accounts correctly at the outset and recording your reconciliations regularly will save you time, money and a nasty, aching headache!

SO WE’RE INTO THE new Australian financial year. With the start of each financial year comes the chance to right last year’s financial habits and avoid repeating them again. You know what they say about people who repeat the same actions over and over again expecting different results …

If you had a crazy end of financial year, try starting off the next 12 months (well, 11 now, can you believe it!) on a positive footing, with these good financial habits.

Check your accounting software is set up correctly

Something that causes businesses and their owners countless headaches at tax time is accounting software that’s been setup incorrectly or not set up completely. Transactions that are coded wrong or bank feeds that are connected to the wrong account — or too few accounts — can leave you in the middle of a bookkeeping nightmare come June 30.

Spend some time sorting this out, or employ a bookkeeper to get you set up correctly. It’s worth that little bit of extra time now to get it right, truly!

Aim for daily reconciliations

Reconciling your business accounts regularly is important for a number of reasons, fostering good habits being chief among them. You may not need to reconcile your accounts each day, but it’s certainly a lot easier to find 10 or 15 minutes two or three times a week, rather than two or three hours once a month. The most often you do your bookkeeper the more unlikely it is that you’ll leave it pile up, eventually requiring costly rescue bookkeeping. You’ll also have a much better picture of your business’s performance with current accounting data.

Monitor cash flow

Positive cash flow is the marker of a healthy business. Negative cash flow is not. There are plenty of seemingly profitable businesses suffering negative cash flow that threatens to put them out of business. Don’t let yours be one of them. Create your own cash flow forecast reports in Excel or use a cash flow forecasting or expense app to determine if you’ll have enough money in the bank to meet your ongoing commitments (which includes paying yourself a living wage to meet your personal commitments).

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Our cloud accounting training courses will show you how to set up your accounting software correctly. Learn how to use Xero, Quickbooks or MYOB with our online training courses and be able to invoice customers on time, reconcile your account and run financial reports, including cash flow statements. Visit our website for more information.


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Xero 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. 


 

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Is the ATO Getting into the Cloud Accounting Game?

The ATO is helping you keep track of deductions and expenses

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The ATO’s recently launched app isn’t helping you invoice just yet, but it is good for keeping track of your business deductions.

ALL BUSINESSES CAN TAP into useful cash flow forecasting apps, whether they use Xero, Quickbooks or MYOB. There are also a host of basic expense and budgeting apps that sole traders and contractors can use for similar purposes.

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

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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.

Our post on cash flow reporting and forecasting for contractors and sole traders went through the app’s functions, including what we thought were some standout features:

  • Recording expenses and deductions
  • Tracking mileage
  • Inputting income
  • Tax calculators
  • Business performance calculator
  • Lodging income tax returns.

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.


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Need to brush up on Excel? You receive access to ALL OF OUR COURSES, including ALL SKILLS 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! And all of our Excel courses can be counted towards CPD points.


 

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Cash Flow Forecasting for Sole Traders and Contractors

Great expense apps if you’re self employed

expense apps for self employed people
Are you busy and self-employed but can’t afford the higher price tag of some expense tracking apps? Don’t worry, there are cheaper options available.

AS WE’VE WRITTEN PREVIOUSLY, cash flow is one of the most accurate instruments for predicting your business’s financial health. It’s more accurate than profit and loss statements, which don’t take into account any cash outlays, and so don’t show a true picture of your business’s finances.

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

TrackMySpend expense apps for Xero online training courseThis 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

ato_mobile_app for Xero online training course videosIf 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.


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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.


 

 

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Why are there More Expense Tracking Apps for Xero than MYOB?

Less complicated accounting software, like Xero, connects better with mobile apps

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The robust nature of MYOB can make it harder to link with mobile apps that track your expenses and cash flow and the like.

WE RECENTLY PUBLISHED A blog examining the different expense tracking apps you can connect with Xero, MYOB and QuickBooks, but during our research it became clear that most expense apps integrate with Xero or QuickBooks, but not MYOB.

That’s not to say there are no expense apps that integrate with MYOB. There are. Receipt Bank is one, Squirrel Street is another, and there are probably a lot more on the MYOB marketplace (or add-ons page). Probably the best expense tracking application we found is ExpenseManager, and it only integrates with MYOB. Continue reading Why are there More Expense Tracking Apps for Xero than MYOB?

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Cash Flow Forecasting and Reporting Apps for Xero

Do you know how happy your business is?

running cashflow reports in xero and exporting to excel
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.

With cloud accounting software you can work remotely from home or anywhere and have up-to-date information. Continue reading Cash Flow Forecasting and Reporting Apps for Xero

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Top 3 Expense Applications for Xero, QuickBooks and MYOB

Get your financial software working harder

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There are a number of apps which link with Xero, MYOB and Quickbooks to help you closely and seamlessly track ALL your business expenses.

WE PREVIOUSLY WROTE ABOUT using Expensify and Xero to do the grunt work of your account reconciliations. We’ve also touched on how Expensify works for retail shops, online shops and hospitality businesses.

This time we’re looking at other expense applications that not only integrate with Xero, but other platforms like MYOB and QuickBooks, too. (For the record, every transaction Expensify does with Xero, it also does with QuickBooks; and also for the record, we not only provide online training in Xero [all levels for one low cost] but MYOB and Quickbooks too.)

Xpenditure (QuickBooks, Xero, Fresh Books)

It’s a little more expensive than Expensify, but you also get a little more bang for your buck. From around $4 a month, you can scan 200 receipts per month, plus all of Xpenditure’s core features, such as expense rules, real time reporting, accounting integration, and mileage tracking. Speaking of which, Xpenditure tracks your mileage using Google Maps, which as discussed previously, isn’t the the most accurate way to do it.

However, it does calculate the estimated cost of each trip using the current “mileage rate” — or kilometre rate for Australians — set by the Tax Office. It’s mobile app, however, only has an average 1 star rating in the Australian Apple App Store, while it’s currently rates at 3.5 stars in the Google Play store, so it appears it’s best served on an Android platform.

Abacus (Xero, QuickBooks)

At $9 a month for up to 50 users, it’s on the pricier side for small businesses. And although Abacus lets you give your accountant or tax agent free access to your Expensify account, it doesn’t really make up for the higher price tag (we happen to think the point of an expense app is that you only need to give your accountant or tax agent access to your accounting software).

Yes, it includes all the standard features, such as receipt scanning, real time reporting, multi-level approval workflows, and automatic approvals — plus, an EzyLearn favourite: automatic direct deposits for reimbursing employees once an expense is approved — but features like mileage tracking are absent. It’s rated 4 stars on the Google Play app store, but unrated in the Apple App Store.

Squirrel Street (Xero, QuickBooks, MYOB)

Formerly known as Shoeboxed (they explain name change on their website), Squirrel Street is a rather expensive way to track your expenses and store your receipts. Plans start at $26.95 a month for 50 receipt uploads and 2-5 day turnaround, which explains the steep price: This is a software application that relies on manual labour, rather than machine learning, to import expense data. As a consequence, there’s no other features of note — no real time reporting, no expense reports, no automatic approvals.

There is also a “forever free” five document per month DIY plan available. Of course, they are an Australian owned and operated business, but it’s still not the best service for your dollar. It’s rated 4 stars on the Apple App Store and 4.5 stars on Google Play.

By keeping an eagle eye on your expenses using an expense app that integrates with your cloud accounting software, you’ll be able to see precisely where your business is most profitable and where it’s not so you can modify it accordingly.

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Our online courses in Xero, MYOB and Quickbooks will show you how to track expenses and connect third party apps to your account. Read more about cloud accounting.


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Creating and managing databases is included as part of our Advanced Microsoft Excel training courses — and you receive access to ALL OF OUR COURSES, including ALL SKILLS 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!


 

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Expensify, Xero and Your Retail Shop

Record retail inventory quickly

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Keeping track of expenses just got a whole lot easier.

IN A PREVIOUS POST we discussed how Expensify, an app which you can link to your Xero accounting software, can help businesses like yours’ keep track of expenses easily, accurately, and securely.

And while it’s a great expense app for professional services businesses or tradespeople, Expensify is also great for retail and online shops or hospitality businesses.

Input data and send to Xero

Shops and hospitality businesses require inventory or stock — and lots of it. But it results in an accounting and bookkeeping nightmare at the end of the month when it needs to be entered into Xero and then recorded against sales. Of course, we suggest business’ try to reconcile their transactions more regularly than just at the end of every month.

Take a photo of bills and invoices from suppliers and upload them to Expensify, which will input all of the data and then send it through to Xero.

Create expense reports

Online and offline retailers don’t have to worry about this too much unless they also produce their own products, but for cafes and restaurants that host functions or cater for events, separating the expenses directly related to those functions and events is an important way to track their profitability.

Automatic approvals cut bookkeeping time

By turning on the automatic approvals feature and setting expense rules, you can cut your bookkeeping time by having recurring or trivial expenses automatically approved and sent to Xero, so you can spend more time on the complicated ones that require closer inspection.

By keeping an eagle eye on your expenses using Xero and Expensify you’ll be able to see precisely where your business is most profitable and where it’s not so you can modify it accordingly.

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Our Xero training courses will show you have to track expenses in Xero and how to connect third party apps to your Xero account. We offer ALL SKILLS LEVELS for ONE LOW PRICE. Find out more.


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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.


 

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Financial Reporting with Expensify and Xero

How Expensify can link with Xero

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Are you deducting everything you could be? Perhaps you need an app to help you.

WE’VE TALKED IN THE past about what a life saver daily reconciliations can be, and why some businesses could benefit from reconciling their account daily, twice weekly, or at least, on a more regular basis than once a month.

The expenses your business incurs form deductions that reduce your taxable income, so making sure you’re recording them accurately — and then storing them securely too — is an important part of your business remaining compliant.

An online software program like Xero will enable you to enter your expenses and transactions; and you can also use an app to automate the process for you, like Expensify. Bank Feeds also make this task easier and enable you to work remotely from home. Continue reading Financial Reporting with Expensify and Xero

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EXCEL: Other Data Sources You Can Use to Create a Pivot Table

The latest versions of Excel are jam-packed with new features!

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How are your Excel skills? Brushing up or learning how to use Microsoft Excel as a business tool could see you brimming from ear to ear too.

WE’RE ALWAYS UPDATING OUR Excel training courses, and as we do so, we’re reminded of just how useful Excel continues to be for small business owners — particularly the latest versions of Excel which include a boatload of new features that make it easy to create and manage relational databases, which you can also use as the data source for a pivot table.

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!


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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. 


 

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Are You Making these GST Mistakes in Your Bookkeeping?

Being Jack of All Trades can land you in hot water with BAS

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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 MYOBXero 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?

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Using Excel for Client Databases

Excel does great CRM

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Managing large amounts of client and business data is not only possible, but also something you can learn fast and with ease with the help of our comprehensive range of online Excel training courses – covering all skills levels.

MICROSOFT EXCEL IS THE most widely-used spreadsheet application in modern computing. It’s ubiquity means most people use Excel on a regular basis, despite never having had any formal training in its many, many, MANY functions.

While updating the content for our Excel training courses recently, we were reminded of just how powerful Excel remains, and in particular, how useful it is for small businesses.

With its 2013 release, Excel got a serious update, which made it the perfect application to create and manage client and customer databases. Although there are many CRMs available on a subscription that provide the same functions of a database created in Excel, just in a more visually appealing format, they often lack reporting and analysis functions, requiring you to export your data in a Excel sheet anyway.

Flat file databases

Excel’s original ‘flat file’ database still remains the easiest and most basic database to set up and manage, and depending on your business and how you’ll use your database, a flat file database may be all you’ll ever need. If set up correctly, a flat file database will allow you to easily import your customer data into Word, your accounting software, an email marketing service, and so forth.

Relational databases

A relational database is a database that’s structured to recognise relations among the information stored in them. Microsoft offers a relational database program, called Access, which is available with Microsoft Office Professional or higher, or can be purchased separately.

Alternatively, you can create your own relational database in Microsoft Excel, providing you have the 2013 version or newer. When Excel got its update in 2013, it became easier to link charts and cells and to perform searches — all essential features if you’re working with large amounts of business data.

Correct Excel set up is crucial

Once Excel has been set up, it’s as easy as it is powerful to use. Of course, the key is to set it up correctly, so you can avoid errors or having to re-enter large amounts of data to make the format suit another third party software application.

***

Creating and managing databases is included as part of our Advanced Microsoft Excel training courses — and you receive access to ALL OF OUR COURSES, including ALL SKILLS 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!


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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.


 

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What to Do When You Have More than One Income Stream

Why it’s important to track your income streams

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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

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A Close-Up Look at a Listed Company and How it’s Performing

We show you what financial data really reveals

how to read financial reports
There’s more to profit and loss than meets the eye: Sometimes a company’s losses outweigh its revenue, but it doesn’t mean that company is in a bad position.

AS A BUSINESS OWNER you’ll need to run regular financial reports (never more so than at the end of financial year) to ensure your business is in good shape. Understanding what each element of a financial report means is critical to your business’s financial health.

You’ll learn to run and interpret financial reports in our Xero, MYOB and Quickbooks training courses, but we’re just going to look at a couple of areas of most importance.

Close up: BuyMyPlace’s financial results

BuyMyPlace is an ASX-listed service that allows property owners to sell their properties without a real estate agent. Because it’s a publicly-listed company, they have to make all of their financials public too.

As such, we got hold of their most recent financial results for the first half of financial year 16/17.

It’s not the most detailed financial report, probably because the company itself is still in its early stages — there’s actually a good argument against early stage ventures listing on the stock exchange, but that’s fodder for another post.

Revenue vs. losses for the period

The good news for BuyMyPlace is that its revenue increased 129 percent on the prior comparative period (PCP) to $1 million for H1 FY16/17, up from $133,518 in H1 FY15/16.

That’s an impressive leap in revenues in just 12 months, however, the BuyMyPlace financial results also reveal that the business made an even greater loss of $1.7 million, an increase of 1205 percent on the PCP.

A closer look at the report shows that, while the losses increased more than a thousand percent, it was due to an increased investment in marketing and advertising — principally on TV spots which totalled $517,723 compared with $98,578 the year prior.

This resulted in an 80 percent increase in the number of listings on the site (that is, the number of people using BuyMyPlace to sell their home), while order value increased 27 percent (people who were choosing more expensive packages).

BuyMyPlace is in good health

Although this business recorded losses that outweighed its revenue, BuyMyPlace is still in good financial health.

The report also shows that it has over $4 million in cash and cash equivalents, and only a little over $600,000 in liabilities. Although the liabilities have increased, it’s not due to taking on any additional debt — indeed, BuyMyPlace has paid down all of its loans — but was instead due to a 786 percent increase in staff salaries and, as a consequence, an increase in staff provisions and benefits — i.e., sick and annual leave.

Strategy for future growth

Not many homeowners actually want to sell their properties themselves — one estimate puts it at around 7 percent of the total number of homeowners. However, most people do want greater clarity around how the process works (including fees and commissions) — even if they still want assistance selling their homes.

Perhaps realising this, or perhaps in response to increased competition in the fixed-fee real estate services (see: Purplebricks, Settl, etc), BuyMyPlace also launched its own full service package, giving homeowners access to a real estate agent to sell their home for a fixed fee.

This will enable BuyMyPlace to capture a greater volume of homeowners, who are looking for a low cost alternative to sell their homes, but who don’t want to do it entirely themselves.

The other strategy for growth: increasing listing depth revenues.

At some point, BuyMyPlace will stop growing its market share. Or, in other words, the market of people looking for a low-cost option to sell their home will be tapped out.

But as a business, and as a publicly listed one, BuyMyPlace will need to keep growing its revenue, not merely keep it steady. It’ll need to do as other real estate services, such as REA Group and Domain have done, and increase listing revenue depths, by selling more expensive packages to customers.  

BuyMyPlace will need to find additional value it can sell to customers, without necessarily increasing its own expenses to do so — or putting up its prices, which a business can usually only do once it’s cornered about 65 percent of the market, and BuyMyPlace is a long way off that yet.

***

That’s a lesson for every business owner out there. And it’s something we cover in our online Business StartUp Course.

You’ll learn how to run and understand the financial reports for your business in our Xero and MYOB training courses. You can also learn about strategies for business growth in our Business StartUp Course. Or for more information, visit our website.


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Marketing for When Your Business Strategy Changes

Where lead generation services are useful

lead generation services
Using a dedicated lead generation service can be more useful than advertising but the quality of the leads may be questionable.

CHANGING YOUR BUSINESS STRATEGY to include additional services will require an additional investment in marketing if you are to make this successful. In terms of simply paying money to advertise your additional services, as you’re probably already aware, advertising doesn’t always yield immediate results. Therefore you might consider spending money on a lead generation service.

We cover how to account for marketing and lead generation costs in our Xero training courses, which includes a new workbook that looks at what to do when your business strategy changes. Continue reading Marketing for When Your Business Strategy Changes