bookkeeping Archives - Page 2 of 3 - Axia Accounts Bookkeeping

Xero And Vend POS Integration Benefits

Once the integration is set up, Vend will automatically send daily sales, account sales, payment totals, and stock orders from Vend to Xero.

The integration allows retailers and their financial advisors to reconcile payment deposits in retailer’s bank account each day with sales totals and payment totals from Vend. You can also match payments made to suppliers against stock order invoices, and payments from invoiced customers against their account sales.

Sales, posted stock purchases and payments will all be reflected in balance sheets and P&L in Xero.

Source: VendHQ

The Bookkeeping Business Market in Australia

Whilst there is a good opportunity to provide bookkeeping and accounting services to business owners, building your own bookkeeping business comes with it’s challenges. There is high competition amongst existing bookkeepers and accountants for clients.

So what are your best options for buying or starting your own bookkeeping business in Australia?

You generally have three options:

1) Start your own solo business

A bookkeeper may have some contacts and get a bit of work from them, but usually solo bookkeepers find it difficult to attract new clients outside their few contacts. Hence the business generates a low amount of revenue and usually doesn’t grow over time.

Pros: Low startup costs
Cons: Very challenging to get a number of new clients once existing contacts have provided some initial clients. Difficult to build a full-time income. Limited resources. In business by yourself (no one helps you).

2) Buy an existing bookkeeping business with clients

Overall, Australia wide, the going rate is $1 for $1 revenue. So a $70k annual revenue bookkeeping or accounting business is valued at $70k (or more).

Pros: Start immediately with client work.
Cons: High cost. You have to pay the seller 100% of the purchase price up-front ($70k, $100k, etc.). You may need to borrow the money from a bank and pay interest. No guarantee those clients will stay with you after 12 months. High risk.

To see what bookkeeping business are for sale, check out this link:
https://www.businessforsale.com.au/buy-business/type/bookkeeping/1

This business was sold at $82,000 for $71,280 turnover (annual revenue). Even though this business sale example is in QLD most bookkeeping businesses are similarly priced. Click on the link above to see other bookkeeping businesses being offered for sale in different states.

3a) Join a bookkeeping franchise business, like First Class Accounts

Pros: Professional training and image
Cons: Initial fee from $30k (no clients provided for this fee). You have to market yourself to find clients at your own time and cost. Usually have to travel and pay accommodation in Sydney, Brisbane or Melbourne for a week or longer for the franchise training.

3b) Join the Axia Accounts bookkeeping franchise business

Pros:

Low initial investment (under $8k)
Professional training and image
Includes MYOB and Xero training
Work Guarantee – clients provided
Local training in Perth (for Perth franchisees) and local training in Sydney (for Sydney franchises).

Cons: Must have some bookkeeping experience.

Clients are provided to Axia franchisees via our Work Guarantee program. Here is an Axia Accounts franchisee at the office of a new provided client…

For more information about the Axia Accounts or Axia Accounting franchise system, contact Michael Pedley on phone: or via email.

Useful Australian Bookkeeping Software Tips (2018)

Here are some useful links to news on Australian bookkeeping software and bookkeeping tips for 2018.

The most popular systems used by Australian businesses include Xero, MYOB Essentials (cloud), MYOB AccountRight, QuickBooks (QBO) and SageOne (cloud).

Bookkeeping software pricing (in Australia)

The monthly subscription pricing to those bookkeeping systems seems to change very often – they are all in massive competition with each other to win market share. So it’s useful to check their latest pricing, especially if the business has payroll requirements:

Xero pricing
MYOB Essentials pricing
MYOB AccountRight pricing (more features and more expensive than MYOB Essentials)
QuickBooks QBO pricing
SageOne pricing

QuickBooks Online (QBO)

QuickBooks Online (QBO) direct bank feeds news – more accurate feeds

I noticed that the ordinary QBO bank feed can sometimes feed in the same transactions twice (on different dates). If you or your client clicks to [Add] these all in over time, the duplicate transactions will throw off your bank reconciliations, so look out for this. I think the direct feeds will be more accurate and hopefully will reduce the duplicate transactions in QBO.

GST free suppliers

List of GST free suppliers – useful when entering expenses (for all bookkeeping software)

Business Thought For The Day

THIS A HUGE MINDSET BREAKTHROUGH and one of my favourites.

From my research, Stephen Covey first coined “…begin with the end in mind”. What does this mean exactly?

Well, during my time as a business coach at Kinetic for over 11 years now I was amazed to see so few business owners having any specific plans for growth. It was always, “…it would be great to get our turnover to X figure”. Being non-specific and not detailed as a plan, it was often never achieved for them.

It then became one of my most important tasks to help them define achievable business goals with a concrete, well-detailed plan to get there.

Being almost the new year you can certainly take Ryan Allis and Stephen Covey’s advice to begin 2017 with the “end in mind”!

Is It Better To Void Or Delete An Invoice?

Okay so either you have a problem with a particular invoice, either it’s:

A duplicate invoice
An invoice that will not be paid by the customer (for various reasons) or
You chose to cancel the invoice (you gave the service or product to the customer instead of them paying it)

As it is good business practice to keep a complete record of all transactions, invoices (and their numbers) should also be retained. Because of this, it’s better to void invoices instead of deleting them.

If you delete the invoice then someone at some point will say “What happened to invoice #1234?”.

If they were able to lookup invoice #1234 and see that it has been voided, preferably with a note to say why it was voided, that’s better than having a completely missing record.

If you’ve already received payment against that invoice, don’t void the invoice. Instead, issue a credit memo or a refund to adjust the transaction.