My Bookkeeping Business

My Bookkeeping Business - Webinars

2011-04-04T08:33:00.004+09:30

Yes - They are back! To cater for those who can not get to the one day face to face seminar, I will be presenting the content as a webinar. Broken into three parts, you can attend all of the sessions, or just the one/s of interest. Topics will involve starting your bookkeeping business, running your bookkeeping business and developing your bookkeeping business. All attendees will receive the seminar pack with the materials, posted in time to follow along at the webinar session. Every attendee will also receive a DVD with the sessions recorded to replay at any stage. Each session is 90 minutes long and there is a lunch time or evening session for each webinar. Sessions will be held in the first week of May. The sessions are popular in the online format and bookings will open on Wednesday April 6th 2011. Visit the website for the hard copy book, ebook, face to face seminar details or to join the newsletter. I look forward to "seeing" you online soon!

Recent Seminars

2011-04-04T08:30:00.002+09:30

It was great to see so many attendees at the recent Pubic Practice one day training. I enjoyed speaking and it was wonderful to catch up with some familiar faces and discuss your own bookkeeping business success. I am looking forward to presenting later in the year and hope you all fly through end of financial year.

Online Sessions

2010-04-07T23:07:00.008+09:30

Finally - They have been released!

The online seminar sessions and the BAS Agent Legislation session is now available to buy on disk, including postage and handling. For a short time the 3 My Bookkeeping Business Seminar Sessions also come with the compendium and work book!

To buy the webinar sessions, click on the links with each item.

BAS Agent Legislation - 60 minute presentation on the changes and the impacts to Bookkeepers due to the new legislation. This session was attended by over 100 people and was a great informative session which discusses qualifications, experience, professional indemnity insurance, and applying to the TPB. The session is now available for $33 including postage and GST.

Session 1 - My Bookkeeping Business, Starting your Bookkeeping Business including Business Plans. 90 minute session, $77 including postage and GST.

Session 2 - My Bookkeeping Business, Marketing your Bookkeeping Business including Client Generation. 90 minute session, $77 including postage and GST .

Session 3 - My Bookkeeping Business, Running and Growing your Bookkeeping Business. This session includes the nuts and bolts of running your business. 90 minute session, $77 including postage and GST.

Buy 1 or 2 sessions for $77 each, or buy all 3 for $198 including GST and postage and receive the bonus work book and compendium.

Face to face seminar sessions will be on again in September/October 2010.

My Bookkeeping Business - Online Seminar Just Announced!

2010-03-12T23:50:00.003+10:30

My Bookkeeping Business one day seminar has now been developed into a three part online seminar (webinar). Due to demand for training in remote locations the online version of the seminar has been released.

You can purchase the whole seminar for $198 which includes all three sessions, or you can select individual modules to suit your requirements for $77 each.

This is great news for regional areas as it means the training can reach further than the standard face to face delivery method.

Session One - Starting your bookkeeping business and creating a business plan.

This will include topics such as your individual needs and why you are staring a business, why your structure is important, insurance issues, setting up your home office or business premises, your charge out rate, services you might offer, registration required to offer selected services including BAS agent status requirements.

Session Two - Marketing your business and generating clients.

This will include topics such as creating a marketing plan for your business which will incorporate a SWOT analysis, marketing items for your business, effective marketing tools and opportunities, web site creation and strategies for client generation.

Session Three - Running and developing your business.

This will include topics such as engagement letters, charging clients, customer services, ethics, working at home, risk management, budgeting, administration and staff issues. We will then go into your own development such as time management, professional development and mentors.

There will be ample opportunity to ask questions specific to your situation and places will be limited to ensure time for discussion amongst the group.

You will also receive a printed version of the session materials for your reference.

For bookings please click on the links below. All times specified are Eastern Standard Time (EST) so will need to be sure you know what time that is in your location. If you have any problems with this, just let me know by email.

Remember you can pick the sessions of interest for $77 each, or attend all three and receive a $33 discount. After payment you will be emailed a special link to register for your selected webinar/s.

The Whole Seminar - All 3 sessions at the discounted rate, please click here!
Your sessions will be at the times and dates below, but if you want to attend all three make sure you click on the above link to receive the discounted rate.

Session One - Starting your Bookkeeping Business including Business Plans
Tuesday 30th March 2010 - 12.30 pm until approx 2.00 pm EST.

Session Two - Marketing and Client Generation
Wednesday 31st March 2010 - 12.30 noon until approx 2.00 pm EST.

Session Three - Running and Developing your Bookkeeping Business
Thursday 1st April 2010 - 12.30 noon until approx 2.00 pm EST.

Secure your place now for the webinar sessions and get the seminar delivered to you. Places will sell quickly and will be limited to ensure everyone will get a chance to ask questions about their own bookkeeping business requirements.

Bookkeeping Business Development Program

2010-03-09T00:11:00.003+10:30

Just Released!

The My Bookkeeping Business Development Program has been launched.

After many requests last year for additional specific business development assistance, the program was created.

Combining planning, strategy, marketing, time management, communication, budgeting, cash flow, professional development and client generation. The program takes an individual approach and involves one on one mentoring and business development to achieve the goals of each participant.

For further details please email mybookkeepingbusiness@gmail.com

BAS Agent Legislation

2010-03-01T00:50:00.003+10:30

I can't believe where the year has gone. It is March 1st already. I have been busy this year working on my business, getting my book printed and now the new BAS Agent Legislation Registration applications can be completed!

So with all of the questions floating around, I will be holding a one hour webinar (online seminar) which anyone can participate in for free. Just register for the event, log into the webinar a few minutes before start time and have a fun filled hour of discussion, questions and answers!

It will be on Tuesday March 9th at 1.00 pm to 2.00 pm AEST.

To register please click here!

One Day Seminar

2009-11-01T12:19:00.003+10:30

Dates and locations have been finalised for the one day seminar series for the last time in 2009.

Adelaide November 24th - Stamford Hotel, 150 North Terrace Adelaide

Perth November 26th - Crowne Plaza Hotel, 54 Terrace Road Perth

Brisbane November 3oth - Stamford Hotel, Cnr Edward & Margaret Streets Brisbane

Sydney December 2nd - Stamford Circular Quay, Macquarie Street Sydney

Melbourne December 4th - Crowne Plaza Melbourne, 1-5 Spencer Street Melbourne

All seminars commence at 9.00am with registration from 8.30 am and will finish by 5.00 pm.

For further details and for bookings click here.

My Bookkeeping Business - Seminar

2009-10-12T20:52:00.004+10:30

Latest News!

My Bookkeeping Business is currently being developed into a one day seminar and will tour all Australian capital cities.

The one day seminar will provide expanded information based on My Bookkeeping Business and is designed for any bookkeeper already in public practice or bookkeepers who are thinking about starting their own business.

The one day seminar will also attract CPE (Continuing Professional Education) hours for members of Accounting and Bookkeeping organisations.

For further information, or to add your name to the information list visit

www.mybookkeepingbusiness.com/seminar.html

Seats will be limited to ensure all participants can have individual attention and adequate question and answer time. All participats will receive seminar notes and templates to use in their business.

Start a Bookkeeping Business

2009-09-17T12:55:00.004+09:30

Would you like to know how to start, run and grow your own bookkeeping business?

Do you already have a bookkeeping business but want to know how to expand your business, market it cost effectively and obtain more clients?

Do you know what one of the most important things in a bookkeeping business is and do you have one of them?

Do you know how to work out your hourly rate?

Do you know how to write a business plan for a bookkeeping business?

Do you have a marketing plan for your bookkeeping business?

Would you like to know how to create an endless client base?

What about the 5 top ways to get clients for free?

How to create value in your business by choosing the right business name?

How to get FREE advertising for your business?

We have the answers to these questions and more in My Bookkeeping Business. For a short time you can also receive a free e-course which covers all of the above topics and more!

Information direct to your inbox to help you start, run and grow your bookkeeping business. Subscribe today!

What Makes Bookkeeping a Good Career Choice?

2009-09-17T12:49:00.001+09:30

Did you know bookkeeping and associated services are becoming more popular in countries such as Australia, New Zealand, Canada, UK and USA?

The increase in people undertaking bookkeeping study is amazing and the bookkeeping industry has been increasing significantly for the last 10 years.

Here is an article which I recently published which has been used by multiple business sites to explain why bookkeeping makes a good career choice and why bookkeepers in their own business can have a profitable business even in these tough economic times.

To read the article click here

Your Bookkeeping Business

2009-08-28T10:37:00.006+09:30

Would you like to know how to start, run and grow your own bookkeeping business?

Are you trying to;

Start your bookkeeping business?

Choose a name or structure?

Calculate your hourly rate?

Buy a bookkeeping business?

Get information about the important things to investigate when looking into a bookkeeping franchise?

Expand your client base?

Market your services?

Grow your business?

Work from home in your bookkeeping business?

Write a business plan tailored to a bookkeeping business?

Do you know;

What is the MOST important thing to have in your bookkeeping business which can save you from disaster?

What ALL bookkeeper need, but very few actually have in their business?

How to create an endless client base?

The 5 top ways to get clients for free?

How to create value in your business by choosing the right business name?

How to get FREE advertising for your business?

We have the answers to these questions and more in My Bookkeeping Business.

For a short time you can also receive a free e-course which covers all of the above topics and more!

Information direct to your inbox to help you start, run and grow your bookkeeping business.

Subscribe today!

Free Advertising Ideas For Your Bookkeeping Business

2009-08-25T23:28:00.006+09:30

Advertising and marketing your bookkeeping business can sometimes be difficult. People don't know where to start apart from paid advertising ideas. This is fine if you have the budge for it but most people starting out are on small budgets and you want to make every dollar count.

A great idea for marketing your bookkeeping business is through Press Releases!

Don't think that this will cost an arm and a leg or that it will be hard to write a press release. You can learn how to do it effectively and you can release them to free sites in the first instance. If you have the money and have tested a press release first to the free sites, you can then consider sending one to a paid targeted release in your area.

Remember the media are looking for stories to fill their pages and news articles every day. You might no think your story is worthy of news time, but you can come up with an angle and get some attention, your web site, email or phone could be going constantly.

Have a look at how easy it is to write a press release and find an interesting angle with this example I did on the new My Bookkeeping Business book.

Start a Bookkeeping Business - 2 Key Things

2009-08-23T19:28:00.004+09:30

Did you know that when you start your own bookkeeping business there are actually two things which can save you from ruin?

You can set your business up, plan and have a great business, with lots of good clients who all pay well and without 2 key ingredients, it could all disappear.

Don't expose your business to a potential downfall! Many self employed bookkeepers are not aware of these things or how important they are to their business.

Join the e-course and learn more about how to start, run and grow your own bookkeeping business.

What is Double Entry Bookkeeping

2009-08-21T22:58:00.004+09:30

I have had a great response to my site and people are getting benefits from the free e-course on how to set up your bookkeeping business. I am also please to be getting questions in my email about some bookkeeping basics from people who are new to bookkeeping.

To help them out, here is a very basic analagy about P&Ls and balance sheets, debits and credits without getting too complex.

What is Double Entry Bookkeeping?

For every action there is an opposite reaction. The same can be said for double entry bookkeeping. For every debit there must be a credit. In bookkeeping, you can not have a one sided entry, that is, if you have a debit somewhere, a corresponding credit for that transaction must also exist.

If you think about a chart of accounts as a filing system, this is the easiest way of understanding what a chart of accounts is and what you will do to it with the debits and credits.

Think of two filing cabinets, one is called profit and loss and the other one is called balance sheet. Inside each filing cabinet are lots of folders with different labels like income, expenses in the profit and loss cabinet and assets and liabilities in the balance sheet cabinet.

If you have a debit there must be a corresponding credit, so lets say you have a telephone bill for your business and it is $100 and you have just paid for it. You would file the telephone bill in the profit and loss cabinet in the telephone section. There is your debit. Since you know double entry bookkeeping means there must be a matching credit somewhere, the credit will be filed in the balance sheet cabinet in your bank account folder.

As you can see there was a debit (in the telephone expenses) and a corresponding credit in the bank account Double entry bookkeeping is really that simple, a debit must have a credit. The most challenging thing is to know when to use a credit in an account or a debit.

Going back to our filing system analogy, the balance sheet and the profit and loss have special rules. Depending on the type of account will depend on if you use a debit or credit. Sometimes people get very confused about this, but it is quite simple.

An income account is a credit, so if you increase your income account, you use a credit. If you decrease it you use a debit. The expense account is therefore opposite to this. The expense accounts are debit accounts, so if you increase your expenses, you debit the account, if you decrease them you use a credit.

Looking at the balance sheet we can see the similar patter. An asset account, such as your bank account is a debit account, which means to increase your bank account, you debit the account. To decrease the account, you credit it.

Liabilities on the balance sheet are kept in a credit account, so if you increase your liabilities you credit the account, decrease the account you debit it.
Of course this has been explained as simply as possible, but if you remember the basic rules, it is quite easy to grasp double entry bookkeeping.

Bookkeeping Franchises

2009-08-21T18:10:00.003+09:30

Is a bookkeeping franchise for you?

If you have started to think about setting up your own bookkeeping business, you may have thought about your structure, your qualifications and experience and may have thought about what services you can provide. If you not sure about your ability to start your own business, you may be thinking about buying a bookkeeping franchise.

Franchises can be a good introduction into business if you are not confident about the whole package which is required to be a business owner/operator. They can be however quite costly to but into and a bookkeeping business is often the type of business that people start on a shoestring budget. If this applies to you paying upwards of $20,000 can be a big dent in your finances, especially if there are large ongoing fees.

If you are looking at buying a bookkeeping franchise to start your own business, do your due diligence, another words, do your homework, look at EVERYTHING.

What is included in the franchise fee?
What payments are required on an ongoing basis and how much are they?
What do you get for your money?
What support do you get?
What training do they provide?
Do you have a specific area or territory you can market in?
Do they give you clients?
What is the projected return on investment?
How long is the franchise agreement for?
Does the agreement give you enough time to recover your costs, make a profit and experience capital growth?
Are there any legal issues with other franchisees which are not yet evident?

These are certainly not all the important point, but it just gives you an idea of what to look for in a franchise opportunity and how to assess the merits of the different franchise models available. You need to know exactly what you are getting for your money and if it is of value to you. Can you do what the franchise is giving you?

Overall a franchise might be suitable for you and your personality, but like all business decisions, evaluate your options, do your research, get professional advice from your accountant and lawyer and then select the option that is right for you personally.

Start a Bookkeeping Business - Licensing

2009-08-20T21:09:00.000+09:30

If you are thinking about starting your own Bookkeeping Business, you will need to think about your qualifications and experience and if there are any services you can not offer to clients.

At this stage Bookkeeping is not regulated and anyone can set up shop as a bookkeeper. The only exception to this is if a bookkeeper wants to perform BAS and BAS related services to clients. The reason for this is that the provision of the BAS is caught up in the taxation legislation, which is very specific about who is eligible to perform BAS services for a fee.

Due to this if you want to provide BAS services for a fee, you will need to satisfy certain criteria so you do not get into trouble with the ATO.

If you perform all other bookkeeping functions for a business and just give the client the reports for them to complete to BAS form and you do not complete it, you do not need any special qualifications or professional memberships.

I often get asked if Bookkeeping itself might become more regulated and it is possible as it rises in popularity and is now looked at as a quasi profession. Since the provision of BAS services is wrapped up in taxation legislation, the provision of BAS services for a fee will become more regulated as with the proposed introduction of the BAS Agent Registration legislation and bookkeepers will need tp incerase their skills and knowledge to continue being competitive in their own businesses.

BAS Agent Registration & Your Bookkeeping Business

2009-08-19T12:51:00.002+09:30

The introduction of BAS Agents has had an impact on the Australian Bookkeeping industry. The ATO is making the profession more educated and accountable with the introduction of registration. Ultimately this will benefit the bookkeeping profession by making bookkeepers who want BAS Agent status to have formal qualifications and have extensive experience.

For bookkeepers in the their own business, or those who are starting, it will be a great benefit to obtain registration and use it on marketing materials and correspondence.

If you are wanting to gain BAS agent status, the minimum qualification in a certificate IV in Financial Services (Bookkeeping) or (Accounting).

If you do not have the formal qualifications, you can always get qualified using Recognition of Prior Learning. This system assesses your experience against the outcomes of the qualification and if you meet the standard you receive the recognised qualification. If you meet some of the outcomes but not all, the assessors will let you know which areas need additional attention and you can obtain the skills in the applicable areas and then receive the qualification.

Realistically, most experienced bookkeepers will meet the outcomes in the level 4 certificates, so if you don't have any formal qualifications, look at the RPL options and get started soon so you can meet the education requirements when the legislation is introduced.

Additionally, you can investigate other options such as joining a body which will comply with the supervision ruling such as the Australian Bookkeepers Network. They have a BAS wizard program specifically for Bookkeepers wishing to charge a fee for BAS services who do not meet the qualification requirements. Of course there are also a number of professional bookkeeping associations now as well which can assist with further information such as the Institute of Certified Bookkeepers and The Association of Accounting Technicians just to name a few.

Remember for information on how to start, run and grow your bookkeeping business, subscribe to the e-course.

Of course detailed information and strategies to start, run and grow your bookkeeping business can be found in the book, "My Bookkeeping Business, How to Start, Run and Grow your Bookkeeping Business"

Starting a Bookkeeping Business - Do You Have the Right Personality?

2009-08-14T10:50:00.000+09:30

Having your own bookkeeping business sounds wonderful doesn't it. Being your own boss, working to suit your hours on the days you want. No more staff meetings and deadlines from nagging bosses.

Hmmm, sounds great, but the reality is you suddenly have a lot more "bosses." Each client will want to feel like they are your only priority and instead of one deadline, you have deadlines for every client. The clients look to you to answer their issues and questions and you will be responsible for a lot more than just work load.

Running your business you suddenly have your own bookkeeping and administration duties to attend to and clients to juggle. But if you plan and get the right information and advice, have a drive to succeed and the personality to keep going when you feel like it is all too much, then you can create a wonderful business to suit your circumstances and have a rewarding career at the same time.

It is important to have the right personality to run your own bookkeeping business. Attention to detail, good customer service, reliability, professionalism, knowledge and honesty. These are all key to running your own successful bookkeeping business.

BAS Agent Registration - What Qualifications Do I Need?

2009-08-13T20:57:00.001+09:30

With the introduction of the proposed BAS Agent Registration Legislation, many bookkeepers are concerned about their businesses and what the proposed legislation will mean.

If you charge a fee for a BAS related service, you need to comply with certain requirements such as work under the supervision of a registered tax agent, be a member of an approved accounting organisation, or become registered as a BAS Agent.

The minimum qualifications required to be registered as a BAS Agent is a Certificate IV in Financial Services (Accounting) or Certificate IV in Financial Services (Bookkeeping) and have 1400 hours relevant experience.

Once this legislation is finalised, if you do not fit into the first criteria and you don't have the appropriate qualifications, you can not charge a fee for BAS services. This is a concern for some bookkeepers, however it will assist in making bookkeeping a recognised profession.

If you do not have the appropriate qualification, you can always investigate the option of "recognition of prior learning" or RPL. This is where the appropriate educational institution assesses your experience and work examples to meet the outcomes of the subjects in the qualification. You may find you have enough experience to prove you have sufficient knowledge to be awarded the qualification.

Although this post is specifically for people wanting to have their own qualifications, or work towards them, it has been pointed out that it does not go into detail about other options available. There is a wealth of information for bookkeepers at the Institute of Certified Bookkeepers, The Australian Bookkeepers Network and The National Institute of Accountants.

For more tips and information on running your own bookkeeping business, or if you are just investigating your options to start your own bookkeeping business, sign up to our e-course and newsletter.

Find a Name for Your Bookkeeping Business

2009-08-13T20:45:00.000+09:30

Once you have decided what business structure to use in your bookkeeping business, you can then start thinking about your business name. This may come easily to you or it could be an agonising experience!

If you decide to use your name, this is fine, but you do need to be mindful of future requirements, goodwill in your business and succession plans. Julia's Bookkeeping may sound fine now, but in 10 years time, will someone see value in this as a name and want to buy the business?

I am not saying you can't or shouldn't use your name, but you need to keep in mind your future requirements.

Popular bookkeeping names have always come from bookkeeping and accounting terminology or associated words such as "Balanced Bookkeeping" or "Ledgers." These words are popular and can help you come up with ideas. An accounting or bookkeeping dictionary can also give you some ideas.

It is good to steer clear of negative connotations and use positive sounding words.

You can also do some research on the Internet on what what words people use when searching for a bookkeeping services. You can enter your words into google niche finder and see what other related words people are using. This will be helpful later when you are trying to get a better ranking in search engines. If your site contains words people use, it is helpful in improving your rankings. If you can get a good raking in google or a similar search engine organically, it is fantastic.

I hope this gives you some ideas to think about when deciding on your business name. These are just snippets of information about this topic and further information can be found in my book, My Bookkeeping Business - How to Start, Run and Grow your Bookkeeping Business.

Bookkeeping Business Structure

2009-08-13T08:49:00.000+09:30

I often get asked, what business structure should I use to set up my bookkeeping business. This is actually not as straight forward as it sounds. You might just suddenly say a Company, or a Sole Trader, but in reality this will be different form person to person depending on their specific needs.

Before you decide on your bookkeeping business structure, you need to work out what you are wanting to achieve from the structure. For example, do you want asset protection, or income splitting facilities, or a personal tax rate, tax concessions or low start up costs. Depending on your answers to the questions can have an impact on the entity type you choose.

For more detailed information, join our e-course on How to Start a Bookkeeping Business or purchase my book, My Bookkeeping Business, How to Start, Run and Grow.

Regards
Julia

How to Start a Bookkeeping Business

2009-08-12T15:30:00.001+09:30

When you first think of setting up your bookkeeping business there are many questions that need to be thought though. For example

What will your trading structure be, a sole trader, company or trust or maybe a partnership with someone else?

How will you attract clients?

How will you market your business?

Do you have the right qualifications to be able to charge for services?

Will you need to have a professional membership to an accounting or other association?

Do you need to get professional indemnity insurance?

Fortunately we can help you answer these questions and more. Join our e-mail newsletter and get relevant industry updates and news to your inbox and tips on how to start your own bookkeeping business.

BAS Agent Registration

2009-08-12T15:15:00.000+09:30

Draft legislation has become available for people wishing to become registered BAS agents.

The legislation proposes that to be registered the applicant must have as a minimum accounting qualification -

Certificate IV Financial Services (Bookkeeping) or

Certificate IV Financial Services (Accounting)

In addition the individual must have undertaken at least 1,400 hours of relevant experience in the last 3 years.

As you can see the provision of BAS services for a fee, is becoming stricter to protect the end user.

For more information about these topics and starting your own bookkeeping business, subscribe to our e-newsletter.

Start Your Own Bookkeeping Business

2009-08-01T14:13:00.001+09:30

When I wanted to start my own bookkeeping business I was surprised that there was not a lot of information on the market about it. I wanted to work when it suited me and around my family requirements, not the standard 9-5 role offered at most organisations. I needed flexibility but wanted something challenging. I was also sick of being paid only what my boss thought I was worth and found a salary cap due to the word "bookkeeper."

Slowly as the profession is becoming more recognised, the rate of pay has been increasing, but for better rates it is imperative to be working for a bookkeeping business or consultancy service. This improves your hourly rate and is creating a tangible business which is very tax effective.

After many months of trial and error working on my own business, I finally worked out my own formula for success. I ended up even getting additional bookkeepers to service clients for me as I expanded and the business grew.

After years of experience and working out how best to run a bookkeeping business, I have written a book for anyone wanting to start their own business and take control of their career.