Author Archives: Bikesh Maharjan

Make Your Accounting CV Stand Out From The Crowd

Resume

With the accounting and finance industries booming in Australia, companies are flooded with job applications and CVs every day. The competition can be tough and most accounting graduates are finishing University with the same levels of knowledge and training.

You may see your CV as merely a piece of paper telling a company who you are and what you are all about, but in reality it is the only thing that can land you an interview for that ‘perfect job’.

It is essential that you present a great CV to prospective employers and that you make yourself stand out as a ‘top applicant’ against other accounting job seekers. Your CV primarily needs to show your qualifications, achievements, skills and experiences. Everything on your CV must be relevant for the job that you are applying for and it is advisable to remove anything that is not relevant as far as the reader (prospective employer) is concerned.

Some of the golden rules are: use bullet points and use spelling and grammar checks, make every effort to get your hands on a job spec for a vacancy and explain all gaps on your CV.

 1. Create a Personal Statement 

At the top of your CV you should have a personal statement. It is the first thing that any prospective employer will see as they pick up your CV and it is imperative as to whether they will read the rest of your CV or not. Your personal statement in a few lines should cover who you are (education and skills), what you can offer the company and what your career goals are. Keep the job description in mind whilst writing this personal statement and remember that for every job you apply for this is going to be a little different. Make your statement unique to you and place emphasis on relevant skills and abilities. Personal Statements tend to be 4-5 lines in length.

2. What Is Your USP?

If you are applying to a job that you feel you are almost perfectly suited for, then what is your USP? What have you previously done or what can you bring to this role which other candidates can’t?

Everyone has something that sets them apart from the rest of the crowd, you just need to reflect on what that something is and then tailor it to suit the job in question. For example, if you volunteered to teach Mathematics to disadvantaged youths for a year during College, this shows you are hard working, trustworthy and a great communicator. If these types of traits are requirements for the job in question, do not be afraid to list on your CV your real life achievements and experiences.

If you have links to any work, blogs or websites etc that you have created previously, be sure to list these on your CV too.

3. Keywords

Sometimes you do not have to send your CV to a company in order to get found. Now more than ever companies themselves are searching online for the perfect candidates to fill available positions based on their skills, experiences and whether they are open to new opportunities or not. This is especially the case via job sites such as LinkedIn, Seek and Indeed.

This doesn’t mean that you have to litter keywords relevant to your career all over your CV, but it certainly helps to be mindful of them as you write it. Keywords that employers search for are often based around the job title they are recruiting for, its duties, required skills and your education training.

If you are open to new opportunities, when you are writing your CV look at various job descriptions and words used in roles that you are suitable for e.g. accounting graduate, payroll officer, MYOB trained.

4. Match Your CV To The Job

One of the most time consuming aspects of job hunting is that in order to stand out and be considered for a role, you do need to customize your CV for each and every job that you apply for. Whilst this can be a tedious and frustrating process (as most people apply for many jobs at once) it will definitely be worth it once you land your perfect role!

Alter your CV in line with the job you are applying for – research the company, see what they value and look for, use skills, attributes and relevant experiences that match the job description. Your CV is your one chance to sell yourself, and unless you can make the employer see why you are a great fit for the job in question, they will move on to read the CV of the next candidate in their pile.

5. Format and Grammar

Format_Grammar

When you are writing and sending out your CV please ensure that it is formatted correctly and that there are no spelling or grammar mistakes. Whilst you may be the perfect candidate for a job in terms of your education and experiences, if you present to an employer a CV that is messily put together or one that is scattered with spelling and grammar mistakes, it is unlikely that you will be considered for any available roles. Take the time to make sure your CV is neat, accurate clear and concise.

If you are still struggling to get your CV right, get in touch with us here at BLC Training and Internships. We regularly offer free CV and Cover Letter Workshops and we also offer Career Skills Courses that train you on all aspects of the job search process including CV Writing, Cover Letters, LinkedIn For Job Search, 1st round interviews & Assessment Centers.

For more info on these courses please email: ruth@blctraining.com.au.

We look forward to hearing from you soon.

 

The Ultimate Guide to Becoming A Payroll Officer

Introduction

Pay day is an important day in the lives of all employees. It is important to make sure that employees are paid accurately and on time. To ensure that employees are paid correctly, it is very important to make the right deductions, to add the right allowances, to include the correct withheld tax amount and to make the correct superannuation payments. Correct payroll is not only important to the employees, but it is equally important for tax compliance and overall financial condition. Without the proper knowledge in payroll, this payroll process can be difficult and complicated. As an accounting graduate you have several options as to what type of accounting career you would like to specialise in and payroll accounting is definitely one to consider. But whichever career you choose, you should make sure that it is one that you are interested in and that you have proper knowledge and training in the are you choose.

What is payroll

The payroll of a business is a record of all amounts earned by its employees. Details included in the payroll records relate to employee gross wages and salaries, deductions, bonuses or commissions, tax withheld, superannuation, pay for time not worked and other items that would appear on an employee’s pay slip. The primary function of the payroll department is to ensure that all the employees are paid correctly, and the deductions are remitted to the respective authorities in a timely manner.

Roles and Responsibilities of Payroll Officer

Payroll officers are those employees who monitor the payroll related information and data. Payroll officers have numerous role and responsibilities. Their roles and responsibilities include: –

  • Collection of timesheets
  • Calculate the payroll amount to disburse
  • Calculate PAYG withheld amount and pay the tax to ATO
  • Send pay amount to respective employees’ account
  • Liaise with employees and management
  • Be aware of changes in compliance related to payroll like working hours, superannuation, minimum pay, overtime entitlements, tax withholdings and many more

Benefits of a Payroll Accounting Career

As an accounting graduate before you decide to choose any career you should analyse the benefits you will get from the career. Payroll as a career has several compelling benefits. Let’s discuss some of them:

Salary

One of the motivating factors for anyone is obviously the Salary. When it comes to deciding on a career many students choose the option which has a rewarding salary offer. The average salary earned by a payroll officer annually is $60K. This salary increases as one gains more experience in the field.

Flexibility

Another important factor to consider while choosing a career is the flexibility. Payroll officers have the option to work as part time, casual or full time staff as the payroll function does not require the staff to be present all day in order to complete the task. If you are a student who has a work restriction of 20 hours per week or if you must look after your parents or children, then definitely payroll accounting is a good option for you.

Similarly, payroll is required in all kinds of industries. Whether in a multinational, banks, corporate houses, public practice, retail, hospitals etc. wherever there are people employed there is the requirement for payroll accounting. In other words, payroll exists in every kind of industry. It provides flexibility also in the sense that one can choose what type of industry they would like to work for.

Prospective career path

There are always career progression and growth opportunities in payroll accounting. One can start the payroll job from entry level, but it is not mandatory. The minimum qualification required is Diploma degree, preferably from bookkeeping, human resources or an administration background. In the entry level position, one will work under the supervisor and assist with data entry, filing, answering payroll queries and maintaining accurate records. As a payroll clerk one might deal with employment verification, processing new hires paperwork and helping with ‘newbie’ orientation.

After gaining a few years of experience, one can always go into a higher level job as a payroll coordinator and manager. At this stage, one would be able to independently process payroll, employment verifications forms and handle various other payroll related jobs.

Skills required for payroll officer

Besides high school education and a degree from a university, you should possess various technical and soft skills to become a payroll officer.

Technical skills

  • Knowledge of compliance

Payroll is related to legal and compliance requirements. It is directly connected to legal and tax regulation.

  • Strong math and numeracy skills

Complex calculation is required to do the payroll. You need to have strong mathematical skills to become a payroll officer.

  • Proficiency with industry accounting software

Having knowledge in recent accounting software like Myob, Xero and Ms- Excel is always an added benefit to enhance your payroll career.

Soft skills

  • Problem solving skills

In a payroll job several problems can arise like miscalculation, tax irregularities, dealing with difficult staffs. As a payroll officer you should be prompt to handle the situation efficiently.

  • Good communication skills both verbal and written

As a payroll officer you need to communicate with employees from every level. You need to have both verbal and written communication skills.

  • Attention to detail

Payroll is one the very crucial function in any organization. Record keeping, maintaining time sheets, and handling data correctly are essential steps in the payroll process.

Conclusion

Payroll is definitely one of the most prospective career options for the accounting graduates. As a payroll officer you are always in demand as every industry and business requires a payroll function. It is a challenging and at the same time demanding career opportunity for accounting graduates.

If you are a recent accounting graduate looking for some practical accounting training in payroll function, we at BLC training and Internship offer practical payroll training. Proficiency with business accounting software like Xero and MYOB is critical to the modern skill set for accounting professionals in Australia.That’s where BLC Training and Internship can help.

At BLC, we have helped many accounting graduates just like you to kick start their dream career here in Australia!

Discover how BLC Training and Internship can help you with your payroll career today.

If you would like to find out more or if you require training on accounting software like Xero and MYOB, we are here to help. Get in touch with one of our friendly staff members at +61 (03) 9349 2513 or visit our website at www.blctraining.com.au.

 

All You Need To Know About Single Touch Payroll

What is Single Touch Payroll?

Single Touch Payroll or most frequently called STP, is a newly introduced digital system of reporting payroll data to the Australian Taxation Office (ATO).  The system brings much needed transparency and fluidity of the payroll information in Australia.

Before STP was introduced in 2018, all businesses were reporting their payroll data every month, quarter or annually. This was an efficient but slow system in terms of transferring data. It carried lots of loopholes and lacked the fluidity of transferring information from business to ATO. Thus, ATO introduced STP.

STP allows mandatory reporting of each employee payroll activity after each pay day. The reports use digital submission, using a very specific format. The STP system are provided by most of the readily available accounting software.

How Single Touch Payroll Works?

Basically, when STP runs at every pay day, the software sends payroll data such as gross earnings, PAYG withheld and superannuation to ATO.

On each pay day, employer determines the pay for each employee. Then they run normal pay run through a STP compliant software. The software then calculates the payroll tax and superannuation as required by the employers. Once the pay run is complete the employer sends payslips to each employee, either via email or post and makes the payment to employee. Then, the software sends all the payroll data to ATO.

At every pay day, ATO receives the data and matches the information with the pre-existing employer and employee records. Employees will be able to view their year to date earnings and superannuation information in ATO online services (www.my.gov.au). At the end of the year, employees no longer need the PAYG Summary for their tax return as all the information is readily available online.

The employer will be reporting Super liability information through STP and Super funds will also be reporting to ATO. The Super funds will let ATO know once the employer makes Super payment to employees’ chosen or default fund. This is an important step toward making sure employees are paid their correct entitlements.

Made a mistake? Employers are allowed rectify their errors in the following report. There are no penalties for rectifying a mistake.

What It Means to Businesses?

The key benefit for employers and business using Single Touch Payroll is that it will streamline the reporting process. Long are the days gone when information was used to be reconciled at the end of the year and issue PAYG summary. The mistakes and time taken to prepare this information will drastically reduced as STP takes control of reporting at each pay day.

Also, ATO will automatically pre-fill the payroll information in the BAS (W1 and W2) for employers. This will potentially eliminate all errors and double handling. Eventually, eliminating the need to issue the PAYG summary at the end of the year.

What It Means to Employees?

The STP implementation provides employees their instant access to their year to date earnings super information that their employers have paid. All they need is a login to www.my.gov.au .

The payment summaries will no longer be provided by the employers at end of the financial year. The data will be readily available in the My Gov account of the employee. Every employee will be able to request a copy of income statement from ATO from www.my.gov.au. Also, the authorised tax agents will be able to access your income statement directly from their tax agent portal. Therefore, no need of hassling in search of group certificates at the tax time.

More importantly, an employee will be able to check if their super has been paid. Prior to STP implementation, employees were in dark in terms of their super, but now all the information are just a click away.

When is STP to be Implemented as a Mandatory Payroll Reporting System?

For larger employers with 20 or more, employees should now be reporting through STP. It came into effect since 1st July 2018.

For small employers with 5 -19 should start reporting through STP from 1st of July 2019.

For employers with 1- 4 employees (micro-employers), there are number of low cost or no cost software available to report STP. They will be able to lodge the payroll through tax or BAS agents quarterly, rather than at each pay period. However, this option will only be available until 30th June 2021.

Which Software Provides STP Feature?

Big and popular accounting software such as Xero and MYOB have integrated STP within their Payroll processing feature without any extra charges. Other providers such as Quickbooks and Reckon also provide STP reporting at minimal cost. On top of this, there are list of software providers that provide low-cost or no-cost STP reporting. You can follow the link here.

There are no hard and fast rules in choosing a right software provider. All of them must be approved by ATO and can be adopted for your business for STP reporting.

Our thoughts on STP

Single Touch Payroll is ATO latest reporting system implemented to introduce transparency and free flow of payroll data. With the introduction of STP individuals, related government organisations and authorised parties can access to an individual’s income data instantly and with confidence.

STP will practically eliminate all the errors, double handling and potential fraud income declaration.  The system will be very helpful to the organisations such as credit providers, immigration department, financial institution, Centrelink and tax agents.

Technology ridden modern world require paperless, free flowing information readily available in the hand. Thus, we think that introduction of STP is a good move by ATO in transforming Australia into digital age.

How BLC Training Can Support You with STP Change?

BLC Training has teamed up with our business partner –Lotus Smart Accounting to deliver a series of info sessions on the topic of Single Touch Payroll. We understand the move to real-time digital reporting maybe a big change for both business owners and accountants, so join us for this info session to help you understand what you need to do to prepare for this changes coming to you from 1st July 2019. Check out the upcoming events on our Facebook Page.

 

How To Get A Graduate Accounting Job In Australia

Getting a graduate position in a field so vast and competitive can be difficult. Choosing a graduate job in the accounting field requires education, formal certification and a firm commitment to learning the trade.

There’s definitely a lot more than crunching numbers on a calculator. In order to successfully have an accounting career, there is a certain level of experience and study you’ll need to become qualified and nationally recognised.

What are you going to specialise in?

Very few accountants are generalists, most of them would be specialised in one industry or in one aspect of the business. Therefore, experience or degree with a concentrated coursework with a focus in a particular specialty may be partly what employers look for when recruiting graduate accountants.

1. University Education

Most accountancy positions require at least a bachelor’s degree in accounting or a related field, such as Bachelor of Accounting, Commerce, and Business. With these degrees being so broad, it’s a good idea to plan which subjects you will be undertaking to pursue a specific career goal. Your choice of subjects in your relevant course along with your marks will influence your goals and chances of pursuing different specialisations.

2. Diploma

If you are looking for a shorter accounting study instead, then an accounting diploma program will help to build on your basic accounting knowledge and skills to provide a solid foundation for your next career move. By completing a specialist course on your choice, you would be able to gain exposure to accounting skills such as bookkeeping, accounts receivable/payable and payroll processing just to name a few.

3. Accreditation

After undertaking an appropriate education, gaining accreditation is needed. Find out what you must tackle for your accounting career. These accreditation require an exam to sit or minimum years of experience to apply. Australia’s accounting industry is regulated and accredited by three professional accounting bodies:

Institute of Public Accountants (IPA)

You can join as a member of IPA if you meet one of the below entry requirements.

  • Qualifications and experience:
  • Eligible accounting qualification (see AIPA requirement) + a post-graduate accounting qualification assessed to be equivalent to the IPA Program Stage 1 and
  • Industry experience assessed to be equivalent to the Mentored Experience Program (MEP) completion/full exemption; OR
  • Current membership with an IFAC Member level body, IPA MIPA level equivalent(additional requirements may apply in certain jurisdictions due to local legislative requirements).

Please refer toIPA website for further information regarding membership: https://www.publicaccountants.org.au/become-a-member/membership-pathways

Chartered Accountants Australia and New Zealand (CA ANZ)

To join this body, you will need to complete the CA Program and must hold a degree, or a postgraduate award recognised by ICAA. The CA program is comprised of the Graduate Diploma of Chartered Accounting and, three years of approved and mentored practical experience.

Please refer to CA ANZ Australia website for further information regarding membership of CA ANZ: https://www.charteredaccountantsanz.com/become-a-member

CPA Australia (CPA)

To join this body, a member must hold a degree, or a postgraduate award recognised by CPA Australia. You must complete the CPA Program, including three years of professional experience in finance, accounting or business.

Without a sound knowledge of the correct accreditation to pursue, attaining a potential graduate position and prospects will be difficult and messy. For more information, contact any of the organisations listed above.

Please refer to CPA Australia website for further information regarding membership of CPA Australia: https://www.cpaaustralia.com.au/become-a-cpa

Get the internships experience

As competition for jobs has exponentially increased within the last few years, you need to think of new ways to help stand out from all the other equally qualified and knowledgeable candidates.

Having experience brings a lot to the table as a candidate for an accounting graduate position. Find a company that aligns with your career goals in what you would like to specialise in. Interning during your education will help you not only gain more credibility as a graduate when seeking jobs but also deepen your understanding of the various aspects of accounting and workplace culture.

Some of the universities in Australia include internship within the coursework, and some of the training providers also offer internship programs to international students. So next time you’re on a summer break or gap year, you might want to consider to do a meaningful internship to boost up your future career.

Researching employer

Researching employer is one of the most efficient ways to become a stand out candidate during the recruitment process. Whether it is one of the big four accounting firms or a finance department within an organisation, each employer will have their unique company culture and benefits.

So what are the places you should go to research your potential employers? The good news is that it’s easier than ever before to learn about an employer. Firstly, start your research by visiting the company’s website including its service or products as well as the culture, mission and value. Then, tap into the social media such as company Facebook Page and LinkedIn account. This will give you a good understanding of how the company wants its customers to see it.

Keep in mind no application should be the same. Each business will have its unique values and mission, so using one generic application is worthless, if it does not cater to the requirement of the role.Understand your objective from the start and determine what you would like to gain from the role, and never rush an application.

Be prepared for your interview

There are thousands of interviews questions a potential employer could ask you. But they are most likely narrowing down to variations on these two meta questions:

  • Do you have the right skill sets for the role you apply for?
  • Do you have the character traits that will make you the best fit for the team and company?

If you have put in the effort to know the business, then displaying your eagerness to join them as an accounting graduate should be easy. You should also try and consider some responses to potential questions you will be asked during the interview.

A list of question that can be asked include:

  • Why do you choose to work in Accounting field?
  • Give an example of when you had to work as part of a team.
  • How do you manage high-stress environments?

It is also crucial to brush up on your accounting knowledge as practical accounting questions can be asked. You will be able to present yourself confidently in an interview if you are equipped with the required practical skills for the role. Some examples include but not limited to:

  • What methods have you used for estimating bad debt?
  • How do you evaluate the reliability of the financial data you obtain?
  • Which accounting applications and software are you familiar with?

The key to success in an interview is practice, so be sure to check out our recent blog – 8 Common Accounting Graduate Job Interview Questions to learn more about why these questions are important for employers to ask and how to answer them correctly.

Need help with securing a graduate position?

Whether it is to brush up your accounting knowledge or gaining practical software skills, BLC Training and Internship is the one stop solution for all.

At BLC, we have helped many accounting graduates, skilled migrants to kick start their dream career in Australia. Discover how BLC Training and Internship can help you with your Accounting career today.

If you would like to find out more or require training on accounting software like Xero and MYOB, we are here to help. Get in touch with one of our friendly staff members to book a free trial class today!

 

8 Common Accounting Graduate Job Interview Questions

Congratulations, you’ve made it into the interview stage. What happens next? Speaking about yourself, your strengths, weaknesses and accomplishments can be daunting, especially if this is your first time.

You really want to hit the nail with this job interview and set yourself apart from the other hundreds of candidates in your same position. Having the qualifications and the experience is one thing however, articulating yourself in a way that exudes confidence and impressing your interviewer can be tricky sometimes.

Of course you can’t know exactly what kind of questions you will be asked in an interview for a graduate accounting role, but there are some common questions that you will likely to encounter during your interview. So here are 8 common interview questions we thought you may want to be prepared to respond to.

1. Technical Accounting Questions

Among many questions that can be asked, questions that directly correlate to the elements, principals, and process of accounting is bound to surface. It is vital to brush up on your accounting knowledge before the big day.

These questions are designed to gain an insight of how you analyse and comprehend information in a given time as well as reveal the level of understanding of your knowledge and could open a dialogue about how you may handle a scenario linked to the question.

Examples can include and are definitely not limited to:

  • How does an inventory write-down affect the three statements?
  • What are three examples of common budgeting methods?
  • What are the three financial statements?
  • How do you evaluate the reliability of the financial data you obtain?
  • What methods have you used for estimating bad debt?
2. Why do you choose to work in Accountancy?

Companies want to hire people who are passionate about their work. This question enables the interviewer to gain insight on your motivation for pursuing a career in accounting and why you are interested in the position.

The accounting field can be deemed as monotonous and meticulous- something that many people would stay away from. So conveying your passion in clarity is important to separate yourself from other candidates.

Keep in mind that recruiters hear a collection of answers and can read into the lines with ease, so always stay sincere with your answer.

3. What are your strengths?

By sharing your strengths (and weaknesses), interviewers will be able to highlight your key skills that can bring benefit to the company. Whilst explaining your strengths, be sure to list examples to prove your capability in the interview. There is no point saying something with no proof- it just sounds weak.

For example, you might say “I have a dedicated work ethic with my time management skills” and just ending it there is useless. Try adding in “I have a dedicated work ethic with my time management skills by studying full time and juggling being the president of the student body and working a part-time job.”

4. Which accounting applications and software are you familiar with?

In today’s job market, knowing just theoretical knowledge is not enough. Textbook smart does not equal employable smart. Familiarising yourself with accounting software will grant the recruiter to know the ability of your skills and knowledge application in a practical sense.

Cloud accounting is used in every business; therefore companies will look for candidates with the expertise that will aid them. The two big players in the Australian accounting market are Xero and MYOB. Both are powerful and responsive solutions that offer easy and effective ways to manage accounting process for business.

Our recent blog about Make the Right Choice: Xero or MYOB provides a head-to-head comparison between these two software.

5. What challenges are you looking for in this role?

This is a typical interview question for interviewers to determine whether you would be a good fit for the role and what you are looking for in next job. This question can be a way to show how you are qualified for this job.

The key to answer this question is to present to the interviewers that how you skills and experience can be effectively utilised in this position. For example, you could say, “I recently completed XERO accounting software training and I look forward to apply those skills into this job.”

Additionally, you can also mention that you are motivated with the challenges you encounter and make sure to support your statement with some real-life examples.

6. Give an example of when you had to work as part of a team

This question calls for how the team has improved or come back from a difficult situation due to your efforts and inputs rather than your role in leading a team’s success. Examples of resilience, co-operation and professionalism are some things recruiters will be looking out for.

By identifying how you’ve played your part shows the confidence in your strengths appealing to many recruiters. These set of skills are a strong foundation of the progression of the business as collaboration in a corporate setting is crucial for the company.

7. How do you manage high-stress environments?

In a career where working on multiple things at the same time with deadlines very close together, it can be quite stressful. Especially, for a typical accounting job, you would often need to juggle between different work and project deadlines.

Demonstrating how you priorities multiple responsibilities is crucial. Listing your various duties such a work, school and hobbies are great examples of managing responsibilities. Recruiters are looking for you to display your sense of responsibility to think of examples unique to you, especially where you can demonstrate a successful outcome.

8. How do you handle the minimising risk of error within your work?

As a profession that deals with the methodical and precise way of recording and reporting, room for error can be large. You are held to a high standard and the margin for error is tiny. Small mistakes can lead to large financial issues.

So emphasis the importance of checking work and establishing checks and balances within a team is crucial when answering a question like this. Recruiters want to hear that you have some sort of method for ensuring the accuracy of your work.

Conclusion

An interview for an accounting graduate job can be nerve-wracking. There are various aspects that make a perfect candidate and presenting yourself well in an interview is the most important. The skills acquired from schooling are inept without the skills to carrying out a sound interview.

However, this cannot happen overnight. If you stumble your words or can’t speak clearly at the interview, it is not the end of the world. Practicing different scenarios are crucial for an exceptional interview and will help you gain confidence in your answers and yourself as a candidate. Always remember to do your research about the company and their culture and vision.

Where to get help?

If you need to brush up on your accounting skills, learn in depth about accounting software as well as your soft skills, BLC Training and Internship is the one stop solution for all. At BLC, we helped many accounting graduates to kick start their dream career in Australia just like you. Discover how BLC Training and Internship can help you with your Accounting career today.

If you would like to find out more or require training on accounting software like Xero and MYOB, we are here to help. Get in touch with one of our friendly staff members to book a free trial class today!

 

Make The Right Choice: Xero or MYOB

Accounting Software has come a long way over the last decades. With the introduction of computers and the internet, old-school ledgers and paper-based systems have now been gradually replaced with cloud-based accounting solutions.

Cloud-based accounting solutions is more flexible with real-time accounting data accessed from anywhere on any device with an internet connection. Having said so, finding the right accounting software to use is always critical and challenging decision for a business. Each software includes different set of features and offers multiple price range depending upon the features. Selecting the best among hundreds of software in the market is never easy.

The two big players in the Australian accounting market are Xero and MYOB. Both are powerful and responsive solutions that offer easy and effective ways to manage accounting and payroll process for business.

A brief history of Xero and MYOB

Cloud has indeed revolutionised the accounting system and process. Prior to introduction of cloud-based accounting, the dominant player in the Australian small to medium based businesses was computer based accounting software MYOB. It is one of the preferred accounting software in Australia since 1980s.

Due to its slow move in the cloud-based industry Xero emerged as prominent software attracting many small to medium business owners. New Zealand Tech entrepreneur Rod Drury founded Xero in 2006.

Later MYOB too released its cloud-based offering with MYOB Essentials and MYOB AccountRight. With the increasing popularity of these two software people are enhancing their knowledge on these software through MYOB and Xero training.

The head-to-head comparison

Let’s now look at the comparison between Xero and MYOB to understand which software will be best for the business as they both provide similar services:

 

Features Xero MYOB
Number of company account One per subscription Up to two company accounts with Premier AccountRight Subscription.
Sign-up & installation Fast and easy online process Easy sign up process but for the advance feature like inventory dedicated software is required which is compatible only in Windows.
Connectivity with other data sources Users can connect their online bank accounts and get daily transactions imported in Xero automatically. It also has integration with various other applications like Google apps. Do not have the feature of importing the daily transaction directly from the bank accounts. Lacks the connectivity with other data sources.
Storage In Xero data are stored in remote servers and even if the subscription is cancelled the data are available for seven years for download. For the desktop version MYOB the data needs to be backed up. In MYOB the data can be downloaded from MYOB’s cloud after installing the AccountRight.
Cost Pricing for Xero is comparatively complicated than MYOB. There aredifferent price ranges for Xero depending upon the features and number of employees like $25, $50 and $60 per month. The subscription for MYOB is for unlimited number of staffs.
Security In Xero the two step authentication is used for the security purpose mainly to prevent the data breach.

Xero is certified in Payment Card Industry (PCI) Data Security Standards (DSS) and SOC2.

In MYOB we can use the password protection for the data and restrict the unauthorised use.

 

 

MYOB do not have this feature.

Time Xero is browser based software and it can be used from any part of the world and the performance of Xero is faster. In Xero multiple tabs can be opened. The desktop version of MYOB needs to install in the desktop and needs to be operated from there. Only one activity can be performed in the MYOB. Whereas in Xero multiple tabs can be opened.
Mobile app iPhone and Android iPhone and Android
Foreign Currency Multi currency support available on premium plan and the foreign exchange rate are calculated in real time Does not support foreign currency.
Invoicing Invoice layouts can be customised and can track when the recipients open invoices. Invoice layouts can be customised and can track when the recipients open invoices. Advance customisation is only available using MYOB AccountRight.
Bank Reconciliation In Xero we can link the bank account and get automatic bank feed which makes the bank reconciliation much easier and one can do the reconciliation on daily basis rather than to wait for a month time. In MYOB Account Right there is similar facility, but Xero is much convenient in the bank reconciliation.
Conclusion

As the first mover in the cloud accounting space, Xero remains the dominant leader in the Australian market. It has been basically designed in a simple and easy to best suit for small and medium-sized business, not just to the cloud but also to a business user, rather than accountant first user experience.

For larger businesses that require additional features such as job tracking, purchase orders, advanced inventory tracking, MYOB’s AccountRight can cover all of the bases. With the features like connectivity, accessibility from anywhere, easy interface and many other features MYOB still has long way to catch up, however Xero lacks the complexity to manage larger business processes and requirements.

When it comes to decide on which accounting software to choose, it is important to know that there is no right or wrong decisions. Both of them are powerful and responsive accounting software that helps to streamline and simplify your accounting process.

What does the future hold?

Are you a recent accounting graduate but need to gain the practical accounting skills you need to walk into your dream accounting role? Proficiency with business accounting software like Xero and MYOB is critical to the modern skill set for accounting professionals in Australia.That’s where BLC Training and Internship can help.

At BLC, we helped many accounting graduates to kick start their dream career in Australia just like you. Discover how BLC Training and Internship can help you with your Accounting career today.

If you would like to find out more or require training on accounting software like Xero and MYOB, we are here to help. Get in touch with one of our friendly staff members to book a free trial class today!

7 Reasons Why Accounting Might be the Perfect Career Choice

Accounting has been around since the beginning of trade. As competition for jobs has exponentially increased within the years and the technology is changing the way we work, Accounting today is still one of the most promising professions.

One of the frequently asked questions regarding this matter is: “Is accounting a good career choice?” People may have different takes on this and the answer depends upon what you want in life, but if you’re looking for a career with good job prospects, more opportunities for advancement and enough potential to keep you satisfied for decades, accounting is a field you need to take note of.

 
 
 

 

Here are 7 reasons why you should pursue an accounting career:

1. A career always in demand.

Accounting is part of every business, no matter where you live or how the economy is doing. Governments, businesses, individuals and not-for-profit organisations continually need accountants and bookkeepers to manage their budgets, deal with taxes, do financial reporting and complete audits.

Accounting is not a profession that can be easily outsourced overseas due to the fact that the accountant needs to have a thorough understanding of local taxes and local business practices.

In other words, there will always be a job for you in this sector, especially if you do your best and keep up-to-date with changes in legislation and technology.

2. The pay is great.

Earning a generous salary so you can cover your expenses and live comfortably seems like a dream. A career in accounting has the potential to afford you that lifestyle.

While salaries vary depending on the field and employer, Australian accounting grads can expect to start on a salary from $50,000 or above as per PayScale.

Many accountants, especially those with CPAs/CA and advanced degrees, there is a real opportunity to double or triple that, sometimes after just a few years of work experience.

Your appetite for continued learning, in depth experience in a wide variety of areas, positive attitude and ability to meet deadlines all the times are some of the factors that are important for a successful accounting career.

Our recent blog about Top 5 Accounting Skills Graduates Need for Career Success talks about the importance of having accounting qualifications such as CPAs/CA and other accounting skills graduates need for their career success.

3. Moving into other fields

An accounting career does not necessarily mean a public accountant or a bookkeeper. Your diversity and transferable skills within a company will make it easy for you to transition into another department, if you ever feel like a change.

With a plethora of opportunities that will open over time, you can have a taste of any relevant field.  Jobs within the accounting field include:

4. Stability

Accounting serves as the financial backbone to any self-respecting business.A career in Accounting can offer stability as there will always be a need for the skill set.

All companies, however big or small, will require the services that offer accounting and financial expertise, making this a stable field to work in. The businesses need Accountant in both bad days and good days.

The benefits include regular hours, a salary- which increases over the years, leave and the ability to plan for the future.

These things are critical when starting a family or settling down. So you know your family and health will never be compromised.

5. Flexibility

A job in the accounting industry can place you to work anytime or anywhere you want. With some career fields, you may need to change your lifestyle and move to an industry hub to find work.

Accounting, however, tends to be a universal need. From farmers to software development companies, everyone could use the services of an accountant, analyst or any other accounting role. This gives accountants or anyone in the industry a fair amount of flexibility when it comes to choosing where they want to travel or settle down.

6. Essential to Real Life

With the extensive knowledge and skill gained from schooling and work, it would make perfect sense to apply these experiences into your own life. Transferable skills such as recording expenses and preparing reports can come in handy in your day to day life.

These vital skills can assist in your budgeting when opting to purchase that dream home or car, or just day to day budgeting.

Being informed about the current industry and how a business operates also helps when making financial decisions such as applying for credit cards, lodging taxes or starting a business yourself.

The 2015 S&P Global FinLit Survey found that only 33% of adults worldwide are financially literate. A career in Accounting puts you leaps and bounds above the rest of the world in terms of financial literacy.

7. Personal Growth

As well as growing professionally with a bundle of experiences in the industry, personal growth can arise from an accounting career try and test different roles within the company.

You may think of an accounting career as dull and number crunching, but it’s more than that. Soft skills can be learnt from even a simple collaboration with a fellow colleague to a large department meeting regarding finance.

Learning new skills as well as observing different careers can assist in narrowing down your options for your career goal and push you further into becoming a well-rounded employee and individual.

Where to find Accounting Training for Your Dream Career?

BLC Training and Internship is a leading training provider focused on enhancing and developing your accounting career!

The Job Ready Accounting Program offered by BLC Training and Internship provides you technical skills and soft skills required for the accounting roles in Australia.

This program is well-suited to recent accounting graduates, professionals contemplating a career change and migrants looking for Australian Accounting experience.

To find us more and our offerings, please visit: http://www.blctraining.com.au or call +61 (03) 9349 2513 to speak to one of our friendly staff members.

If you have a head for numbers, a heart for earning a good paycheck, and a will to live life on your terms, accounting just might be perfect for you. Contact BLC Training today to find out how we can help you too just like we helped many other accounting graduates to land their dream accounting jobs in Australia!

 

Top 5 Accounting Skills Graduates Need for Career Success

Based on the market trend and research on what the employers are requesting in the job advertisement, there are top 5 common but important accounting skills that recent accounting graduates should have in order to gain employment and make an immediate contribution to the company.

1. Up-to-date Knowledge of Accounting Software

The exponential growth of software advances in recent years has highlighted the importance of technology use. Cloud accounting is the latest technology break-through in the industry. The increased focus on digitisation and automation has encouraged more employers to look for candidates with the right IT skills to grasp new financial systems.

As the use of cloud accounting heightens, the efficiency of business is further dependent on the software. It is in the company’s best interest to take in candidates that will be the most beneficial to the productivity of the business, meaning taking in candidates with sound knowledge of various software.  Mastering the theory and how to pull insightful data out of a report are critical to an accountant’s success. However, if you can’t use the software and other tools necessary to do your job – advancing in your career will be tough.

Candidates who can demonstrate knowledge and proficiency in different accounting software applications can find themselves more at an advantage. Some examples of in-demand accounting software include the following:

If you want to maximize your employment opportunity or to advance in your current position, consider to enroll yourself into some accounting training courses to enhance your accounting skills in one of these areas.

2. Don’t Negate the Soft Skills

In 2017, Google announced the findings from an internal study of all teams to determine the most innovative and productive groups within the company. They found that their best teams were employees who brought strong soft skills to the collaborative process.

Employers usually look for two types of skills in the prospective candidates – hard skills and soft skills. Hard skills include the practical and theoretical qualities of accounting. However, as everyone graduating with you would have the same level of knowledge and skill, this makes soft skills a vital trait for recruitment as it is something not everyone has mastered.

A simple thing such as communication for an example can help you convey your ideas and present yourself well in a job interview. Being able to communicate well in writing and in person can display the hard skills you have acquired. Engaging with improving soft skills such as team work, problem solving, time management set can you apart from the sea of candidates causing hard skills pointless to be without soft skills. Soft skills are the difference between adequate candidates and ideal candidates.

3. Desire to Gain CPA or CA Qualification

Both CPA and CA are great qualifications. They can provide your accounting career a competitive edge in the job market. Especially for any accountants looking to make the next step in their accounting career, the ones with a CPA or CA certificate definitely have more competitive edge compare to those without one.

Not only can these qualifications give you the ability to work for many different organizations around the globe, but also because the accounting skills that you have gained from the study are transferable to other industries.

People consider salary potential and benefits as important factors as passion for the job. For those ones consider to gain CPA or CA license, the good news is that you will make 10-15% more than others with the same roles.

4. Customer Service Orientation

No matter you work in public or private accounting firm, customer service skills can be crucial to your success in your role as an accountant. It is essential for you to be able to both retain current clients as well as bring in new customers.

Demonstrating good customer skills involves listening to your customers with empathy, answering their queries and providing them with the services they need in a timely matter. If you want your customer return to your service year after year, be sure to make them feel comfortable and appreciated.

When you are applying for jobs as an accountant, employers often consider your customer service skills as one of the top skills from candidates when deciding whether to offer you the job.

5. General Business Knowledge

In addition to accounting skills, employers are looking for job candidates who possess general business knowledge. As an accountant, contributing to the business requires more than just an understanding of the numbers.

In today’s business word, Accounting professionals are playing a broader role at work. Given the frequent interaction with other departments within the company, it is also important for accountants to be able to see the big picture and understand how your accounting skills impact the overall business.

 Put Your Accounting Skills to Work

Accounting professions are in high demand and still expanding. Companies need accounting professionals who are developing their skills include but not limited to those ones mentioned above. Whether you are a recent accounting graduate or accounting professional looking to advance your career, consider taking on practical accounting training to improve your accounting skills.

We at BLC Training offer Practical Accounting Programs through supervised training with the real data using various bookkeeping and tax accounting software. Through our training program, we intent to deliver an outstanding learning experience which empowers our clients to thrive and succeed as a professional in the versatile accounting industry.

To find us more or our offerings, please visit: www.blctraining.com.au or call +61 (03) 9349 2513 to speak to one of our friendly staff members.

 

All You Need to Know About Accounting Internship

It’s no secret that landing a high-flying career in accounting field needs more than just good grades from your university. Especially the fact that being in an area where there is a big volume of graduates compare to the limited job opportunities available, you would definitely need to get ahead of the competition to get the first professional opportunity.

One of the most common ways available for accounting students to do is to participate into an Accounting Internship program.

Having a degree in Accounting is different when applied into real work environment. Internship in Accounting can be extremely beneficial for graduates to have a taste of what the Accounting industry is really about as well as having hands on accounting experience

So, how do you know whether you should do the internship and what are the things you should consider for your internship? Here are some common questions answered for you.

1. Typical Accounting Internship opportunities for Graduates

As an accounting graduate, you must understand that not all the accounting roles will be available to you. We have listed the top 6 accounting roles which are the most popular and common opportunities available for a fresh accounting graduate below:

·       Accounts Payable 

·       Accounts Receivable

·       Assistant Accountant

·       Bookkeeper

·       Payroll Officer

·       Graduate Accountant

2. What does an Accounting intern do?

First of all it is not a free ride you are expected to work, learn and contribute to the benefit of the organisation. Your activities may include:

  • Data entry. Add information to files. Update client files.
  • Bookkeeping activities such as recording invoices or processing payments.
  • Emails and correspondence. Writing to clients, the tax office, suppliers, even clients and customers to find out information or missing data. You could also be asking for clarification from the tax office about a particular deduction, or the processing of a return.
  • Making and receiving phone calls including ones with clients and the tax office.
  • Meetings are a constant part of any business. While you may be attending initially as an observer, the expectation is that as your confidence and experience grows, so will your participation.
  • Developing your skills using accounting software such as MYOB and Xero. There may also be different proprietary software which is great to learn and eventually master. This adds not only to your knowledge but also to your future employability experience.
3. How do I prepare for an Accounting Internship?

Preparation is all about organisation and commitment. An accounting internship is all about preparing you to be a productive member of the accounting team or firm. The first thing to look at is business attire.

Clean and tidy are a must, so beards need to be trimmed and hair under control. Beware of personal odor too much garlic, for dinner or too much perfume are not a good idea.

Once you are personally groomed we now look at your mindset. This is an opportunity for you to shine. If they want you to file things for a day be the best filer ever. If they want you to learn new software throw yourself at the task at hand.

In a nutshell you need to prepare your best attitude for the internship. You are supposed to ask questions and not know everything. Don`t try and bluff but have confidence that what you know will come in handy. If you know they use MYOB then make sure you have recent exposure to it. A refresher course or job ready program would be ideal.

Plan your travel arrangements not to get there just on time be early and be prepared to work longer than expected. This shows commitment.

4. Are Accounting internships paid?

The answer is usually no, but some organizations have policies that prevent them from not paying employees. If it is offered by all means agree to being paid.

Sometimes you may be offered an internship where you work full time up to 40 hours and are paid for half. This is great because you are part of the team and it is easy then to convert you to full time paid.

Sometimes you may be offered a travel allowance instead of an hourly rate. Again this is common and covers you for your out of pocket expenses for getting to and from the job. $100 is considered a reasonable amount per week for 5 days.

Finally if you are uncertain about the paid nature of the internship, ask the question. If done tactfully it will not offend. What normally happens with your interns in terms of payment or travel allowances? I just want to be clear so there is no confusion?

5. How can I improve my internship experience?

Improving your internship experience is to make it a win /win relationship.

You will gain;

  • Experience in current practices;
  • Learn new skills;
  • Meet new people and expand your network;
  • Learn about the corporate environment;
  • Improve your language and writing skills;
  • Create a profile of yourself with that employer.

The employer will gain;

  • A new resource to help with the workload;
  • Save money by not having to pay full market rates for someone with your qualifications during the internship period;
  • Develop a readymade employee for the future;
  • Try before you buy which can save a lot of time in recruitment;
  • Teach someone their way of doing thing;
  • Learn from a recent graduate with new knowledge.

It is up to you to make yourself enjoy the experience. Sometimes you have to fake it till you make it. If you don’t know what that means, it means to continue to show enthusiasm even if the work is not interesting, because the employer is looking at how you handle all sorts of circumstances.

Accounting Internship makes a real difference in a competitive job market and Practical Accounting Training will boost your employability skills. Find out how the training will benefit your career with our recent blog – 6 reasons why you need practical accounting training.

Get job-ready with a leading training provider specializing in accounting through BLC Training and Internship. We help many accounting graduates to land their dream job in Australia just like you. Discover how BLC Training and Internship can help you with your accounting career.

 

6 reasons why you need practical accounting training

Today’s job market is highly competitive with hundreds of people applying for a single position in most of the cases.

If you go through the job advertisement you will find in most of the recruitment advertisements, it includes ‘with experience in….”. Companies in Australia and other parts of world prefer graduates having some sort of practical accounting training or exposure.

As a recent accounting graduate, theory makes you knowledgeable but unless you know how to implement the knowledge in the true working environment, you are not ready to become a successful accountant.

One of the best ways to stand out from the crowd and show you have proper dedication in accounting field is to gain practical accounting training.

In colleges and Universities, you read different theories and concept of accounting which helps to increase the theoretical knowledge. All the examples and cases completed are developed in a perfect scenario and you are just required to give correct answers of the questions.

But when you go to the real working environment and get exposed to real life scenario the situation is completely different. The theoretical knowledge alone is not enough for you to become a successful accountant.

Let’s take an example of how one learns to swim. Just by reading books on how to swim does not make you able to swim. You need to get proper advice from the expert, and you should actually dive into the water to learn swimming. Similarly, in accounting field both theoretical and practical knowledge should go hand in hand.

If you have Practical Accounting Training from accounting professionals along with your university degree, you are already one step ahead of others. There are various benefits of taking practical accounting training including:

1.  Increases Employment Opportunities

Companies today prefer candidates with practical experience as it takes a lot of time and effort for the companies to train the person in job.

With the increasing competition in accounting job market, employers have option to make a choice between the candidates with experience and candidates who do not have any training and experience. In this case any employer would choose the candidate who has practical experience in accounting.

2. Build a Stronger Resume

As per the statistics, on average every corporate job opening attracts 250 resumes. But only 4 to 6 of these people will be called for the job interview and only 1 will be offered a job. In order to make your resume stand out among other you can tailor your resume to the specific accounting job by including the accounting training and experience you have relevant to the job.

3.  Enhance analytical skills

Good analytical skill is one of important characteristic of successful accountants. Analytical skill is very useful to solve problems, make business decision and provide recommendations to clients and management. All this can be gained from practical training in accounting. The probability of hiring candidates with analytical skills is more as this help them to excel in their job.

4. Better Understanding of theoretical knowledge

Practical Accounting Training programs help to better understand the theoretical knowledge where students have gained from their college or Universities degrees. For instance, you read about journal entries, ledgers, trial balance and financial reports. But you may find it difficult to apply the theoretical knowledge in practical scenarios.

Accounting training program helps to apply the theory in real life scenario. It acts as a bridge between the theoretical and practical knowledge.

For example, you graduated a year ago and you went for a holiday. Then you came back and started to look for job. There is high chance that you may forget what you have studied a year ago and it might be difficult for you to start the accounting job.

In this scenario gaining practical accounting training helps you to be updated and provide necessary accounting training to make you job ready.

5. Provides clarity to career option

Job Ready Accounting training helps to sharpen the accounting skills and provide exposure in various part of accounting like accounts receivable/ payable, payroll, financial reporting and many more.

With this exposure it will help the graduates to understand how the accounting process works and provide clearer idea on which part of accounting they want to pursue their accounting career.

6. Hands-on knowledge on popular accounting software

Leading accounting training providers provide knowledge on the popular accounting software which helps the graduate to be familiar with recent accounting software.

In many of the Australian medium to small sized company the popular accounting software are Xero and Myob. Xero and Myob training help the graduates to understand how the accounting software works and learn different features.

What if you do not have the Accounting training?

After the discussion of importance of accounting training, now the question may arise what if you do not have accounting training?

  • You may be good in academics but due to lack of Accounting training you may not be able to relate theoretical knowledge in practical scenario;
  • It reduces the chance of getting good accounting jobs;
  • Without accounting training, even if you get job you may find it difficult to understand and perform your task which may impact your job performance.
Where to find quality practical accounting training?

BLC Training and Internship is a leading training provider focused on enhancing and developing your career! The Job Read Accounting Program offered by BLC Training and Internship provides you technical skills and soft skills required for the accounting roles in Australia. This program is well-suited to recent accounting graduates, professionals contemplating a career change and migrants looking for Australian Accounting experience. To find us more and our offerings, please visit: www.blctraining.com.au or call +61 (03) 9349 2513 to speak to one of our friendly staff members.

Conclusion

Practical Accounting Training helps students gain information and exposure to real life scenario which is not enough from the University level education. Accounting training helps to sharpen your accounting skills and makes you more familiar about the accounting industry. It increases your chance of getting accounting internship and jobs.

If you really desire to have good accounting career it is very important to be up to date with the industry and get yourself equipped with all the required accounting training. Do not hesitate to invest in yourself for the career development. The little investment you make today in your training will give you maximum return in future!