GoFi8ure – Excited to be part of Xero’s new Advisors Directory

Trusting who you work with is important, along with knowing that the company you are dealing with is professional and knows what they are doing. That is why we are so excited to be on the Xero Advisors Directory as your go-to professional bookkeeping advisor. Visit our profile by clicking here.

Happy Financial Year from the Perfect Bookkeeper

When Xero asked our Executive Director Lisa Martin to participate in their new Happy Financial Year campaign we leaped at the chance. We love working with Xero so it was pretty exciting to see this show up on billboards, bus stops and in the paper! To chat to us about how we can help with your bookkeeping send us a message – we would love to hear from you.

Ever wondered how hiring a Bookkeeper could help your business?

Running a successful business requires making smart decisions and whilst many business owners have a range of talents and expertise, they often don’t have the accounting knowledge necessary to ensure the Bookkeeping side of the business runs smoothly. Having a qualified Bookkeeper helps give you peace of mind knowing your accounts are up to date and accurate.

So why hire a qualified Bookkeeper?
A good Bookkeeper is worth their weight in gold. Why? Because to them best practice is the only way they work. Would you let an unqualified mechanic fix your car? The same goes for your accounts. By hiring an experienced Bookkeeper, you are able to focus on the growth of your business. Though you can still monitor the progress of your accounts, the day-to-day responsibility is removed, giving you the freedom and reassurance that your accounts are being looked after.

What can a Bookkeeper do for you?

· Bookkeepers help save you time – As a business owner, time is your most valuable asset. Would you rather use your time to plan, direct, and spend on the things you love doing? Or would you rather spend your extra time doing your accounts? Hiring a Bookkeeper means you know your accounts are well taken care of and you no longer have to worry about last minute GST deadlines or paying staff on time.

· Be a Leader, not a Manager – Being a leader means helping other people to grow and maximize their own full potential. How can you do that when you are stuck in other areas of the business? A good Bookkeeper is like a side-kick, they know what you need whilst having an in depth understanding of your business and KPIs (key performance indicators) allowing them to help enable you in your role.

· Hire someone who knows their stuff – When hiring someone to take care of your accounts; you may want to consider approaching a professional bookkeeping firm, who has experience with your accounting software and industry. Your Bookkeeper will be able to provide vital, meaningful management reporting and data; they can also show you where the leaks are and help you improve your accounting processes and systems.

Not sure what condition your accounts are in? Get our Warrant of Finance (WOF) service for $250 + GST and find out what areas need improvement and how you can be more efficient. To book your WOF email us: enquiries@gofi8ure.co.nz or visit our website www.gofi8ure.co.nz

Fraud

As an employer you can’t always prevent fraud but you can minimise the chance of such incidents occurring – similar to malaria tablets, they won’t stop you getting it, but reduce the symptoms considerably if you do! Get on top of your business, don’t bury your head in the sand, watch the cash controls and internal checks and balance system, vigilantly follow through on procedures, lead by example and when you feel that something is not quite right, trust your gut instincts and investigate immediately.

At GoFi8ure our proven methodology of best practice bookkeeping, where checks and balances are tested weekly, gives business owners peace of mind that systems are adhered to and their investment is being reconciled by a third party professional organisation.

If you want to find out more about how your accounts are really doing; our Warrant of Finance (WOF) service will help you find out what areas need improvement and to be more efficient. To book your WOF contact us: enquiries@gofi8ure.co.nz.

Change the Way You Do Business

Did you spend 2014 overworked and overwhelmed? How many hats did you wear? The upside about being your own boss is you can decide the details of what you want to do. The downside is more often than not, you have to wear more than one business hat!

What if this year – you could wear the hats you wanted too not had to? Imagine what that could mean for you, your business and for those around you.

Here are some tips on how to “choose what you want to do and outsource the rest”

1. Delegate – Kiwis have the DIY attitude but that doesn’t always work in Business. If there is a job someone else can do then delegate – lessen your to do list!
2. Do the most difficult task first – A lot of us start the day by doing the easy tasks first but that often leaves you tackling the hardest tasks when your energy is sapped. Instead, do the most difficult tasks first.
3. If it isn’t your strength – give the work to someone who knows their stuff. For example, if you aren’t a numbers person, why spend your precious time doing the books when you could pay a certified Bookkeeper to get the job done in half the time.
4. Don’t multi-task – multitasking usually means doing a bunch of things poorly. You’re much better off giving all of your attention to one task that you really hit out of the park.
5. Have a daily plan – If you have a list for all your tasks that day, you will get through the list quicker and feel great about getting them ticked off the list!
6. Ignore your email when busy – It is hard to do but it will ensure you get a good stretch of totally focused work time.

For those who aren’t use to outsourcing, it is a great way to help ease the workload whilst getting the job done. Just remember – You don’t have to do everything yourself. So make 2015 a smarter year for working not harder!

If GoFi8ure can assist with your bookkeeping or accounts please get in touch by emailing enquiries@gofi8ure.co.nz today.

Verve Magazine October – GST is not yours so don’t spend it

The first in a six month series of Small Business Basics by Lisa Martin, Executive Director of professional bookkeeping and accounting firm, GoFi8ure.

GST is not yours – so don’t spend it

If you run a small business it’s likely you’ll be GST registered. While you don’t have to register for GST if you earn less than $60,000 many small businesses sign up anyway – often because having a GST number looks that bit more professional and who knows how quickly the company will take off and smash through the $60k barrier.

Of course, if you collect GST at 15%. You then have to pay back GST at 15%. GST comes in and then the same GST goes back out to the Inland Revenue. Simple eh?

Well, you would be amazed just how many people find themselves short when they come to do their GST returns and make their GST payments. You see, some people very foolishly think GST money is theirs to dip into. And they genuinely think they’ll pay it back before the GST deadline.

If that’s you, or you are tempted, listen up. Once you start spending or ‘borrowing’ the GST money I can guarantee you, you will not ‘pay it back’ before you have to file your return. The consequences of this will be disastrous. It’s far better not to touch it in the first place. Put it in another account and forget about it. Say out loud, ‘this is not mind to spend’.

One great way of keeping track of your GST is by signing up to Xero. Xero is linked to your bank transactions, so you can see how much GST you’ve collected at any point in time. Xero then helpfully prepares all the information you need so you can do your GST return and make your payment without faffing about for hours with receipts and an excel spreadsheet.