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.

How to win awards for your business – Featured article by GoFi8ure

What’s the most important thing in your business?

Some people would say it is you – the boss. Some people would say staff are your most important asset. Others might say it’s the quality of the product or service you provide.
They’re all wrong. It’s money. Money makes the world go round and it certainly keeps your business afloat. Without it you’d be buggered as a business.

So who do you trust to look after your money? Who do you trust to look after your business’s finances, its books, its accounts? You?

If it’s your most important asset wouldn’t you want the best people looking after your money? People who can help you make your money make even more money for you, and make your business even more successful?

That’s one of the reasons bookkeeping company, GoFi8ure, has won so many awards. Because it’s been judged by experts to be very, very good at what it does – and what it does is help small business people to manage their money by keeping ‘the books’ in good order.

It offers financial solutions, not just financial band aids.

The multi award-winning company is also a Xero partner and was recently named the Xero Bookkeeping Partner of the Year New Zealand 2016.

At the same time the company was a finalist in the Wellington region Business Excellence Awards for 2016.

The fact that GoFi8ure consistently wins industry awards means it consistently performs above average, and that means its clients consistently get above average advice and service.
And when that advice and that service is focused on managing your business’s financial affairs you can have faith that your most important asset is in good hands.

And that’s critically important if you want your small business to grow into a bigger business.

Lots of Kiwi small business people take a DIY approach to their accounts, or entrust the job to someone who’s not necessarily well qualified.

But that can be dangerous because of the many tax and legal complexities with which every business must comply and that can trip up the unwary.

Having the right financial and bookkeeping advice is an investment in the development and growth of your business, and it’s an investment in your own peace of mind – and in some cases, your health. Worries about the financial fitness and sustainability of your business can be very stressful, especially if you have mortgaged your house or borrowed money to start your company.

So if you are serious about your business, if you think it’s important to be the best at what you do, make the call to work with the best.

Who knows? Maybe if you do you will win some awards of your own! Email us on enquiries@gofi8ure.co.nz to chat further.

What is your time worth?

As the age old saying goes, “time is money” – so what is yours worth?

Time is something that we like to think we have well managed. But the truth is, it is quite often the last thing we really think about. You have most likely heard, or even said, sayings such as “there aren’t enough hours in the day” or “I haven’t had time to do all the things I wanted” on more than one occasion.

Why do many business owners find themselves saying these things time and time again? Because they wear too many hats, for far too long. The role of the business owner should be to focus on tasks that help grow the business and be profitable – instead of tasks that can be outsourced or completed by a skilled employee.

Many business owners find it hard to delegate, or hire a skilled employee, in the beginning. But if you put this off for too long and continue to do it all yourself, you’ll burn out and the business will suffer rather than grow. So where do you start and what can you actually do about it?

First and most important step is to ask yourself the following questions and answer them honestly:
1) How much am I worth to my company?
2) How is the value of my time best determined?
3) How is the value of my time best invested?

Second important step is to work out where your time and strengths are best used.
“Work to your strengths” is a great saying, and outsourcing jobs which are in your “weaknesses” category is a great investment. For example, if numbers are not your thing, outsource your bookkeeping to a bookkeeping professional. They use their skills daily, so they will instantly be quicker and more efficient.

Third step: Delegate.

Focus on what makes you happy and what helps the business. Learn to delegate the tasks which you find do not utilise your strengths, or you just don’t enjoy. Delegating will allow you to concentrate on what makes you happy which will have a positive impact on the business long term and will help it to grow.
Now that you know what you need to do – come and chat to us about outsourcing your routine accounting and freeing up your precious time. Contact us on enquiries@gofi8ure.co.nz

Make 2016 the Year for Business Growth

As an aspiring entrepreneur, or someone who already owns a business, at some point in time you would have created a business and financial plan.  When you created these plans, you had visions of how the business would work. Because we get so caught up working IN the business, we forget to make time to work ON certain parts of the business; and that includes your financial plan. It needs to be treated as a live document, not something you create and put aside never to be read again.

Why create or refresh your financial plan?

The answer is quite simple: cash flow forecasting and management makes or breaks a business. Statistics show that 8 out of 10 new business ventures fail within the first three years. This is largely due to poor business and financial planning. You can increase your chances of success through thorough, thought out planning. The better you plan, the better your chances are for success. Not only that, but most financing sources (should you require them) require a business and financial plan as part of the loan application process.

What does cash flow forecasting and management really mean?

Cash flow is the primary indicator of a business’s financial health. It helps measure your ability to pay your overheads this includes: rent, insurance, wages, and supplier invoices. Successful cash flow management really comes down to the management of the money coming in vs going out. If you never have money in the bank to pay bills and expenses, then you may want to modify your financial plan ASAP.

What can you do to help get your cash flow forecast and plan working for you?

  • Compare your original plan to the current expenses you have now. Was your original forecast correct? Are you meeting your targets? If not, you need to modify your plan for it to match your current situation and desired outcome.
  • Look at your current accounting software to see if it can help you. Some systems have budget sections in place to help you forecast over the next year.
  • Seek advice from someone who does this as a job! An expert Accountant or Bookkeeper can sit down and work out a budget with you. Alternatively, if numbers just aren’t your thing you can always ask them to help prepare the budget on your behalf.
  • Look at areas of your business where you can cut down on spending. If you can cut down on costs, then you should. For example, are you posting invoices and/or correspondence? Postage is now up to $1 for a normal letter. Email is widely used these days, so take advantage of this free service.

Now is the perfect time to re-visit your financial goals and plans, as we are at the beginning of the new Financial Year. Make the time to figure out where you want your business to be this time next year. Your business will thank you for it.

Want to get a clearer picture of your next financial year but time poor or not sure where to start? Then get in touch with the team at GoFi8ure. We are experts in assisting businesses with cash flow forecasting and management – enquiries@gofi8ure.co.nz – get in touch to discuss your needs further.

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

How healthy is your business?

As business owners, we get caught up in the day to day running of our business. Business owners wear many hats including; being the Boss, Leader, Sales Person, Business Development Manager and more. The job description of a business owner is never ending. Being busy servicing clients is good (and necessary) for business success, but what about your business, who services your internal requirements?

It’s like the typical mechanic’s story; they fix everyone else’s cars, but when it comes to their own, it’s last on the list. The same happens to our accounts. Unless you enjoy doing the accounts yourself or you have a trustworthy, qualified Bookkeeper or Accountant maintaining your accounts, how do you know the real state of them? It is often not until a sudden illness, leave of absence or a death in the family occurs that problems in your businesses finances are uncovered. Emergency cover is required, other staff get involved and a “what the..” moment happens, making you wonder what has been going on in your business!

So what can you do to avoid that situation? One way of restoring “peace of mind” in this area is a worksite assessment and review of your ledger by a GoFi8urine. Consider it a “Warrant of Fitness Finance”   in your business’s risk management plan. You review your insurances annually – so why not do the same with your accounts?

What is a Warrant of Finance (WOF)?

Warrant of Fitness checks are a legal requirement. And so they should be. Annual or six monthly inspections are important to ensure road worthiness and safety for motorists. By comparison, business health checks aren’t required by law. Just because we don’t “have to” doesn’t mean that we shouldn’t. In fact, every business owner would be wise to apply the principles of the WOF to their own financial engines and repair and replace parts and processes if they’re not working effectively – or efficiently.

The ultimate question is: Do you want your company to run like a fine-tuned engine, purring along the road to profit?

If you are unsure that you need a WOF and want to further investigate the situation for yourself, then you may to ask yourself the following questions;

Have you asked about old debtors and how they are being chased up or are they left because there is an issue that’s just too hard for a staff member to deal with?

How much money do you really owe to suppliers and are you making payments? This is your reputation here so it pays to check.

Do you know if your GST returns and PAYE returns are being filed and more importantly paid on time? Late payment penalties and interest mount up and staff can try to hide this from you!

Do you know the latest situation for the business’s current assets, debtors, creditors, cash flow, budget variances, and year to date wages, accruals, forecasting and your shareholders current account?

When was the last time the general ledger was checked for its coding and classification? Once a year by the CA is not enough – it needs to be reviewed at least monthly!

Do you know how the income and expenditure is coded and with correct GST etc – you would be surprised how mistakes creep in and if you don’t check it won’t get corrected unless someone like a qualified, certified GoFi8urine comes along and says “Goodness, 3 months of coding and it’s all NT for GST;  lets reconcile this correctly shall we!”

Petty Cash, company credit cards, business mobiles, petrol card, company vehicles – if you are letting staff use these are they being used appropriately? And you are not leaving yourself wide open for misappropriation? Who checks?

If you want to know the true state of your accounts then you need a WOF. One of our mantras is ‘you didn’t go into business to be a Bookkeeper, but we did’. And it’s true. You started your business because you had a great idea and the drive and ambition to make it happen. You didn’t do it because you love working out your tax credits, GST and payroll – unlike our GoFi8urines.