Tips for getting paid before the holidays

Tips for getting paid before the holidays

Cash flow GoFi8urePositive cash flow, the lifeblood of SME businesses is critical to sustaining and growing a business. Many business owners rely on revenue to indicate the health of their business. However, as the saying goes “revenue is vanity, cash flow is sanity, but cash is king”.

Christmas is nearly upon us and it is the season to be jolly! But will you be feeling as full of festive cheer at the end of December when you find your outstanding invoices have not been paid?

With many businesses shutting down well before the start of Christmas, there is a narrow window of opportunity for your customers/clients to pay you. We understand every business needs money to survive that is why we created a checklist with tips and trick on how to get paid before Christmas.

Remember businesses shut down early

As you probably know, most offices will be closed from Friday 22nd December. That means that by that date, you need to send an invoice to the right person, with the correct information and on time. Otherwise, you will wait for the payment after the New Year.

Keep in mind that invoices that are sent two weeks before Christmas are likely going to be paid after the holidays, so plan your payment schedule on time.

To make sure you get on that December payment run:

  • Send your invoices over as early as possible.
  • Include a full statement of all outstanding invoices.
  • Make sure your payment terms and due dates are crystal clear.
  • Make it clear that you expect payment before Santa arrives.

Invoice Immediately

As soon as you have finished your project or job, you should send your invoice, especially during the holiday season. Every day that your invoice is not getting paid costs you money. Send your invoice immediately and give your clients a chance to pay you in a timely manner.

Chase Your Overdue Invoices

Find some time before Christmas to look over your invoices and make a list of what clients have not paid you, then sort the invoices by the due date and by the biggest amount. You should chase the ones that have the biggest total amounts that are overdue.

Move to online invoicing

In such a digital world there are no excuses for not using online invoicing to speed up your payments. Even the most basic cloud accounting packages will give you the option to send your invoices to clients online via email.

Using online invoicing will speed up payment because:

  • It removes the need for printing hard-copy invoices (as well as the time and cost of sending them in the post).
  • It gets your invoice sent by email directly to the customer’s finance team (and removes the worry of your paper invoice getting lost or delayed in the Christmas post).

Set up Xero Invoice Reminders

If you are using Xero and have not started using the Xero Invoice Reminders now is the perfect time to start. Invoice reminders allow you to automatically send your customers an email reminder about their invoice. You will be able to remind them before or after it is due, your choice. And the message is fully customisable. Once you get it set up, you do not have to worry about it anymore, it does the chasing for you. We also recommend as part of your debt collecting process to send monthly statements and use the notes section under the client so you can review the history with the client.

Click here to learn more about Xero Invoice Reminders.

 

 

Staying Fit (financially) – NZ Plumbers Magazine featuring GoFi8ure

Regularly reviewing your company’s financial fitness will keep the business watertight, says Lisa Martin of GoFi8ure.

Funny isn’t it, that when we talk about financial fitness, many bosses start to glaze over. And yet the monetary side of things is the main reason businesses start up in the first place.

To read the GoFi8ure’s article which has been featured in the October/November 2017 NZ Plumbers magazine – click here to read it.

GoFi8ure – Winner of the Bookkeeping Trainer of the Year Award– Gayle Buchanan Memorial Trophy

Winning the Gayle Buchanan Memorial Trophy was such an honour and privilege for Lisa Martin and the GoFi8ure team.

Click on the video image to see GoFi8ure accept this special award. #Hugabookkeeper #Bookkeepcon17

A beginner’s guide to cashflow management – Featuring GoFi8ure

It’s the stuff of nightmares for business beginners: customers not paying on time; never enough cash in the bank; unexpected tax bills. Where does it end?

To help you sleep easier, NZBusiness, GoFi8ure, Ontrack Bookkeeping and Lock Finance presents a short guide on cash-flow management.

Read this valuable article by clicking here.

Well done to our GoFi8urines for completing their Xero Payroll Certificate

When Xero released their Payroll Certification our team jumped at the opportunity to get Certified. The whole GoFi8ure team became Certified within 1 week of the Certification release!

If you are using Xero Payroll and need an expert to help contact us and have a Certified Payroll GoFi8urine help get you sorted.

What is the difference between Administrators and Certified Bookkeepers?

During their early days, many small businesses have no choice but to combine many core functions together, including bookkeeping and administration tasks. As a business continues to grow, at some point, as a business owner you may need to separate the administrative and accounting functions. This will ensure that your business can run smoothly and more efficiently. Knowing the difference between bookkeeping and administration tasks will help you effectively create two roles that complement each other. So how do you identify when you need to hire either a Bookkeeper or an Administrator?

When should you hire an Administrator?

  • You are doing administration tasks when your time could be more productive elsewhere.
  • Your office needs someone to manage and maintain the constant flow of paperwork.
  • When you need someone to manage your diary and appointments.

What makes an amazing administrator is not necessarily how many pieces of office equipment they can operate. The value they bring to a business lies in how they support the business owner and reduce your administration workload. They take care of the background jobs that need to be done so you can focus your time on the valuable relationships with your clients and move your business forward, vital actions required to generate future growth.

When should you get a Bookkeeper?

  • You are spending more time on financial record keeping that working on your business.
  • You are not confident that your record keeping is as accurate as it should be.
  • GST return filing is often actioned late or at the very last minute.
  • There is no budget in place or minimal understanding of current and future cash flow.
  • Payroll has become stressful and more time consuming.
  • You cannot clearly answer the following:
  • What bills do I owe and who owes me?
  • Did I make enough money this month?
  • Am I meeting my filing deadlines?
  • How do I accurately process payroll?

You may have discovered that by owning your own business you spend more time than you thought you would trying to keep track of the financial paper trail, instead of doing what you enjoy. Wouldn’t you rather get back to doing what you enjoy, use your strengths and skill set to build your business, rather than having to worry about administration and bookkeeping?

As a business owner you may not have the time, energy or skills required, so if you are spending time looking at your books and wondering if they are accurate or correct, it may be time to bring in the expert. With a certified Bookkeeper on your side, your business can be more profitable, more efficient, and more competitive. You will get accurate reports that reflect your business activities, enabling you to make informed decisions that will keep your business moving forward. All those deadlines – they are met without you giving them a second thought.

Now that you know the difference make sure you don’t hire an Administrator to do a Bookkeepers job! Talk to GoFi8ure about our bookkeeping and accounting services, tailored to meet your business needs.

You did not get into business to be a Bookkeeper but we did, so talk to us about outsourcing your bookkeeping by emailing us on enquiries@gofi8ure.co.nz ​

Turning bookkeepers into superheroes

Lisa Martin and Tania Hayes see bookkeeping as a skilled profession that promises a high-flying career

• Many people believe bookkeepers just have to be a bit good with numbers.

• In many SME businesses, the role of bookkeeper will fall to the business owner, a family member or someone in the office admin team.

• Typically, these people have not had any training and do not hold a professional bookkeeping qualification.

• Their bookkeeping tasks often involve the complexities of payroll, HR administration, invoicing, GST returns, tax preparation as well as profit/loss projections. Much of this work must comply with legal requirements.

• Without on-going professional development bookkeepers will make mistakes.

In 2005, Lisa Martin decided it was time to help businesses with their bookkeeping obligations. Working as a fully qualified Bookkeeper herself, Lisa had already spent several years watching companies struggle with bookkeeping tasks.

She saw that the problem was two-fold:

1) Bookkeeping as a profession was not being taken seriously. Instead, it was being viewed as an unskilled occupation that anyone could do.
2) There was a lack of training and professional development for Bookkeepers, which meant companies were finding themselves with inaccurate accounts and out-of-date ledgers.

Lisa knew that shifting the perception of the role of Bookkeepers was going to take time; but she also knew that she could not let companies continue down the potentially law-breaking path of leaving financial administration in the hands of untrained staff. Armed with a passion for accounting, a penchant for excellent customer service and a mantra of ‘because you didn’t go into business to be a Bookkeeper, but I did’, Lisa launched GoFi8ure.

Her clients called her a superhero – racing to their rescue; saving them from financial disaster. Lisa took this as a branding idea and – flew with it.

In 2010, GoFi8ure helped launch the Bookkeepers Association (NZBAI) – a national forum for bookkeepers offering help and guidance, professional development and an accreditation programme. The NBAI teamed up with the Career Academy to create the Certificate in Bookkeeping.

In 2015, GoFi8ure merged with Hutt Valley firm, ActiveAdmin and Tania Hayes (ActiveAdmin’s CEO) was appointed as the new MD for GoFi8ure.

Together with their team of qualified bookkeepers Lisa and Tania work hard to educate SME businesses about the importance of accurate bookkeeping – and how good, financial data is key to the success of any company. They stress that ‘keeping the books’ isn’t something business owners should be doing themselves.

They also work hard to push bookkeeping as a valuable, and financially rewarding, career choice. “It’s a profession where you have to keep on your toes,” says Tania. “Technology, cloud apps and financial software systems, like Xero, are constantly evolving. This means on-going training and up-skilling is essential.”

For both Lisa and Tania, their careers didn’t stop with bookkeeping. Their bookkeeping qualifications have lead them to further study. Tania, already a Chartered Accountant has recently gained a Bachelor of Business degree, for which Lisa is currently studying.

Importantly, GoFi8ure believes that finance can be fun. As bookkeepers, accountants and financial advisors they work hard – their branding provides light relief. “Our clients love our superhero image. They think its great when we wear our cloaks and give them superhero branded thank you gifts. And, our life-size telephone box is always a hit at exhibitions,” says Lisa.

GoFi8ure was recently endorsed as a ‘Perfect Bookkeeper’ by Xero.

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.

Outsourcing – boost productivity and progress without the long term expense

Many business owners have fantastic talents which is part of the reason why they went into business. With these talents, sometimes comes over-confidence where they try to do everything themselves, and either experience processes being missed, a stall in the business or even worse, burn out.

Quite often, it is at this point that business owners think they will need to employ staff to help. This does not always have to be the case; outsourcing can be the best thing for your business, you just need to find the right company to work with.

It is true that outsourcing can save money, but that is not the only (or even the most important) reason to do it. Outsourcing also allows businesses to enhance services, quality of work, and productivity, while allowing them to focus on growth. It involves hiring an external company which has the expertise you may not have but that you need to be able to move forward and be more productive. It is a powerful option, as you can outsource only what you need, and for as long as you need – which means not having the expense of hiring permanent staff, or incurring costs to up-skill.

GoFi8ure are a great solution to those who needs help with their accounts. We are a one stop shop for all your accounting needs from monthly routine bookkeeping to preparing and filing your Tax Returns. To find out how GoFi8ure can help your business, email us on enquiries@gofi8ure.co.nz or contact us on 0800 463 488.

New Year, New skill-set

Enhance your business skills and knowledge with continuing education offerings through GoFi8ure.

Training and up-skilling is essential to the achievements of a business to ensure ongoing development and improvement. Not only for your staff, but for you, the business owner. Even if you have been in business for many years, investing in yourself and your business should be a vital part of your strategic plan.

“You don’t know, what you don’t know, until you don’t know that you don’t know it”. Despite having years of business experience behind you, many business environments are not stagnant. Developing technologies are constantly causing disruption and opportunity. Changes constantly occur with new legislation and business obligations, software changes, or better business processes becoming available. As a business owner you need to make sure you are up to date with everything you need to know. That is when training and up-skilling comes into play.

The benefits can be life-changing too, reaching far beyond simply relieving boredom or passing the time. Studies have shown adult learning can boost confidence, well-being and feelings of fulfilment and happiness, providing business owners (and their staff) with a new zest for life – that is before we even get to the potential social, physical and professional benefits. So jump right in, the water’s lovely, and make 2017 the year you up-skill and learn more.

What are some of the other benefits to learning and up-skilling?

1. Enhance operational efficiency
Training yourself and your employees can increase efficiency and productivity in completing daily work tasks. Training can also help your organisation achieve greater consistency in process adherence, making it easier to project outcomes and meet organisational goals and targets.

2. Increase business value
Effective training can be used to “up-skill” or “multi-skill” not only yourself, but also your employees. Up-skilling involves extending one’s knowledge of an existing skill, providing more experts within a subject area. This helps you make better decisions for your business. Being better informed is part of your essential business development requirement.

3. Increase business quality
Aside from increased efficiency, both you and your employees will also improve the quality of the work produced with relevant training. It is proven that untrained employees turn out work of lesser value, which in turn lowers the value of your business. Training is essential to higher production value.

Interested in knowing more about how you and your team can up-skill in the accounting / finance side of your business? Then you need to get in touch with Education and Xero award winner GoFi8ure. We have different training packages available to suit both you as a business owner and your employees. We look forward to helping your business grow – enquiries@gofi8ure.co.nz or visit www.sayitlikeitis.co.nz