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

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.

The pros and cons of DIYing your small business accounts

Every small business person has this dilemma. Do the books yourself? Or contract a professional Bookkeeper? Not a part-time employee – a professional contractor. Lisa Martin from multi award-winning bookkeeping practice, GoFi8ure, examines the pros and cons of the DIY approach versus the professional contractor approach.

 

 

 

Pro: It’s cheaper. You don’t have to pay anyone. You do it yourself – often at night or on the weekends, but hey … at least it’s cheaper.

Pro: You can lodge and file the numbers and the paperwork any which way you want ‘em. Where they make sense to you and where (hopefully) you can find ‘em again (and – hopefully – understand ‘em).

Pro: You’re the boss. You need to know what’s going on. You need to be in control of every facet of the business (despite the fact you’re not quite sure what those complex new tax rules mean and how they affect you, but you’ll wing it. How bad can it be?!).

Con: If you’re like most small business people, doing the books is probably not your best skillset. Otherwise you’d be an accountant, right? So it’s likely you will probably a) put off doing the books, b) make a mistake in the books c) fail to file all the necessary paperwork with the proper authorities and d) mess up the management of your business finances.

Con: You risk a call from the IRD. Because you are not an expert and because managing your business’s financial affairs requires an expert, you could well end up falling foul of Inland Revenue because you got things wrong, or didn’t do what you were supposed to do, when you were supposed to do it. All of which gets the Inland Revenue interested in you and that can cost you plenty, both in terms of hard cash and your stress levels. Have you heard those radio ads where a tax debt broker offers their services to help companies just like yours extricate themselves from under a mountain of debt they owe to the IRD? Those companies probably got into that unenviable position because they didn’t contract in a professional Bookkeeper. Don’t make the same mistake.

Con: It takes time you’d probably rather spend fishing or golfing or doing anything other than entering and filing receipts and calculating GST. How much is your time worth? What’s your mental health worth?

Con: You are not growing your business. Because you’re head down over the books, you are not out there doing the business, marketing the business and making money. You’re in here with your calculator and a complicated excel spreadsheet that’s probably driving you mad! Your call.

Con: You are not managing your money and using it as wisely as you could do. Again, you’re not an expert at that – otherwise you’d be a banker, right? But professional, contract Bookkeepers are experts at it and they can both save you money and make you money by advising you how to manage your company’s money.

Con: You’re probably causing yourself stress and sleepless nights. Yes, you’re saving money by DIYing it (but you’re not making money because you’re doing the books when you should be doing the business), but you’re probably giving yourself a headache you don’t need. And if you’re under business stress how does that affect your family?

So, bottom line, as we Bookkeepers like to say, is – yes, you could DIY your company’s financial management, but why would you if you are serious about growing your business and making money?

Smart business people know when and where to invest to grow their business. The question is: Are you a smart business person, or do you believe you can DIY every job (and end up doing none of them well?). Your call. GoFi8ure provides peace of mind with premium bookkeeping and accountancy solutions. It’s efficient, economical and mobile service is perfect for small and medium sized businesses in the Wellington, Hutt Valley, Auckland and Christchurch regions. GoFi8ure can help with everything from a bank or GST reconciliation to management accounting, payroll and reporting for a business as big as 30 staff.

The value training can add to your business

At GoFi8ure we truly believe that training is not a cost, but an investment in your business and future growth.

You may have heard this popular question that highlights the importance of investing in employee training, it goes something like this:
Person 1 asks “What if we spend money on training our employees and they leave?”
Person 2 replies “What if we don’t and they stay?!”

In this article we highlight why employee training is a crucial part of a successful business.

1. Training gives employees the necessary skills and knowledge to carry out their work to the best of their ability, resulting in an increase in productivity and quality of work.

2. Training can give your employees an increased and more diverse skill set, where they can take on additional responsibilities while supporting their own career progression.

3. Training can give your business a genuine competitive advantage over your competition. The simplest way you can be better than your competitors is by having employees that work better than the rest. Training is a direct route to achieving this.

4. Training helps reduce employee turnover. Investing in your employees makes them feel valued and lets them know you are interested in developing their skills. As a result they tend to stay longer and contribute more to your business. Replacing staff is expensive and time consuming. It is much better to train and retain your best people in the first place.

5. Whether it is training, methods of working or legislation – things continuously change in the work place. Regular training means your business and your employees don’t get left behind and they stay working at their best, both today and in the future.

6. Training decreases the need for supervision. Untrained and under-qualified staff can drain your management resources and distract your best people from urgent and important tasks. Avoid becoming over reliant on one person by training at least one other staff member of your team to the desired standard.

To talk more about Xero and bookkeeping training for your employees, visit our website: www.sayitlikeitis.co.nz or email us on enquiries@gofi8ure.co.nz

Invest in your business today!