There Has Never Been a Better Time to Get onto Xero

There Has Never Been a Better Time to Get onto Xero

GoFi8ure, a company that provides premium accountancy solutions, urges customers and businesses to look into Xero training. Xero is an online accounting software designed to aid small businesses and their advisors to adopt more efficient processes.

GoFi8ure has developed a tailor-made training programme that makes use of your unique data for ease of learning. It utilises a 12-step ‘best practice’ checklist to ensure ease of learning.

The team at Xero explains, “With Xero’s online ‘in the cloud’ accounting software, your accounts are transparent, giving you a real-time view of your business at a glance with a snapshot of all of your transactions on the dashboard and so much more.”

GoFi8ure also provides custom-fit Xero training designed to tackle specific needs. Xero Training is available in four options:

– Xero Fresh is a refresher course designed to test the checklist in-action in your business, and covers output requirements, management reports, GST reconciliation and end of year preparation for chartered accountants.

– Xero Mate is an entry-level course where you learn steps 1 to 6 of the checklist and cover basic Xero concepts, such as the Xero dashboard, accounts basics, bank accounts, contacts, finding help within Xero, and general Xero queries.

– Xero Hero is a comprehensive course where you learn steps 1 to 12, and cover reports, price lists, charts of accounts, organisation, tracking, fixed assets, foreign currency, and more!
Last but not the least, Xero2Max is a course for business owners who have completed the Xero Hero course, and are now able to harness the data in Xero in order to measure their performance, and reconcile their financial position monthly.

Contact us to discuss your Xero training requirements further. 

Congratulations to GoFi8ure’s Managing Director Tania Hayes on completing the Taxation Toolkit

Congratulations to GoFi8ure’s Managing Director Tania Hayes on completing the Taxation Toolkit through the Career Academy

At GoFi8ure we pride ourselves on consistently up-skilling and staying at the forefront of tax and accounting legislation and compliance. Another KPI ticked and achieved!

Check out this amazing feedback Tania received from her tutor.

Tax Fundamentals – Introduction

Grade: Pass

Hello Tania, thank you for submitting your Tax Fundamentals assessment for grading. You have done an excellent job at this assignment and I am impressed with your knowledge in this topic. I have left a few comments in your feedback files about a few extra information not in the course material if you want to go deeper into residency and DTAs. Keep up the awesome work and we look forward to your next assessment.

Tax Fundamentals – Income & Deductions

Grade: Pass

Hello Tania, thank you for submitting your Allowable Deductions assessment for grading. You have done an excellent job at this assignment and I am impressed with your knowledge. I have left a few comments and some of the situations in this assessment in terms of tax planning. Keep up the awesome work and we look forward to your next submission.

Understanding GST

Grade: Pass

Tania, this is a brilliant submission. All the income and expenses transactions were accurately captured under payments basis. Along with that you successfully managed to calculate GST payable. I am pleased with your progress in your course. Keep firing the assessments in to us!

Tax Fundamentals – Tax Calculation & Return Preparation

Grade: Pass

Hello Tania, thank you for going over my comments and amending your assessment. I am very impressed that you sorted out couple of those issues. Now I can see that you understand Provisional Tax. Keep up the awesome work and we look forward to your next assessment.

Depreciation

Grade: Pass with Distinction

Phenomenal work Tania and thanks for completing your assessment.  From your submission, you have provided excellent calculations and I can see that you have put in a wonderful amount of effort into this assessment.  Additionally, your work demonstrates that you have an in-depth understanding of this topic.  Congratulations on passing your assessment and keep up the amazing drive throughout your course.  I look forward to seeing another awesome submission from you soon.

Look Through Companies

Grade: Pass with Distinction

Well done with your submission for LTC’s Tania – it was interesting for me to read how simple you made this sound whilst still being accurate. You really broke down the fundamentals of LTC’s whilst displaying very good knowledge of the basics of this concept!! Great work on your part and I look forward to further work coming through from you as you progress towards your qualification with us!

Company Taxation

Grade: Pass with Distinction

You have a definite style in your explanations Tania that makes it clear to the reader that you are sure of your facts – it is easy to see your application of the theory in your explanations and you take it to the next level by providing examples throughout your answers which is really nice to see. Thanks for your efforts here Tania and again it is my pleasure to be able to provide you with your passing grade!

Introducing BKED – GoFi8ure’s Bookkeeping Education Centre

Introducing BKED – GoFi8ure’s Bookkeeping Education Centre

We are excited to let you know that we are officially launching our BKED (Bookkeeping Education Centre) division.

After seeing the need to provide mentoring, training and support to business owners and budding Bookkeepers (on top of what we already offer), we created BKED. Our courses and mentoring programmes are customised to empower and educate our trainees from both a practical and theoretical approach. We have one on one and one to many training courses available – we even got this amazing customised made training table that breaks out into little pods. How cool is that! A big thanks to Creative Mouse for their design and hard work in getting this all sorted for us.

If you are a business owner and would like to learn more about Accounting Principles, Duties and Responsibilities, Strategy, Leadership, Management and Business Finance, then it is time to get excited. We will be releasing our courses very soon and we cannot wait to share them with you!

Remember: Talent you have naturally. Skill is only developed with spending time up-skilling, learning and educating yourself.

If you want your work and business to mean something to your clients and the economy, then you need BKED.

6 ways to measure the health of your business

6 ways to measure the health of your business

When you are running a business, it is easy to get caught up in the day-to-day activity and lose sight of the big picture. Taking stock of the health of your business is important. Knowing where you are allows for more effective planning, early warning about any issues, and the chance to better chart a course for success.

There are some quick ratios that will help you in order to gauge the health of your business. We can help you to assess your business health and show you how to calculate these vital checks. Click here to book your business Warrant of Finance. 

Liquidity Ratios

Liquidity ratios are about how quickly you can turn your business assets into cash – which helps you assess whether you’ll be able to pay the bills.

High ratios are better, as this means you’ve got more assets than liabilities.

Current ratio

Current ratio = Total current assets / Total current liabilities

As a general guideline, 2:1 is a good current ratio, but this does depend on the kind of industry you’re in, and the nature of the assets and liabilities.

Quick ratio

Quick ratio = (Current assets – stock on hand) / Current liabilities

This measure excludes your existing stock, which you may not be able to quickly turn into cash, and is seen as a more realistic quick snapshot of your position.

Solvency ratios

Solvency ratios look at sources other than cash flow to see whether your business will be able to settle debts.

Leverage ratio

Leverage ratio = Total liabilities / Equity

This is a measure of whether your business is reliant on debt financing or equity to fund your assets. A higher ratio can make it harder to borrow money.

Debt to assets

Debt to assets = Total liabilities / Total assets

This tells you what percentage of assets is being financed by liabilities.

Profitability ratios

Profitability ratios will let you know how efficient your business operations are. Where possible, it’s good to measure your business against others in your industry.

Gross margin ratio

Gross margin ratio = Gross profit / Total sales

This ratio tells you whether you can cover the necessary business overheads from your sales.

Net margin ratio

Net margin ratio = Net profit / Total sales

This measure tells you the percentage of sales dollars left after you’ve settled your expenses, except for your income taxes.

Checking in on your business health is a great habit to get into. Using these ratios helps you to understand your current business health and allows you to plan. Talk to us about how to calculate the factors in these ratios in order to keep your business on the right track.

Set your business up for success with the right structure

Set your business up for success with the right structure

 

The structure of your new business has repercussions in terms of tax, costs and the protection of your assets. When you decide on what structure you’ll use, keep in mind your future plans, because this may impact your decision.

There are three main structures you could consider.

Sole trader:

If you’re operating on your own, this may seem an obvious choice. It’s a quick one to set up and incurs minimal costs. Bear in mind that a sole trading business can be trickier to sell, and you are taking on greater personal risk in establishing the business. It may be worth looking into how you can protect your personal assets, should anything go wrong.

Partnership:

If you’re working with a partner, you could consider this option. It lets you share the load, along with the costs of getting a business established. You’re also sharing the risk and potential liabilities.

Company:

Setting up a company means more admin and higher costs to get going. You’ll become a ‘director’ as the person who runs the company, and a ‘shareholder’ as a part-owner. Companies have additional reporting duties, but you assume less personal risk. Also, the clear structure and reporting involved, may set you up for an easier sale when the time comes.

You could also consider setting up a trust, but as this is a relatively expensive and complex undertaking, it’s less likely you’ll go this way initially. You can change the structure as your business develops, but it’s important to consult with your accountant, lawyer or advisor as you go.

Before deciding, think ahead to the future you want for your business.

Ask yourself:

How am I hoping to grow the business? If you plan to bring on additional people to run the business alongside you, a company or partnership arrangement may suit.

When do I want to sell the business? Again, while selling any kind of business is possible, the clarity provided by a company may be an advantage and make your business more attractive to a buyer.

How sure am I that this business will succeed? It may be that you are setting out to prove a concept or explore a business idea. If this is the case, you may not look to incur too many costs up-front, and a sole-trader or partnership model may appeal.

Whatever you decide, make sure you understand the tax implications. Talk to us before setting out on your new venture.

 

GoFi8ure Executive Director Lisa Martin named in Practice Ignition’s Top 50 Women in Accounting 2019

GoFi8ure Executive Director Lisa Martin named in

Practice Ignition’s Top 50 Women in Accounting 2019

 

When Practice Ignition promoted their Top 50 Women in Accounting 2019, we knew the perfect person to enter. Our very own Executive Director and original GoFi8urine Superhero, Lisa Martin. Lisa has spent over 16 years promoting and demonstrating the importance of having an Accountant and/or Bookkeeper in your business taking care of your accounting requirements.

Today we found out that Lisa has been named #34 out of the top 50 women!! We are so proud of Lisa and what she has achieved thus far and how she has helped change and shape the accounting industry for the better. There were over 300 + nominees – how amazing is our leader and amazing Director!

To read more about the top 50 women in accounting and who they are – click here. 

GoFi8ure Claims the Top Spot in the Top 10 Female-led Accounting Firms

GoFi8ure Claims the Top Spot in the Top 10 Female-led Accounting Firms

The mobile accounting and bookkeeping firm GoFi8ure celebrated a big win recently, as it has been named the number one female-led accounting firm in New Zealand. It also claimed the third spot in the top 10 pro-bono accounting firms in New Zealand.

GoFi8ure has been providing customers the peace of mind they need with premium accountancy and bookkeeping solutions since 2002. From GST reconciliation, to payroll, reporting, and tax compliance for businesses, GoFi8ure’s financial services have been catering to a range of businesses’ specific needs across the nation.

With years of experience and a wealth of expertise in the industry, GoFi8ure has proven successful in catering to varied small businesses. This win further solidifies GoFi8ure’s cutting edge approach to the accountancy sector.

Previously to this achievement, GoFi8ure set the bar high for itself with a number of very prestigious business awards. Among other wins, it has been recognised as Xero New Zealand’s Bookkeeping Partner of the Year in 2013, 2016, and 2018.

On the first-place position, GoFi8ure said; “This is a significant achievement for the company to be recognized in this nationwide survey headed by Stuff. A massive congratulation to our two Directors, Lisa Martin and Tania Hayes on running such an amazing accounting company and of course a huge thank you to each of our amazing GoFi8urines. It’s a team effort. #hugagofi8urine.”

GoFi8ure is all about giving you more time to run your business, which in turn allows you and your company to grow further. Optimizing your processes with efficient and accurate bookkeeping and accounts management services in the path to developing your brand to it’s fullest potential.

GoFi8ure offers services in Wellington, Hutt Valley, Wairarapa, Auckland, and Dunedin. The company also provides cloud-based services nationwide.

Lisa Martin nominated for Top 50 Women in Accounting sponsored by Practice Ignition

Lisa Martin nominated for Top 50 Women in Accounting sponsored by Practice Ignition

We were very excited to receive this notification today. The team at GoFi8ure are so proud of Lisa and what she has achieved for the accounting and bookkeeping industry.

A big thanks to Practice Ignition and Brooke Holmes for this amazing opportunity and recognition for women in the accounting industry.#hugabookkeeper #huganaccountant #betterschoolsandhospitals#deservingnominee 

GoFi8ure are proud sponsors of the Morrisons Bush Competition & Campout Weekend

GoFi8ure are proud sponsors of the Morrisons Bush Competition & Campout Weekend. It sounds like it was a great weekend!

A BIG congratulations to Carol Eccles who the Ladies 1st Prize sponsored by GoFi8ure. Well done on coming in 1st!

“Hi Lisa

A big thank-you for your sponsorship over the last weekend for our Morrisons Bush Club Competition & Campout.

We had in the end 14 boats from all over the Lower North Island with 19 driver entries into the events, starting with scrutineering at 8am & completing the events by 3pm with almost perfect river conditions – the southerly on Saturday did not seem to cool any of the competitive nature in the boaters – although there was a fair bit of boat pushing in a couple of the more challenging events.

On Sunday 5 boats made it up to the Gladstone bridge in fairly tricky low river conditions in lovely weather – which capped off a good weekend of camping, BBQing & socialising.

Thanks again,
Grant & Central District Branch of Jet Boating NZ”

The difference between directing and leading…

The difference between directing and leading…   

Are you being a Director or a Leader? Director is a strategic role; Leadership is an operational role.

There are 10 departments in every business, no matter how small. These are:

  1. Shareholder.
  2. Director.
  3. Leadership.
  4. Product / Service Development.
  5. Operations.
  6. Marketing.
  7. Sales.
  8. Finance.
  9. Admin / IT.
  10. HR.

Many business owners control multiple departments. Now imagine each department has a hat – worn by the single leader of each department. Many business owners wear multiple hats. The secret to the success of your organisation structure is to understand the key differences between the departments (and their responsibilities), to understand which hats you’re wearing, and most importantly, to make sure none of your hats are being neglected.

So, what’s the difference between wearing the Director hat and the Leadership hat? In a nutshell, Director is a strategic role and Leadership is an operational role.

Eight key differences between Directors and Leaders:

  1. Directors maximise shareholder value; the Leader maximises business efficiency.
  2. Directors set the plan; the Leader implements the plan.
  3. Directors have governance responsibilities; the Leader has leadership and management responsibilities.
  4. Directors work ON the business; the Leader works IN the business.
  5. Directors mitigate risks and set policy; the Leader implements the policy.
  6. Directors have a strategic focus (big picture); the Leader has an operational focus (makes it happen).
  7. Directors establish the business model and structure; the Leader implements the model and manages performance.
  8. Directors have no accountability line to the team, except to the Leader; the Leader holds the team to account.

Getting your structure right and developing your strategy are critical foundations for achieving business success.

Understanding the difference between the Director hat and the Leadership hat is fundamental. The Directors set the plan and the Leader engages and empowers the team to deliver on that plan. After all, it’s your team who must be engaged in your plan for it to become a reality.

Now, ask yourself how well you are living into the Director hat. And, what three things could you do better as a Leader? Finally, what support do you need to lift your business performance to the next level?

We can help you build a sustainable, scalable, and ultimately, saleable business. This distinction is key to the success of your business – need help? Get in touch

‘If there’s a way to do it better… find it.’ – Thomas A. Edison