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.

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.

GoFi8ure Dominion Post 11th October 2017 Feature

Wow make sure you check out the Dominion Post (11th October) pages B7 & B8! “Lisa Martin’s business is all about helping businesses with their business accounting”

This is pretty exciting for us to get such a big wide spread feature. Make sure you head to the Career Market section and check out the 2 page feature. Find out how Lisa Martin put her skills and passion into creating a solution every business needs and how GoFi8ure is helping ease SME’s pain points with their business bookkeeping and accounting.

 

 

For all your bookkeeping and accounting needs please contact us for your complimentary assessment.

 

 

 

 

 

 

NZ Business Magazine – GoFi8ure Accounting Software Specialists

Have you read the latest NZBusiness Magazine? If you are looking at upgrading your accounting software then this article is a must read. Check out page 22 in the magazine or CLICK HERE to read it online.

Contact GoFi8ure, your accounting software specialists to get your accounting software set up and sorted without any stress.

 

 

 

 

 

 

 

 

A Life Lesson in Leadership – NZBusiness Magazine, August 2017 Issue

“A Life Lesson in Leadership” Leadership is a term we all bandy about without really knowing what it means, says Lisa Martin, but fortunately every business can lead leadership skills.

A good business leader is someone who has the ability to positively influence others’ behaviour to increase productivity and efficiency.  But ask anyone what makes a good leader and changes are that you will be in for a lengthy discussion. To read GoFi8ure’s featured article here.

 

 

 

 

 

 

 

 

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.

Fresh Start for Your Financials

Fresh start for your financials

The best way to get your financials into shape is to bring in a financial fitness trainer, says Lisa Martin, Executive Director of specialist small-business accounting firm, GoFi8ure

Every January we set ambitious resolutions to eat healthier food, hit the gym or spend more time with our family. But what about your business? Like your personal life, making one small tweak to your business habits in 2018 could deliver tremendous results and set you on course for your most successful year yet.

We all put off things, particularly if we do not consider them ‘fun’. A 6.00am start at a spinning class, easing off the booze and opting for a salad instead of a steak sandwich and a portion of steaming hot chips may not epitomise ‘fun’ at first. But, once you have made a start towards the new you, or the old (younger and trimmer) you from a few years ago, you will soon feel the benefits of choosing a healthier, fitter lifestyle and you’ll quickly find the fun factor.

The same goes for your business. Who doesn’t want their company to leap over the hurdles nimbly and effortlessly without being slowed down by too much excess and a lack of energy? And just think how elated you’ll feel if your business is running on more lean muscle than fat. How much fun would that be?

Now is the time for change
But, I am jumping the gun a bit. Let’s back track a little. I always think that the hardest part of decision-making is actually deciding what you want to do. Only you know what you want for yourself personally but when it comes to your business’ finances

I’m sure everyone wants a smooth running operation that utilises good accounting software to save time and cost as well as track how the company is going.

Most small business owners I talk to definitely understand the importance of good book-keeping for their company. They can see the value of best practice records, logs and filing – and they know that they are legally obliged to make sure they are accountable for every cent that flows through the business.

Yet, while so many small businesses agree that book-keeping is the backbone of healthy accounts, and a healthy business plan, some get stuck on implementing change. This sticking point seems to come down to human nature but I can see that there are three main reasons that hold people back.

The first is that most of us need a ‘defining moment’ to start something new. That is why New Year resolutions are so popular – and why diets always start on Mondays. There is nothing wrong with this, in fact the idea of creating change with a clean slate; a new beginning is fantastic. And that is why I am talking to you about implementing change just before the start of the new financial year. This is the perfect time to start afresh and set new financial systems in place so that from 1st April everything is ready to roll just how you want it to.

If you need a benchmark to get you going then that benchmark is now; before the end of the tax year. If you’re lucky enough not to need a calendar marker then ‘there’s no time like the present’.

Out with the old in with the new
The second reason why many small business owners stall over the thought of changing an aspect of their business – particularly when it involves number-crunching – is a lack of knowledge. And I do not mean this disparagingly.

Just think back to when you started your business. You knew then that you needed a system that could capture all your financial information. So, you may well have signed up for the first package that you came across. And, it probably works just fine. But since Xero entered our world accounting technology has moved on tremendously. Xero’s commitment to cloud computing has revolutionised book-keeping and the gap between older financial software and what Xero can offer is huge. If you’re using an older programme it’s likely you won’t be getting as much financial information as you need to help grow your business. This might be OK for you, for now, just as long as you are aware that a system like Xero will illuminate your business. Tailored to your company, it will show you where your business is at (in real time), what your projections are, how your cash-flow is tracking, your profits on any date and, importantly, it will flag any inconsistencies.

Nearly all of GoFi8ure’s clients now use Xero. Some have jumped at the chance of switching, others have been reluctant to change, and that’s understandable, but all have been blown away by the difference between the ‘old’ and the ‘new’ and none have looked back.

Call in the professionals
The third reason why, I think, people stumble when it comes to changing the way they manage their books is because figures just aren’t their forte. One of my mantras is ‘you didn’t go into business to be a Bookkeeper, but I did’. And it is true. You started your business because you had a great idea and the drive and ambition to make it happen. You did not do it because you love working out your tax credits, your GST and your payroll – unlike me.

Unfortunately, in New Zealand, many small business owners work by an unwritten rule that says ‘You Must Do Everything Youself’. I think this is in our Kiwi make-up but we really need to shake ourselves out of it and recognise that each of us have different strengths and weaknesses. Very rarely is someone extremely good at everything. If you accept this, then you may just have to accept that if you’re doing your own figures, then you’re probably doing them averagely – and you might not be doing them correctly.

Wouldn’t you rather bring in someone who can sort our your finances professionally and accurately? This is actually the smart thing to do since it will save you time and money. Think of the hours you spend battling with your accounts – wouldn’t you rather spend that time doing what you love in your business?

If we zip back to our fitness analogy this is similar to finding that new resolve to be healthy, heading to the gym and jumping on all the equipment for hours on end. But, oops, you haven’t attend the intro session to find out how the cross-trainer works and how to change the setting on the treadmill. You’ve put the hours in, but, I’m afraid, you’re not getting any thinner. It’s time to call in a personal trainer.

In a nutshell, my new year message is – take a good look at your finances, assess the system you’re using and if it is not giving you the information you need then it is time for change. Do it now and do it properly. Do not do it yourself if you do not know what you are doing. Be smart, bring in a financial fitness trainer and reap the financial rewards.

To read the PDF article click here