Managing ‘the books’ 2020-style

Managing ‘the books’ 2020-style

Lisa Martin, Executive Director of GoFi8ure, discusses all things accounting and bookkeeping, and shares some best practice management advice with business owners.

It’s 2020. A new decade has dawned. What better time to reflect on how far business accounting and bookkeeping has come since the turn of the century.

Who can remember a world without cloud accounting platforms? Imagine a world of printed bank statements and invoices, manual reconciliations, and no sign of digital bank feeds or automated accounting tools?

It’s all a distant memory for GoFi8ure’s Executive Director Lisa Martin (pictured) too. She has witnessed first-hand the rise of automation over her business accounting career – making life easier and providing more time for business owners.

She notes that there is still ongoing uncertainty for business owners to grapple with – such as retaining clients, hiring staff, ensuring that revenue targets are constantly met. Like a swan gliding serenely across a lake, there’s always plenty happening just beneath the surface.

Read the rest of the article here!

A word about good planning

A word about good planning

2021 delivers a raft of new finance and tax issues for business owners to get to grips with. Gofi8ure’s Lisa Martin provides some clarity and advice to help you stay on top of your business finances.

It’s no secret we’d all rather forget 2020. The pandemic not only had a significant impact on the viability and finances of New Zealand’s businesses, but many business owners also struggled to get their head around various new tax and compliance requirements.

2021 presents another unique set of potential money and tax-related stumbling blocks, and GoFi8ure’s Lisa Martin believes the key to dealing with them lies in mastering the four functions of management – namely planning, leadership, organisation and control.

Most people bring core skills or expertise to a business, Martin explains. “But as a business owner they’re naturally wearing 12 other hats, and often planning just doesn’t come naturally.” Leadership isn’t necessarily a natural asset either; Covid has tested everyone’s organisational agility to the max; and, as for ‘control’ – this is where a business owner must understand the control mechanisms of his/ her business and stress-test absolutely everything.

Keep reading the article here!

Are you floundering when it comes to managing the books?

Are you floundering when it comes to managing the books? Struggling to get your head around all the rules and regulations? Relationship with your accountant or bookkeeper not that flash? Then buckle up for your financial literacy check-up. 

New Zealand is one of the easiest places in the world to go into business – with just a few clicks of the mouse you can be up and running. No training, no specialised knowledge, no great investment, no worries.

It’s almost too easy. And that can be dangerous.

Lisa Martin, executive director and founder of accounting and bookkeeping specialists GoFi8ure, is a trained accountant with a Bachelor of Business (Accounting) and knows of at least two university papers that would benefit business owners just starting out.

You can read the article by CLICKING HERE. 

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.

It’s the final countdown

As this magazine issue ‘hits the streets’ it’s just two months until the IRD’s Payday Filing deadline. Will businesses and payroll providers be ready? How should business owners prepare for the change? NZBusiness went to the market.

From April 1st 2019 all employers will be required to send their payroll information to Inland Revenue whenever they pay their staff. Payday filing is billed as the biggest change to the way businesses manage their payroll in more than two decades. Yet surprisingly, according to MYOB Business Monitor research, there’s little understanding of the new process amongst the New Zealand’s business community.

Get your house in order

When NZBusiness spoke to Lisa Martin, executive director of accounting solutions specialist GoFi8ure, late last year, she suspected many business owners were “in cruise mode” over payday filing – focused on just getting through the Christmas period.

Now that New Year resolutions have been made she’s hoping that “sorting out payday filing transition” is the very first business resolution business owners will honour.

“When you think about it, everything about running a business relates to people, strategy, execution and cash; payday filing is about people and cash,” says Martin. “So it deserves to be a major priority.”

Her best advice? Look at the payroll set-up you have now, and get a trusted payroll advisor – that’s your payroll company or accountant, or your book-keeper – to ensure that its fit-for-purpose.

For business owners who don’t think they’ll be ready for the transition, Martin says although Inland Revenue will offer to help, remember that at last count (in February 2018) New Zealand had 534,930 enterprises. Inland Revenue will be rather busy for a while.

“If I couldn’t successfully prepare for a marathon I would find someone who had run one and ask them what I should do. Again, it comes down to seeking a trusted advisor.”

After payday filing Martin describes payroll auditing as the “next Darth Vader of the Death Star” coming for 2019, 2020 and beyond.

In preparation for payroll auditing she advises business owners to get onto automated software. “Basically where you can log on, enter your hours, push a button and then your payroll software calculates everything for you, including annual leave, sick leave, balances, Kiwisaver, student loans and child support.

“And it only costs the price of a couple of lattés a week.”

Get your house in order now, she urges – especially everything you do from a payroll point of view. “Because it’s people’s money and PAYE, tax-deducted at source for the IRD. It has to be right and there’s an increased chance you could be audited.”

Read the rest of the article by clicking here.

Payday Filing – coming ready or not!

With changes in the wind across the accounting and payroll sectors, business owners have much to prepare for leading into 2019. Fortunately there are software and service solution providers ready to make life easier.

Why automation matters

For business owners tempted to manually DIY their way through the new payday filing regime, Lisa Martin, executive director of accounting solutions specialist GoFi8ure, sounds a warning. If you’re paying staff weekly, it would require you to log onto the IRD site four times a month.

Things get tricky when a business owner decides to wing it, Martin says. They might go online at 10pm on a Monday night, get the PAYE calculator, work out the net pay and pay their staff. Then have just two days to get it checked.

Better to go on an automated payroll system and avoid all the stress, she says – provided you’re talking to a bookkeeper, accountant or tax agent, and despite the fact that the IRD is encouraging people to deal direct.

Martin implores business owners to never use Excel spreadsheets to manage payroll, when there are so many affordable cloud-based (SaaS) payroll software packages out there. And get the provider to set it up, she says, so balances such as accrued leave are carried forward correctly.

The recent Bunnings case relating to miscalculated leave payments is a great reason why you should get it right.

“Start now with new software, don’t leave it to April 2019,” urges Martin. “It’s all about the planning and processes, especially considering it is someone else’s money!

“There are loads of bookkeepers standing at the ready to help you get off spreadsheets and into the 21st century.”

To read the article in full click here.

Trust is the glue of business

Broad-based surveys consistently find the likes of firefighters, doctors and nurses the most trusted professions, but when businesses are surveyed, accountants emerge as trusted leaders.

But trust has to be built and nurtured day by day in every interaction and communication.

Without trust nothing else matters, said Lisa Martin, executive director of Wellington firm GoFi8ure.

“Trust is one of the fundamental elements that lays under the surface in just about every aspect of business.”

Keep reading by clicking here.

Adaptable small firms focus on value – GoFi8ure

Smaller accounting firms are part of the fabric of many New Zealand towns and cities but they, like the large firms, have to adapt to a rapidly changing market.  

Hear from GoFi8ure’s Executive Director Lisa Martin about what she believes SME business owners need from their Accountant.

Check out this great article write up by clicking here.

Xero’s new Navigation page

Xero’s new Navigation page

Have you heard? Xero are changing their navigation bar!

Why have Xero changed the navigation bar? 

To make it faster and simpler for you to find the tools you need.

What does this change mean for you?

It means by the end of November when you go to use Xero, the items that you would normally use are no longer in the same place. 

To read Xero’s update click here.

What has changed?

The biggest change with the navigation bar is that business and accounting tools have been separated, making it easier for you to find what you need.

Business vs accounting

The most obvious change is that business and accounting tools have been separated, making it easier for you to find what you need.

Business

Everyday tasks are grouped logically under the Business menu. Here you’ll find all the tools that most small businesses use on a daily basis, such as:

  • Invoices and quotes
  • Bills and purchase orders
  • Expense claims
  • Inventory, now labelled Products and services

Accounting

The Accounting menu holds the advisory and compliance tools that are more commonly used by advisers and partners of the organisation. These include:

  • Bank accounts
  • Reports
  • Advanced accounting tools and settings

Any reports, tools or settings that have been set as favourites show in the Accounting menu. By default the following tools and settings are set as favourites:

  • Chart of accounts
  • Find and recode
  • Manual journals
  • Fixed assets

Each user can set their own favourites by selecting any of the options in the Advanced accounting settings.

Now is the perfect time to get a Xero fresher training session booked in. Our qualified and experienced Xero trainers are ready to show you how the new navigation tool bar works so you can still work efficiently and effectively. 

Book your Xero refresher training by clicking here.

Meet New Zealand’s Latest Xero Platinum Partner, GoFi8ure

Meet New Zealand’s Latest Xero Platinum Partner, GoFi8ure

Xero Platinum CertifiedSeptember has certainly been kind to GoFi8ure, a leading accounting, tax return, and bookkeeping service in New Zealand. GoFi8ure started the month by snagging accounting software company Xero’s coveted Bookkeeper of the Year award. More than the award, the company made history by becoming the first bookkeeping practice in New Zealand to become certified as a Xero platinum partner.

 

GoFi8ure attributes this success to a journey 9 years in the making. The company put their trust in Xero, and this opened up fresh opportunities and innovative solutions, becoming a highly beneficial partnership. 9 years of hard work later, and the company has finally gained recognition for its stellar performance through the opportunities the certification will bring.

Xero isn’t your average, run-of-the-mill accounting software developer. Largely based in New Zealand, it has since grown to serve clients across the regions of Australia, the UK, the UK, Canada, Asia, and South Africa. Key features of the software include auto bank and credit account feeds that can be sourced through the cloud.

The Xero partner program provides big boons to companies through its many extra features as well as the addition of fresh clients. Xero has grown to become the preferred bookkeeping solution by many industries and companies; as more and more companies started using Xero, GoFi8ure realized the importance of polishing and optimizing their Xero training. As a result, the company has reaped the benefits of Platinum accreditation.

GoFi8ure attributes their success to customer interactions that have been more proactive than reactive. Their accountant training has always been geared toward understanding the clients’ need first and foremost and working their way towards their satisfaction. After all, an accountant that’s passionate about helping clients is good for everyone.

GoFi8ure still possesses the same passion toward helping businesses perform and achieve impressive financial results. For inquiries about working together, or simple curiosity about Xero, drop by https://gofi8ure.co.nz/ now!