Leveraging Your Technology

Leveraging Your Technology

The decisions you make in your business are only as good as the data you use to make them. The more accurate and up to date your data is, the better your decisions will be. Leveraging your technology will provide you with accurate real-time data to make more informed decisions in your business.

Processes and systems drive your business, so it’s important to ask yourself if all of yours are clearly documented and up to date? Some processes may be followed simply because they always have been. Although other processes may have evolved over time, your documentation might not necessarily reflect this.

Using technology to streamline your processes and systems increases efficiency in your business, saving time, money, and reducing stress. You’ll also prepare your business for the future, making it more sustainable, scalable, and saleable.

Leveraging your technology can help you to:

  1. Make your data accessible from the cloud, allowing you to view real-time data and make decisions on the go.
  2. Reduce human error and increase productivity by automating repetitive tasks and workflows.
  3. Track your expenses and load them directly to your accounting software simply by taking a photo.
  4. Minimise double handling and increase efficiency by integrating your apps.
  5. Collaborate with your team regardless of where they are.
  6. Save the time and money needed to travel by using online meetings.
  7. Induct new team members seamlessly with clearly documented processes.
  8. Monitor your inventory in real-time, reducing inventory days and freeing up cash.
  9. Store customer preferences to personalise customer experience, increasing customer satisfaction and retention.
  10. Make your business becomes scalable, with systems in place to allow the business to grow without the wheels falling off.

Using technology to its maximum advantage will help to improve your business. However, implementing these changes can often be overwhelming. Let us know if we can help you leverage your technology!

How do you invoice during a crisis?

How do you invoice during a crisis?

It’s not easy to request payment right now, but it is important to keep cash flowing into your business so you can cover expenses and meet your obligations to others. As with all business dealings right now, a little empathy and a lot of open communication can go a long way.

The following tips might be useful to keep in mind when you are asking for payment.

Communication – Connecting with your customers is important. Try to make it personal to their situation rather than a one-size-fits-all email. Connecting on a more personal level shows you value them and are conscious of the impacts that the current situation may be having on them. The empathy you show now will also be remembered when business returns to normal. Be proactive – early communication will help you stay on top of cash flow and will also alert you, if you need to account for late payments.

Add value – Use your expertise to give something back. Surprise and delight your customers by offering something over and above your usual services. It could be as simple letting customers know you want to help and being open to requests, offering a one-off discount or an offer just to chat one to one.

Offer flexible payment options – for customers who can’t pay in full, consider breaking invoices into multiple payments with payment terms moved to a longer timeframe. Set up a credit card facility to give customers other options for payment. After all, the easier you can make it for them to pay you, the quicker you will get paid. If you don’t have payment services set up in your Xero account, we can help you do this. Offering a discount for early payment might provide the incentive for customers who can settle, to pay your invoice before others.

Keeping cash flow going is vital for your business so the earlier you can communicate with customers the better.

Do you know what you don’t know?

Do you know what you don’t know? 

The Knowledge Pie depicts the proportion of what we know, what we know we don’t know, and what we don’t even know we don’t know. What will you do this year to extend your knowledge?

There’s a simple concept called The Knowledge Pie.

This concept segments one’s personal knowledge into three key areas; what we know, what we know that we don’t know, and what we don’t know that we don’t know. You might want to read that again.

An example to better explain: Jane, a young qualified plumber and business owner, knows how to do plumbing. She also knows that she does not know how to do a Tax Return… or orthopedic surgery. However, she doesn’t know that she does not know that if she tightened her Terms of Trade and debtor management policy, she’d get paid faster and improve her cashflow, making her business life less stressful and more successful.

No-one knows what they don’t know.

Many people think this ‘cluelessness’ is a lack of experience thing that affects young people… but everyone, even experts, are completely unaware of what they don’t know that they don’t know.

Imagine the average pie for any person… it could be lemon meringue or steak and cheese – you choose. Now, cut your pie in half and cut one half in half again (creating two quarters). One quarter represents what you know, one quarter represents what you know you don’t know, and the half represents what you don’t even know that you don’t know.

How do I learn about what I don’t know even know that I don’t know?

Some ways to grow your knowledge this year:

  1. Join a new network.
  2. Do some volunteer work.
  3. Get a mentor or coach.
  4. Coach or mentor someone else!
  5. Collaborate with someone that brings different skills and knowledge to the party.
  6. Learn a new skill – it could be pottery, coding, or the ancient art of tai chi.
  7. Visit a new place, town, or country; immerse yourself in the history, culture, and language.
  8. Subscribe to a new magazine, publication or podcast.
  9. Read books on different subjects.

Growing your knowledge can grow your business.

The fact is that for all of us there is much more that we don’t even know we don’t know than what we actually know. Breathe. It’s ok.

Next fact: we will be more successful in life and business if we remain open to new learning, and learning extensions and distinctions on what we already know.

Avoid having an ‘I know’ mentality about the things you do know about.

Some people close their minds when hearing about a topic they have knowledge of. They may assume that they know it all. But we can always know more… and if we shut ourselves down to new learning, we could miss an important distinction that could make a big difference.

Get in touch if you’re interested in how we can help you extend yourself this year.

“Those who keep learning, will keep rising in life.” – Charles Munger

GoFi8ure Helps Businesses File Tax Returns for 2019

GoFi8ure Helps Businesses File Tax Returns for 2019  

The 2019 tax return season began in May, meaning there’s only five months left to get tax returns taken care of with GoFi8ure. During tax season, businesses need to consolidate accounts, transactions, and look into their tax returns to make sure data is accurate, and filing is completed.

Filing business tax returns is mandatory as it provides government agencies with a platform to assess a given business’ claims for tax refunds. Filing tax returns on time is also a sign that the business is performing well. Failing to pay taxes only results in penalties later on, but unfortunately, there are still some small to medium scale businesses who struggle with managing to file tax returns on time.

GoFi8ure is more than happy to help business owners with their tax returns and reporting. As the company has worked with multiple SMEs, GoFi8ure has a clear understanding of how these tasks can be challenging and time-consuming for small enterprises who manage everything on their own, and therefore have a lot of plates to spin. GoFi8ure offers their professional services so that businesses have peace of mind when it comes to knowing their tax obligations are met, and up-to-date.

As a registered tax agent, GoFi8ure makes filing tax returns simple and easy. They offer small business clients an opportunity to have all accounts managed by one provider. As a tax agent, GoFi8ure goes beyond just number crunching; they also provide friendly, professional accounting and tax return services at a competitive price point.

Additionally, GoFi8ure offers affordable business and personal tax returns for sole traders, contractors, investment property owners, and simple-structure small businesses.

GoFi8ure is a registered tax agent with Inland Revenue with offices in Wellington, Hutt Valley, Auckland, and Dunedin.