Are you executing your business strategy?

Are you executing your business strategy?

Execution is an easy concept to talk about, but it can be a hard one to… well… execute. The main problem is that it is a real challenge to measure and manage a concept.

If we are honest about it, “Gut-level” decision making is a practice of the past. With so many amazing tools and software resources available, you can now have access to all the organisational data you would ever need to inform and guide your decision-making process.

When Warehouse Stationery asked their BizReward customers what they wish they had known about before going into business, almost half of the respondents said accounting and finances (49%).

This was followed by:

  • Marketing and advertising (39%);
  • Business development (38%);
  • Technology (33%), and;
  • Relevant regulations (25%).

Interestingly, when people were asked what they wish they knew more about now, the same top five appeared, just in a slightly different order; however, accounting was still number one.

There are two components that help with executing your business strategy:

  1. Having the right accounting software – set up, and working, and;
  2. Having the financial knowledge and information available to help make informed business decisions.

The better you understand your business, the easier it is to make decisions – therefore, the easier it will be to make more money. Management decisions rely on a sound understanding of the financial implications for a business. GoFi8ure offers a service which helps enable business owners to fully understand and interpret their numbers, so they have a strong foundation on which to grow their business.

How many of these questions can you answer, with confidence?

  1. How much profit have I made this year?
  2. Why has my profit increased, but I have no cash?
  3. Is my cash level increasing, or decreasing?
  4. What is affecting my cash level?

Any time is a good time to improve your understanding of your financial reports to improve business performance.  The sooner you start executing your plan, the sooner you will have a better understanding of financial results and their implications, and the more control you will have over outcomes.

Are you confident you have the right software and tools in place to help you achieve your strategic goals? Today’s technology provides advanced reporting and business analysis capabilities, to help you gain a deeper understanding of business performance, customer preferences and market trends. Your executives and business managers can access performance metrics and analytical reports, enabling them to use this information to work together to set or redesign strategy.

Remember: Failing to plan is planning to fail, and it is vital to plan-ahead to have a successful business. Contact us to book in your complimentary meeting, to discuss how GoFi8ure can proactively help you stick to your plan and achieve business success.

 

How having cloud accounting software can help your business

How having cloud accounting software can help your business

For those who are not very familiar with the concept, the cloud might seem like a scary, ambiguous place where information disappears. In reality, it is anything but that. Cloud computing has a massive array of benefits when it comes to the business world.

With the new Financial Year just around the corner, now is the time to start looking into how your current accounting system or software fits into your 2018 goals and business growth strategy. Getting organised now will help you manage the books faster and more efficiently than ever before.

To sum it up: cloud computing is a way for people and companies to access digital resources (files, music, photos, software, social media, etc.) over the internet. These resources are not stored on your personal or company hard drive. Instead, they are stored on the premises of a cloud computing company.

When it comes to how cloud computing can impact your business, the benefits are abundant. Here are some reasons why you may want to jump on board.  

• Multiple user access: Financial data is available to anyone with login credentials. The company accountant can access the books from their home or office and play a bigger role in the financials of the business.

• Data entry: Cloud accounting software connects to your bank account and other cloud based software. This allows data to automatically flow between the systems, removing the need for as much manual entry.

• Transferring data: You almost never need to transfer data out of the cloud since it is housed in a single location and can be accessed directly through the internet.

• Protecting data: Because the information is not stored locally, there is no risk of losing data in the event of a computer failure.

• Software update: The great thing about the cloud is the updates take place automatically. You always have the most recent version of the software, without being forced to pay extra or go through another installation process.

• Insights: Cloud computing gives business owners’ access to real-time data. This big data can help inform business decisions with real time information which will help you to grow your company in a more productive manner.

 

So what do you think? Do you have a better understanding of all the ins and outs of the cloud? And are you ready to use it for your business? If you are ready to move to the cloud get in touch – we are cloud integration specialists that can help make your transition to the cloud smooth and stress free.

 

GoFi8ure listed as Top 25 Most Popular Accounting and Tax Services for 2017

GoFi8ure listed as Top 25 Most Popular Accounting and Tax Services for 2017. 

Recently GoFi8ure were advised that we made the Top 25 Most Popular Accounting and Tax Services for 2017 through Search4Accountants. How cool is that!

If you are looking for an accounting firm that you can trust, check out our profile by clicking here.

GoFi8ure – in the business of helping you work smarter with better tools, information and advice when you need it.

 

 

 

Become Financially Aware in 2018

Become Financially Aware in 2018Become Financially Aware in 2018

The better you understand your business, the easier it will be to make more money. Management decisions rely on a sound understanding of the financial implications for a business. It is important when you choose an Accountant that they support you in other ways, not just preparing and filing your annual Tax Returns. At GoFi8ure we help to empower business owners so they can fully understand and interpret their numbers. This gives them a strong foundation on which to grow their business.

 

Who would benefit from Financial Awareness Coaching?
If you are passionate about your business and want to better understand your numbers so you can answer questions like:
• How much profit have I made this year?
• Why has my profit increased but I have no cash?
• Is my cash level increasing or decreasing?
• What is affecting my cash level?

 

So, when should you begin Financial Awareness Coaching?
Any time is a good time to improve your understanding of your financial reports in order to improve business performance. The sooner you start Financial Awareness Coaching the better your understanding of financial results and their implications, and the more control you will have over outcomes.

 

Interested to know what the benefits of Financial Awareness Coaching are?
It will…

• Enable you to better understand your business
• Iron out any existing errors to ensure accuracy in your financial reports
• Help you better manage and monitor your cash-flow
• Customise your reports to ensure you capture the right information
• Allow you to format your reports in a way that makes decision making easier
• Help you gain better understanding of the financial implications of decisions
• Give you the ability to make better informed decisions
• Allow you to review your reports and record actions to be achieved before the next meeting
• Help you be held accountable so you can achieve progress between meetings
• Identify any burning issues that need to be addressed
• Access the collective wisdom of our accountants, our systems, products and services
• Phone support to address any burning issues between meetings

 

Call us now on 0800 463 488 to further discuss how Financial Awareness Coaching can help you and your business.

 

 

 

Lisa Martin – Member of the Accountants + Tax Agents Institute of NZ (ATAINZ)

GoFi8ure ATAINZ MemberAt GoFi8ure we pride ourselves on being Members with Accounting Associations. A big congratulations to Lisa who become an official Member of the Accountants + Tax Agents Institute of NZ (ATAINZ) this week.

The Accountants and Tax Agents Institute of New Zealand (ATAINZ) exists to promote the welfare and professional development of its members and to represent members’ interests in New Zealand. It is unique in the New Zealand tax and accounting market because of its grassroots contact with members.

Being a Member of ATAINZ means each Member must comply with our Code of Ethics, which covers four main areas: integrity; trust and confidence; standards of service; and professional conduct. If you are looking to worth with a professional accounting firm come and talk to us. We take our our services and the quality of our work seriously. Email us to find out more.

 

 

 

 

 

 

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.

What is your time worth?

As the age old saying goes, “time is money” – so what is yours worth?

Time is something that we like to think we have well managed. But the truth is, it is quite often the last thing we really think about. You have most likely heard, or even said, sayings such as “there aren’t enough hours in the day” or “I haven’t had time to do all the things I wanted” on more than one occasion.

Why do many business owners find themselves saying these things time and time again? Because they wear too many hats, for far too long. The role of the business owner should be to focus on tasks that help grow the business and be profitable – instead of tasks that can be outsourced or completed by a skilled employee.

Many business owners find it hard to delegate, or hire a skilled employee, in the beginning. But if you put this off for too long and continue to do it all yourself, you’ll burn out and the business will suffer rather than grow. So where do you start and what can you actually do about it?

First and most important step is to ask yourself the following questions and answer them honestly:
1) How much am I worth to my company?
2) How is the value of my time best determined?
3) How is the value of my time best invested?

Second important step is to work out where your time and strengths are best used.
“Work to your strengths” is a great saying, and outsourcing jobs which are in your “weaknesses” category is a great investment. For example, if numbers are not your thing, outsource your bookkeeping to a bookkeeping professional. They use their skills daily, so they will instantly be quicker and more efficient.

Third step: Delegate.

Focus on what makes you happy and what helps the business. Learn to delegate the tasks which you find do not utilise your strengths, or you just don’t enjoy. Delegating will allow you to concentrate on what makes you happy which will have a positive impact on the business long term and will help it to grow.
Now that you know what you need to do – come and chat to us about outsourcing your routine accounting and freeing up your precious time. Contact us on enquiries@gofi8ure.co.nz

How healthy is your business?

As business owners, we get caught up in the day to day running of our business. Business owners wear many hats including; being the Boss, Leader, Sales Person, Business Development Manager and more. The job description of a business owner is never ending. Being busy servicing clients is good (and necessary) for business success, but what about your business, who services your internal requirements?

It’s like the typical mechanic’s story; they fix everyone else’s cars, but when it comes to their own, it’s last on the list. The same happens to our accounts. Unless you enjoy doing the accounts yourself or you have a trustworthy, qualified Bookkeeper or Accountant maintaining your accounts, how do you know the real state of them? It is often not until a sudden illness, leave of absence or a death in the family occurs that problems in your businesses finances are uncovered. Emergency cover is required, other staff get involved and a “what the..” moment happens, making you wonder what has been going on in your business!

So what can you do to avoid that situation? One way of restoring “peace of mind” in this area is a worksite assessment and review of your ledger by a GoFi8urine. Consider it a “Warrant of Fitness Finance”   in your business’s risk management plan. You review your insurances annually – so why not do the same with your accounts?

What is a Warrant of Finance (WOF)?

Warrant of Fitness checks are a legal requirement. And so they should be. Annual or six monthly inspections are important to ensure road worthiness and safety for motorists. By comparison, business health checks aren’t required by law. Just because we don’t “have to” doesn’t mean that we shouldn’t. In fact, every business owner would be wise to apply the principles of the WOF to their own financial engines and repair and replace parts and processes if they’re not working effectively – or efficiently.

The ultimate question is: Do you want your company to run like a fine-tuned engine, purring along the road to profit?

If you are unsure that you need a WOF and want to further investigate the situation for yourself, then you may to ask yourself the following questions;

Have you asked about old debtors and how they are being chased up or are they left because there is an issue that’s just too hard for a staff member to deal with?

How much money do you really owe to suppliers and are you making payments? This is your reputation here so it pays to check.

Do you know if your GST returns and PAYE returns are being filed and more importantly paid on time? Late payment penalties and interest mount up and staff can try to hide this from you!

Do you know the latest situation for the business’s current assets, debtors, creditors, cash flow, budget variances, and year to date wages, accruals, forecasting and your shareholders current account?

When was the last time the general ledger was checked for its coding and classification? Once a year by the CA is not enough – it needs to be reviewed at least monthly!

Do you know how the income and expenditure is coded and with correct GST etc – you would be surprised how mistakes creep in and if you don’t check it won’t get corrected unless someone like a qualified, certified GoFi8urine comes along and says “Goodness, 3 months of coding and it’s all NT for GST;  lets reconcile this correctly shall we!”

Petty Cash, company credit cards, business mobiles, petrol card, company vehicles – if you are letting staff use these are they being used appropriately? And you are not leaving yourself wide open for misappropriation? Who checks?

If you want to know the true state of your accounts then you need a WOF. One of our mantras is ‘you didn’t go into business to be a Bookkeeper, but we did’. And it’s true. You started your business because you had a great idea and the drive and ambition to make it happen. You didn’t do it because you love working out your tax credits, GST and payroll – unlike our GoFi8urines.

GoFi8ure – Passionate about helping small business ‘crack the whip on their success’

Twelve years ago Lisa Martin saw the difficulties and unnecessary stress businesses were experiencing with their bookkeeping and knew ‘there had to be a better way’.

Recognising number-crunching wasn’t everyone’s cup of tea, and armed with a passion for accounting, Lisa set about providing a future-proofed business solution for Small to Medium Sized Enterprise business (SMEs) focused on excellence and efficiency in client service delivery. To read more click here.

 

 

 

 

 

 

 

GoFi8ure – Superheroes of the accounting world – Fishhead Magazine 2013

GoFi8ure gets in and takes care of the grunty number-crunching, enabling businesses to earn more money doing what they do best. With 25 years of financial and accounting experience behind her, Lisa Martin and her Cuba Street company could be just what you are looking for. To keep reading click here.