External Solutions for Inside Opportunities

External Solutions for Inside Opportunities

Outsourcing is where a business contracts out a business process to a third party. Often though, outsourcing is simply thought of as a way to save costs – that is, outsourcing allows us to produce a good or service cheaper than we can produce it ourselves. However, that is not the ONLY value, or opportunity you can tap into, that outsourcing provides.

Outsourcing is not a new solution, but it is one that is either not used due to fear the job will not be done right, or is used with overseas suppliers as they charge $2 an hour. However, higher outsourcing costs are still far cheaper than employee costs (which we will discuss in more detail later) and, you pay for what you get. So, make sure you research local New Zealand outsourcing providers first who, yes, do charge more than overseas suppliers, but will provide a much superior result – and to a standard which meets New Zealand laws and regulations.

At GoFi8ure, instead of offering “outsourcing”, we offer “External Solutions for Inside Opportunities”. Why? Because it really highlights the services and value that we can add for a business from the outside in “external solutions”, AND we work alongside our clients “inside” their business to drive best results and open the door to many new “opportunities” for their business.

When you and your current employees are unable to manage the day-to-day business of your company, whilst still working on building the business satisfactorily, it may be time to consider finding an external solution for your accounting functions. So, let’s look at the real benefits an external solution can provide.

The right company can offer you:

Expertise at your side. External solution providers give you full-time knowledge on your team without having to pay for a full-time employee.  By putting your books into the hands of highly-skilled external providers, who understand the best practices and how to properly staff for certain tasks, your job becomes a whole lot easier – and more effective.

Focus on your business. Delegating your business’s accounting functions frees up valuable time that can be put into building and bettering the company.  Back-end office functions can be a heavy distraction from the day-to-day running of things, and having your bookkeeping in-house can lead to a conflict of interests.  Hence, the time-wasters and distractions need to go – out of sight, out of mind.

Reduce the risk of fraud. Most external providers have two sets of eyes reviewing each step, with different levels of staff working on one account. There are steps taken for one employee to review the others work to ensure there are no discrepancies or errors. This also means proper internal controls are set-up to ensure that the flow of information into the accounting system is accurate, timely, classified correctly, and entered into the right accounting period. It also provides a series of checks and balances that help reduce the risk of getting ripped-off.

Quality and efficiency. Efficiency plays a key role in making a great impression towards your clients. Efficiency should be so sharp that your clients should never hesitate to assign major projects to you, as they know the project will be completed to the highest level, but also with a short turn-around. Remember, when it comes to getting an external solution provider on board it is important to remember that quality is always a winner; without quality, good accounting work is never possible.

Save money. The bottom line is that by delegating your accounting operations to a company that lives and breathes those services, you save money, as you are only paying for what you need and the company will not take a week to do the work like an employee might, simply because they are on the payroll and do not want to have nothing to do by having finished the task too quickly! Also, by not using an employee for the job, you will save on paying full-time or part-time wages, as well as save on the lost productivity costs that come along with hiring employees onto the payroll.

And last but not least… Save time! If you are thinking it is time to get an external provider to help with your accounts, it is fair to say accounting probably is not your business’s strength. Any time spent working out the finances could be better spent working on improving your products or services, and whatever it is that YOU do best. Good business people know that time is an asset, and it can be a scarce one for somebody trying to run a successful business. So, it is worth investing your time in doing the things you do well.

Making consistent improvements to make your business better is a conscious choice. Not only must you balance your time, but you must also choose the right area of business – the one which will make the biggest impact – to spend this time working on. If you would like GoFi8ure to help your business run more efficiently, send us an email or call us on 0800 463 488.

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.

 

 

 

GoFi8ure named Finalists in “Supporting Gold” category – Wellington Gold Awards 2017

We had an amazing night last night at the Gold Awards! The atmosphere and evening was incredible, not to mention the delicious food.

GoFi8ure are so honoured to have been named a finalist in the “Supporting Gold” category. To be a finalist alongside of some of the best companies in Wellington is very humbling.

Whilst we did not win this year, we are proud of the work and growth we have achieved thus far and look forward to entering again next year. We would also like to thank everyone who have supported us through our journey.

A big congratulations to all the winners and finalists of the Gold Awards 2017 – there were so many amazing companies that entered. You should all be very proud of your accomplishments and achievements. It was a fun night had by all!

“With a passion for educating and enabling business owners and their staff, GoFi8ure has lifted the lid and raised the bar on bookkeeping and accounting services in New Zealand.

When Directors Lisa Martin and Tania Hayes were asked what they wanted for SMEs they replied “We want local businesses to succeed. We want to grow our economy by providing high-quality bookkeeping, accounting and training services.

We help our clients ensure that their books and tax information is up-to-date and we educate business owners about new technology that can improve their business. Bookkeeping is necessary and all businesses should have qualified, well trained and enabled accounts personnel working in their business.”

 

 

 

 

 

 

 

 

 

 

MEDIA RELEASE 7th July 2017 – Xero’s ‘Perfect Bookkeeper’ Wins Top Trainer Award

Wellington-based bookkeeping superhero firm, GoFi8ure, has scooped the Bookkeeping Trainer of the Year – Gayle Buchanan Memorial Trophy at the New Zealand Bookkeeping Association Inc. (NZBAI) annual conference last week – which ran from Friday 30th June to Saturday 1st July.

Recently endorsed by leading financial software provider, Xero, as a ‘Perfect Bookkeeper’, GoFi8ure has dedicated itself to educating and upskilling New Zealand’s Bookkeepers to enable them to do their jobs to the highest standard.

The company currently works with over 750 clients across 20 different industries. Its training division runs programmes for all major financial software systems and has, so far, trained over 2500 Bookkeepers nationwide.

Commenting, GoFi8ure’s Executive Director, Lisa Martin, says: “We are all absolutely thrilled to receive this award in memory of our friend and fellow Bookkeeper Gayle Buchanan. We are passionate about helping Bookkeepers with their professional development. It is fantastic to receive recognition for our training work from the bookkeeping community itself.”

Tania Hayes, GoFi8ure’s Managing Director adds: “Bookkeeping involves complex processes and ever-changing technology. It is a job that should never be undertaken by anyone who isn’t qualified or doesn’t participate in ongoing training – we urge business owners to invest in their bookkeepers by supporting their professional development.”

The conference, the Bookkeeping Association’s fifth, also saw Lisa Martin being presented with the Outstanding Service to the Bookkeeping Profession 2017 award, in recognition of her commitment to changing the perception of bookkeeping from a general admin task that anyone can do, to a highly skilled occupation that promises a rewarding career.

GoFi8ure is a multi-award winning bookkeeping, accounting and financial advisory firm. With its HQ in Wellington, GoFi8ure has branches in Auckland and the Hutt Valley. GoFi8ure also services clients nationwide remotely, using cloud technology. The company is well known for its ‘financial superhero’ branding, which uses cartoon imagery to depict how qualified Bookkeepers can save business owners from the nightmares of financial administration.

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.

Media Release (In case you haven’t heard..) Bookkeeping superheroes savour the day

Small business bookkeeping specialist, GoFi8ure, has scooped a highly sought after industry award at the recent annual conference of accounting software company, Xero.

The firm, which brands itself as financial superheroes rescuing business owners in financial distress, won the Bookkeeping Partner of the Year Award (and was a finalist for the Marketing Innovation Award). The announcement was made at Friday’s (21st February) special Awards Dinner in Auckland by Xero CEO, Rod Drury, and TVNZ’s Petra Bagurst.

Lisa Martin, GoFi8ure’s Managing Director, says the GoFi8ure team is on cloud nine not just for itself but for bookkeepers everywhere. “These are prestigious awards from a leading edge company that has revolutionised the accounting industry. We are huge fans of Xero – and even wear the t-shirts to prove it. Winning these awards has certainly made our day. This speaks volumes for what we do as a business and for the amount of energy we put into our work. But, importantly, it puts bookkeeping firmly on the business agenda as something business owners must do – and as a career choice.

“Every successful company is underpinned by good financial accounting and sound bookkeeping is the cornerstone of this,” she adds.

With a head office in Wellington, GoFi8ure also has clients nationwide serviced via a mobile ground team. The company is currently looking to open a new office in Auckland. Readers, keen to find out more about best bookkeeping practices, can ring the GoFi8ure team FREE on 0800 463 488