What do you need to do to get ready for the New Financial Year?

What do you need to do to get ready for the New Financial Year?

For many the 31st of March feels like a huge milestone on the calendar. It can be a busy and frenetic time, and can feel even more stressful for business owners. Add to that Easter and it feels overwhelming! However the end of financial year process need not be a painful one! Read on to find out how.

A recent US study found 69% of adults attribute their stress to “money-related” issues and, as the End of the Financial Year (EOFY) draws near, it is typical for thoughts of money and dreaded taxes to dominate our mental space and drive us to despair.

To help take some of the pressure off GoFi8ure has prepared some simple steps for you to follow in your accounting software so that EOFY feels more manageable:

Step 1: Gather your paperwork aka “source documents”

The more information/paperwork you give to your Accountant, the less time they need to spend chasing you (which costs time and money).

Go through your files and emails and collate your source documents (Statements, Invoices, Receipts etc) for your accounts.

Paperwork includes at a minimum bank, credit card, loan statements as at the 31.3.2019, copies of all fixed asset invoices purchased during the last financial year, GST work papers and returns/receipts to IR, year to date payroll records, ACC invoices, insurances and premiums, legal, repairs and maintenance, lease expenses, finance agreements, use of home office, out of pocket expenses and year to date personal tax information if you are a shareholder. Depending on the complexity of your accounts you may need to provide more examples of source documents. Your Accountant will ask for these so be prepared.

Tip: Use Xero’s File Library to upload all of your paperwork/source documents as PDFs. It is really easy to do and your Accountant will love you for it.

  1. On the top left hand side click on the company name
  2. Click on the Files option
  3. Create a new folder called EOFY2019
  4. Label each file with a clear name. For example: 00 Savings Bank Statement 31.3.2019 or ACC Levy Invoice etc
  5. Upload labelled files into the electronic folder – it is that easy! This will keep everything your Accountant needs in one easy to view/access location in the cloud

Step 2: Complete a Stock Take / Stock Valuation

If you are carrying stock, you are required to do a stock take to record how much and the “value” you have on hand as at the 31st of March 2019. The figures should be at cost, excluding GST. It is important when you are dealing with stock that you use the best tools available. Whatever tracking system you use, make sure you have the right software to support it. If you are currently using Excel spreadsheets to manage your inventory, you may want to consider moving to a cloud based inventory system like Unleashed.

An effective, easy-to-use inventory system eliminates human error that can occur whilst using Excel. Inventory software gives you real-time inventory control and reporting. It also helps you to understand your product margins and provides you with important information to help you make better decisions based on real-time, accurate profit reporting.

Step 3: Round up those overdue invoices and debt collect

Review your Aged Receivables detail report and identify all invoices that are 30+ days overdue. Once this has been done make one final determined effort to collect the debt before the 31st of March. If you have exhausted all avenues for collecting unpaid invoices and do not envisage collecting them at any point in the future, you can write off the outstanding invoices to a bad debt expense. Contact us to find out how.

Tip: If you are going to write off any outstanding invoices; make sure to apply a credit note against the invoice owing. We do not recommend using the “void” option in your accounting software.

Step 4: Review Creditors entered and reconcile to Supplier Statements

Do you have outstanding supplier invoices showing on your ledger? Are you confident that these are correct? GoFi8ure recommends that you reconcile all creditors to supplier statements and balances before the 31st of March to ensure any missing invoices are received and entered into Xero. You may find that some suppliers have in fact been paid, however, the payment was not allocated against the supplier invoice. If this has happened it is important to correct it soon as possible.

Need help actioning a creditors reconciliation? Send us a message so we can help.

Tip: If you are disputing an account or are no longer paying an invoice then you should apply to the supplier for a credit note and once received reconcile the credit note to the invoice in your ledger (creditors reconciliation). If you would like accounting support please contact us.

Now is the time to make the conscious decision to take action with steps 1-4. If you would like GoFi8ure to take your end of year stress away and do these steps for you, get in touch with us today via email or call us on 0800 463 488 and quote End of Financial Year Help.

 

 

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!

Why use Xero? The benefits of cloud accounting

Why use Xero? The benefits of cloud accounting

Xero offers your business a simple, yet powerful, way to manage all your finances in the cloud.

With Xero as your core finance system, you get real control over every element of running your business, from basic bookkeeping right through to efficient online invoicing, live bank feeds and detailed financial reporting. And that’s not all…

A beautiful business platform

Xero is also a fully functioning business platform, with an open architecture that lets you plug in online payment solutions, time-tracking apps or job-management tools. So whatever sector you are in, there is a range of apps to customise your Xero system.

With Xero as your cloud platform you get:

  • A mobile way to check your numbers 24/7 – with online access from any device
  • A paper-free office environment – with secure storage of your documents in the cloud
  • An all-in-one cloud platform – with a host of features, apps and third-party solutions

Find out more about the benefits of cloud in this Xero TV video

Talk to us about switching to Xero

If you want an accounting system that is also a highly flexible business platform for running your company in the cloud, talk to us about switching to Xero.

 

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.

Creating Excellence in Business

Excellence in Business

 

 

 

 

 

It is very easy to get comfortable with just being good in the business world. Being good at what you do means all is well – things are moving the way they are supposed to, and everything is under control. The financial equivalent of this, known as “treading water”, does not equate to success but rather, stagnation. In business, just as in nature, it is always better to be proactive then reactive when striving for excellence. By focusing on constantly pushing yourself and your business to be in a constant state of growth, both yourself and the company you lead will be constantly evolving and improving ahead of your competitors.

Here are some thoughts to keep in mind for yourself and your business as you strive for business excellence:

1. Realise that there is always room for improvement
It is very easy to say “I’m good” and leave it at that. Google is famed for saying “We are Always in Beta”, and Business Insider once published an article “Always Be in Beta or You’ll Never Learn Anything New”.  The article mentions the value of learning, as learning keeps stagnation at bay. It also states, “in the early stages of learning a new subject, people feel as though they have nothing to lose, which makes them more likely to accept failure as part of the process.” This mentality will enable you as a business owner to add more power and range to your skill set, as well as become more comfortable with the risk that comes with learning curves.

2. Do not get too comfortable
Ignorance is bliss, but it is also dangerous, which is exactly what getting comfortable in the business world defines as. While you are sitting back being comfortable, others are advancing, strategising and closing in on any distance you have put between yourself and your competition. Strive to stay relevant and vigilant, and remember that success is not a destination, but rather a goal which constantly evolves and manifests with the company’s growth itself. Think of your business as an athlete; there is no such thing as a comfortable and effective workout.

3.  Do not give your clients a reason to go elsewhere
We are all human, and sometimes mistakes are made. However, there is no reason why you cannot apologise, provide feedback and agree on a solution to fix these mistakes with your clients to retain their business, and look for ways to improve. At the very least, you should make sure that you are doing a better job than your competitors. Even if you feel you are already doing this, it is worth asking yourself a couple of times a year, “if a competing company opened tomorrow, would I have any reason to be worried?”

If you would like to talk to GoFi8ure about how we can make your business more excellent send us an email.

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.

 

Do you have a strategy for your business?

Do you have a strategy for your business?

When it comes to Business Strategy there are two rules:

Rule #1: Have a strategy.

Rule #2: Make sure everyone is literally on the same page in understanding the components of the strategy, and how to implement it.

All too often strategies contain words or concepts that take on as many meanings and interpretations as the number of people who read them. Having a clear and focused strategy is critically important to the success of your business. Without a well-defined strategy, your business may stall – or even fail.

You need to have a plan for day-to-day business, and you also need to spend time looking at and listening to the changes that are happening in your industry. To ensure you make progress towards your long-term goals, it is a matter of having a daily plan to get things done, in conjunction with an overarching strategy to guide those daily plans.

Success is about planning, and planning is about success; if you plan to succeed, you will succeed. Here are some questions to ask yourself to help you plan your success:

  1. Do you have a current Business Plan?
  2. Have you set realistic and measurable goals?
  3. Do you have clear strategies to achieve your goals?
  4. Can you identify what you will need to achieve your goals?
  5. Do you regularly review your goals with regards to changing circumstances?
  6. Have you set up a platform to develop Financial Forecasts?
  7. Do you have the right systems and tools in place to help you achieve your strategy?

The key aspect of strategic planning is aligning all members of the team with the purpose and vision of the company; both in the short- and long-term. Strategy challenges are indicated by a slowing in top-line revenue growth. If revenue is not growing as quickly as you like, then it is time to re-examine your strategy.

Any time is a good time to make a Business Plan if you do not have one; however, it is particularly relevant at the start of a New Financial Year.  If you are contemplating a major change in your existing business, or starting a new venture, a Business Plan is crucial.  You will also require a Business Plan to support any financial applications.

Do you have a GST return due this month? Worried about not getting it done in time? Remember, you have until the 7th of May to submit your return. For all current GoFi8ure clients, your GoFi8urine will be in touch shortly to ask for your paperwork – aka “source documents”.

Do you need a hand getting your GST completed and ready to file? Never fear, GoFi8ure are here to help. Please send us an email, or call us on 0800 463 488, and we will help get you sorted.

 

 

 

 

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.

 

 

 

Is operating more efficiently and having more time to focus on your business one of your 2018 goals?

Is operating more efficiently and having more time to focus on your business one of your 2018 goals?

Trying to run your business using inefficient accounting software is like trying to build a brick wall with inefficient mortar; if there is not enough holding the wall together, bricks will start to loosen and soon, the whole wall will crumble.

Therefore, it is essential to understand how efficient accounting and financial management software will not only hold your business together, but also become the foundation for greater success and profitability.

Keeping “the books” for a business was literally a paper-based process involving a ledger, lots of columns, and a pencil to record the business’ essential financial data. However, times have changed.

In this digital age, even the smallest business can benefit from using accounting software.

Accounting software can not only help you reduce human errors in calculations, but it can help you gain insights into your business that are not always easy to see in paper form. This includes generating sales forecasts for the next 12-months, or using the extensive report range the software provides to determine what are your highest expenses, pinpoint your least profitable service and identify budget blowouts.

What else can accounting software do for your business? Accounting software offers the business owner mobility, flexibility and a better lifestyle, as often the software in the digital age is “Cloud” based.

Cloud based software allows you to see your business account balances, outstanding invoices, overall cash position, and much more – 24 hours a day, 7 days a week and from anywhere, provided you can access an internet connection.

These days, you can run your business from your traditional desktop, an iPad or similar tablet device and even your mobile phone. Most cloud based accounting systems have apps you can download to the device.

This translates into allowing you to run your business without sacrificing a flexible, balanced lifestyle. Gone are the days where you must be at the office to run your business. You can have visibility and certainty over your business’s finances with the flexibility to access your business’s financial information even when you are not physically present. Who ever thought accounting software could be so good and provide some much freedom? So, what are you waiting for? We make flying through the cloud easy.

If you would like to learn more about cloud based accounting, integrating software, or customisation of your accounting software, contact the experts at GoFi8ure on 0800 463 488 or email us to find out more.

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