Women in Business on Fire

Women in Business on Fire

Lisa’s key messages are that when goal setting there are always further goals to achieve and that self-actualization is important to try and achieve. On digital disruption within the accounting industry, she is riding the way with her firm offering innovative products. Lisa understands the reason why for her business as well as the importance of goal setting! What goals are you setting for your business? We can help! please a comment and we will be in touch! #communityovercompetition
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What should your role look like as a Director in 2019?

The key function of a Director is to maximise shareholder value. How much time are you dedicating to working ON your business? And, who is holding you accountable to fulfilling this role effectively?

Most business owners know that every member of their team needs a Job Description, which should include:

  • Clearly outlined responsibilities and tasks
  • Some specific and measurable KPIs (Key Performance Indicators)
  • A set of clear expectations around core competencies and behaviour

When a Job Description is clearly documented, it’s much easier to monitor and measure performance. However, as logical as this seems, many business owners fail to do this for their own role as Director of the business.

So, as Director, what should be in your Job Description?

The most important function of a Director is to maximise shareholder value. This means carrying out activities that drive up returns and business value; by working smarter, not harder.

Your key responsibilities include setting the vision and strategy, managing and mitigating risks, growing the business, establishing the right business structure and holding the CEO (who may also be a Director) to account.

How much time are you dedicating to working ON your business?

To give a general indication… as Director, you should spend an hour or two every week working ON the business. In addition to that, every quarter you should dedicate half a day to ongoing strategy planning and take one to two days every year for an annual off-site planning session or retreat. This is to remove yourself from day to day distractions to do some serious ‘blue sky thinking’.

As Director, you still need accountability.

Appoint someone independent to ensure you adopt best practice as a Director. There are several ways to get accountability. You could establish a quarterly advisory board (with an independent chairperson). Or, you could engage an experienced facilitator to coach you regularly to ensure you’re meeting your objectives. Having an independent accountability process in place will ensure better planning, better decision making and faster progress.

Remember, you’re not exempt from meeting the requirements of your Director role. Like every other role in your business, you need a Job Description for your role as Director, and it should have clear responsibilities and tasks with KPIs so that you can monitor and improve performance.

So, if you do not already have a Job Description, set that as an important task, with a due date, and start thinking about who will hold you accountable.

Tips for Efficiency in your Business

Efficiency in Business

 

 

 

 

 

 

Efficiency in a business refers to how long it takes for a task to get completed. An employee may be effective at completing a task to a high level, but may take way longer than needed to complete the task, which is inefficient. 

Check out these top tips and techniques to make your business more efficient.

1. Set shorter time limits
The shorter the amount of time you allow yourself, the more you will get done. This is because when we know we do not have time to pause, wander around the office or stare into space and must use every second of the time we have, we do so because we do not want to fail. So, make sure the first 90 minutes of your day is focused on growing your business. Turn off your email and phones and concentrate only on that. Also, divide your working day into 45- or 30-minute chunks (use a timer to ensure you stick to this time limit!) and during that time think of doing (and do!) only that task.

2. Figure out how much money you are throwing away, then find a way to reduce it
How often do you lose money because of simple mistakes, like missing a job or sending out an invoice with incorrect details? How often are your invoices delayed or forgotten, and how often do you spend hours searching for information to answer a complaint from a customer?

Even if you accept that a certain amount of waste is inevitable, the fact is that lots of small costs can add up over the year, potentially taking a large chunk out of your profits. Take time out each month to analyse your business; look at your accounts to see what money is being spent and what costs could be reduced. Also, keep a note of mistakes you notice being made and jot down ideas on how to stop or limit these mistakes being made. Review these notes monthly also, and if the mistakes are still occurring at the same or similar rate, reevaluate your ideas on how to stop and/or limit these. With perseverance comes success, and with frequent review you will see your systems becoming more effective and your profit level rising. 

3. Use technology to speed up workflow
Technology plays an essential role in the efficiency and effectiveness of a company nowadays. Make use of computers, tablets or smartphones to improve the efficiency of the company, by using software or sharing tools for things like keeping different members of a team up-to-date with client and project information accessible anywhere, anytime. Look at areas of your business that are still being done manually (which is time consuming), and contact a professional who can help provide you with technology solutions to solve your day-to-day inconveniences.

Accounting software can be a business owner’s smartest investment. Software lets you easily manage your business data. One software example is Xero, which looks after your accounts receivable, expenses and taxes, and allows access to these anytime, anywhere, stored together all in one place – and with easy access to reporting tools for this data. Because most  business owners are not qualified accountants, finding the right tool that ensures your accounting is done effectively can save you valuable time, while also improving your financial visibility. It also alleviates a lot of headaches when it comes to looking at financial information to help identify areas in your business that needs assessing with features such as in-built reports which are easy to generate, understand and use.
 
As the great Bill Gates once said, “The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is the automation applied to an inefficient operation will magnify the inefficiency”. 

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.

 

 

 

How to avoid going insane in your business in 2018 eBook

"How to avoid going insane in your business in 2018" GoFi8ure eBook.How to avoid going insane in your business in 2018 GoFi8ure eBook.

As 2017 comes to an end, it is the perfect time to reflect on the year that has been and the new year that is coming.

Click here to download your copy of our complimentary How to avoid going insane in your business in 2018 GoFi8ure eBook. 

From the team at GoFi8ure, we wish you and your loved ones a Merry Christmas and much success for 2018.

 

 

 

 

 

 

 

 

Wellington Region Business Excellence Awards Finalist GoFi8ure – Professional Services Category

GoFi8ure were honoured to be named a Finalist in the Wellington Region Business Excellence Awards – Professional Services Category.

It was great to be in a room with so many successful businesses. You can check out the Awards introduction video by clicking here. 

To read the announcement click here. 

 

 

 

 

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.

Planning for End of Financial Year

Planning before EOFY can mean significant savings – but leaving it until the last minute or, worse still, submitting your accounts late can be very costly. The following tips are important for business owners to consider prior to the 31st March 2015.

Fixed Assets – Do you have any assets that you no longer use or don’t intend to use in future? It is important to review your fixed assets now to see if they can be written off.

Creditors – We recommend you pay as many creditors as possible by 31 March to claim the GST in the final return. You will also need any personal expenditure receipts to journal in to claim GST in this final return.

Debtors – Do you have any bad debts? Now is the time where you need to either chase your debtors for payment or decide to write them off by 31 March.

Home Office Expenses – A proportion of your mortgage interest, telephone, insurance and rates can be deducted. You can only claim the expenses that relate to the area set aside for business. Work out the percentage of the work area, compared to the total floor area of the house. Then apply this percentage to the total house expenses.

Accounting Software – If you are thinking of changing accounting packages, now is the time to make the move. With the New Year upon us, your Accountant or Bookkeeper can help you get set up for the 1.4.2015 Tax year.

If you would like some help getting your financial paperwork up to date for the New Financial Year – get in touch with the team from GoFi8ure. To find out more send us an email to: enquiries@gofi8ure.co.nz and one of our consultants will be in touch.

“Say it Like it Is”

When you start or grow a business, one of the first and most important things you will think about is how to keep a record of your accounts. Whether your business uses a Bookkeeper or an Accounts Assistant/Manager, you should have an effective accounts management system in place. Unless you have a very small hobby business, an excel spreadsheet just won’t cut it. So if you want your business to run successfully, it is important to choose an accounting system that best suits your needs.

There are a lot of systems out there so which one is the most efficient and best suited for your business?
At GoFi8ure we’ve used every type of accounting package out there, so when clients ask which system will save time, money and is easy to use we highly recommend Xero.

You’ve probably heard other business owners talk about it; you might have even tried it, or seen it advertised somewhere and thought about moving over. Well now is the best time to make the move! Xero is a multi-functional accounting package that helps business owners – BIG and small run their financial data easily, accurately and without any hassle.

So why would Xero be a great solution for your business?
– Reconciliation time gets cut in half saving you or your staff time each week.
– You can invoice as well as apply credit notes with the click of a button.
– GST has never been easier. Gone are the manual reconciliations and checking everything three times for accuracy.
– You can easily update fixed assets & depreciation schedules for accurate reporting.
– Xero offers pay runs and track wage expenses and can connect with your payroll system.

Getting a little bit tempted? What if we told you Xero could…?
– Save you time – no more long hours slaving over your accounts.
– Save you money – Time = money, so spending time on what you REALLY want.
– Lower your Accountants bill – If you have spreadsheets or an older accounting system, it takes more time to reconcile and prepare. Xero has everything at a click of a button so you save time instantly.
– Give you peace of mind – If you didn’t go into business to do accounts then simplify your life by using a clean and effective accounting package today.

So now we have your attention – how can GoFi8ure help you?
– We offer one-on-one training for business owners and their staff.
– We are Xero Gold Partners so we can help get you set up on Xero.
– If you don’t want to be doing your own accounts, we can do them for you. Awarded Xero’s Bookkeeping Partner of the Year 2013, we are experts in our field.

Take the stress out of your accounts by getting onto Xero and start doing beautiful business today! To sign up to Xero and book your training email us at xero@gofi8ure.co.nz or call 0800 463 488.

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.