Is my Accountant a cost or investment?

Reducing your overheads will help #GrowYourBusiness. So, are accounting fees a cost that should be cut or a sound business investment?

Accountants tell their clients to reduce their overhead costs as one of the seven ways to grow your business. One of your overhead costs is your accounting fees. So, is what you spend with your Accountant an expense, or is it an investment?

An expense is a necessary evil. It can’t be avoided and is a grudge purchase with very little value add.

An investment is about the return on your spend – what you get back as the benefits of the service; more cash, more discretionary time, or simply peace of mind that everything is done as it should be.

The true purpose of an Accountant is to provide enduring value to you and your business. It’s no longer just about annual accounts and tax. Accountants who live into their true purpose provide services such as:

  • Tax planning and minimisation
  • Wealth creation
  • Helping you create a plan to realise your goals – including profit and cashflow improvement strategies
  • Working alongside you to realise the plan – by combining our expertise with yours
  • Ensuring your compliance and tax obligations are met in the most cost-effective way

If you consider what you spend with your Accountant to be a cost, then cut that cost; if you consider it an investment, you need to invest now more than ever.

“The biggest expense is an opportunity cost.” – Anon

Make your business more profitable

Make your business more profitable  

Making a profit isn’t something that happens overnight – to create a good return from your business you need a clear focus and a well thought-out strategy for increasing profitability.

This means reviewing your business model and looking at every area of the business, to see where you can cut costs, increase margins and maximise revenue.

Focus on your key drivers

Having surplus cash at the end of the year allows you to invest back into the business, fund your growth plans and increase the size of your own dividends and drawings as the owner.

To achieve these profits, it is important to focus on the key financial drivers in your business.

To drive profits:

  • Boost sales – the more sales you make, the bigger your net revenue, so investing in marketing, sales activity and business development will be key to a better bottom line.
  • Increase prices – by setting a higher price point, and keeping your ‘cost of goods sold’ number low, you create a larger profit margin on each sale – upping your profitability.
  • Cut costs – operational costs and overheads eat into your potential profits. So spend management and cost reduction are vital to creating a more profitable model.
  • Reduce taxes – tax liabilities will be one of your biggest costs, so sensible tax planning and use of tax reliefs will help to reduce your taxes and ramp up your end profit.

Talk to us about boosting your profits

If your business goal is to increase profitability, we will help you review your business model, identify your key financial drivers and proactively drive your profit performance.

Get in touch and let’s start boosting your profits.

 

The value of real-time management reporting

The value of real-time management reporting

Improving your financial efficiency requires a clear overview of your key numbers, so you can track your performance and drive improvements.

This is where detailed, up-to-date management reporting makes a real difference. Management information helps you measure your key performance indicators (KPIs), track progress against your core goals and provide some real impetus behind your progress.

Getting proactive with financial management

By setting up management accounts and KPI reporting in the cloud, you get a real-time overview of your business health, helping to guide decision-making and financial performance.

By drilling down into this management information, you can:

  • Get prior warning of any finance issues – so you’re aware of any cashflow holes, late payments from customers or unplanned drops in company revenue.
  • Plan ahead to avoid future problems – by running forecasts, monitoring your cashflow position and aligning your strategic budgets with your business-wide KPIs
  • Take action and gain control – using the financial insights from your dashboard to flex your operational tactics, rein in spending or make the right strategic decisions.

Talk to us about setting up management reporting

If you are looking to get in real control of your financial destiny, we’ll work with you to set up a management pack and KPI dashboard that puts you firmly in the driving seat.

Get in touch to set up your management pack.

Did you know GoFi8ure are a Receipt Bank Certified Partner?

Did you know GoFi8ure are a Receipt Bank Certified Partner?

At GoFi8ure we pride ourselves on always looking for the most efficient and effective solutions for SME businesses. One of the software tools that we are in love with is Receipt Bank.

If you or your team are spending hours entering receipts and invoices into Xero then you need Receipt Bank! Talk to the team at GoFi8ure about how Receipt Bank can change your life.

What are some of the benefits to using Receipt Bank?

Save Time – Easy automation for collecting, processing and publishing receipts and invoices.

Secure Cloud Storage – All your important receipts and invoices are kept safely in the cloud and within your accounting software.

Instant Receipt Capture – Your staff and suppliers can send you paperwork in a way that suits them, via app, email or scanning.

Accurate Data Extraction – Receipt Bank puts key details from documentation into your accounting software.

Improve Quality and Consistency of Information – The ability to automate coding and accounting settings ensures peace of mind that clients’ items will be handled in a consistent manner – no matter who is working on them.

There are so many benefits to getting Receipt Bank for your business – send us a message to find out more. 

There Has Never Been a Better Time to Get onto Xero

There Has Never Been a Better Time to Get onto Xero

GoFi8ure, a company that provides premium accountancy solutions, urges customers and businesses to look into Xero training. Xero is an online accounting software designed to aid small businesses and their advisors to adopt more efficient processes.

GoFi8ure has developed a tailor-made training programme that makes use of your unique data for ease of learning. It utilises a 12-step ‘best practice’ checklist to ensure ease of learning.

The team at Xero explains, “With Xero’s online ‘in the cloud’ accounting software, your accounts are transparent, giving you a real-time view of your business at a glance with a snapshot of all of your transactions on the dashboard and so much more.”

GoFi8ure also provides custom-fit Xero training designed to tackle specific needs. Xero Training is available in four options:

– Xero Fresh is a refresher course designed to test the checklist in-action in your business, and covers output requirements, management reports, GST reconciliation and end of year preparation for chartered accountants.

– Xero Mate is an entry-level course where you learn steps 1 to 6 of the checklist and cover basic Xero concepts, such as the Xero dashboard, accounts basics, bank accounts, contacts, finding help within Xero, and general Xero queries.

– Xero Hero is a comprehensive course where you learn steps 1 to 12, and cover reports, price lists, charts of accounts, organisation, tracking, fixed assets, foreign currency, and more!
Last but not the least, Xero2Max is a course for business owners who have completed the Xero Hero course, and are now able to harness the data in Xero in order to measure their performance, and reconcile their financial position monthly.

Contact us to discuss your Xero training requirements further. 

Set your business up for success with the right structure

Set your business up for success with the right structure

 

The structure of your new business has repercussions in terms of tax, costs and the protection of your assets. When you decide on what structure you’ll use, keep in mind your future plans, because this may impact your decision.

There are three main structures you could consider.

Sole trader:

If you’re operating on your own, this may seem an obvious choice. It’s a quick one to set up and incurs minimal costs. Bear in mind that a sole trading business can be trickier to sell, and you are taking on greater personal risk in establishing the business. It may be worth looking into how you can protect your personal assets, should anything go wrong.

Partnership:

If you’re working with a partner, you could consider this option. It lets you share the load, along with the costs of getting a business established. You’re also sharing the risk and potential liabilities.

Company:

Setting up a company means more admin and higher costs to get going. You’ll become a ‘director’ as the person who runs the company, and a ‘shareholder’ as a part-owner. Companies have additional reporting duties, but you assume less personal risk. Also, the clear structure and reporting involved, may set you up for an easier sale when the time comes.

You could also consider setting up a trust, but as this is a relatively expensive and complex undertaking, it’s less likely you’ll go this way initially. You can change the structure as your business develops, but it’s important to consult with your accountant, lawyer or advisor as you go.

Before deciding, think ahead to the future you want for your business.

Ask yourself:

How am I hoping to grow the business? If you plan to bring on additional people to run the business alongside you, a company or partnership arrangement may suit.

When do I want to sell the business? Again, while selling any kind of business is possible, the clarity provided by a company may be an advantage and make your business more attractive to a buyer.

How sure am I that this business will succeed? It may be that you are setting out to prove a concept or explore a business idea. If this is the case, you may not look to incur too many costs up-front, and a sole-trader or partnership model may appeal.

Whatever you decide, make sure you understand the tax implications. Talk to us before setting out on your new venture.

 

GoFi8ure Claims the Top Spot in the Top 10 Female-led Accounting Firms

GoFi8ure Claims the Top Spot in the Top 10 Female-led Accounting Firms

The mobile accounting and bookkeeping firm GoFi8ure celebrated a big win recently, as it has been named the number one female-led accounting firm in New Zealand. It also claimed the third spot in the top 10 pro-bono accounting firms in New Zealand.

GoFi8ure has been providing customers the peace of mind they need with premium accountancy and bookkeeping solutions since 2002. From GST reconciliation, to payroll, reporting, and tax compliance for businesses, GoFi8ure’s financial services have been catering to a range of businesses’ specific needs across the nation.

With years of experience and a wealth of expertise in the industry, GoFi8ure has proven successful in catering to varied small businesses. This win further solidifies GoFi8ure’s cutting edge approach to the accountancy sector.

Previously to this achievement, GoFi8ure set the bar high for itself with a number of very prestigious business awards. Among other wins, it has been recognised as Xero New Zealand’s Bookkeeping Partner of the Year in 2013, 2016, and 2018.

On the first-place position, GoFi8ure said; “This is a significant achievement for the company to be recognized in this nationwide survey headed by Stuff. A massive congratulation to our two Directors, Lisa Martin and Tania Hayes on running such an amazing accounting company and of course a huge thank you to each of our amazing GoFi8urines. It’s a team effort. #hugagofi8urine.”

GoFi8ure is all about giving you more time to run your business, which in turn allows you and your company to grow further. Optimizing your processes with efficient and accurate bookkeeping and accounts management services in the path to developing your brand to it’s fullest potential.

GoFi8ure offers services in Wellington, Hutt Valley, Wairarapa, Auckland, and Dunedin. The company also provides cloud-based services nationwide.

GoFi8ure named #1 in the top 10 female-led accounting firms and top 10 pro-bono accounting firms New Zealand!

WOW!! Have you heard?!

GoFi8ure have been announced as #1 in the top 10 female-led accounting firms in New Zealand. Not only that – we have also been announced 3rd out of 10 Top pro-bono accounting firms in New Zealand.

This is such an amazing achievement for GoFi8ure to be recognised in this nationwide survey by Stuff. A massive congratulations to our two Directors, Lisa Martin and Tania Hayes on running such an amazing accounting company and of course a huge thank you to each of our amazing GoFi8urines. It’s a team effort. #hugagofi8urine

 

GoFi8ure turns sweet 16

This week GoFi8ure celebrates it’s sweet 16th birthday!  

It was back in 2002 when GoFi8ure was first formed by Founder and Executive Director Lisa Martin.

Fast forward 16 years, we have an experienced team of 14 Accountants and Bookkeepers throughout New Zealand. Having longevity in the market place means current and future clients can trust us. We are also award winning which means we are experienced, professional and take pride in our GoFi8ure promise and services that we deliver to clients.

We have so many exciting things coming up in 2019 – we cannot wait to share them with you so make sure you stay tuned!

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!