GoFi8ure able to help with Xero training for the New Financial Year

GoFi8ure able to help with Xero training for the New Financial Year

It is generally accepted that preparation for the financial year can start from as early as February, to as late as July or August. Getting a head start can help businesses avoid rushing and making miscalculations.

The end of a financial year is a great time to take a look at business from a broad perspective, and see what worked and what didn’t. Companies have the chance to do activities such as segmenting expenditures and revenues into separate groups. Reviewing tax returns and other related processes is also a great step toward getting prepared for the new financial year.

Creating a calendar is also a common tactic to help businesses flourish instead of flounder at critical turning points. This includes creating deadlines, and sorting tasks by their priority. Such tasks could include creating a system for dealing with batch emails, creating templates for sending replies or inquiries, and delegating bank processes to automated accounting software.

Another great practice is to settle the cash flow system early. As one of the most important facets of a business, keeping a healthy cash flow is important, in order to avoid funds bottlenecking at a time a company needs them the most. Xero training can help a company’s employees track and manage their cash flow better.

Budget checks are another important stage for monitoring business’ finances. After designing a cash flow stream, companies need to allocate their resources intelligently. Creating a budget plan for the business will ensure that a lot of important sectors of the business are covered.

Technology is ever-changing, and a good business should stay up-to-date. Budget plans usually include spending for good software and new technologies, like digitising their transactions and accounting processes. It could also be used to purchase new hardware for accounting software – investing in this is a big help to companies in taking their business to the next level.

Let GoFi8ure help you set up new processes like Xero training to get ahead! Visit our website at https://gofi8ure.co.nz/ and find out how!

 

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.

 

 

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.

 

 

 

 

Chasing debtors – 3 easy strategies that will help you get paid quicker

Chasing debtors – 3 easy strategies that will help you get paid quicker

Getting paid is always an exciting part of running a business. What is not as exciting however, is keeping on top of clients when they do not pay their invoices. According to the Commercial Collection Agency Association, after 30 days past due, the chances of being paid drop to 89.9%; after six months, there is only a 52.1% chance of being paid.

Below GoFi8ure has listed some simple strategies that can help bring payments in on time, whilst maintaining good relationships with your clients.

1) Regularly review your Aged Receivables detail report

Your Aged Receivables detail report should be your “go-to” credit control report for checking the total amount of outstanding invoices per each client and totals. Make sure to keep an eye on anything that is showing as 30+ days overdue. The longer you leave it, the easier it is for your client to forget or ignore your invoice.

Tip: Keep your bank accounts reconciled and up-to-date so that your debtor reporting is current and accurate. By following the steps below, you will see each invoice per client and how overdue it really is.

Go to Reports > Aged Receivables > Click on Show Invoices > Update

 

2) Save time by emailing all your client statements in one go

Statements are a great way to prompt your clients to pay you. By sending a statement your clients can see their outstanding invoices and payment history at a glance.

Go to Accounts > Send Statements > Select the “Activity” statement type > Choose the first day of the month prior to the current date > Update > Select the clients who have a balance owing

 

 

The great thing about Xero is you can send up to 50 client statements at a time. You can also customise your statement template should you wish to do so.

Tip: When sending bulk statements make sure to untick any contacts with a $0.00 balance. It is also important to ensure that all contact details are correct for each client. A statement can not be sent without an email address.

3) Use Automated Reminders

At times, even though invoices get earmarked for payment, they can still slip to the bottom of the to-do pile. Automated reminders may be the cure. They act as a gentle nudge that will help your chronic late-payers remember to pay the due invoice.

Xero has a feature that allows you to send automated invoice reminders, all you have to decide is when and how often the reminders are sent out.

Go to Accounts > Sales > Awaiting Payments > Click on the Invoice Reminders Off > Set up the reminder template and frequency

 

With Xero’s automated reminders you can customise the tone and timing of when the email will be sent. It can take a small amount of time to set up, but choosing this option will save you hours in the long run. To find out more click here to watch a quick video.

There are so many amazing features available, if you would like a Xero refresher training session please send us an email or call us on 0800 463 488.

 

Staying Fit (financially) – NZ Plumbers Magazine featuring GoFi8ure

Regularly reviewing your company’s financial fitness will keep the business watertight, says Lisa Martin of GoFi8ure.

Funny isn’t it, that when we talk about financial fitness, many bosses start to glaze over. And yet the monetary side of things is the main reason businesses start up in the first place.

To read the GoFi8ure’s article which has been featured in the October/November 2017 NZ Plumbers magazine – click here to read it.

A Life Lesson in Leadership – NZBusiness Magazine, August 2017 Issue

“A Life Lesson in Leadership” Leadership is a term we all bandy about without really knowing what it means, says Lisa Martin, but fortunately every business can lead leadership skills.

A good business leader is someone who has the ability to positively influence others’ behaviour to increase productivity and efficiency.  But ask anyone what makes a good leader and changes are that you will be in for a lengthy discussion. To read GoFi8ure’s featured article here.

 

 

 

 

 

 

 

 

Happy Financial Year from the Perfect Bookkeeper

When Xero asked our Executive Director Lisa Martin to participate in their new Happy Financial Year campaign we leaped at the chance. We love working with Xero so it was pretty exciting to see this show up on billboards, bus stops and in the paper! To chat to us about how we can help with your bookkeeping send us a message – we would love to hear from you.

Ever wondered how hiring a Bookkeeper could help your business?

Running a successful business requires making smart decisions and whilst many business owners have a range of talents and expertise, they often don’t have the accounting knowledge necessary to ensure the Bookkeeping side of the business runs smoothly. Having a qualified Bookkeeper helps give you peace of mind knowing your accounts are up to date and accurate.

So why hire a qualified Bookkeeper?
A good Bookkeeper is worth their weight in gold. Why? Because to them best practice is the only way they work. Would you let an unqualified mechanic fix your car? The same goes for your accounts. By hiring an experienced Bookkeeper, you are able to focus on the growth of your business. Though you can still monitor the progress of your accounts, the day-to-day responsibility is removed, giving you the freedom and reassurance that your accounts are being looked after.

What can a Bookkeeper do for you?

· Bookkeepers help save you time – As a business owner, time is your most valuable asset. Would you rather use your time to plan, direct, and spend on the things you love doing? Or would you rather spend your extra time doing your accounts? Hiring a Bookkeeper means you know your accounts are well taken care of and you no longer have to worry about last minute GST deadlines or paying staff on time.

· Be a Leader, not a Manager – Being a leader means helping other people to grow and maximize their own full potential. How can you do that when you are stuck in other areas of the business? A good Bookkeeper is like a side-kick, they know what you need whilst having an in depth understanding of your business and KPIs (key performance indicators) allowing them to help enable you in your role.

· Hire someone who knows their stuff – When hiring someone to take care of your accounts; you may want to consider approaching a professional bookkeeping firm, who has experience with your accounting software and industry. Your Bookkeeper will be able to provide vital, meaningful management reporting and data; they can also show you where the leaks are and help you improve your accounting processes and systems.

Not sure what condition your accounts are in? Get our Warrant of Finance (WOF) service for $250 + GST and find out what areas need improvement and how you can be more efficient. To book your WOF email us: enquiries@gofi8ure.co.nz or visit our website www.gofi8ure.co.nz

Business owner beware – Wellington Woman I Autumn 2011

Are your head and heart working together?

GoFi8ure’s Lisa Martin explains why they should be, for the benefit of your business.  Do you think if you had to sit an exam before starting a business or research the Business Bible 101 from front to back that you would think twice about what being in business means?  Have you ever gone into business with a partner and not considered the long-term strategy of ‘can I work with this person day in day out for the next 30 years?’ To read more click here.

 

 

 

 

 

 

Three letters, ends in X – M2 WOMAN | Spring 2010

Death, taxes and childbirth! There’s never any convenient time for any of them.  However, understanding your tax obligations and their benefits – whether you’re an employee, mother working at home, unemployed or a business owner – will potentially save you money, and your sanity too. To read more click here.