Setting goals and measuring performance

Setting goals and measuring performance

Goals are what drive the long-term performance of your business.

Agreeing on clear targets, and measuring your progress over time via key performance indicators (KPIs), helps you to understand exactly where the business is going.

But how does this kind of performance management work in practice?

Track your performance with KPIs

Tracking your goals via KPIs show you where the company is hitting the mark and (importantly) where you need to do better – putting real drive and motivation behind your overall strategy.

To make performance management drive your profits and productivity:

  • Set targets and work to a long-term strategy – define your key goals for sales, profit, growth and cashflow etc. And ensure these target are closely aligned to your wider strategic business plan – so you’re tracking the metrics that matter.
  • Track performance with real-time information – integrate a KPI reporting app with your accounting software, and monitor the key financial and non-financial metrics. Use this dashboard to regularly track your KPIs – giving you a current view of performance.
  • Motivate your team to be more productive – explain your key targets to the wider team, and keep them engaged in meeting these goals. Motivation and engagement levels are higher when staff can see what they’re working towards.

Talk to us about setting up a KPI dashboard

If your are looking to track, monitor and boost your business performance, we can help. We’ll help you choose the right KPI reporting app, and get you in control of your key metrics.

Get in touch to start boosting your performance.

 

 

Xero Reporting: Drilling down into your numbers

Xero Reporting: Drilling down into your numbers

Knowing the status of your finances is a vital part of running your business successfully – and with Xero reporting it’s incredibly easy to run key financial reports at any time.

With a wide range of standard and custom report templates, you’ll get a better view of your profit margins, your cash position and how expenses are affecting your bottom line.

Real-time reporting at your fingertips

Cash is king when it comes to business success, so having Xero’s real-time reporting at your fingertips means you can control your cash flow, your aged debt and your profitability.

With Xero’s easy reporting tools you can:

  • Run a Profit And Loss report and see how your business is performing over time
  • Review your Aged Receivables so you can understand who’s not paying invoices
  • Dip into the Cash Summary and get more control over your operating expenses

Talk to us about getting more from Xero Reporting

If you are want to get in real control of your numbers, we can with you to set up simple, customisable reporting templates – giving you the key financials you need. Find out more by sending us a message.

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!

How to turn your passion into a business

How to turn your passion into a business  

Ever dreamed of turning your passion into a business? It can be a rewarding way to make a living.

With the rapid growth of online shopping and affordable ecommerce platforms, some of the traditional barriers to launching a small business are gone. You can potentially make sales without buying a shop or giving up your day job. Here are some thoughts to help you monetise your hobby and turn your passion into a business!

1. Be prepared to lose some love – Once you turn your passion into a business, you’ll never feel the same way about your hobby again. The idealism of doing what you love for a living will collide with the reality of:

  • tracking sales and cash flow
  • hitting targets
  • managing inventory
  • watching competitors

2. Balancing creativity and commercialism – When you create something for personal fulfilment, you can make it to suit yourself. But when that creation becomes a service or product you wish to sell, you have to work within boundaries that suit your customer’s needs and requirements.

3. How do you monetise your hobby? – You’re enthusiastic about your hobby and the business idea that flows from it but ensure you fully test ideas within your market to find out what works and what doesn’t. Try to solve a problem or find a product that already exists and find how you can improve on it.

4. Building your brand with free content – Sharing relevant content is a great way of building up your customer base.

5. A pragmatic approach to social media – Find out where your audience spends their time (Facebook, Twitter, Instagram) and focus there. It sounds obvious but this simple piece of research can save hundreds of hours of lost effort.

6. Separate your personal and professional goals – When you turn your passion into a business, it’s easy to lose track of time. Both the passion and the business soak up a lot of energy – making it hard to get your work-life balance right.

Talk to us about turning your business ideas into reality

Turning your passion into a business is an exciting prospect and you could earn money doing what you love. Talk to one of our team and we can help you to come up with a plan and put steps in place to help turn your passion into a business reality!

 

GoFi8ure wins Xero’s NZ Bookkeeping Partner of the Year for 2018!

For the third year in a row, mobile Accountants and Bookkeepers GoFi8ure attended the Xerocon Conference and Awards in Brisbane and were named as Xero’s Bookkeeping Partner of the Year for New Zealand, on account of their effective and innovative use of Xero while providing bookkeeping services.

“Words cannot describe how honoured and grateful we are,” said the Accountant and Bookkeeper in a blog post last week, giving their thanks to Xero for recognising the growth and change that GoFi8ure has seen over the last 36 months. They also congratulated the other finalists for the award, Julie Russell Bookkeeping and Katalyst Cloud Business Services, and praised their achievements over the last few years.

In their blog post, GoFi8ure also attributed their success in this category at the Xero Awards to the business’ core values, which they say have been integrated throughout their businesses and services on a day-to-day basis. Values such as responsibility and accountability for completing every task given to them by clients, integrity in honouring professional commitments, and efficiency and effectiveness in their approach to every job, have all been a crucial part of their business and its success over the last three years, according to GoFi8ure.

GoFi8ure use Xero extensively as a tool and platform to provide SME business owners, sole traders, contractors and non-profit organisations with a one-stop accounting solution, and generate every tax return and financial statement their clients need. GoFi8ure’s services even include one-on-one Xero and bookkeeping training sessions, with their own tailor-made training programme that utilizes a 12-step ‘best bookkeeping’ checklist.

GoFi8ure have a team of 16 qualified accountants and bookkeepers across their branches in the Wellington CBD, Upper Hutt, Auckland and Dunedin, allowing them to offer services to businesses from all over the country. Anyone wanting to learn just how GoFi8ure can help their business can visit them online at gofi8ure.co.nz, or call 0800 463 488 to get in touch directly.

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.

 

Become Financially Aware in 2018

Become Financially Aware in 2018Become Financially Aware in 2018

The better you understand your business, the easier it will be to make more money. Management decisions rely on a sound understanding of the financial implications for a business. It is important when you choose an Accountant that they support you in other ways, not just preparing and filing your annual Tax Returns. At GoFi8ure we help to empower business owners so they can fully understand and interpret their numbers. This gives them a strong foundation on which to grow their business.

 

Who would benefit from Financial Awareness Coaching?
If you are passionate about your business and want to better understand your numbers so you can answer questions like:
• How much profit have I made this year?
• Why has my profit increased but I have no cash?
• Is my cash level increasing or decreasing?
• What is affecting my cash level?

 

So, when should you begin Financial Awareness Coaching?
Any time is a good time to improve your understanding of your financial reports in order to improve business performance. The sooner you start Financial Awareness Coaching the better your understanding of financial results and their implications, and the more control you will have over outcomes.

 

Interested to know what the benefits of Financial Awareness Coaching are?
It will…

• Enable you to better understand your business
• Iron out any existing errors to ensure accuracy in your financial reports
• Help you better manage and monitor your cash-flow
• Customise your reports to ensure you capture the right information
• Allow you to format your reports in a way that makes decision making easier
• Help you gain better understanding of the financial implications of decisions
• Give you the ability to make better informed decisions
• Allow you to review your reports and record actions to be achieved before the next meeting
• Help you be held accountable so you can achieve progress between meetings
• Identify any burning issues that need to be addressed
• Access the collective wisdom of our accountants, our systems, products and services
• Phone support to address any burning issues between meetings

 

Call us now on 0800 463 488 to further discuss how Financial Awareness Coaching can help you and your business.

 

 

 

Succession Planning Guide by Xero

Have you got your succession plan sorted for your business?

Xero recently released their “The importance of Succession Planning” Guide specifically aimed at small businesses in New Zealand.

Xero’s succession planning report outlines strategies for working with business clients to plan for a successful exit well ahead of time. It helps advisors start the conversation about this important but often neglected topic.

Succession planning is an important part of your business model, so when GoFi8ure were asked to contribute to Xero’s Guide we jumped at the chance.

Executive Director Lisa Martin truly believes that every business needs to have a Strategy, a way to Execute it and a good Cash flow forecast.

To read the online Succession Planning Guide and the value information provided by these amazing contributors click here to read the guide.

 

Seminar: Advance your Xero knowledge – become a Xero Hero

If you have been using Xero for a while and would like to take your Xero knowledge to the next level then this seminar is for you.If you have been using Xero for a while and would like to take your Xero knowledge to the next level then this seminar is for you.This 3 hour session is designed to empower you with the skills you need to carry out your essential accounting processes in Xero. We will show you how easy it can be to stay on top of your transactions daily and master advanced functions to save time.

We will also cover the following features

• Discover the “Tracking” system in Xero and how this can help analyse the various income channels for your business. We will look at how to use tracked inventory in Xero and how this updates the Profit and Loss and Balance Sheet.

• We will show you how to set up and customise your Chart of Accounts so you can classify your transactions correctly, and generate meaningful reports to help you run your business better.

• We will show you how to create customised, relevant reports in Xero. We will also show you some other reporting features that can really help you to know your numbers.

• Learn ‘best practice’ for preparing and reviewing GST Returns in Xero. We will highlight all important details to look out for when doing your GST reconciliation review.

Attendees will leave with practical tools and techniques they can implement in their day-to-day roles, or in the management of their own Xero account. Please note: Previous experience of Xero is not essential for this session, however, basic experience of the software will help.

Date:  Thursday 16 November 2017, 9am – 12pm
Where:  Hutt Valley Chamber of Commerce, Level 3, 15 Daly Street, Lower Hutt
Presenter:  Tania Hayes, Xero trainer and expert from Xero award winning company GoFi8ure
Fee:  $150 + GST per attendee
More info:  click here for more information

Something exciting happened this month… We launched our NEW customised Website!

We launched our NEW customised Website! We invite you to check it out!

Over the past few months, we have been working with our Graphic Design team to get our new website live and we are so happy to finally be able to show it off to you.

With a fresh look and feel and customised design, our new website has been created to enhance your navigation experience. In our new site, you will have access to a full range of information including our services, blogs, news, events and advice – easily accessible and mobile friendly!