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!

What are the four most important areas you need to consider in your business?

What are the four most important areas you need to consider in your business?

As a business owner, you must be committed to constantly evaluating your business practices and making the necessary changes if you want to see growth. If your business is stagnant, or not as profitable as you would like it to be, doing the same thing repeatedly will not help your business move forward. Your success is the total sum of all the decisions you make!

So, what are the four most important areas you need to consider in your business? They are:

  1. People
  2. Strategy
  3. Execution
  4. Cash

Good decisions equal success. Even though most growing businesses face continual challenges in all these areas, the challenges in one area at any one time can impact the others.

Let us start with the “People” strategy.

In 2016, Warehouse Stationery conducted a survey of over 1000 of their BizReward customers. From that survey, 9 out of 10 customers were small businesses.

When asked about the personal challenges they faced in business, half of the respondents to this question (51%) selected work-life balance. Work-life balance was the most common concern, followed by time management (41%) – which is a necessary tool to achieve the sought-after work-life balance, by ensuring work does not take over every aspect of your life.

One of the most critical components of growing any business is working with the right people. Get it right, and your business’s growth trajectory is likely to continue, or accelerate. Get it wrong, and your tentative step forward might lead to the proverbial three steps back. The purpose of hiring staff or outsourced specialists is to free the business owner from some of their multiple “hats”, and the wrong hire can have the opposite effect as it can be costly, stressful and time-consuming to manage the consequences. Having someone who fundamentally understands their role, and what is required to do it successfully, is crucial for any business.

Where do you start? Ask yourself why you need to hire someone – and do not accept obvious answers such as, I am busy, tired or overworked.

Below are some core questions you should ask yourself:

  1. What do I expect the new hire to do in their first month, and in the months that follow?
  2. What can I reasonably expect them to achieve, how quickly, and what can I do to help them?
  3. What core skills and attributes are absolute necessities for my business?
  4. Is an employee the right way to go, or should I look at outsourcing?

The last question is an interesting one. There are advantages for either hiring an employee or outsourcing to a specialist. To make this a little easier for you, we have put together a list of steps that will help you determine which option is best for you:

  1. Identify what areas you can outsource.

Before you figure out whether to outsource, you need to identify what areas you can outsource, and whether any of these areas are where you need help right now.

  1. Identify business-critical functions.

If the function you need help with is not a core function of your business model, outsourcing will probably create fewer headaches for you.

  1. Assess the market availability of skills.

You may prefer having someone in-house, but if you cannot find the right talent, outsourcing may be your only option.

  1. Identify all the costs for both in-housing and outsourcing.

When you are considering the financial difference between the two options, remember to include the costs of your time and emotional energy.  While hiring in-house is generally cheaper on paper, there are a host of responsibilities that go along with managing a new staff member including holiday and sick leave, training, downtime, and so on.

Remember, when it comes to making the decision of in-house or outsourcing you do not need to choose either/or; it is pretty common that one part of your business may be better off with an employee, while another may be better off with an external company managing it.

If you are ready to outsource the financial side of the business come then you need GoFi8ure. This is what we do – it is in our DNA and we are passionate about helping ease the accounting pain that business owners face. Send us an email or call us on 0800 463 488 today.

Tip: Gazelles has a one-page “People” tool that will help you sort out these accountabilities and metrics.

 

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.

 

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.

 

 

 

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.

 

 

 

Lisa Martin – Member of the Accountants + Tax Agents Institute of NZ (ATAINZ)

GoFi8ure ATAINZ MemberAt GoFi8ure we pride ourselves on being Members with Accounting Associations. A big congratulations to Lisa who become an official Member of the Accountants + Tax Agents Institute of NZ (ATAINZ) this week.

The Accountants and Tax Agents Institute of New Zealand (ATAINZ) exists to promote the welfare and professional development of its members and to represent members’ interests in New Zealand. It is unique in the New Zealand tax and accounting market because of its grassroots contact with members.

Being a Member of ATAINZ means each Member must comply with our Code of Ethics, which covers four main areas: integrity; trust and confidence; standards of service; and professional conduct. If you are looking to worth with a professional accounting firm come and talk to us. We take our our services and the quality of our work seriously. Email us to find out more.

 

 

 

 

 

 

MEDIA RELEASE 7th July 2017 – Xero’s ‘Perfect Bookkeeper’ Wins Top Trainer Award

Wellington-based bookkeeping superhero firm, GoFi8ure, has scooped the Bookkeeping Trainer of the Year – Gayle Buchanan Memorial Trophy at the New Zealand Bookkeeping Association Inc. (NZBAI) annual conference last week – which ran from Friday 30th June to Saturday 1st July.

Recently endorsed by leading financial software provider, Xero, as a ‘Perfect Bookkeeper’, GoFi8ure has dedicated itself to educating and upskilling New Zealand’s Bookkeepers to enable them to do their jobs to the highest standard.

The company currently works with over 750 clients across 20 different industries. Its training division runs programmes for all major financial software systems and has, so far, trained over 2500 Bookkeepers nationwide.

Commenting, GoFi8ure’s Executive Director, Lisa Martin, says: “We are all absolutely thrilled to receive this award in memory of our friend and fellow Bookkeeper Gayle Buchanan. We are passionate about helping Bookkeepers with their professional development. It is fantastic to receive recognition for our training work from the bookkeeping community itself.”

Tania Hayes, GoFi8ure’s Managing Director adds: “Bookkeeping involves complex processes and ever-changing technology. It is a job that should never be undertaken by anyone who isn’t qualified or doesn’t participate in ongoing training – we urge business owners to invest in their bookkeepers by supporting their professional development.”

The conference, the Bookkeeping Association’s fifth, also saw Lisa Martin being presented with the Outstanding Service to the Bookkeeping Profession 2017 award, in recognition of her commitment to changing the perception of bookkeeping from a general admin task that anyone can do, to a highly skilled occupation that promises a rewarding career.

GoFi8ure is a multi-award winning bookkeeping, accounting and financial advisory firm. With its HQ in Wellington, GoFi8ure has branches in Auckland and the Hutt Valley. GoFi8ure also services clients nationwide remotely, using cloud technology. The company is well known for its ‘financial superhero’ branding, which uses cartoon imagery to depict how qualified Bookkeepers can save business owners from the nightmares of financial administration.

Get on top of it December March 2011

When I sat down to think about what I wanted to say in this month’s article a couple of weeks ago, I thought I wanted to create a “we’re all in this together, let’s be kind to each other and support each other to move on from last year’s tough times” kind-of-feel to it. Little did I realise that I’d be writing this just days after Christchurch’s terrible earthquake and that my sentiment would be even more appropriate than ever. To keep reading click here.

 

 

 

 

My staff would never rip me off: yeah right – Plumbers Journal | October/November 2010

Plumbing, gas fitting, and drain laying businesses come in all shapes and sizes, but each one is susceptible to fraud. Whether it’s you and your wife running the business, or whether you’ve got a large staff and employ a finance manager, as a business owner there are some key questions you need to ask today… To read more click here