Making the 2021 Financial Year the Best Yet With GoFi8ure

Making the 2021 Financial Year the Best Yet With GoFi8ure 

Most business owners would agree that the best accounting situation is wherein their financial statements are managed properly and tax returns are filed timely – all without expending long hours. With GoFi8ure, even small businesses can accomplish their mandatory, lengthy to-do lists without mentally taxing themselves with all the demands of financial management.

GoFi8ure ensures entrepreneurs a fast and efficient way of handling accounting tasks before starting the 2021 financial year.

Working alongside trained accountants, businesses’ administrative tasks and expenditures are cut in half. GoFi8ure can professionally take care of one’s invoicing, bank and cashbook reconciliation, GST, financial records management, expenses and creditor management, wages, periodic management accounts, and annual accounts for tax returns.

It is legally required for New Zealand businesses to file their tax summaries for the income earned within the previous financial year. And, understandably, even small businesses will lack the capacity and time to do these themselves. As reliable tax agents, GoFi8ure can take care of one’s filing requirements to make sure tax returns are filed on or before the expected date of filing.

More than just filing tax returns, GoFi8ure is capable to provide businesses valuable administration knowledge. As a Xero partner, GoFi8ure offers one-on-one Xero and bookkeeping training to businesses wherever they are located. GoFi8ure can travel to Wellington, Hutt Valley, Wairarapa, Auckland, and Dunedin for the one-one-one training using real-life data while also providing cloud-based services nationwide for those who are farther away.

Xero training is customised to suit a business’ specific requirements. This allows businesses to remain hands-on when it comes to running the business smoothly this coming financial year.

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

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. 

 

 

 

 

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.