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Advance Company Registers A Preview Building Practice Value. Volume business without the return. Circa 12,500 new companies incorporated each month A high percentage of new company registrations are done manually (ASIC stats hard to find on this)
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Advance Company Registers A Preview Building Practice Value
Volume business without the return Circa 12,500 new companies incorporated each month A high percentage of new company registrations are done manually (ASIC stats hard to find on this) Of almost 1,600,000 companies registered with ASIC, circa 7,800 agents represent 1,000,000 companies Circa 90,000 compliance documents are lodged electronically each month 20% of documents, we estimate, are lodged manually About 10% of the compliance documents lodged are rejected and need follow up
Pressures on the practice • Inflation adjusted revenue per person shows only a slight increase since 1985, and not at all since 1995 • Profits come from more people rather than efficiency • It is hard to be profitable selling time • You want to reduce the cost of low margin work • You want to reduce your admin/support cost
The demands of company secretarial work If your clients have companies, they have to be managed ASIC requirements Professional requirements Client expectations secretarial function is moving to the periphery as clients expectations of more substance in services grows, but the cost of secretarial work is not going away
The company secretarial function As its name implies it is administrative, dare we say, relatively menial Too often, performed by professional staff High fee earners are distracted from value generating work Doesn’t fit nicely with cost management or profit expectations
Future demands Client’s tax management, risk management, investment management Growth of trading or investment or superannuation entities through unit trusts and discretionary trusts Expectation of new levels of statutory disclosure for solvency statements, especially trusts Future company secretarial demands - we can expect more, not less
Agents exposure Agents are in between ASIC and company Not just a conduit, mistakes have consequences Agents have liability at law and in equity Agents are potentially liable to the company for compliance failures, late fees A problem if you take account of the volume So don't overlook best practice aspirations and risk management in the secretarial function, including record keeping, document retention
What are you doing now? • The “Narelle” factor • PDF Forms • Files & Folders • Excel • MAS • BGL • Variety of different online based solutions • All of the above
What is needed, given the secretarial burden and value aspirations Increasing use of systems Standardized processes Speed, consistency and quality Confidence in delegation
Company secretarial function – extracting value Everyone using the same system Snapshot of everything All documents retained, labelled, easily found Deadlines notified Mistakes minimized, mistakes corrected Remove repetition Processes validated Secure delegation
Company secretarial function – extracting value Everyone using the same system Snapshot of everything All documents retained, labelled, easily found Deadlines notified Mistakes minimized, mistakes corrected Remove repetition Processes validated Secure delegation
Company secretarial function – extracting value Everyone using the same system Snapshot of everything All documents retained, labelled, easily found Deadlines notified Mistakes minimized, mistakes corrected Remove repetition Processes validated Secure delegation
Company secretarial function – extracting value Everyone using the same system Snapshot of everything All documents retained, labelled, easily found Deadlines notified Mistakes minimized, mistakes corrected Remove repetition Processes validated Secure delegation
Company secretarial function – extracting value Everyone using the same system Snapshot of everything All documents retained, labelled, easily found Deadlines notified Mistakes minimized, mistakes corrected Remove repetition Processes validated Secure delegation
Company secretarial function – extracting value Everyone using the same system Snapshot of everything All documents retained, labelled, easily found Deadlines notified Mistakes minimized, mistakes corrected Remove repetition Processes validated Secure delegation
Company secretarial function – extracting value Everyone using the same system Snapshot of everything All documents retained, labelled, easily found Deadlines notified Mistakes minimized, mistakes corrected Remove repetition Processes validated Secure delegation
Company secretarial function – extracting value Everyone using the same system Snapshot of everything All documents retained, labelled, easily found Deadlines notified Mistakes minimized, mistakes corrected Remove repetition Processes validated Secure delegation
Even better – integrate with practice management • Plug your dashboard into Practice Management • SQL data base • Unilateral data flow
Remember Increasing use of systems Standardized processes Speed, consistency and quality Confidence in delegation
Remember Everyone using the same system Snapshot of everything All documents retained, labelled, easily found Deadlines notified Mistakes minimized, mistakes corrected Remove repetition Processes validated Secure delegation
Outcomes Save Time Achieve Accuracy Meet Legal Obligations Lower Cost Improve Margin Value