Advance company registers a preview building practice value
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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

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Advance company registers a preview building practice value

Advance Company Registers

A Preview

Building Practice Value


Volume business without the return

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

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

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

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

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 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

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

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

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


Everyone using the same system

Everyone using the same system


Everyone using the same system1

Everyone using the same system


Everyone using the same system business names searches

Everyone using the same system Business Names Searches


Everyone using the same system import existing

Everyone using the same systemImport Existing


Company secretarial function extracting value1

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


Snapshot of everything dashboard

Snapshot of everything Dashboard


Snapshot of everything reports

Snapshot of everything Reports


Snapshot of everything registers

Snapshot of everything Registers


Snapshot of everything minutes

Snapshot of everythingMinutes


Company secretarial function extracting value2

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


All documents easily found company register

All documents easily foundCompany Register


All documents easily found post box

All documents easily foundPost Box


All documents easily found edits to companies

All documents easily foundEdits to Companies


All document easily found requests from asic all forms

All document easily found Requests from ASIC – All Forms


Company secretarial function extracting value3

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


Deadlines notified annual reviews

Deadlines notified Annual Reviews


Company secretarial function extracting value4

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


Minimize mistakes remove repetition library components

Minimize mistakes – Remove RepetitionLibrary Components


Minimize mistakes remove repetition multiple changes

Minimize mistakes - Remove Repetition Multiple Changes


Minimize mistakes remove repetition library components1

Minimize mistakes – Remove RepetitionLibrary Components


Correct mistakes form 492

Correct Mistakes Form 492


Company secretarial function extracting value5

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


Processes validated wizard interface

Processes validated Wizard Interface


Company secretarial function extracting value6

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


Secure delegation set up agent

Secure delegation Set up agent


Secure delegation user preferences

Secure delegationUser preferences


Company secretarial function extracting value7

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

Even better – integrate with practice management

  • Plug your dashboard into Practice Management

  • SQL data base

  • Unilateral data flow


Remember

Remember

Increasing use of systems

Standardized processes

Speed, consistency and quality

Confidence in delegation


Remember1

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

Outcomes

Save Time

Achieve Accuracy

Meet Legal Obligations

Lower Cost

Improve Margin

Value


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