Advance Company Registers A Preview Building Practice Value

2. Advance Company Registers A Preview Building Practice Value

3. 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

4. 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

5. 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

6. 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

7. 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

8. 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

9. 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

10. What is needed, given the secretarial burden and value aspirations Increasing use of systems Standardized processes Speed, consistency and quality Confidence in delegation

11. 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

12. Everyone using the same system

13. Everyone using the same system

14. Everyone using the same system Business Names Searches

15. Everyone using the same systemImport Existing

16. 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

17. Snapshot of everything Dashboard

18. Snapshot of everything Reports

19. Snapshot of everything Registers

20. Snapshot of everythingMinutes

21. 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

22. All documents easily foundCompany Register

23. All documents easily foundPost Box

24. All documents easily foundEdits to Companies

25. All document easily found Requests from ASIC – All Forms

26. 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

27. Deadlines notified Annual Reviews

28. 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

29. Minimize mistakes – Remove RepetitionLibrary Components

30. Minimize mistakes - Remove Repetition Multiple Changes

31. Minimize mistakes – Remove RepetitionLibrary Components

32. Correct Mistakes Form 492

33. 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

34. Processes validated Wizard Interface

35. 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

36. Secure delegation Set up agent

37. Secure delegationUser preferences

38. 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 

39. Even better – integrate with practice management • Plug your dashboard into Practice Management • SQL data base • Unilateral data flow

40. Remember Increasing use of systems Standardized processes Speed, consistency and quality Confidence in delegation

41. 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 

42. Outcomes Save Time Achieve Accuracy Meet Legal Obligations Lower Cost Improve Margin Value