Professional Services – Navigating the Next Normal
Well here we are 3 months into the COVID-19 pandemic and the world as we know it has changed forever. Other than the World Wars, the impacts on society and the economy are unprecedented – however life and business goes on and the professions we service (accounting and legal) will come out the other end […]
Buying software applications or apps to incorporate into your accounting practice can be a daunting task.
One only has to attend an accounting technology trade show or expo to be confronted by an ever-expanding number of software vendors who claim that their applications integrate with the major accounting practice management systems (PM). It is important that potential buyers understand the type of integration utilised. Most vendors claiming integration will refer to […]
Billing the Right Client
Billing the Right Client So you have done the client’s work, there is a dispute and they aren’t paying. Now what? If you have a signed Engagement Letter in place which complies with APES 305 Terms of Engagement guidelines then you are at least in a better position to chase payment through a legal process. That is, if your Engagement […]
Accounting Gross Profit does not equal Insurable Gross Profit
Accounting Gross Profit does not equal Insurable Gross Profit One of the problems with business interruption insurance is that the accounting terms such as Gross Profit and Gross Income used in insurance policies does not have the same meaning as accountants or business people use. The important differences are not usually taught at university and […]
Direct Debits: “With great power comes great responsibility”
Direct Debits – “With great power comes great responsibility” Whether it was Voltaire or Spiderman’s Uncle Ben who is best known for this phrase does not matter – the phrase is however pertinent when it comes to the topic of direct debits. Being entrusted to pull money from a client’s bank account is no small […]
Data & Innovation: How Poor Data Quality Hurts Innovation
Dan Beck | Director | PT 2.0 As we come into a new financial year, one of the biggest chores a lot of firms go through is cleaning up their client database. Nobody likes it, it takes too long and it’s inconsistent – but what if it didn’t have to be? We live in a […]
10 Security Considerations When Buying Cloud-based Software
As a fintech, FeeSynergy takes the matter of data security very seriously. In an ever-expanding universe of cloud-based apps, choosing the right ones to buy can be bewildering. Our view is that buyers should start with the matter of security. If the potential app does not meet an acceptable level of security (as judged by […]
From The Lawyers Desk: Changes to Ipso Facto Termination Rights
Many commercial contracts contain clauses which entitle a party to terminate the contract or exercise other contractual rights where the counterparty suffers an insolvency event (such as the appointment of a voluntary administrator or receiver or the entry into a scheme of arrangement with creditors). That is, by the mere fact itself (“ipso facto”) that […]
From The Lawyers Desk: Non-current PPSR Registrations
The Personal Property Securities Act 2009 (Cth) (PPSA) established a register for recording security interests held by creditors over certain types of personal property of debtors. The register, known as the Personal Property Securities Register (PPSR), may, for a trading company debtor, contain many registrations of security interests created by creditors, such as financiers and […]
AML/CTF Tranche 2: How to prepare your practice
Patrick McComish | Head of Anti-Money Laundering and Commercial Information Equifax Regulatory background It’s been more than ten years since the arrival of Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF Act 2006), which regulates how reporting entities manage the risks of money laundering and terrorism financing. In Australia, AML/CTF compliance is currently limited to approximately […]