Don't get caught out by ASIC

CPA-led practice RBK Advisory demonstrates how using tech platform NowInfinity can make client entity management and compliance simpler.

With the Australian Securities and Investments Commission (ASIC) implementing a steady stream of new corporate compliance regulations, accountants can be hard-pressed to keep on top of clients’ compliance requirements. Whether forming new business entities, trusts or self-managed super funds (SMSFs), increased red tape means it’s all too easy to forget to pass on costs or miss a deadline – and face the repercussions that follow.

Some practices have had to pay tens of thousands of dollars to ASIC in late fees, simply because they haven’t had a system to track payments and on-charge these correctly. 

Mitigating such errors and streamlining workflow processes were key priorities for the founders of RBK Advisory, when they established their practice four years ago.

Director Jason Robinson CPA explains: “From the very beginning, our view was to always have the best technology available to help us automate what other accounting firms were doing in a very antiquated, old-school way.”

The solution RBK turned to was NowInfinity: a cloud-based documentation and entity management platform that reduces the time, cost and effort involved in a range of client services, and makes corporate compliance a breeze.

Simplifying processes and eliminating error

For Robinson, the primary advantage of NowInfinity is its integration with other platforms, including DocuSign, ASIC, the Australian Business Register and Xero Practice Manager, as well as various cloud storage providers.

“NowInfinity syncs all the information between the programs, and lets us know when something doesn’t match,” he says. “A lot of changes are made – people buy or sell shares, different beneficiaries appear – and we need to make sure, across all our platforms, that we’re registering that information.”

Having access to a built-in reminder service simplifies the compliance obligations, Robinson continues. “If something is overdue or needs to be signed, there are prompts that pop up to ensure that we aren’t making mistakes along the way.”

Driving efficiencies

As accountants embrace technology solutions for labour-intensive and repetitive tasks, the automation aspect of NowInfinity is a major plus. Not only has the software enabled RBK to take on extra work – with Robinson estimating that the practice has formed hundreds of companies and trusts over the past three years – but it has also created significant time savings.

Details need only be entered once then shared across relevant platforms, eliminating data duplication. More than 70 prefilled legal document templates allow RBK to form multiple entities in minutes and manage them with ease.

These efficiencies have generated more than just higher profits, they have been critical to RBK’s growth.

“Our employees can be redeployed to do other things, like relationship management or other value-adding services for our clients,” says Robinson, who believes that compliance – while essential – is not a space where accountants can have a meaningful impact on their clients’ businesses.

“For accountants moving forward that want to free up their time to do advisory work, they need to make compliance as easy as possible for themselves. NowInfinity is the perfect example of how you can do that.”

CPA Australia members in Australia currently qualify for an exclusive 50 per cent saving on the NowInfinity platform. Find out more.

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December 2019
December 2019

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