November two minute update
Taxlab integration announcement
Connectworks and Taxlab deliver advanced company secretarial and tax compliance software solutions respectively. While the solutions are complementary, they both address key needs of accounting firms in the tax area. To deliver enhanced solutions for mutual clients, the companies have agreed to work together by developing integrations.
The Connectworks solution for companies provides comprehensive shareholding management functionality. This includes the ability to produce the two reports required for a compliant share register, and shareholder continuity tracking functionality. The planned integrations include Taxlab being able to access these shareholder continuity tracking reports for shared client companies, in order to achieve a complete picture of their tax situation in one place. This will align information about a client's imputation credits and losses in Taxlab with the shareholder continuity tracking from Connectworks. This shareholder continuity tracking report from Connectworks also helps to complete IR4's by reporting the "lowest economic interests of the shareholders during the income year" (question 38).
Connectworks is currently developing a document pack that will enable firms to efficiently collate and distribute multiple documents to clients for signing and storage. Signing or retention requirements for each document can be set and flexible signing options include (1) signing on-screen (2) printing, signing, scanning and uploading and (3) uploading a wet-signed document. Even a mix of these methods on the same document is supported. Documents, including tax returns, produced in Taxlab will be able to be easily imported into this document pack for collation and signing. Connectworks and Taxlab will keep you informed on the timeframes for developing this functionality.
New features - Companies
Ability to merge share allocations. Share allocations can now be merged, to avoid having to re-enter transactions where allocations have been duplicated.
Delete share allocations with transactions. Transactions involving the allocation will also be deleted and the shareholdings recalculated as if the allocation never existed.
Updated precedent and workflow - Companies
Issue of Bonus Shares (Min48) has been updated.
Workflow for Amalgamating a Company (Chkl39) has also been updated.
Clause request - Company AGM’s
We believe Connectworks currently contains all the legally-required clauses to enable firms to create annual resolutions. By selecting the appropriate clauses, users can build annual resolutions for each client in a few minutes. Users can find them in the Shareholders tab of their client companies' workspaces, by going to the Documents section, clicking the 'I would like to...' menu, selecting 'Download a precedent', and typing 'Clauses' into the search box.
We know firms include a number of other clauses in their annual resolutions, ranging from resolutions about the use of company vehicles to the remuneration of directors. We’d like to capture these so they’re available to all users, enabling them to easily select all the ones they feel are appropriate for each client. If there are any clauses you’d like included please email email@example.com.
NB. We reserve the right to edit the wording of any clauses provided.
MYOB’s purchase of Reckon’s Accountant Group - What does it mean for Connectworks users?
Connectworks is about improving compliance and management through connectivity. This means improved connectivity between advisors and trustees, between trustees, and between firms and external parties such as the Companies Office.
It also means helping firms by putting in place the ability to synchronize client contact details, and more, with those in their practice management system. We have both the desire and ability to do this with all leading practice management systems. As previously outlined, we’re planning our integration with Xero HQ to deliver this to Xero users, whether they use Xero Practice Manager/WorkflowMax or not.
We’ve been less successful at progressing integrations with both Reckon and MYOB. Users will know that they’ve been less focused on integrations with external parties than other providers, and especially the ideal solution of a two-way integration. As they have desk-top practice management solutions, the technical ability to deliver these integrations is more complex on their part too.
Many market commentators believe MYOB’s purchase will lead to a consolidation of the practice management systems offered in time from the current three, (MYOB AE, MYOB AO, and APS) and maybe even the emergence of a cloud-based one as their preferred offering. We believe such a consolidation would improve the business case (on their part) of a useful integration with Connectworks being achieved. A cloud-based system would improve their technical ability to deliver his too. We’ll keep pursuing this and keep you informed of progress. As users you have the ability to help achieve this too, so we encourage you to ask about their future integration plans.
Changes to the Electronic Transactions Act 2002
The Electronic Transaction Act 2002 has been repealed. On 1 September 2017 the Contract and Commercial Law Act 2017 came into force. This Act modernises 11 statutes relating to various contract and commercial matters - including the Electronic Transactions Act 2002 - which has been repealed and replaced by Part 4 of the Contract and Commercial Law Act 2017. The new act essentially restates the previous provisions of the Electronic Transactions Act 2002. In simple terms the law remains unchanged, but where it is provided has been changed. Connectworks documents and Connectworks electronic signatures continue to remain compliant.
Document Pack update
This is progressing well, with input from several firms. This new function will enable firms to easily compile multiple documents for a client to review & sign, and add ‘tags’ to denoting the types of documents included. It’s still on track to be released in Q1, 2018 in time for the year-end. We’ll continue to keep you up to date on progress and the timing of the release.
E-filing director and shareholder updates to the Companies Office
We’re still tweaking the director updates, this will be made available before Christmas. Following on from this we will start on shareholder updates.
Join a webinar demonstration
Email your name and the date you’d like to attend to firstname.lastname@example.org and we’ll respond with login details.
Companyworks - Fri 8th Dec @ 10.30am
Trustworks - Tues 12th Dec @ 10.30am
Shareholder Continuity Tracking - Fri 8th Dec @ 11.30am
Tip of the month
If you remove a party from their role, i.e. they’re being removed as a director, trustee or beneficiary, the removal date you enter will be their last day in that role. e.g. If you set a removal date for someone from a role as 30 November, they will still be shown as being in that role on 30 November. On 1 December, they will no longer be shown as being in that role.