April two minute update

April 2019 two minute update.jpg

Upgraded Assets and Liabilities (Trusts)
As previously outlined, the team has been working hard to make managing Assets and Liabilities easier and more robust. New features include:

  • Making the recording of balancing account movements optional.

  • Allowing accounts to be created during the process of recording transactions.

  • A new transaction type for recording capital additions or removals.

  • Improved abilities to modify created records. 

We're ready to go live on Tuesday 7th May. To give users a head start we have made the support site information available now, you can see more here.

We're also running training webinars at the following times:
Thursday 9th May @ 2.30pm - Register
Monday 20th May @11am - Register
Following this a recorded webinar will be made available on our Training Video Platform.
 

New Client Due Diligence reports available
We think that some firms are going to find compiling their first DIA annual reports onerous. For Connectworks users, help is at hand. Two new .csv reports are now available within the Connectworks AML Compliance module.

TheCDD Reportcontains CDD information for each of your clients, including the nature & purpose of your business relationship, address and jurisdiction of incorporation (where required), and any identified risks posed by the client. This report can be used to answer a number of questions required for the DIA’s annual AML/CFT report. See the webinar links below to register for one of our AML/CFT overview webinars and find out more.

TheCDD Status Reporthelps you track the performance of CDD across your client base. It shows the stage of the Connectworks CDD workflow that each client is at, as well as other useful information such as the level of CDD performed and the date to review or repeat CDD.

Both reports can be downloaded from the "I would like to…" menu of a firm’s AML Compliance section (screenshot below).




Special rates for Connectworks users for independent AML/CFT audits booked before 31 May, 2019
Fiducia, AML/CFT compliance specialists, is partnering with Connectworks to offer Connectworks customers an exclusive Independent AML/CFT Audit Package.

Fiducia knows that AML/CFT compliance can be confusing and costly. Costs can also be significantly higher for businesses outside of the main city centres where Auditors have to travel to undertake the Audit. 

To make life easy for your business, Fiducia has designed a special Remote Independent AML/CFT Audit Package.  This package will give you a plain English, super practical report that does not shy away from the reality of what you need to know as a business about your current AML/CFT compliance regime.

Fiducia are able to undertake the audit remotely using screen sharing technology to view the CDD for your clients in Connectworks, therefore passing the savings back to you. 

In June/July 2020 over 5000 businesses will have to have completed their Independent AML/CFT Audit.  Get on top of it and book in your Independent AML/CFT Audit with Fiducia right now to claim this special offer. 

Click here to see what Fiducia can do for you.




Printable CDD checklist
It's a good idea for all of your staff to be aware of what information is required in order to do CDD on clients before you start the process in Connectworks. We've therefore produced a handy, printable CDD Checklist that you can download here


Webinars 
We use GoToWebinar - simply register for this months live sessions below. You are also welcome to visit our Training Video Platform to view recordings of our most popular topics at your own pace. If you would like to arrange a one-on-one training webinar for your firm get in touch with us at enquire@connectworks.com

Trusts overview
For those that haven't seen or are very new to trusts this is a high level overview on all functionality. 45mins. 
Thursday 9th May @ 10.30am - Register 

Companies overview
For those that haven't seen or are very new to companies this is a high level overview on all functionality including annual return processing. 45mins. 
Monday 6th May @ 2.00pm - Register 

AML/CFT in Connectworks
Learn how to manage your AML obligations in Connectworks. 30mins.
Monday 6th May @ 10.30am  - Register  
Thursday 16th May @ 10am - Register

Trust Assets & Liabilities
Learn how to use the new Trust Assets & Liabilities functionality in Connectworks. 30mins.
Thursday 9th May @ 2.30pm - Register
Monday 20th May @11am - Register

Quote of the month 
"The most precious thing that we all have with us is time"
- Steve Jobs

March two minute update

March 2 minute update.jpg

New Auckland Senior Sales Manager
We're thrilled to welcome Nick France to the team as our Auckland-based Senior Sales Manager. He will be known to many people in the legal sector due to his previous roles at Practice Evolve and Lexis Nexis selling practice management software.

Nick starts on April 8th and can be reached at nick@connectworks.com, on:  
021 278 8499 or via 0800 456 580. 
 
Assets and Liabilities enhancements (trusts) 
We're undertaking some final user testing and preparing the support site for the release of the enhancements outlined in last month's Two Minute Update.
We'll send users a message prior to the release along with links to training and support site information.

What else is coming up?

  • AML/ CFT enhancements including more reports to help with your DIA or FMA reporting as well as oversight of your firm. Improved ability to perform CDD on non-natural persons (companies) and other entities associated with a client. Improved ability to search within entities to select CDD candidates that are not directly associated with a client and user roles and restrictions relating to AML/CFT, especially the creation of an AML/CFT Compliance Officer

  • More Companies Office integrations.

  • Xero Practice Manager/ WorkflowMax client contact syncronisation.

  • New entity types - Limited Partnerships, other partnerships, Joint Ventures. 

  • Custom emails. Firms will be able to manage their own branding and wording templates originating from Connectworks to client emails.

  • Firms will also be able to attach documents such as PPSR results and invoices to our annual return verification emails

Free webinar - How to get clients to appreciate and pay for your trust services (40 minutes)
Lindsay Pope of Trustee Support helps professional firms improve client and commercial outcomes in their trust and private client services.  In this free webinar, Lindsay will share some practical strategies, perspectives and ideas for ways professional firms can specifically improve commercial value and reduce risk in the delivery of professional trust services.  If you have been grappling with how to get clients to appreciate and pay for their trust services, we invite you to join Lindsay by registering for this webinar. 

The webinar will be at 2.30 pm on Thursday 11 April 2019 and take around 40 minutes, including Q&A. To register, click here
 
The benefits of an integrated AML solution
You have obligations to maintain accurate trust and company records as a trustee or the registered office. You have obligations to have accurate AML/CFT records. Why not have one solution that can seamlessly delivers both? Connectworks is an entity management solution with in-built, comprehensive AML/CFT functionality. 
 
If you use Connectworks for both, any new shareholder or director added, or any shareholding change putting a shareholder over 25%, and more is reflected in your AML/CFT solution. Similarly, any change to the beneficial ownership of a trust made in Connectworks can be instantly reflected in you AML/CFT solution.
 
This will reduce the risk of errors with information not being updated, or updated accurately in two systems. Naturally, it saves the time of double-handling information too.
 
It can also simplify your business, eliminating the need to deal with separate software vendors, extra training required, access rights and logins to set, bills to pay and more.
 
Best of all, there's no additional cost for Connectworks AML/CFT functionality except for the cost of any electronic ID checks undertaken. Or, you can use Connectworks for AML/CFT-only for some or all clients at just $5 per client, per annum, or $25 for 6 years (to meet your 5 year record-keeping requirements) plus the cost of any electronic ID checks.
To register for an AML/ CFT in Connectworks webinar, click here

Webinars: 
We use GoToWebinars, just click on the links below to register.

AML/CFT in Connectworks
Learn how to manage your AML obligations in Connectworks. 30mins.
Friday 5th April @ 2.00pm - Register 
Wednesday 10th April @ 11.30am - Register 

Companies overview
For those that haven't seen or are very new to companies this is a high level overview on all functionality including annual return processing. 45mins. 
Tuesday 2nd April @ 2.00pm - Register 

Trusts overview
For those that haven't seen or are very new to trusts this is a high level overview on all functionality. 45mins. 
Friday 5th April @10.30am - Register 

Easy Shareholder Continuity Tracking 
Learn how to undertake shareholder continuity tracking in Connectworks. 20mins. 
Wednesday 10th April @ 10.00am - Register 

Annual Returns Process 
Learn how to use the annual return workflow. Easy client verifications. Manage client changes. File individual returns and bulk filing. 30mins
Wednesday 3rd April @ 1.00pm - Register 

Lindsay Pope Trustee Support
How to get clients to appreciate and pay for your trust services. 40mins
Thursday 11th April @ 2.30pm - Register 

Quote of the month
“Change is the only constant in life” - Heraclitus of Ephesus (535 BC – 475 BC)

February two minute update

Feb two minute update.jpg

Trust Assets and Liabilities upgrade
As signaled a few months ago, we've been working on changes to make our trust Assets and Liabilities functionality easier and more flexible for users. The first round of changes is due for release in February. The main changes are as follows:

  1. Purchases and sales of assets will be able to be performed from a default Suspense account, meaning you won’t have to create any custom accounts before you can start recording transactions.

  2. Once created, transactions will be able to be edited, allowing you to reconcile transactions to specific accounts. 

  3. The Transaction and Accounts galleries will receive a new layout.

We'll send a notification to users before the changes are released live. We will also provide links to training webinars and updated support site material. 

Why our electronic ID verifications are probably better than what you're currently using for AML/CFT.
Connectworks offers a comprehensive workflow-driven CDD solution for AML/CFT.
It takes users step-by-step through the requirements, based on DIA requirements and guidelines. Your AML/CFT compliance officer can sign off on the process once done. You'll then have easy oversight of your firm, help with your DIA reports and it will be easier to be audited. It's easy and the functionality is included in company and trust subscriptions now, or you can use it without a company or trust management subscription.

There are two options for verifying client identity information. (1) You can record documentary verifications, using the bespoke fields for a passport, driver licence, utility bill, and more. Or (2) you can perform electronic verifications using the Centrix SmartID service.

In addition to verifying the licence or passport information, Centrix SmartID verifies the client's name, address and date of birth, using independent trusted sources such as property ownership records and the databases of numerous banks, finance companies and retail energy providers. Also included is a global PEP and Sanctions check using the Thomson Reuters WorldCheck database.

The whole process takes less than a minute and costs just $5 if using a NZ Driver Licence or $6 using a NZ Passport (ex GST). The results are saved against all entities the client is involved within Connectworks and the Centrix Smart ID certificate can be downloaded and shared. 

See further down where you can register for an AML/ CFT webinar. 

Training Videos on GoToStage 
Did you know we have a training video platform with clips covering our most popular features? You can view the videos now (or any time!) at Connectworks Training on GoToStage. Don't forget to save the page as a bookmark on your browser.

Tax time is coming - make shareholder continuity tracking easy.
While the Connectworks functionality for companies is primarily around streamlining company secretarial and AML/CFT tasks, a comprehensive shareholder continuity tracking solution is also included.It's available at no additional cost for every company you manage in Connectworks.

If you're a company secretarial specialist, this is worth mentioning to your tax team as they probably find shareholder continuity tracking a headache. With Connectworks, you ensure the share transactions and shareholder rights are correct, press the button and out comes the continuity lookup table. It even supports pooling at 5% and 10% and provides easy answers to Question 38 of an IR4 regarding the 'Lowest economic interests of shareholders'. 

You can register for a webinar demonstration here 

More options for calling Connectworks
You can call Connectworks and speak to a real person based in New Zealand, including one of the exec directors. However, we're growing quickly with 5 new staff already this year, so have had to make some changes to the phone system. You will now select the department you want e.g. customer service or sales, where you can then choose an individual to speak to or be routed to an available person.  

A business we like - InvestNow
A trustee is obliged under section 13B of the Trustee Act 1956 to exercise “... the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others”. So when it comes to managing trusts' assets, many people believe it prudent to have an asset allocation to shares, not necessarily just New Zealand ones, and perhaps spread across a number of companies in order to gain a more balanced portfolio and spread risk. However, this can be difficult to achieve, with direct investments often complex to undertake and large, global fund managers often requiring minimum investments of hundreds of thousands of dollars.

New Zealand company InvestNow, a non-advice platform for self-directed Kiwi investors, has set out to make investing easier. Investors can contribute as little as $50 in regular amounts, or $250 for one-off orders to participate in funds such as those run by Vanguard, with USD$5 Trillion under management, or a number of other New Zealand and international funds. There are no administration or transaction fees and investors can manage and track their investments via a modern, online platform. 

To find out more, go to www.investnow.co.nz

Webinars: 
We use GoToWebinars, just click on the links below to register.

AML/CFT
Learn how to manage your AML obligations in Connectworks. 30min.
Wednesday 6th March @ 10am - Register
Wednesday 13th March @ 10am - Register  

Companies overview
For those that haven't seen or are very new to companies this is a high level overview on all functionality including annual return processing. 45min. 
Thursday 7th March @ 10.30am - Register 

Trusts overview
For those that haven't seen or are very new to trusts this is a high level overview on all functionality. 45min.
Tuesday 5th March @ 10.30am - Register 

Annual Returns Process 
Learn how to use the annual return workflow. Easy client verifications. Manage client changes. File individual returns and bulk filing. 30min
Wednesday 6th March @ 2pm - Register 

Easy Shareholder Continuity Tracking 
Learn how to undertake shareholder continuity tracking in connectworks. 20mins. 
Thursday 14th March @ 10am - Register 

Quote of the month
"As I hurtled through space, one thought kept crossing my mind - every part of this rocket was supplied by the lowest bidder" - John Glenn