We support other languages and alphabets.
If you're involved in entities where the users preferred language isn't English, Connectworks can cope. Discussions, minutes, resolutions, documents and even the names of people involved can be in Chinese, Russian, Arabic or a range of other languages. Please note that we only support the standard Gregorian calendar for reminders.
Client ID checks and merging contacts.
The good news is that if you do CDD on a person in Connectworks, it automatically shows against all entities they're linked with. This reduces the effort and cost of doing CDD. However, this only works if you've created a single client profile in your firm contacts list and correctly linked the person to all entities they're involved with, as opposed to setting up the same person twice or more.
When you update a clients details, perhaps a new address, having them linked in this way also means the clients details will be automatically updated in all of their associated entity profiles. This article outlines how to link and merge contacts in Connectworks in order to achieve easier ongoing client management. Please share this information with your firm administrators if required.
We're running a short webinar on the process this month, feel free to join us by registering using the link at the bottom of this newsletter.
New workflow - Trusts and investment decision-making
A key purpose of trusts is to naturally hold and manage assets. Both the current 1956 Trusts Act and new Trusts Bill include provisions along the lines that, when investing, a trustee should be required to exercise the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others. It is also expected that a higher standard of prudence is imposed on a professional trustee who has any special knowledge or experience in this field.
Keeping in mind the indicated content of the new Trusts Bill, our friends at Saturn Portfolio have created a best-practice workflow to guide trustees through the process of engaging with any professional to help manage a trust’s investment portfolio.
It's now available under firms/admin/precedents and it sits under Trust Workflows. See screenshot below.
If you're not a Connectworks subscriber and would like a copy, email firstname.lastname@example.org with 'investment workflow' in the heading and we'll send you a copy.
For the tools, templates and resources referred to in the new workflow that detail how trustees undertake a best practice approach to investment, contact Saturn Portfolio on 0800 757 858 or email email@example.com with ‘Connectworks’ in the heading.
New to filing Annual Returns in Connectworks?
There's lots of reasons why Connectworks is the best place to manage your annual return filing. Our bulk-filing option means that you can file an entire months returns in under 60 seconds. It's quick, easy and best of all it's cheaper than filing directly with the Companies Office. Via the Companies Office website you'll pay $41.40 per return, but the fee in Connectworks is just $37.95 - saving you $3.45 per return!
(All prices include gst)
To get started with filing your February returns in Connectworks see our detailed guide here: Filing Annual Returns
Red 'overdue' flag in the Annual Return workflow (companies)
When you start using our annual return workflow from next month, you may notice some subtle changes. One important thing to note is that, if a client company you have on Connectworks has never had an annual return filed from Connectworks, a red "overdue" notification may appear beside it in the Work gallery. You can still continue to start the workflow and file the return as normal. In most cases, the return will be showing as overdue because Connectworks doesn't know when the last return was file, since it hasn't been completed from our product before. Here's a screenshot:
If you want to double check when the last return was filed you can click the three dots to the right of the screen and make sure the first screen that pops up has "unlink from the companies office" displaying. If it doesn't, simply click to link to the Companies Office. Then under the three dots click "retrieve last filing" and we'll get the last date the last annual return was filed at the companies office. This will get rid of any false overdue notices. Again, this isn't compulsory since you can run the workflow as normal without following these steps.
Marketing your firm better
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So how well are you really doing at marketing your business?
We use GoToWebinars, just click on the links below to register.
Learn how to manage your AML obligations in Connectworks. 30min.
Thursday 7th Feb @ 10.00am - Register
Intro to companies
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 14th Feb @ 10.30am - Register
Intro to trusts
For those that haven't seen or are very new to trusts this is a high level overview on all functionality. 45min.
Wednesday 20th Feb @2.00pm - Register
How to link and merge contacts in Connectworks in order to achieve easier ongoing client management. 30min.
Tuesday 26th Feb 10.00am - Register
Quote of the month
"Success is not final, failure is not fatal.
It is the courage to continue that counts."
- Winston Churchill.