February - Two minute update


Price reduction on connected Trustworks plans
We tested our pricing before launching Trustworks, but as the Brexit and US Election results demonstrated, the polls don’t always tell the truth. While we have strong uptake for higher-value trusts and firms making Trustworks mandatory where they’re trustee, we want Trustworks connected plans to be accessible for all trusts.

In addition to the existing benefits of risk mitigation and improved management that only a multi-party system can deliver, the new Trusts Bill requires all trustees to retain all key trust information.

The logistics of complying with this requirement without a multi-party system will be challenging, whereas with a connected Trustworks plan, if one party uploads or updates information, it’s instantly available to all connected trustees.

We’re also planning measures to help firms comply with their AML/CFT Phase 2 requirements and importantly, greatly reduce the work involved. The Act allows for client due diligence undertaken by one party to be used by another. A connected Trustworks plan enables this, meaning that if the other professional firm involved has done the CDD, it’s instantly available to you, negating your need to do anything.

The new pricing is as follows:
Unlimited. This covers all the parties involved in the trust with unlimited access and storage (fair use applies). Now $98 per trust per annum (was $147).
2-party. This covers any two parties involved in the trust, i.e. one professional firm and non-professional trustees, or two professional firms. Now $65 per trust per annum (was $98).

And because we hate it when something goes on sale just after you’ve bought it, we’re extending the subscription period for current users of these plans with more than 6 months to run.
- For all plans, there is no charge for managing the associated trustee company.
- Prices exclude GST.

First annual returns e-filed to Companies Office
In case you missed our press release, we recently e-filed the first annual returns directly from Companyworks to the Companies Office. The press release is available here.

A big thanks to Moore Stephens Markhams Wellington for agreeing to work with us on this project and for their valuable feedback. We’re still working with them and others to refine the broader process and compiling training material before rolling out the functionality to all users.

Ability to manage other entity types
We’re working on providing the ability to manage other entity types. This includes developing estates into their own category and adding partnerships (General and Limited), joint ventures and individuals.

We’re looking at what integrations are possible with the Companies Office to ease the import of publicly available information on Limited Partnerships and ways to improve their annual return filing process. If you’d like to provide feedback on information required to be captured for these entity types, please email us at enquire@connectworks.com

Easy setup of Companyworks
It's easy to set up companies in Companyworks. We just need the NZ Business Numbers (NZBN's) in order to be able to import all public information (including documents) from the Companies Office. There are lots of ways we can help you add additional information too. If you don't yet use NZBN's, the Companies Office run a free matching service we can use to provide these for you. 

Best browsers
One of the biggest support queries we get is that our products sometimes “don’t look right.” This is inevitably caused by the use of out-of-date web browsers. While we support a large range of modern browsers, some are naturally better than others. The recommended ones are Chrome, Firefox and Safari.
For more information, click the link below:

Practical Trust Management Seminars
The first of these took place in Christchurch, Takapuna and Auckland CBD last week. Thanks to all those who attended. The feedback was overwhelmingly positive. It’s not too late to register here for the final one planned in Wellington tomorrow.

We’re working on follow-up material for attendees and plans to make it accessible to people in other areas.

Following the successful webinar demonstrations last month, we’re going to be running more:

Trustworks - Monday 6/3 @ 10am and Wednesday 8/3 @ 11am
Companyworks - Friday 3/3 @ 9am and Tuesday 7/3 @ 11am

Email us at enquire@connectworks.com to let us know which webinar you’d like to attend and we’ll reply with the login details.

If these times don't work for you, email us anyway and we’ll arrange a time that does. We do around 120 new feature releases a year too. So if you've not had a demonstration for a while, ask us for an update. We think you'll be surprised at how much progress has been made.

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Quote of the month
“The value of an idea lies in the using of it.”
                   - Thomas Edison