Precedent numbers now top 400
Trustworks now contains 168 trust precedents and workflows and Companyworks 251 precedents and workflows. They also come with 48 trust clauses and 10 company clauses, respectively.
Some recent additions include letter templates to IR advising of changes to trustees. We are also in discussion with IR around ways to make it easier to notify of trustee changes directly from Trustworks. On the companies side, we’ve added precedent documents and a workflow for creating Look Through Companies.
Countdown to Companies Office e-filing
We’re in the testing phase for the first roll-out of our Companies Office integration, which will allow you to e-file director and shareholder changes to the Companies Office directly from Companyworks.
We’re still on-track for this to go live next month. E-filing annual returns is scheduled for completion in early 2017.
Expanded views of users
We've made it easier to view user's details. The basic details (name, role, email address and phone number) can be taken in at a glance:
Then, by clicking on the box next to their name, their full details are revealed:
Following the successful webinar demonstrations last month, we’re going to be running more:
Trustworks - Wednesday 2/11 @ 10am and Thursday 10/11 @ 11.30am
Companyworks - Friday 4/11 @ 3pm and Wednesday 9/11 @ 10am
Email us at firstname.lastname@example.org saying 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 let us know one that would.
We're constantly travelling around New Zealand as well, so if you would prefer an in-person demonstration at your office, get in touch and we'll arrange an appointment for next time we're in your area.
Are you too polite to use the 'F word'? ('fees')
Many firms we encounter are in a spiral of “low fees = poor oversight of the trusts’ affairs = potentially more risk for themselves”. This leaves their risk-to-reward ratio for being a trustee out of alignment.
Lindsay Pope, from Trustee Support, has written a sensible piece about engaging with clients around charging proper fees for the effort and risk of being an effective trustee. Read it at the link below.
Why Companies Office records don’t constitute a legal share register
Some firms question why they need a detailed share register, like the one produced by the Companyworks shareholding management system.
The simple answer is that the Companies Act 1993 requires it.
While Companies Office records show shareholder balance changes, they make no record of share classes, details of any restrictions or limitations, or details of the underlying share transfers or issues. The dates recorded reflect only when the Companies Office records were updated, rather than the actual date of the share changes.
Under the Companies Act, all of these are required for a share register to be compliant. Firms therefore cannot rely just on the records held by the Companies Office to fulfill their legal obligations. In fact the Companies Office goes so far as to make this explicit, with a warning whenever you update a company’s share details.
Fortunately, Companyworks is able to record all share information required by the Companies Act, allowing your share register to remain fully compliant. Furthermore, with upcoming changes to some of the e-services being offered by the Companies Office, we will be able to bring across share balances into Companyworks to help you re-create an historical share register.
We’re hiring someone in Auckland to help load trust and company information
As the number of firms using Trustworks and Companyworks has continued to increase we’ve begun to notice that, while loving the systems, firms can’t always properly benefit from using them until their client data and documents are loaded. It can also seem there are never enough hours in the day for someone on staff to do this.
So we’re planning on hiring a casual contractor to help out. They would be fully vetted and trained by us, and able to go into your office to help you load.
If you know anyone who fits the bill, please ask them to contact us, or respond to the advertisement below.