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:
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.
Once created, transactions will be able to be edited, allowing you to reconcile transactions to specific accounts.
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
We use GoToWebinars, just click on the links below to register.
Learn how to manage your AML obligations in Connectworks. 30min.
Wednesday 6th March @ 10am - Register
Wednesday 13th March @ 10am - Register
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
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