31/08/2006
August 2006 News & Update
Content:
- Editorial
- Top 10 help for Bookkeepers
- Resource – ICB helping you
- Bookkeeping Hot Spots
- Updates on Insurance
- Updates on Law – BAS Service Provider
- Updates on Education
Greetings
From what I hear, from what I have seen and from what I have felt; the June quarter was not an easy one for bookkeepers. A combination of Superannuation Obligations, final payroll, payroll reconciliation and end of year payment summaries, Workers Compensation/Workcover, BAS for the quarter, in some cases BAS or IAS for the month of July together with what appears some of the most interesting (read warped, bizarre, disorganised, missing) information from clients.
In the words of one member “this was the most stressful business quarter since 2000”,
quoting another “I am not going through this again next June”
As someone famous (well they were on TV) once said “Why is it so?”
An answer: The world of doing business in Australia is complex and rife with compliance obligations. Good Bookkeepers help business comply and I believe Australian government compliance reporting and adherence to requirements would be drastically in arrears without good bookkeepers.
Compliance in Australia is too complex, the expectations on business are too extraneous and DO NOT help business.
(ICB has made recent submission to government in relation to the June period deadlines. See http://www.icb.org.au/members_area/latest_news/story87.htm & http://www.icb.org.au/members_area/latest_news/story88.htm
So how do we do this the best way possible? Checklists, systems, procedures, resources.
A recent preliminary forum of bookkeepers initiated by ICB included the following question:
What are the 10 most useful/ helpful/ best things that help bookkeepers in doing their work?
(things being any tools/guides/information and the request being for items that either exist today or they would like)
See the answers at http://www.icb.org.au/members_area/latest_news/story92.htm
We are looking to automate a system of gathering your responses to such a question but for now feel free to email us.
THE ICB WEBSITE IS INCREASINGLY BECOMING THE SUPPLIER OF THESE SOLUTIONS.
ICB is about helping you be the best you can be!
In recent days we have commenced our rapid introduction of contemporary relevant resources for bookkeepers. This was on our to-do list but has been brought forward and to fruition due to your requests.
ICB Procedure Guides
- Software Consulting & Bookkeeping Resource Guides at
http://www.icb.org.au/resources/bookkeeper_resources/software_consulting_and_bookkeeping_resource_guides
- ICB Bookkeepers Procedures Manual at
http://www.icb.org.au/resources/bookkeeper_resources/icb_bookkeepers_procedures_manual
- Procedures & Checklists for working with MYOB Datafiles
http://www.icb.org.au/resources/bookkeeper_resources/Procedures_and_Checklists_for_working_with_MYOB_Datafiles
- End of Financial Year Resources (MYOB) at
http://www.icb.org.au/resources/resource_listing/myob
- End of year adjustments procedures at
http://www.icb.org.au/resources/bookkeeper_resources/end_of_year_myob_adjustments
- 2006 Tax Checklists (for providing info to accountants) at
http://www.icb.org.au/resources/bookkeeper_resources/2006_tax_checklists
ICB Resources
- ICB Resource listing
- ICB Links to other reference and resource sites
- Tax office links for Bookkeepers
- ICB “The Weekly Think” archive – general business matter items
- “Be Your Best” articles for business improvement
- MYOB & Quicken reference pages
Watch for further resources – yes we will let you know.
BOOKKEEPING HOT SPOTS
An ICB member Mr Rick Freitag of IOCA has compiled a list of Bookkeeping Hot Spots from his experiences and the input of Mornington Peninsula bookkeeper and accountant forums. See this list of items of concern with supporting comments at http://www.icb.org.au/members_area/latest_news/story91.htm
This list could be viewed as a “Common Error Checklist” to be referred to each quarter as part of your bookkeeping reconciliation processes prior to providing information to business for preparation of the BAS.
UPDATEs on information
The ICB admissions process has received 263 applications for membership (admitted 197 members to date with another 66 in process) at the time of writing. There is a few more promised but we don't count them until they are real.
update - INSURANCE - update
The Insurance scheme has launched with a flurry. Over 30 policies are either approved or in process.
Download the enquiry form at http://www.icb.org.au/members_area/latest_news/story74.htm
Premium indicator
fee income up to $120,000pa; indicative premiums of $528 (GST Incl.) + stamp duty for cover of $250,000 per claim through to $1089 for $2m cover.
Premium levels exist and can be advised for higher income levels. The website link above provides further indication.
update - LAWS - BAS Service Provider - update
Our information is that Treasury continue to work on what the new law maybe. The status remains the same “As of today there is NOTHING final about who or what or what is required of a person to be a BAS Service Provider.”
ICB will align with the new law and be a part of representing the views of bookkeepers to government when the intentions are known.
ICB will enable bookkeepers to be a part of the new system.
update - EDUCATION – Certificate IV rumours - update
Unfortunately nothing to update, the approval process continues on behind government closed doors.
PLEASE NOTE: ICB does not see that its role is to directly provide this formal education. We are working with Approved Education Providers to direct bookkeepers to the right training resources. See our growing list of approved trainers – People in business providing training to bookkeepers at www.icb.org.au “Where to study”
Misinformation & interesting information
Unfortunately there is misinformation around. Some of it appears to be deliberate. If you ever hear anything about ICB that you are not happy with or if you ever hear something that ICB or I have allegedly said then check it out with us.
OUR PURPOSE
All bookkeepers, Local focus ~ National Accreditation ~ Global Recognition
Professional Association representing bookkeepers to government and presenting bookkeepers with standards, competence credibility and adhering to professional code of conduct.
Helping bookkeepers & accountants work together better
Helping bookkeepers!!!!
Please provide any feedback.
Thanks
Matthew Addison
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Executive Director
Institute of Certified Bookkeepers Ltd
