Unfortunately, due to lack of time, I was unable to complete a new feature for the Member's area. All things being equal, this new feature should be ready in May.
There are always advertising opportunities for those businesses working in the B2B financial risk management area. We are always focused on helping people become better business people by providing information on business risks. If you are interested in advertising, please contact Kim on email@example.com or via telephone for a no obligation discussion on possibilities.
This month we are featuring brochures from the Small Business Ombudsman advising they wish to hear from SME's believe they have been unfairly dealt with by the ATO, RSM and their calendar of CFE Exam Review Courses, CreditorWatch's new Bankruptcy Plus product.
As with almost any problem, the best way to stop debt collection problems is before they start. The second-best solution is to identify a problem early.
Problems are the bane of every business. Even those businesses which are run to the best of operating standards have problems. Unfortunately, many business people respond badly to managing problems, because they seem to ignore the possibility of any problems when they first create their business. As a consequence, many problems which may have been avoided with proper planning occur and are unnecessary. As well all know, problems are always a costly drain on resources and profits.
Problems inevitably beget more problems when business people fail to recognise problems may occur. As a result, when they do occur, the focus is on fixing them. The thought of being proactive in stopping problems reoccurring is probably not considered. This leads to a situation where problems may not be dealt with promptly, which in turn, creates another set of problems.
It is also not unusual to find that business people often fail to spend time learning why their problems exist or how to stop them reoccurring. Mostly we find these factors exist in a business with a "lean and mean operating philosophy", or in start-ups, or where management has become lazy or arrogant in the belief their systems are infallible.
From another perspective altogether, many business people fail to realise that problems can be the indicator which shows their operating processes and systems are not working properly. Problems can be likened to the canary in the coal mine that dangers exist.
Those business people which understand problems will always exist, first try to deal with them in a timely manner to satisfy their customers' needs and to encourage prompt payment of any outstanding invoices. Concurrently, the wise business person will also try to find the causes of problems in order to stop those problems which need not occur, happening again. It is this factor, which helps saves the business many dollars, because at the end of the day, problems do not add one dollar of profit to the business.
Problems will always exist in a business environment and cost money. If you can eliminate a known type of problem reoccurring, that is equal to money in the bank. To achieve this result, you take a realistic and proactive view of problems. One such view is to act promptly and resolve the problem to mitigate any negative costs. The second, is to take the view that the problem is an indicator that your business is not operating properly or efficiently.
When a supplier issues a properly authorised invoice, which party, the customer or the supplier, is responsible for ensuring the invoice is paid?
In today's modern business environment, the customer often requires the supplier to process their invoices via a technology-based billing system. In a number of situations, the customer's billing, processing and support systems are so poor, the supplier is unable to correctly process their invoice. In addition, particularly for many larger corporate businesses, there is also often no advertised telephone number available for the supplier to access to resolve any difficulties.
In these situations, which party is ethically and legally bound to ensure any unpaid invoices are paid? Is it the supplier who must try and find a way to make the customer aware that the invoice remains unpaid within terms? Alternatively, is the customer which created an inefficient billing, processing and support system that inhibits the supplier from successfully processing their invoice in an efficient manner responsible?
Not every employee in your business is called a "salesperson." However, every employee in your business is a salesperson.
We see the effects of a lack of understanding of this fact when you study the business's bad debts, slow payments, credit claims, fraud, lost profitability and reputational damage. These losses can be mitigated with improved organisational acceptance of the role all employees have in helping create profitable sales. Just because the other employees are not called salespeople is irrelevant.
One advantage your business gains over your competitors, and a point of difference, is to ensure that every employee understands their role in the sales process. When this strategy is implemented successfully, it helps towards creating new sales, reduces customer enquiries for incorrect supply and other problems, increases cashflow and can be used to market your business advertising.
It is those businesses which understand every employee is also in sales, which helps to create the most profitable organisation. In turn, the information can be used as a positive marketing tool for the business via social media and word of mouth advertising.
Is the spelling in-store, in store, or instore?
You can’t miss the word in-store being used in the retail industry. The word appears on shop windows, in catalogues and online. All three spelling variations are used when the retailer is talking about getting products in the store or shop.
You really can’t blame retailers for the inconsistent spelling. Microsoft Word has instore as a valid spelling, the Macquarie Dictionary lists instore and the Oxford Dictionary lists in-store. Those using in store are using a wrong spelling for this usage and that’s many retailers.
If you prefer the Oxford Dictionary as your spelling guide, you’ll use in-store and if you prefer the Macquarie Dictionary, you’ll use instore. It’s hard to say which is right. however, if you’re more conservative the spelling in-store is most likely the spelling to use. Because the spelling instore is a valid spelling in Microsoft Word (which may perhaps be an error), it is easy to see the Macquarie Dictionary, which is generally less conservative, may find an increased usage of instore, due to Microsoft’s Word being the leading document writing software used by businesses.
Which spelling you use is your choice. If you want guidance on which word to use, perhaps use the spelling in-store. This is the spelling indicated in the online Oxford Dictionary for British spelling and the Merriam Webster for US spelling. Because both the US and UK references agree on the spelling in-store, this further supports instore, may be an error in Microsoft software. A check of Australian sites online for Australian usage, indicates the main spelling is in-store.
10 April 2018
This article presents seven cases which may be of interest to interested parties.
01 March 2018
The future of Bitcoin and other cryptocurrencies remains controversial. However, their underlying technology – Blockchain – is likely to prove revolutionary.
If you are still trying to distinguish your Bitcoin from your Blockchain, you are not alone. This post provides a no-nonsense guide to Blockchain and its potential impact on intellectual property (IP).
by Claire Slunecko.
Wherever there's an open position, there's an eager group of individuals offering their friends and relatives as "perfect" candidates for the job. It may be tempting to hire family members and friends, especially in a small start-up setting, but a close relationship with a person doesn't automatically qualify them as a good employee.
Does this mean that you should never hire a friend or someone you know? In reality, most jobs are filled through people the hiring manager and/or team members know. Why? Because it’s smart to hire a known entity - odds of success are higher and risk is lower – but the hiring decision should also take into consideration other key factors such as previous experience and cultural fit before a job offer is made.
We’re here to help! Contact Trace Personnel on 9218 5466 for all your recruiting needs!
Updates courtesy of www.asic.gov.au
04 April 2018
ASIC has today released updated guidance for Australian financial services (AFS) licensees that hold client money for trading in over-the-counter (OTC) derivatives.
The guidance coincides with the start of ASIC's Client Money Reporting Rules 2017 (client money reporting rules) and other client money reforms on 4 April 2018 enacted under the Treasury Laws Amendment (2016 Measures No. 1) Act 2017 and the Corporations Amendment (Client Money) Regulations 2017.
05 April 2018
ASIC has obtained orders from the Supreme Court of Queensland restraining Deborah Marlborough from dealing with real properties held in her name, which ASIC suspects have been funded by or maintained by monies obtained from the Members Alliance Group and the Benchmark Group of companies.
06 April 2018
Following an ASIC investigation, Queensland lawyer Ms Mary-Anne Greaves, 52, of Mount Sheridan, appeared before the Brisbane Magistrates’ Court on 6 April 2018 charged with three counts of giving false or misleading information to ASIC during an examination under oath in June 2016.
12 April 2018
Ms Amy Timko, of Spreyton, Tasmania, has been convicted and sentenced after pleading guilty to two counts of fraudulent conduct under the Corporations Act 2001. On 10 April 2018, Ms Timko was sentenced to 2 months imprisonment by the Court of Petty Sessions in Hobart, which was wholly suspended on condition she not reoffend for 12 months.
20 April 2018
ASIC has today obtained orders from the Federal Court to wind up an illegal investment scheme known as the VKK Investments Unit Trust (VKK scheme), as well as the trustee and operator of that scheme, Gem Management Group Pty Ltd (Gem).
22 April 2018
ASIC realises that circumstances such as natural disasters may make it difficult for you to meet your lodgement obligations with ASIC.
If you are facing hardship or severe disruption as a result of a natural disaster (such as cyclone, flood, bushfire or drought) and are finding it difficult to pay fees, it may be possible to make arrangements with ASIC to take account of your situation.
22 April 2018
ASIC is and has been investigating AMP's conduct in relation to 'fees for no service' (FFNS) as raised in the evidence given at the Royal Commission.
11 April 2018
New laws for digital currency exchange (DCE) providers operating in Australia have just been implemented by AUSTRAC, Australia’s financial intelligence agency and anti-money laundering and counter-terrorism financing (AML/CTF) regulator.
The new AML/CTF laws cover for the first time regulation of service providers of cryptocurrencies, including bitcoin.
03 April 2018
From 3 April 2018, businesses providing cash-in-transit and insurance services (except motor vehicle dealers) will no longer have compliance and reporting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and the Financial Transaction Reports Act 1988. This includes not having to enrol with AUSTRAC or report transactions and suspicious matter reports.
If your business provides cash-in-transit, insurance or other designated services, you need to update your enrolment details with AUSTRAC to ensure all designated services are included in your business’s enrolment.
12 April 2018
The registration by AUSTRAC of a digital currency exchange or remittance service provider does not constitute an endorsement of that business or compliance with any anti-money laundering and counter-terrorism financing (AML/CTF) obligations.
Digital currency exchanges have been required to apply for registration from 3 April 2018 and remittance providers are already required to be registered.
Businesses must not use their registration status in any way that suggests AUSTRAC or the Commonwealth Government endorses you or any of your services or products. Words including 'endorsed', 'approved' or 'licensed' are examples of inappropriate wording.
Protected Disclosure Coordinators are invited to attend a one-day practitioner forum to be held on 23 May 2018 in Melbourne.
Protected Disclosure Coordinators play a vital role in supporting and protecting potential whistleblowers to speak out about wrongdoing in the public service. Employed by public sector agencies, Protected Disclosure Coordinators are nominated to receive and notify IBAC of potential protected disclosures.
28 March 2018
More than $2.4 million in assets has been returned to Victoria’s public purse as a result of prosecutions following an investigation by Victoria’s anti-corruption commission, IBAC.
The money was recovered from Mr Barry Wells and Mr Albert Ooi following IBAC’s Operation Fitzroy into corruption in Public Transport Victoria and the former Department of Transport, where they were senior employees. Operation Fitzroy was IBAC’s first major investigation following its establishment in 2013.
10 April 2018
Most Victorians are confident they know what corruption is and are willing to report it, according to research released today by the Independent Broad-based Anti-corruption Commission (IBAC). IBAC surveyed more than 1200 Victorians to gauge their understanding and views of corruption. The findings are detailed in IBAC's Perceptions of corruption: Survey of the Victorian community report.
16 April 2018
Victoria's independent anti-corruption agency, IBAC, has published responses from Ambulance Victoria (AV) and the Department of Education and Training (DET) following IBAC investigations into serious public sector corruption.
The agencies were required under the Independent Broad-based Anti-corruption Commission Act 2011 to respond to IBAC's formal recommendations to improve their systems, practices or controls.
29 March 2018
This guide has been developed to assist the complementary healthcare industry to understand how the safe harbour defences set out in section 255 of the Australian Consumer Law apply to their products. It is intended to supplement the information in the ACCC’s Country of origin claims and the Australian Consumer Law publication.
01 April 2018
The Horticulture Code of Conduct is a mandatory industry code prescribed under the Competition and Consumer Act 2010. The Code aims to improve the clarity and transparency of trading arrangements between growers and traders in the horticulture sector.
05 April 2018
The ACCC has also prepared a short factsheet about the key findings, recommendations and actions of the final report.
04 April 2018
The Full Federal Court of Australia has today ordered Flight Centre to pay penalties totalling $12.5 million for attempting to induce three international airlines to enter into price fixing arrangements between 2005 and 2009.
05 April 2018
Kawasaki Kisen Kaisha (K-Line), a global shipping company based in Japan, has today entered a guilty plea in the Federal Court to criminal cartel conduct.
K-Line’s plea follows an investigation by the ACCC and charges laid by the Commonwealth Director of Public Prosecutions in relation to cartel conduct concerning the international shipping of cars, trucks, and buses to Australia.
12 April 2018
The Federal Court has ordered Pental Limited and Pental Products Pty Ltd (together, Pental) to pay penalties totalling $700,000, for making false and misleading representations about its White King ‘flushable’ toilet and bathroom cleaning wipes.
Credit Matters is a financial risk management resource centre for the Australian business community. If you are in business, Credit Matters is your ideal source of financial risk management solutions.
Credit Matters is continuing to grow and provide marketing and knowledge about financial risks to the Australia business community.
Futhermore, we invite marketing and knowledge ideas from our readers and contributors on how we can assist our respective firms grow. If you have any ideas, please contact me at firstname.lastname@example.org.
If you are interested in finding new ways to reach your marketplace, why not try Credit Matters. Our prices for advertising are very reasonable and advertising packages are on offer to make any cost, even more affordable. So if you are interested in reaching your customers at the right price, please contact Kim at email@example.com for options.