Start-up businesses and FinTech operators can now easily seek advice on AML/CTF regime directly from AUSTRAC.
Published by Credit Matters Pty Ltd.
Welcome to Credit Matters Newsletter for January 2017. Our monthly newsletter contains information about financial risk management issues, blogs, advice of new business listings and free advice from organisations such as ASIC.
You can always view past copies of our newsletters via our website at www.creditmatters.com.au
Welcome to 2017, may it be a good year for you.
We are pleased to announce the topic of Credit Matters first Professional Development Award is now available on our website at www.creditmatters.com.au If you are a Member of Credit Matters, you should have already received your email with details.
You must be a Member of Credit Matters, and it is not too late to join, to be eligible for the Award. Details can be found via our website at www.creditmatters.com.au.
Over the Christmas period, there were problems with our Server in the US. Unfortunately, some of our subscribers may not have received their newsletters as a result. In addition, we found another technical problem with our mailing list.
In fixing the problem, you may now suddenly start receiving the newsletters again. As a consequence, those people who decided to no longer receive their newsletter, may receive another one. I apologise for any inconvenience and hope you will let me know so I can complete the cancellation process again.
Finally, there are changes to our Members area as we remove any out of date features and replace them with new offerings. Please drop by occasionally and see if our new offerings may be of value to your endeavours.
Advertising via Credit Matters
If you are interested in reaching business prospects who may need your services or products, contact Kim to see what he can do for your business. There are many different opportunities to advertise your business via Credit Matters and may not be as costly as you might imagine.
This month, flyers from CreditorWatch, Enable, RSM Australia and Steven Gan's brochure of his book regarding his Japanese work and business experiences are attached.
The innocence of those business owners who believe most of their customers are honest and have integrity, is often misplaced. In today's business environment, such thinking often leads to heartbreak and financial loss. Sometimes, the innocent or naive business owner even sadly, lose their business.
Yes, there are honest people in business, and there will always be a proportion of people who will continue to operate with utmost integrity. Occasionally of course, even these people make mistakes or a business transaction will not proceed as anticipated, or an invoice is lost in translation. In the main however, these are the customers you need and should work diligently to keep.
Then there are those customers who are honest, because you have encouraged them to be honest. There are business strategies available which you can use to encourage your customers to remain honest. If these customers are found not to be less than desirable, you need to investigate whether they are still profitable.
Finally, there are those people who will never be honest or lack integrity. A number of these people are:
(i) outright crooks;
(ii) business manipulators who use every tactic available and provided by Government Legislation and Acts, to avoid paying, and
(iii) unable to organise a business properly to ensure their business pays their liabilities in a timely manner.
This last group of customers are the most troublesome because they operate a regular business and appear reputable. The problem however, is their management team is usually focused on cheap processes, cheap employees which in turn, impacts adversely on their suppliers and customers. Alternatively, these people are focused on their own short-term interests rather than the integrity and long-term benefit of the trading entity which employs them.
In addition to the customer side of business, Government Legislation now also places responsibility on Directors and senior management teams to act honestly and within specified boundaries of behaviour. Innocence is no longer an excuse, and the innocent are soon penalised by Governments and their agencies for any indiscretion.
As this month's quote suggests; "... the era of innocence is long gone."
Word of the Month - The aim of Word of the Month is to share those many words used in Australian English which cause confusion. The confusion arises because there's often two spelling variations.
Is the spelling cash flow, cash-flow or cashflow?
If you refer to Wiktionary where all variations based on worldwide usage are listed, you could be excused for being confused. The Australian Oxford dictionary only lists cash flow as a noun. The latest edition of the Macquarie dictionary lists cash flow as a noun and cashflow as the verb.
In general, if according to the Macquarie dictionary definition you’re referring to, “the amount of cash generated by a company”, or “the overall pattern of income and expenditure of a company, organisation, or person, and the resulting availability of funds at any given time”, then the spelling would be cash flow.
For more information on the Preferred Australian English spelling visit www.Australian-Dictionary.com.au .
The High Court of Australia has today delivered its first ever judgment in relation to security of payment legislation. In a joint judgment, the High Court allowed an appeal from the New South Wales Court of Appeal (effectively adopting the first instance decision), and determined that the existence of a reference date under a construction […]
On 25 October 2016, the Federal Court of Australia (FCA) published 26 new practice notes as part of the National Court Framework reforms. Amongst these is the Intellectual Property Practice Note (IP-1) which establishes guidelines for all current and future Intellectual Property matters in the FCA. The practice note updates and expands the previous practice […]
I had the pleasure of attending and also presenting at the Franchise Council of Australia’s National Franchise Convention 2016 in Canberra a few weeks ago. Excellent keynote speakers There were some excellent and inspiring keynote speakers such as Alex Malley, the CEO of CPA Australia and author of The Naked Ceo book and website www.thenakedceo.com, […]
Would you like to know more?
EMPLOYING PEOPLE – THE RISKS – COMMON HIRING MISTAKES
“Adding an Assessment component into the Candidate Selection Process”
Many businesses these days still rely solely on going through resumes, conducting of interviews and reference checking when it comes to selecting the right person for the job. This is all good, however, as businesses become more and more complex and larger, and ultimately cannot afford to waste precious resources when they’ve done a bad hire. So why not add an assessment component into the candidate selection process?
This could be as simple as getting the candidate to sit through a word processing or a spreadsheet program test to something that is specific to the business’s operations, such as an accounting practice giving a candidate a set of arithmetic questions to be completed in a set amount of time. Things like this can definitely go a long way when it comes to hiring the right talent.
Credit Matters provides access to blogs written by Kim Radok. Just go to www.creditmatters.com.au to read these and previous blogs.
Since our last newsletter, we presented the following blogs.
Since our last newsletter, the following posts have been added to the Invaluable Reading From Australia and Around The World section.
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.
The era of innocence is long gone. In the economy and sporting arena, honest toil has given way to dishonest advantage. (Unknown)
Our ‘Inconvenient Truths’ are facts-of-business that too many owners and managers either aren’t aware of, have forgotten, or lost sight of. Symptoms of overlooked truths are increasing expenses, depleting cash flow, diminishing profits and/or lack of winning new business opportunities.
Email us at email@example.com to discover the ‘Inconvenient Truths’ and how they can redirect your business back to success.
Every third-party cost is potentially an unnecessary cost.
One of the more interesting aspects of business is the focus on finding a cheaper way of doing business. Of course, this is a worthwhile endeavour especially if you can find a better price which genuinely saves money right across your business.
However if you are only interested in finding a cheaper price, then it is likely your efforts to reduce costs may cost far more than you save. This situation comes about for three main reasons. These are:
1 the cheaper solution usually adds to other costs not anticipated;
2 the focus on elimination costs which occur through inefficiencies is not addressed and so additional costs to third parties keep reoccurring; and
3 whilst working on cheaper costs, the day to day work which earns a dollar is not completed properly or in a timely manner.
Every business has third party costs. At times, you may find a cheaper solution which reduces these costs. The fact is, if you can eliminate the need for these costs through more efficient business processes, than this is a far better solution.
If you do not understand this Business Inconvenient Truth, contact Kim
To view the full list of Business Inconvenient Truths, become a member at www.creditmatters.com.au. Membership is free.
News From ASIC - Help with ASIC online services
Are you registering, renewing or cancelling a business name? Check out ASIC's new series of YouTube videos to help you use its business names register and other online services.
3 November 2016
Start-up businesses and FinTech operators can now easily seek advice on AML/CTF regime directly from AUSTRAC.
15 November 2016
Changes to the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Rules by Australia's financial intelligence and regulatory body, AUSTRAC, have resulted in an estimated annual saving of $28.1 million for Australia's financial organisations.
22 November 2016
The first ever risk assessment of money laundering and terrorism financing (ML/TF) in Australia’s superannuation sector has identified significant risks of fraud and cybercrime
24 November 2016
Today, a ground breaking Memorandum of Understanding (MoU) was signed between Australia's financial intelligence agency, AUSTRAC, and Jordan's counterpart, the AMLU
Lodgement must be completed between 3 January and 31 March 2017.
Draft amendments to chapter 59 (Suspension of remitters) are open for consultation until 9 February 2017.
A free smartphone app developed by the Australian Securities and Investments Commission (ASIC) will help business owners undertake important checks before they enter into business transactions with other organisations.
For more information ASIC APP INFORMATION
Credit Matters is continuing to grow and provide marketing and knowledge about financial risks to the Australian business community.
Furthermore, 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 Click to see email
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 Click to see email for options.