A new tool for financial planners to help fight serious financial crime including terrorism financing
Published by Credit Matters Pty Ltd.
Welcome to Credit Matters Newsletter for May 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
Unfortunately, the best laid plans of mice and men as they say, means that there are no new features to report this month. Sometimes we just get so busy, our best intentions go unfulfilled. Hopefully a few items we have in the pipe-stream will be available next month
Last month I sent a questionnaire with the newsletter because unfortunately, there were no entries for our Professional Development Award. I would really appreciate if a few more people could help out by answering the attached questionnaire so I can understand how to make the award more viable next time, thank you.
Advertising via Credit Matters
If you are interested in reaching business prospects who need your services or products, contact Kim to see what he can do for you. There are many different opportunities to advertise your business via Credit Matters and it may not be as expensive as you might imagine.
This month, you will find attached another interesting article from the Bank Doctor, a new product introduction from CreditorWatch and an introduction to a Conference by the Polish Institute of Credit Management.
Operating a "lean and mean " business or expecting your people to work harder all the time, is a poor business strategy. Rarely will your business benefit over the long term because your employees will always be trying to catch-up with yesterday's work objectives. As a consequence, your employees will rarely have the time to plan for the future. In turn, your business and employees are ill-prepared for the future and the new work environment which results.
People have limited ability to work constantly under pressure. They can certainly succeed in short bursts to complete extra work to achieve specific objectives or overcome any emergencies. The proviso is of course, they have not been under too much pressure in the preceding periods.
The greatest problem when working under constant pressure is, as they fall behind in their work, you employees become increasingly stressed. They also become more emotionally and physically exhausted, and inevitably, lose their drive to maintain their work output. If extra work is required, your employees are less able to complete that work satisfactorily.
When the future arrives therefore, the business and your employees are unable to adapt quickly to the operational requirements of the new environment. Rather the business and its employees are still stuck trying to achieve yesterdays' objectives.
We also know the pace of business has increased over the years as have, customer expectations. "Time waits for no-one" as we have always been told. Nowhere do we see this statement being more valid then in sales and accounts receivable operations.
If you are unable to get a product to the customer on time, you may lose the sale and the customer. Failing to quickly answer an enquiry may be the difference between the sale proceeding or losing the sale. In addition, if you are time poor or working with outdated operational systems, you inevitably miss out on other business opportunities.
Not following up on an outstanding invoice in a timely manner could see you miss the next payment run and waiting an extra 30 or 60 days for the payment. Alternatively, the person who authorised the purchase may have left the customer's business or the customer has changed its billing requirements.
A strategy which can help make your business ready for the future, is to make sure your employees have all the resources they need to complete their work as quickly as possible. It is almost impossible to plan and prepare for the future if you are still trying to achieve yesterday's objectives. A failure to understand this principle is to find, the future has arrived before you are ready. More importantly, you will watch future opportunities disappear and/or find your business operations are no longer suitable for the modern business environment.
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 it percent or per cent?
In business using percentages is very common. However when writing, do you use the spelling per cent or percent?
Both the Macquarie and Oxford dictionaries list the Australian spelling as per cent. The Oxford dictionary lists the spelling percent as the American spelling and the Macquarie dictionary lists percent as a secondary spelling.
A quick check of Australian sites using Google, reveals around 35% of pages returned, use the secondary, or American spelling percent.
The preferred spelling in Australia is to spell per cent with a space.
For more information on the Preferred Australian English spelling visit www.Australian-Dictionary.com.au .
The recent Supreme Court of Queensland decision in Bigby v Kondra & Anor  QSC 37 is a timely reminder of the obligations of builders in Queensland who have a duty to coordinate and supervise construction projects. In this case, the Court found that a builder was liable to a homeowner in negligence for the […]
Changes to the foreign resident CGT withholding rules were announced in this week’s federal budget with effect from 1 July 2017: Currently From 1 July 2017 Market value threshold below which CGT withholding does not apply (for “direct” interests in land – i.e. freehold / leasehold / company title) $2,000,000 $750,000 Withholding rate (for both […]
This week Thomson Geer hosted, and I chaired, a critical franchising update seminar on the topic “preparing for the burden of ‘vulnerable workers’ legislation: proposed solutions for your business“. It is quite a topical issue due to the numerous official reports into the “7 Eleven scandal” and the introduction of the Fair Work Amendment (Protecting […]
When people think of trade marks, famous brands, business names or logos generally spring to mind, such as the McDonald’s ‘M’ or Apple Inc.’s apple. But phrases that are associated with a brand, such as Nike’s famous slogan, “Just Do It“, can also be registered as trade marks. Over the years, various celebrities have also […]
Would you like to know more?
Why is employee development extremely important for your business?
It’s no secret that employees drive the success of a company. They are the cornerstone of business productivity and management of business tasks. Therefore, development planning is essential for, not only the future direction of their careers, but for future business accomplishments.
An increased focus on employee development will help develop employee loyalty and essentially increase productivity. This ultimately means that employees will be more engaged and in turn productive. In addition to this, employee development produces a corporate culture where staff are motivated to develop new skills and become more versatile and valuable to their workplace. Coupled with meaningful support provisions, employee development ensures overall employee retention.
Keep the right people in your company. Contact Paul at Trace Personnel on 9281 5466 or firstname.lastname@example.org
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.
Arnold Glasow has said, ’The only problem with the future is that it is usually here before we are ready for it!’ How do you get ready?'
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.
Conducting fraud minimisation exercises is not necessarily a smart business move. Conducting profit enhancement exercises and sharing the profits with employees is smart business.
If you announce the commencement of a fraud minimisation program, perpetrators have a chance to leave the business or hide any evidence of their fraud. Your employees might also take offence as they believe management is suggesting they may all be fraudsters. As a result, your employees may become disenfranchised and a disenfranchised employee is not a productive employee. In these situations, you may also not identify the issues of how and why any fraud was committed.
My suggestion would to be call your fraud minimisation program by another name, for example, a profit enhancement program. In my view, this is the best way forward and where any profits are shared with your employees.
Fraudulent behaviour usually occurs in the business because of poor organisational culture, process inefficiencies and disenfranchised employees. In addition, money lost by fraud has created no benefit for the business.
By sharing profits with your employees, the money which may have been lost, is saved for the benefit of the business and partly given to your employees as an efficiency bonus. From another perspective, this bonus is another incentive for your employees to do the right thing and is paid by the funds otherwise lost in fraud. The benefits of the program create a win-win situation for your business and its employees.
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.
|3 May||17-129MR ASIC supports second-phase extension of groundbreaking whistleblower research project|
|3 May||17-130MR ASIC crackdown on misleading advertising by debt management firms|
|5 May||17-132MR ASIC seeks appointment of provisional liquidator to Diploma Group Limited and its subsidiaries|
|15 May||17-135MR Application of Criminal Code in civil proceedings under Corporations Act|
|15 May||17-137MR Former director jailed for dishonesty|
|16 May||17-139MR ASIC and ASBFEO hold banks to account on unfair contract terms|
|16 May||17-140MR Federal Court disqualifies former directors of responsible entity|
|19 May||17-145MR Compensation update: major financial advisory institutions continue refund programs for fees-for-no-service|
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.
27 April 2017
A new tool for financial planners to help fight serious financial crime including terrorism financing
2 May 2017
Australia's first risk assessment of stored value cards has revealed how criminals can exploit these seemingly innocent modern technologies for ill-gotten gains, including money laundering and terror financing.
Draft AML/CTF Rules relating to customers which are custodians open until 1 May 2017
The draft Privacy Impact Assessment considers the Fintel Alliance initial operational projects and the AUSTRAC Data Matching Program.
AUSTRAC assists in unexplained wealth investigation: over AUD2 million in assets seized
Save the date – Victoria’s Corruption Prevention and Integrity Conference - See more at: http://www.ibac.vic.gov.au/Events/event/corruption-prevention-and-integrity-conference#sthash.9JrgEq01.dpuf
Operation Nepean special report April 2017
This report concerns an investigation into allegations that Jeff Finlow, the former manager of the facilities department at women’s prison, the Dame Phyllis Frost Centre (DPFC), was involved in serious corrupt conduct.
10 April 2017
IBAC investigation uncovers corruption of procurement processes at women’s prison - See more at: http://www.ibac.vic.gov.au/media-releases/article/ibac-investigation-uncovers-corruption-of-procurement-processes-at-women-s-prison#sthash.CeZXgIcm.dpuf
15 May 2017
This report produced annually explains key trends in scam activity and highlights the impact of scams on the community.
18 May 2017
This fact sheet provides information to help you protect yourself and your business by being aware of the common scams targeting small businesses.
1 May 2017
4 May 2017
8 May 2017
19 May 2017
19 May 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.