Getting ahead of the game

1
Getting ahead of the game

• Preparing your world for the start of the BAS
  Agent regime

2

• A series of guided decisions as to what you need
  to do think about

3
Let people knowSample letters for you to send
out, includes info sheet

• Clients there is a new law coming
• Clients I will be a BAS Agent
• Accountants the new law about Agents

Members only resources
4
Arrange PI Insurance

• Indicative Premium Calculator
• Apply here
• What are the terms of this policy
• Questions to ask

5
PI InsuranceSummary

• Bookkeeper priced premiums from 380 all up for
  250k cover for 120k turnover
• NOTE your costs involved in defending a claim
  ARE NOT part of the excess nor limit.
• Two claims per year COVERED 
• Willis Insurance Australia as broker. Policy by
  Allianz Australia Insurance Limited.
• 1000 policy excess and no excess applies to
  Defence Costs,
• Civil Liability policy coverage. This is broader
  than a negligence wording,
• Broad business description includes all
  consulting and software work, to cover the many
  normal business activities of bookkeepers,
• Automatic policy coverage up to the policy limit
  for Libel, Slander or Defamation Intellectual
  Property Rights Misleading, Deceptive or
  Unconscionable Conduct Loss of Documents
  Dishonesty of Employees
• Policy coverage to a sub limit of 100,000 for
  Costs of Official Inquiries, Policy coverage to
  a sub limit of 50,000 for Fidelity,
• Automatic coverage for employees and for any sub
  contractors

6
PI Questions to ask about your policy

• Does the policy cover every aspect of your
  bookkeeping/consulting business?
• It must include work you do as a BAS Service
  Provider or providing BAS Services under the
  current legal obligations of Sn 251L. 
• It must include work you will do as a BAS Agent
  under the proposed revised law.
• Is there any bookkeeping/administrative/accounting
  duty or role you may do for a client that the
  policy does not cover?
• You have employees that work for you providing
  these services to the clients are they
  covered?  How do I get them covered at what cost?
• You have contractors that work for you providing
  these services to my clients are they covered? 
  How do you get them covered at what cost?
• You may work at your premises or your home or at
  the clients premises are all these locations
  covered including any employees or contractors?
• Given your level of turnover of _________ what
  is the all up all costs included total premium
  you will pay. (i.e. don't exclude stamp duty or
  any levies etc)
• Is this policy just your policy or is it linked
  to others in some way?  (i.e. is it a grouped,
  pooled or master policy and what do each of those
  mean?  How are they different form a standalone
  policy issued to just you?)
• Are all and every type of legal costs and any
  persons charges to you for helping you in
  defending any action, and any penalty, interest,
  damages claim covered by this policy and to what
  extent?
• You could be sued for penalties and interest
  charged by government or for damages to a client
  are all these covered in every extent?  Is
  there any limitation to what is covered?
• Are your costs of defending an action included in
  the cover level or are they in addition to the
  level of cover?  (i.e. You have a 250k level of
  PI cover, does that include legal costs or are
  legal costs also covered by the insurance but are
  paid in addition to the 250k level)

7
ICB PATHWAY TO CREDIBILITY

• Message to client
• We are professional
• We are industry skill tested
• We are Software Skill Accredited
• We are formally educated
• We are legal
• We are insured (properly)

ICB Membership

Theory Practical Bookkeeping Skills
Assessments
Accreditation in Software
Certificate IV Fin Services (Bookkeeping)
How? By Formal Education or Accounting
professional assessment recommendation or Knowle
dge assessments AND Bookkeeping experience (0,
1 or 2 years)
How? MYOB - Certified Consultant (by
MYOB) /or - Approved Bookkeeper (conducted by
ICB) - MYOB Skills (ICB Certification) Quicken/Qui
ckbooks (ICB Certification) Other (talk to us)
How? By ICB a) Level I, II, III Theory.. b)
Level I, II, III practical .. Bookkeeping
assessments or Formal Education
How? By Formal Education a) Classroom b)
Distance c) Assessment d) RPL ICB Membership
Assessments provide at least 9 units of credit
towards Cert IVs 13 units
BAS Agent registration
How? After 1 Jan 2010 By Apply to the new
Board Through ICB You Need Cert IV
Experience Or Transition
BAS Agent registration
8
ICB PATHWAY TO CREDIBILITY

• Message to client
• We are professional
• We are industry skill tested
• We are Software Skill Accredited
• We are formally educated
• We are legal
• We are insured (properly)

ICB Membership

Theory Practical Bookkeeping Skills
Assessments
Accreditation in Software
Certificate IV Fin Services (Bookkeeping)
How? By Formal Education or Accounting
professional assessment recommendation or Knowle
dge assessments AND Bookkeeping experience (0,
1 or 2 years)
How? MYOB - Certified Consultant (by
MYOB) /or - Approved Bookkeeper (conducted by
ICB) - MYOB Skills (ICB Certification) Quicken/Qui
ckbooks (ICB Certification) Other (talk to us)
How? By ICB a) Level I, II, III Theory.. b)
Level I, II, III practical .. Bookkeeping
assessments or Formal Education
How? By Formal Education a) Classroom b)
Distance c) Assessment d) RPL ICB Membership
Assessments provide at least 9 units of credit
towards Cert IVs 13 units
BAS Agent registration
How? After 1 Jan 2010 By Apply to the new
Board Through ICB You Need Cert IV
Experience Or Transition
BAS Agent registration
9
Certificate IV
Skills Assessments
MYOB Approved Bookkeeper
Units of credit towards Cert IV
Cengage Quality Training Solutions Officelink
Learning
10
Register

• It is not possible to register with the board yet
  they dont exist
• Register with ICB your intention to register as a
  BAS Agent.
• We will provide you with updates and then all the
  info when it is possible