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 • The premiums vary based on two main factors  • The level of fee income that you earn • The level of cover that you require •  Your precise premium is confirmed following your submission of an application for Insurance.

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 How? By: Formal Education or Accounting professional assessment & recommendation or Knowledge assessments AND Bookkeeping experience (0, 1 or 2+ years) Certificate IV Fin Services (Bookkeeping) How? MYOB - Certified Consultant (by MYOB) &/or - Approved Bookkeeper (conducted by ICB) - MYOB Skills (ICB Certification) Quicken/Quickbooks (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 IV’s 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 Knowledge 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/Quickbooks (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 IV’s 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. Bookkeepers guide to all Cert IV Bookkeeping Providers 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 don’t 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