Welcome to this issue of Business Fitness NZ – Best Practice. We hope you enjoy reading these updates.

Grab a tea or coffee and simply follow the links below to navigate to those sections in the newsletter that are of most interest to you.

Content Update Highlights
HotSpots: Electronic Workpapers
                    Client Development
                   Accountants' Big Day Out

Content Update Highlights

The Content Update 61 has been released and is ready for your administrator to download. This Content Update includes:

DELETED Dividend Planning Letter
We have temporarily deleted the Dividend Planning Letter.  We became aware of an issue requiring clarification from IRD last week and we have been actively seeking advice from IRD since then.  As soon as we receive that advice, we will release the updated letter.  We apologise for any inconvenience this may cause and will let know as soon as we can

NEW Company Administration - Review
A new sub-procedure for reviewing the administration of client companies to ensure all requirements of the Companies Act 1993 are met in relation to record keeping and company registers.  With checklist and letters to client and solicitor.  Linked to the Company Administration procedure

UPDATED Company Administration - Amalgamation
Updated forms and sub-procedure.  With a new Amalgamation Notice to Secured Creditors - Short Form Horizontal

NEW Engagement Letter - New Clients
We've updated our engagement letter for existing clients and introduced a brand new engagement letter specifically for new clients, linked from the procedure for new clients

NEW Risk Management
A new chapter on Risk Management has been added to your Business Fitness Coaching Library, with reports and presentations for:

        • Risk Management - What Is It?
        • Risk Management for SMEs - Introduction
        • Types of Risks Likely To Affect SMEs
        • Risk Planning For SMEs
        • Commercial Risks
        • Corporate Governance Risks

NEW Audit FAQ
Frequently asked question from clients on auditing annual financial statements for a club, with script and report.   Typically for a firm which does not conduct audits, but with information on other services which may meet the client's needs

UPDATED Guide to Invoiceable Content
Updated with invoicing details for Risk Management and Audit reports

NEW Business Forward Issue 43
A Business Development style newsletter for you to send to your clients. Please note that the Content Update will place this issue of Business Forward into your Knowledge Base. Your Administrator has probably already established a Sub-Category in the Knowledge Base, called Business Forward. Your Administrator will need to move issue 43 of the newsletter into this sub-category. This will ensure you and everyone in your team can find it quickly and easily

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HotSpots:

Electronic Workpapers
We're very excited at the early feedback we've received on the 2010 edition of the Electronic Workpapers.  Our in-house compliance reviewer, Ben Brownrigg, has been working with key contributors to develop our new cutting edge workpapers.  These will be simpler to use with significantly enhanced functionality.  Initial testing has commenced and we're now into 2nd stage development.  Key features include:

        • Integration with general ledger
        • Collapsibility – building the profile of the job at the beginning based on the client questionnaire, so only the applicable workpapers are shown in the work book
        • Automatic journal creation – for workpapers such as accounts receivable, payable, unpresented cheques, use of home as office, loan accruals and others
        • Review summary work paper – to give the reviewer a snapshot of key accounts, their balance in the ledger and workpapers and any variance
        • Re-developed GST reconciliation, ICA reconciliation and investment workpapers
        • Focus on file sizes – users can delete hidden sheets and print to pdf to reduce file sizes once the job has been completed

We're working to incorporate the great suggestions, tips and examples you've sent us, before 2nd stage testing, to begin in a week or so.

Client Development – Workpapers
We'll be running client development seminars on the 2010 workpapers to show you how to use and get the most out of them.   Here are the sessions scheduled for April:

        • 20 & 27 April – Compiling Integrated Workpapers
        • 22 & 29 April – Integrated Workpapers from a Reviewer's Perspective

Client Development - Strategic and Business Advisory Sessions with Viv Brownrigg in March
These are for partners, practice managers and senior managers.  If you missed these in 2009 we suggest booking now for 2010.

Client Development - Other Webinars in March

        • Company Administration – everything from setup through to cessation
        • Using our Frequently Asked Question (FAQ) content

Click here to book online.

Click here to download the detailed Client Development Programme.

Keep an eye on your Client Development Centre newsletter each month for detail and other session dates and times.

Accountants' Big Day Out
The phones have been running hot with early registrations for our 7th annual Accountants' Big Day Out.  At Te Papa, Wellington, it's promising to be this year's standout event.  Click here for more information.

We’ve secured 3 fantastic speakers: Allie Mooney, Joe Bennett and Eric Rush.  And we're giving Viv a longer session to tackle current industry issues and much requested Q & A.  Technology Speed Dating is an exciting new session where we’ll be giving 8 fresh technology providers a very brief chance to contend for your ‘love’.  Click here to register online or simply call Nat on 0800 10 58 60 to register over the phone.

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We are eager to hear your thoughts on future content - just contact Michele Morgan at contribute@businessfitness.co.nz or feel free to call her on 0800 10 58 60.

Regards

The Team at Business Fitness NZ Ltd
www.businessfitness.co.nz