Accountants are required to manage a huge amount of information when they create entities for their clients, but at the same time they have to ensure that client details are kept secure, says Shiam Ahmed, product manager at technology cloud-based software company Class Limited.
Class’s document and entity management platform NowInfinity helps accountants manage the growing regulatory compliance burden when they establish companies and other entities for clients, such as self-managed super funds, trusts and companies.
“NowInfinity is a one-stop shop for your documents and corporate compliance needs,” says Ahmed.
Picture: Shiam Ahmed, Class Ltd.
“NowInfinity is a one-stop shop for your documents and corporate compliance needs.”
Updating and safeguarding information
These entities require a huge amount of documentation and information as part of the corporate record and associated entities. A documentation and entity management platform such as NowInfinity centralises all this information into one safe, single location.
The NowInfinity platform automates many of the compliance requirements for these entities while at the same time ensuring that clients’ information is kept secure.
The platform requires multifactor authentication from all users each time they log in. They enter their password and are then required to enter a single-use code. Importantly, this isn’t a code sent by SMS to the user’s mobile phone, because overseas experience has shown phone numbers can be “spoofed” or hacked and the codes stolen. Instead, users have to log in to a much more secure specialised authentication code generator.
NowInfinity complies with the global gold standard in IT security, ISO 27001, which sets out the best practice controls that should be put in place for safeguarding information and protecting its integrity and confidentiality.
The platform also complies with Australia’s beefed-up privacy regulations, in particular the requirement that sensitive financial information is securely stored on servers in Australia.
Managing compliance for wealth entities
Assured that their clients’ private data is being stored in the safest possible environments, accountants can deploy NowInfinity to help manage some of the compliance burden associated with creating and managing wealth entities.
The platform is a one-stop shop that helps accountants manage the entire life cycle of a wealth entity, starting out with the establishment of that entity and then its ongoing maintenance.
Accounting professionals can create documents online using templates created by lawyers to assist with compliance.
They can also use the platform to link through to lawyers if they need specific advice or legal review.
The software integrates with the Australian Securities and Investments Commission’s (ASIC’s) own systems, allowing for the seamless lodgment of forms such as annual statement reviews. It also integrates with practice management software and can automatically update details when they change in the practice management software.
For example, if a client or an entity changes address, NowInfinity will automatically pick that up and make the same change and update the information held with ASIC.
“We allow accountants to automate their back-office processes,” says Ahmed. “So instead of having manual processes to collect information and then re-entering that into different software packages to provision documents, we allow them to do that very seamlessly in NowInfinity.”
The platform stores all the documents related to the entity and creates a timeline with document links, allowing for easy retrieval of information about the entity.
How to get started
CA ANZ members can enjoy a $50 voucher to use with the Class NowInfinity platform. NowInfinity includes more than 70 legally backed documents – instantly available for streamlined entity creation. You can also catch up with CyberCX’s webinar "10 things you need to know about cybersecurity and document management" on the Class website.Find out more
Terms and conditions:
Offer available to new NowInfinity customers only. CA ANZ members can claim a $50 voucher for their first PAYG NowInfinity purchase. The offer is only available until 30April 2022. The $50 voucher must be redeemed before 30 June 2022. Only one member per business can use the $50 voucher offer at any point in time.
Offer is not available to existing NowInfinity PAYG customers or new NowInfinity subscription customers. This offer cannot be used in conjunction with any other Class Super or Class Portfolio or NowInfinity discount or promotional offer.
Note that the voucher cannot be used for lodgement fees, registration fees or duties payable to Australian Securities and Investments Commission, Office of State Revenue or other regulatory bodies or third-party organisations. Any such fees and duties are passed on by the affiliate partner to the member at cost.