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Don’t buy ASIC corporate compliance software without asking these questions…

By September 13, 2018January 16th, 2019Homepage, News

There is lots of hype at the moment around ASIC corporate compliance software. But many people seem to be forgetting the basics – why am I buying corporate compliance software?

And the number 1 reason has to be: To keep Corporations Law compliant registers and documents for clients. After all, is that not what your clients expect you to do?

So, I thought I would prepare a list of 11 easy questions to ask anyone trying to sell you corporate compliance software…

  1. Can the software prepare all the statutory registers required by the Corporations Act ? (ie a Members Register, Charges Register (PRP), Debenture Holders Register, and Prescribed Interests Register)
  2. Does the software have a proper database? (ie Not one that is refreshed from ASIC every 14 days)
  3. Does the Annual Review process include a comparison of ASIC’s data and your firm’s data? (How can you have synced correct single database for your clients if no comparisons are done?)
  4. Does your software allow you to create unlimited document and email templates with my firm’s branding and logos?
  5. Does your software allow you to prepare a full historical members register without having to manually add the shareholder data?
  6. Does your software allow you to use and integrate with any document provider?
  7. Does your software provide 3 way integration with Xero Practice Manager, Xero HQ and Simple Fund 360?
  8. Does your software track all emails and SMS with delivery notifications?
  9. Does your software provide a Document Review for Partners and Managers before documents are emailed direct to clients?
  10. Does your software include an online learning tool, classroom training and a dedicated Australian based support team?

And the last question, if you are a CAS Desktop or CAS 360 client, will your software load all my company data (including historical data), documents, forms and minutes? (and don’t forget about your trusts and unit trust registers)

If your proposed ASIC corporate compliance software supplier can’t do all this, then really what are you buying ?

Ron Lesh

Author Ron Lesh

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Join the discussion 2 Comments

  • Gary says:

    Out of 10 – other software does 5. 4 are not important for practice and left with only one. But other software provider charging only $ 5 per company. Reduce your fees and we will shift to your software,

    • Ron Lesh says:

      Hi Gary, I suppose, like anything else, you get what you pay for. Of the ten questions, no other software does any ANY of them let alone 4 or 5. So if you are using other software and representing to your clients you are keeping proper ASIC records, I think you have a problem. Because you are not. If you want the best software you would use CAS. If you want a cheap copy, then use other software. Price is not the issue. Quality and compliance are. It’s your choice. Ron

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