Life Insurance for Dead People

Charging life insurance to dead people – how would that work? Just ask AMP – as highlighted in the Banking Royal Commission, AMP has admitted charging $1.3 million in life insurance premiums to more than 4,600 dead people through their superannuation. This clearly doesn’t pass the ‘pub test’, and AMP are in the process of refunding the $1.3 million premiums. Thinking of going to a financial adviser to get some independent advice on life insurance for yourself? Perhaps thing again. Read More…

Measuring Your Web Site Traffic

Measuring website traffic is the process of analysing the users who visit your website. Website traffic is measured in sessions or visits.  The most common attributes examined are; Sessions (number of times a website is visited). Users (number of individual IP addresses that visit the website). Bounce Rate (the percentage of visitors who leave the site after viewing only one page. Session duration (the average time a user spends on A site). Pages (number of pages viewed). The behaviour of Read More…

Phoenix Company

phoenix company is a commercial entity which emerges from a collapsed insolvent entity. The new company trades under the same or similar name and is able to present the appearance of business as usual to its customers.

Cashless Society

A cashless society exists when financial transactions are conducted not with money in the form of physical banknotes or coins, but rather through some other means.

Is your Financial Planner Ethical?

This is a very important question that every financial planning client would definitely like to know the answer to. But in practice, how would a client know (until it’s too late and they have paid the financial price for it)? There are numerous ways unethical financial planners can rip off and fleece clients. A few of the common methods include; Over-servicing. Putting clients into high commission investment products – e.g. $5 billion was ‘invested’ into tax-effective agricultural investments because the Read More…

Tendering

Strategies for successful tendering Tendering is the process of choosing the best or cheapest company to supply goods or do a job by asking several companies to make offers for supplying the goods or doing the work. Tendering occurs in all parts of business but is most common with government projects, construction, utilities, and infrastructure. Governments are heavily into tendering out their projects as this ensures that the awarding of contracts is fair and free from bribery and nepotism and Read More…

The Trouble With Debt

The three ways accountants can get in trouble with debt financing their practice are: Using short term debt to make long term investments. Doing this creates problems as the short-term debt will need to be refinanced well before the long-term investment returns are available. If the short-term debt cannot be refinanced, the lender will either sell or close the business. Failing to consider that when increasing debt it increases business risk. Borrowers need to ensure their cash flows have a Read More…

Funding New Accounting Practices

Accounting practices, like all businesses, require funding to start, operate, and grow. The funding requirements of practices vary depending upon whether they are a new practice, established practice or an expanding practice. The practice funding can be provided by the practice owners from their personal savings and assets, through debt financing, or a combination of the two. With new practices funding is required to cover the initial practice set-up costs. These costs include the office fitout, office signage, furniture, equipment, Read More…

Introducing New Services to Existing Clients

This strategy is about creating new services that you can provide to your existing client base.  It is similar to the low hanging fruit strategy, but involves more work.  The practice has to create the new services, train the staff on delivering the new services, and develop a marketing plan. When considering what new services to provide ask yourself two questions. Firstly, what service would provide immense value to existing clients? Secondly, does the practice team have the skills or Read More…