News and events

News and events

September two minute update

Posted on 29/09/2017 by Daren Riley

Sept 2 minute update

Feature Release - Shareholder Continuity Tracking

Accountants tell us continuity tracking is painful to do. And it’s even more painful if it’s not done, or done incorrectly. We’ve just made it effortless!
 
There are 3 reports that can now easily be produced:
1. History of shareholding to determine the shares held and associated percentages over time.
2. History of control to determine the degree of control a shareholder has over time.
3. Shareholder continuity to determine retention of control over any period of time.

History of control is currently broken down into 4 categories; Dividends, Constitution, Capital and Election, in line with the Income Tax Act 2007 for when there is more than one share class. This report can also be useful if there is ever a need to calculate voting rights, however, please note that shareholder rights definitions vary between the Income Tax Act 2007 and Companies Act.    
 
We support the pooling of shareholders (at 5% and 10%) and will soon support the ability to trace through to ultimate shareholders. We know continuity requirements don't affect every company you manage, but we hope this feature will be extremely beneficial for the ones where it is required and important. 

This functionality will be live for users next week. To see it in action join our webinar demonstration: 
Monday 9th October @ 3.30pm - to register email enquire@connectworks.com 
 
Other shareholding enhancements
The development team have been busy with yet more work on the shareholding section. It will be released in two phases, the first in the next few days with more enhancements in the next few months.
 
Phase 1
1. Improved assignment of parties to a share parcel - including easy search from contacts and the Companies Office.
2. Ability to assign retirements dates to parcel members (particularly for trusts and to maintain a correct history of shareholders in compliance with the Companies Act).
3. Shareholders are now able to be granted access to the associated company allowing them to sign documents.  This will also allow us to build more comprehensive shareholder management and communications in the future.  
4. Allocations are no longer tied to a single share class, and transactions can be made under any class.  This improves the ability to determine shareholder continuity and decision making for more complex share-class arrangements.
5. The ability to allow shareholding companies and trusts to trace through to the companies they hold shares in (to help firms prepare for AML/CFT Phase 2, as well as a requirement for continuity tracking).
6. Grouping of transactions by date.
7. Separate listing of shareholders and ability to export shareholder data.
8. Expansion of reports (mainly around the shareholder continuity, ownership and control).
9. Merging of shareholders, directors and other parties.
10. Ability to attach documents to share transactions and allocations.
11. Avatars added to individual shareholders.
 
Phase 2
1. Issuance of share certificates.
2. Automatically generated share transfer documents.
3. Tracing through to ultimate shareholders and support for AML/CFT beneficial ownership tracking.
4. Capital raise rounds. Ability to group transactions and add associated offer and acceptance documents to them.  
 
Xero HQ integration
We’ve mentioned previously that we’ve been working on a WorkflowMax / Xero Practice Manager (XPM) integration. We made substantial progress with this before Xero informed us in more detail about Xero HQ. It became immediately clear that a Xero HQ integration will deliver all the benefits of an XPM integration and more.

The integration between Xero HQ and XPM will mean that changes made in Connectworks will be reflected in both Xero HQ and XPM, and vice-versa. Additionally, firms that use Xero but not XPM will benefit from the integration too. The planned integration will not only take care of synching client details, but also allow Xero HQ users to see notifications of tasks and actions required in Connectworks.
We’ll keep you up to date with progress. More information about Xero HQ can be found here.
 
“There’s none so blind as those who will not see
We regularly encounter law firms who say things like “We already have trust management solution” and decline a demonstration - but our solution isn’t like anything like they’ve seen or even imagined. Uniquely placed to protect firms from ultra vires acts, help to easily achieve compliance with the new Trusts Bill and to greatly improve management. So the choices are (1) risk spending 45 minutes on a demonstration with the  worst-case outcome being confident you’ve got the best solution (2) Do nothing and risk missing out on a better solution.
For a demonstration, please email enquire@connectworks.com
  
Vodafone turning off email services
Vodafone recently announced that they will no longer support customers using a number of their email domains from 30/11/17. It may pay for you check your client database to prevent any issues with communicating with clients, them signing online or completing company annual return verifications as a result of still using these email addresses, or changing their email address without informing your firm. 
Domains affected are: Vodafone.net.nzVodafone.co.nzparadise.net.nz , clear.net.nzihug.co.nzes.co.nzwave.co.nzpcconnect.co.nzquik.co.nz,    

Your passwords probably aren’t as good as you think 
It’s great that you don’t use ‘password1’ or ‘123456’, but is that enough… 
 https://newlaw.nz/blog/password-hell
 - Courtesy Matt Farrington - NewLaw.nz blog
 
Submitting documents signed via Connectworks to IRD
We're confident we meet all the requirements from the IRD listed here. While IRD aren't in a position to certify every digital signature provider globally, they do provide a list of criteria that we are required to meet.  We have not been told that we don't meet the criteria and have had documents signed by major firms using Connectworks accepted by IRD. It is similar to our experience with the Companies Office, where they would advise us if there is a problem with our solution meeting their criteria, but don't formally certify digital signature providers.

Join a webinar demonstration 
Email your name and the date you’d like to attend to enquire@connectworks.com and we’ll respond with login details.
Companyworks - Mon 9th October @ 2pm
Trustworks - Tues 10th October @ 3pm
Shareholder Continuity Tracking - Mon 9th October @ 3.30pm