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“It’s crucial that families are aware of the HCF wellbeing programs available to support them and also be guided quickly to government supported options early in their wellbeing journey.”
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Brought to you by Aon
Keeping good records is essential in every profession. It helps a company manage its cash flow, prevent fraud, and meet legal requirements.
Record keeping is important at the best of times, but it’s especially critical when it comes to defending a claim, say Aon experts.
Protect yourself by keeping good records
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To make sure the whole family is covered, HCF members can also add their children, whether that’s one or many, to their family cover for free.
Digitisation enables growth
Children can experience all manner of emotional challenges.
Helping kids manage their big feelings
As a general rule, companies are required to keep records for at least five years.
For accountants dealing with personal and often sensitive information, the importance of record keeping becomes even more critical.
It’s an essential precaution to take, particularly in the event that a claim is levelled against you or your business.
Maintaining up-to-date records
Keeping good records is essential for transparency.
“If a case ends up in court or if the ATO is conducting an audit, there’s clear evidence that can be relied upon,” says Heidi Bauer, Client Manager, Affinity Professions at Aon.
“If you’re asked to recall your interactions with a client years later, having a communication trail will help you immensely. When you read over your notes, you want to be able to see the exact steps that were taken.”
Although Bauer says keeping records might sound fairly obvious or straightforward, it’s easy to let it slip through the cracks when other pressing work takes priority.
“You might take thorough notes most of the time, but the one moment you get busy and don’t follow your normal process could be the time you get a claim,” says Bauer.
To ensure you’re keeping up-to-date records, Bauer and Lisa Carbone, Senior Client Executive at Aon, suggest implementing some best-practice tips:
• Document phone calls: “Send a follow-up email after every conversation you have with a client detailing the conversation,” says Carbone.
• Request a read receipt on emails: “It’s having that confirmation backwards and forwards and getting the acknowledgement from clients about what you’ve discussed,” says Bauer.
• File the record: “This is key whether the notes are electronic or on paper,” says Bauer. Accountants could also upload the documentation onto a shared drive so that communication with clients can be accessed by others in the event that you leave the organisation.
In an ever-growing digital landscape, keeping good records comes with additional considerations. There’s often information being shared through multiple channels, including by phone, virtual meetings and chat functions.
“I can’t emphasise enough the importance of confirming the points discussed and then obtaining the client’s acknowledgment,” says Bauer. “That’s so important in a digital-first world.”
“You might take thorough notes most of the time, but the one moment you get busy and don’t follow your normal process could be the time you get a claim,” says Bauer.
Protecting against risk
Professional Indemnity (PI) insurance goes hand-in-hand with good record keeping.
While accountants are mandated to take out PI insurance as part of their licensing, it also helps to protect them should a claim arise.
In this situation, having detailed records helps to form a clear picture of your interactions with a client.
“Brokers advise and help to guide clients when a claim is made against them. Having good records will help your broker advocate the best outcome for you,” says Carbone.
“Defending a claim can be extremely costly,” says Carbone. “Taking out the appropriate insurance products can save a business.”
FIND OUT MORE
Aon is the Australian general insurance partner of the CA ANZ Member Benefits Program and provides exclusive benefits to CA ANZ members. To find out more and get a quote, go to aon.com.au/ca
Keeping good records is essential in every profession. It helps a company manage its cash flow, prevent fraud, and meet legal requirements.
As a general rule, companies are required to keep records for at least five years.
As a general rule, companies are required to keep records for at least five years.
Keeping good records is essential for transparency.
Keeping good records is essential for transparency.
Keeping good records is essential for transparency.
Although Bauer says keeping records might sound fairly obvious or straightforward, it’s easy to let it slip through the cracks when other pressing work takes priority.
“You might take thorough notes most of the time, but the one moment you get busy and don’t follow your normal process could be the time you get a claim,” says Bauer.
To ensure you’re keeping up-to-date records, Bauer and Lisa Carbone, Senior Client Executive at Aon, suggest implementing some best-practice tips:
• Document phone calls: “Send a follow-up email after every conversation you have with a client detailing the conversation,” says Carbone.
To ensure you’re keeping up-to-date records, Bauer and Lisa Carbone, Senior Client Executive at Aon, suggest implementing some best-practice tips:
In an ever-growing digital landscape, keeping good records comes with additional considerations. There’s often information being shared through multiple channels, including by phone, virtual meetings and chat functions.
In an ever-growing digital landscape, keeping good records comes with additional considerations. There’s often information being shared through multiple channels, including by phone, virtual meetings and chat functions.
“I can’t emphasise enough the importance of confirming the points discussed and then obtaining the client’s acknowledgment,” says Bauer. “That’s so important in a digital-first world.”
While accountants are mandated to take out PI insurance as part of their licensing, it also helps to protect them should a claim arise.
In this situation, having detailed records helps to form a clear picture of your interactions with a client.
In this situation, having detailed records helps to form a clear picture of your interactions with a client.
Acuity Special Edition December/January 2023
See full issue
Acuity Special Edition December/January 2023
See full issue
Acuity Special Edition December/January 2023
See full issue
Acuity Special Edition December/January 2023
See full issue