Seamless ASIC Compliance Management for BMKAB Company*. Patricia Holdings demonstrated how professional service firms can offer comprehensive support to their clients, ensuring full compliance with ASIC regulations.
*This case study is based on an actual event, but all names, client details, and other identifiable information have been changed to maintain confidentiality. Any resemblance to actual individuals, companies, or events is intentional only in the context of the case study itself, while all specific details have been altered for privacy reasons.
Overview
BMKAB Company, a highly regarded accounting firm in North Sydney, NSW, faced a significant challenge when its long-serving ASIC compliance staff resigned. They were left with the daunting task of managing ASIC compliance for 410 clients. Patricia Holdings stepped in to provide a seamless and cost-effective solution.
The Challenges
- Immediate Need for Expertise: BMKAB needed an experienced and reliable solution to manage the ASIC compliance for their 410 clients without disrupting their services.
- Short Recruitment and Training Window: The firm had only four weeks to find, hire, and train a new, experienced ASIC compliance staff member, which proved to be an overwhelming task.
- Risk of Non-Compliance: Failure to manage ASIC compliance timely and accurately could result in late fees, penalties for BMKAB’s clients, and damage to their reputations.
- Continuity and Contingency: Ensuring continuous support and managing client enquiries efficiently was crucial.
The Solution
- Swift Handover: We completed the handover process within two weeks, significantly faster than the four weeks BMKAB had initially anticipated.
- Dedicated Team: Three experienced account support staff members from Patricia Holdings were assigned to manage all 410 clients, ensuring contingency and continuous support.
- Use of Existing Software: To maintain control and visibility, we agreed to use BMKAB's existing ASIC compliance software, NowInfinity. This seamless integration allowed BMKAB to retain full oversight of their clients' compliance.
Service Delivery
- Comprehensive Compliance Management: Our team managed all standard ASIC changes, including updates to company addresses, appointment and cessation of officeholders, changes to share structures, and updates to officeholder or member details.
- Annual Review: We prepared and sent the Annual Review for approval, signing, and payment, ensuring all ASIC requirements were met within the required timeframes.
- Client Enquiry Management: All client enquiries were managed through a secured shared internal mailbox, which our team monitored and responded to promptly.
- Work Logs and Transparency: We provided regular work logs to keep BMKAB informed about their clients' compliance status, ensuring transparency and trust.
Benefits Realised
- Cost-Effective Solution: Our service was less than half the cost of hiring an internal staff member, providing significant savings for BMKAB.
- Improved Accuracy and Response Times: Our service's accuracy and response times exceeded those of their previous internal staff, enhancing the overall quality of compliance management.
- Continuous Support: With our team available every working day, BMKAB no longer had to worry about the impact of staff absences, sick leave, or vacations on their compliance operations.
- Client Satisfaction: BMKAB reported high satisfaction with Patricia Holdings' seamless handover, improved accuracy, and responsive service.
Testimonial
"Patricia Holdings provided a seamless transition and significantly improved our ASIC compliance management. Their team's expertise and responsiveness have been outstanding, and the cost savings have been substantial. We no longer worry about the impact of staff absences on our compliance operations." – PI, Managing Director, BMKAB.
Key Takeaways
- Swift and Seamless Handover: Completed within two weeks, ensuring minimal disruption to BMKAB's operations.
- Cost-Effective: Less than half the cost of hiring an internal staff member.
- Improved Accuracy and Response Times: Enhanced compliance management quality compared to internal staff.
- Continuous Support: Available every working day, eliminating concerns about staff absences.
- Client Satisfaction: High satisfaction was reported by BMKAB due to the seamless transition and improved service.
Why Choose Patricia Holdings?
With over 54 years of experience and an excellent reputation, Patricia Holdings is the ideal partner for accounting firms and other professional service providers to outsource their clients’ ASIC compliance needs. Our team of experts ensures timely, accurate, and cost-effective compliance management, allowing these firms to focus on their fundamental business activities, such as analysing, financial planning, and giving advice, to provide core values to their clients.
