Are you prepared for the new Data Breach Notification Laws?

On February 22, 2018 the new Data Breach Notification Laws came into effect.

Many Australian organisations are now legally required to notify affected individuals, and the Australian Information Commissioner, of any eligible data breach affecting personal information.

Does this affect your business?

This new legislation applies to any organisation currently subject to responsibilities under the Privacy Act, which essentially includes businesses and not-for-profit organisations with an annual turnover of $3 million or more, and a number of other identified organisations specified in the Act, such as health providers, credit reporting bodies, employee associations and service providers under a Commonwealth contract) and any entity that receives an individual’s tax file number (TFN).

What is an eligible data breach?

An eligible data breach arises when the following three criteria are satisfied:

1. there is unauthorised access to or unauthorised disclosure of personal information, or a loss of personal information, that an entity holds (soft or hard copy documents)
2. this is likely to result in serious harm to one or more individuals and
3. the entity has not been able to prevent the likely risk of serious harm with remedial action

What constitutes Personal Information?

Personal information includes names, signatures, address, telephone number, date of birth, medical records, bank account details, credit information… or any other personal information about an identified, or reasonably identifiable person.

What Do You Do If an Eligible Data Breach Occurs?

If you’re an affected organisation who suspects an eligible data breach has occurred, you have 30 days to assess the breach and determine whether notification is required.

Failure to comply with the mandatory notification regulation is viewed as “interference with privacy of an individual”, and is punishable by forced notification, public apologies, compensation payments and fines up to $360,000 for individuals and $1.8 million for organisations.

Prevention is the best medicine

All business owners, not just those deemed to be affected organisations would be wise to consider what steps they can take to prevent any potential data breaches, this may include:

• Ensuring adequate security measures are in place.
• Preparing a data breach response plan
• With the increasing threat of Cybercrime, Cyber Insurance becomes an important consideration for any business or organisation

What steps has Watts Price Accountants undertaken?

As an organisation that holds client’s TFN and other personal details we have always been overly diligent about security.

Some of the measures we use include:

• Staff training in how to identify issues, what to do & who to contact
• IT Usage Policies
• Mandatory Strong password policy
• Use of Two Factor Authentication
• Automatic security and system updates for all computers, server and our website
• Use of document destruction bags for paper documents and a fire-protected compactus for physical file storage
• Use of a Firewall to stop ransomware, encrypted threats and phishing attacks, over not only wired but also wireless and mobile networks
• Anti-virus software
• Messaging Security software

If your business needs assistance in preparing for the new Data Breach Notification Laws or just some advice on security measures in general please contact Richard Kemp our Practice Manager on 5382 3001 or via email at richardk@wattsprice.com.au.

Improve Your Cash Flow with EziDebit

How Can You Get Paid Quicker?

At Watts Price Accountants we use a provider called EziDebit. They provide Direct Debit and BPAY facilities for Small Businesses so you can greatly improve your cash flow position. That’s correct you can access these great facilities without going through your commercial bank! If you want to speed up your collections process consider EziDebit. Read more below.

You’ve probably used direct debit personally, so you know how convenient it is as a customer. You can set and forget a payment schedule, resting assured bills will be paid on time. As a business, this means you and your customers can focus on other things, and reduce late payment conversations with your customers.  Ezidebit’s direct debit helps your business take control over cash flow by ensuring customer payments are collected on time, every time.  With direct debit, customers authorise payments to be collected automatically from their credit card or bank account. Ezidebit collects and manages these payments on your behalf and transfers settlement amounts to your bank daily, keeping you in control of the payment process, and your cash flow. Whether your business runs on scheduled or on demand payments, for either fixed or variable amounts, Ezidebit can help. We have options for self-serve or managed accounts allowing you the level and flexibility that works best for your business.

With direct debit you get:

• Reliable cash flow
• No contracts
• Reduced admin time chasing payments
• Local support available by phone or email
• Increased customer satisfaction
• Competitive fee structure

Ezidebit integrates with leading software providers, allowing your business a seamless payment solution that saves time and money and reduces unnecessary admin work. Individually receipting payments and chasing late payments will be a thing of the past.

Cloud Bookkeeping Software

Which Cloud Based Accounting Software Should I Use (if any)?

Cloud software solutions have been in use for several years now and growing in popularity. The last few years has seen some great technological leaps forward and this has certainly been driving change in the accounting industry.

Last year we saw MYOB AccountRight launch their latest cloud offering which now means consumers have even greater choice when considering accounting and bookkeeping software options. Given all the available options the key question for the consumer is what is the best solution given my current and future needs?

This article will focus on the main online software packages available but before we review the various options we need to consider whether staying with a desktop version will better suit your needs.

Why consider staying with my desktop software?

Given all the marketing and hype surrounding cloud based services you would be forgiven for thinking desktop software was going the way of the dodo. However in many cases moving to an equivalent cloud based package is just not feasible yet. The biggest concerns include access to fast internet connections, monthly subscription fees, data security fears, hardware considerations and the fear of the unknown. For desktop users that are competent, have good backup systems, good communication channels with their bookkeeper and/or accountant and who have no need to access their file away from the home/office there seems to be little incentive to change at this time.

Why should I consider moving to the clouds?

The key benefits of moving to an online version will depend greatly on which vendor you decide to use but in general you will be getting:

• A book keeping system that is not too dissimilar to the desktop application that you already know
• You can access your company file from anywhere via the internet and a computer* (* Your internet speed and quality, your hardware specifications and user permissions will affect your experience greatly).
• You can share access with your bookkeeper and/or accountant which means no more messy backups,  emailing large files, dropping off USB drives and greater support
• There are no longer issues regarding which version of the software you are using as everyone will be using the latest version
• Your file is safely stored and encrypted in the Cloud
• Most allow you to sync your bank transactions into the software removing much of the data entry
• Payment can be made by monthly instalments allowing better cash flow management
• Most offer 24/7 support

So which online solution suits me best?

Having used and through working with clients that are using these software packages we can, in very general terms, advise that some options are better suited to certain types of users than others based on the overall strengths and weaknesses of the product.

MYOB AccountRight Live: Will be most appealing to users that are already familiar with MYOB and perhaps those that have concerns about the quality of internet connection. Its big selling point is the ability to work offline. When you have a good connection simply download your data, the cloud version becomes read only, work on your file then sync back changes when you are done. It also has the ability to pay third parties such as suppliers and staff directly from the software.

QuickBooks Hosted has similar advantages to MYOB for those currently using QuickBooks. They have been in this space longer than MYOB so they have a slight advantage as far as features and scalability for the growing business. Their pricing structure will certainly appeal to larger businesses.

Xero is a great choice if you are a small business that is looking for an easy to use, feature-rich product. Xero has been leading the way in the online bookkeeping space and has delivered a product that is very efficient through its daily bank feeds and other features such as credit control, asset registers, expense claim facility and job tracking.

Saasu has a similar feel to Xero. It delivers advanced reporting options and a more robust payroll system. Many of the features that are add-ons to Xero are integrated into Saasu making it fully functional from signup. For small businesses with strong bookkeeping skills or who want advanced reporting and accounting features at a competitive price would really appreciate what Sassu can offer.

Do I really need a Bookkeeping system?

Maybe not! Many smaller business owners prefer to focus on what they do best. Many either outsource everything to a bookkeeper or minimise the time spent on bookwork through a product called Banklink. Banklink provides transaction data from your bank accounts to you and your accountant so they can prepare your quarterly and annual financial reports on your behalf.

Banklink Notes Online allows you to access your bank transactions via the internet. You can add payee detail, transaction descriptions, GST amounts and even code transactions (optional). Once you have updated the transactions simply click a button to notify your accountant the data is ready to go. There are a few basic add-ons and reporting options plus you have the ability to work offline. If you don’t need an integrated cashbook system then Banklink is a very attractive option.

If you are not sure where to go from here give us a call to discuss your individual needs.

Accounting Software Update

Each year the main accounting software suppliers bring out a new version, new features and offers designed to either entice you to change, upgrade or renew your subscription. We take a quick look at your main options.

Banklink

Banklink is extremely popular for clients wanting to merely provide transactional information and leave their accountants to worry about the rest, hence Banklink is great for those that want to maximise their available time.

Banklink was recently purchased by MYOB but we have seen little change other than the dumping of Banklink Wages.

We particularly like Banklink Books. At no additional costs Banklink Books provides software for computer users (you will need an internet connection) so they can import their transactions electronically, type their transaction descriptions (or account code) and forward to your accountant over the internet.

This means no fighting with the fax machine (for fax users), you are using a more secure platform than faxing or emailing, less queries from your accountant as it’s easier to read, easier transfer of your data to your accountant and it provides the ability to code transactions (for those who feel up to it).

If you are interested in registering for Banklink Books please give our office a call.

Cashflow Manager

Cashflow Manager provides basic cashbook features for those clients that want to manage their finances but without all the bells and whistles.

A new release of Cashflow Manger is due soon with updated tax tables. Those that don’t use the included support or payroll may consider remaining on their current version.

Cashflow Manager has been hinting for some time now of something big being on the way. This may indicate that they are preparing to launch an online version and possibly provide bankfeeds similar to their competitors.

Reckon

After the split with Intuit, Reckon has rebranded themselves (formerly sold Quickbooks and Quicken software). Essentially little has changed apart from the software names.

The new Reckon Accounts Hosted version was released in April. The 2014 version has new features such as Bankfeeds (which is long overdue), barcode scanning for purchase orders and historical leave recording and reporting.  The addition of bankfeeds will be a great time saving feature, so users should be quick to set this feature up.

Reckon has also launched a new product called Reckon One. Reckon One is aimed at the business owner that is on the go. Users can track their finances, create invoices and manage projects through their mobile app.

Early signs suggest there is still some work to be done before this product measures up to some of their more established competitors. However, those looking for a cheap way of accessing bankfeeds and basic functionality that they can use on the go, should look out for the next version.

Saasu

Many business owners will not have heard of Saasu due to their low profile but if you are looking for accounting software that is based in the clouds then Saasu is a viable alternative to Xero.

Saasu’s interface may not be as polished as other software providers but what they may lack in aesthetics they make up for in other areas. For the features, Saasu gives more bang for your buck but is probably best suited to competent users.

Xero

Xero is a cloud based accounting package that is growing in popularity due to its heavy marketing campaigns and support from within the accounting industry.

Xero has a number of third party suppliers that have built feature rich add-ons to just about do everything your business would need, all of which integrates back into your accounting software. Popular add-ons include: Vend (Point of Sale); Receipt Bank (convert receipts to data); Workflow Max (job management); Unleashed (inventory management); GeoOp (mobile worker job management); CapsuleCRM (Client database); Quotient (customer quotes) to name a few.

Xero provides an easy to navigate interface, bankfeeds, it’s easy to reconcile transactions and has numerous reports to assist in the management of your business.

At present Xero is offering free software conversion if you are moving to them from MYOB which could save you hundreds of dollars. If that wasn’t incentive enough they are also offering 50% off your first two months.

Those thinking of moving to Xero should consider the ongoing cost of the software and any add-on subscriptions they require as the costs could soon add up. Xero has 5 different pricing plans based on the number of employees.

MYOB

MYOB has been the industry standard in accounting software for many years. The emergence of Xero over the last few years has been great for consumers as MYOB has thrown plenty of resources into product development.

MYOB has several versions depending on the needs of the user. The MYOB AccountRight range comes in Basic, Standard, Plus and Premier versions while those wanting just an online version can use the MYOB Essentials option.

MYOB are clearly pushing customers toward their online or hybrid solutions at the expense of the desktop versions. MYOB Premier is the latest version to now join the ‘AccountRight Live’ family.

The AccountRight Live products are a hybrid solution as they can be worked on either online or offline. This does require you to load the software on your computer and install regular updates which a pure online version does not require but the benefit is when the internet is not available you simply use the offline mode.

MYOB offers bankfeeds, easier file sharing with your accountant, advanced reporting (in most versions) and has recently introduced access to some third party software such as Calxa and PayDirect.

At present MYOB has a 90 day money back guarantee for all new subscriptions and Watts Price can also offer a 10% discount off the normal subscription price if you allow us to register the software on your behalf.

There are a number of different options available to you, including some we have not reviewed, and each has different benefits and pitfalls. Before making a decision as to which software is best for you please contact our office. We offer a free consultation to help you decide which accounting software is going to work best for you.

Contact us on 03 5382 3001 or via email at mail@wattsprice.com.au

Greater Productivity with Xero

What is Xero?