No more refund cheques from the ATO, by Karnig Momdjian
As an accounting practice, what does this mean to you in terms of impact on your processes? As you know, as of this tax year all refunds will be deposited directly into the client’s bank account. No more cheques, but you will still receive the Notice of Assessment (NOA) to verify against the estimate. You may not have given this much thought but it will prove to be a good test of your responsiveness and client service commitment.
Imagine if the client gets his refund on a certain day and he doesn’t receive your confirmation and the Notice of Assessment (NOA) from you for weeks. Would he be frustrated? Would it give him reason to call complaining about your lack of action?
What if you also had an arrangement to deduct your fees from his refund? What sort of time lag is there between you receiving the client’s refund and you remitting the balance to the client? Would you impress him or frustrate him?
If all of the above are issues that you are grappling with, we can help you streamline your processes. We will apply the appropriate technologies to automate the processing of the NOA’s and more importantly create a secure client portal where all your document exchanges with the client can happen quickly and securely via the cloud.
We will start by reviewing your current processes, to; identify bottlenecks and problem areas, design and implement the solution, and train the staff. A total solution.
You may have some solutions in place but are they being using effectively to produce the productivity gains they promised? Again, our process audit will provide the answers.
I look forward to working with you to overcome the processing challenges facing your practice.
For more information about how the KONA Group can help your business adapt to the new tax procedures please contact Karnig Momdjian at info@KONA.com.au or 1300 611 288.
