ASPL is the market leader in the provision of a range of niche services to:

• Accountancy and Legal firms, Super Fund Managers, Financial Planners, Wealth Management, Mortgage Brokers, Financiers and Real Estate firms.

• Commercial businesses, small and large.

• Property sector including developers, landlords and tenants.

Our products are primarily focused on financial protection, freeing up balance sheets or enhancing financial transactions.

 

Audit Insurance

The founders of ASPL were involved in the creation of the first Tax Insurance product in 1989 and the creation of the modern day, much broader Audit Insurance product launched in 1997.

Today, ASPL is the only intermediary to have access to three competing FSRA/ASIC approved products provided by three leading insurers. We don’t market just one product because the needs of accountancy firms vary.

In addition, there’s also a specialist product tailored for the needs of Self Managed Super Funds.

The products cover professional fees incurred to prepare and respond to an ‘audit’ (the term varies across all three products) undertaken by a State or Commonwealth Government Agency that administers various forms of tax, duty, imposts, superannuation and workers compensation.

The products are primarily targeted at accountancy firms and their clients that include Individuals, Self Employed, Trusts, Self Managed Super Funds, various Business & Trading Entities, Associations, Organisations, etc.

There’s a choice of ‘blanket’ cover (all clients covered) or ‘client opt-in’.

The upside for accountancy firms include providing a value added service; ties the client to your firm as they have to use your firm to access the payment of your fees; more prompt payment by the insurer; fully recovering fees incurred, rather than having to discount due to client relationship pressures; and enhancing fee income and cash flow. The upside for accountancy firm clients is access to paid professional assistance when being audited.

Insurance Bonds - www.aussiebonds.com.au

Insurance Bonds replace the need for Bank Guarantees required under various types of contractual agreements. Whereas Bank Guarantees ‘tie up’ working capital and are ‘on balance sheet’, Insurance Bonds ‘free up’ working capital and are ‘off balance sheet’.

Whilst Insurance Bonds come in all different shapes and sizes, the Global Financial Crisis has seen the withdraw of several global insurers from this type of product and the acceptance criteria tightened by those remaining.

The more typical types of Insurance Bonds are:

• Residential / Commercial Deposit Bonds - replace the need for cash deposit or bridging finance with respect to residential and commercial real estate purchase

• Commercial Lease Bonds - allows tenants to replace ‘bank guarantees’ lodged with landlords with ‘insurance bonds, thus freeing up additional working capital.

• Development Application Bonds – where a household or developer has to provide a ‘dollar’ surety to a local council as part of their Development Application.

• Commercial Rental Guarantee Bonds - allows landlords to cover any shortfall in monthly rental income where a tenant defaults and a replacement tenant has to be found and, hopefully, at the same level of rental income.

• Collateral Shortfall Bonds – Enhances the LVR level offered by a financial institution to a level more acceptable to the budget sought by a commercial property developer or landlord.

• General Bonds (i.e., Performance, Contractors, Maintenance) – where a ‘dollar’ surety is required as part of a contractual agreement and use an insurance bond, rather than ‘bank guarantee’.
  

Fee Funding (‘FF’) – www.feefunding.com.au
(at present limited to accountancy and legal firms)

The concept of Fee Funding arose from the wide spread use of Insurance Premium Funding utilised by over 60% of SMEs across Australia where annual insurance costs are spread over 10 monthly instalments. Fee Funding instalments range from 6 to 12 months.

Fee Funding is a smarter option than factoring or discounting facilities as the professional firm receives 100% of the Tax Invoice being funded and there are no operational costs.

The upside for accountancy and legal firms is quicker collection of fees; enhanced cash flow; time saved on debtor management; and no costs to establish the facility.

Instant Profits (‘FF’) – www.instantprofits.com.au

Whilst many SMEs are forced to have Property Insurance due to banks being involved in funding some of the assets, few SMEs adequately cover loss of income following a material loss. SMEs are already experiencing tight cash flow and limited cash reserves which gives them limited wriggle room if their business is impacted by property damage.

With Instant Profits, insured clients promptly receive pre-agreed weekly payments following a loss that allows them to rescue the business and return to pre-loss trading levels as quickly as possible.

Accountancy firms have a vested interest to ensure their client’s survival, plus Instant Profits pays accountancy firms to play an active role in assisting the client recover their business.

 

If we can be of assistance, please contact us.

Audit Services Pty Ltd
ABN 93 108 815 194
Suite 2, Level 7, 541 Kent Street, Sydney NSW 2000
PO Box 20756, World Square, NSW 2002
P: (02) 9261 4228 F: (02) 9261 4229
audit@auditservices.com.au