Accountant's Minute 160
Welcome to Accountants Minute.
Unfortunately, the majority of SMEs are unaware of the potential consequences of ignoring the operations of the Personal Property Securities Register (PPSR).
Millions of dollars have been lost by SMEs and some big businesses through ignorance of how the Personal Property Securities Act operates.
If your accountancy firm is the “trusted advisor” (and I’m sure that this is how you see your role) for your clients, surely you need to be advising your clients, especially those in the “PPSA High Risk Categories” of the consequences of not registering on the PPSR – which could be very costly and, in some cases, lead to business failure.
Have you prepared a list of your “PPSR High Risk Category Clients”? The clients which could be classified as “PPSR High Risk Categories” would probably be involved in the following business activities:
Why not identify who these clients are and then have a meeting with each of these clients to advise them that “personal property” is in fact “business property” and, even though they own the assets or owe substantial amounts to banks or financiers for those assets, they could lose those assets if they have not registered their customer, or the business that they are dealing with relative to those assets, on the PPSR.
You could discuss some of the problems that have been documented over the last few years including:
These problems cost those businesses a lot of money, time and worry. You wouldn’t want any of your clients to go through these problems, would you?
SMEs need help from their “trusted advisor” to help overcome their PPSR ignorance.
Businesses in the “PPSR High Risk Categories” will benefit from accountants conducting a PPSR Due Diligence Review annually or more frequently if there has been staff changes within the client’s business.
ESS BIZTOOLS has developed a complete PPSR Due Diligence Package to assist accountants to undertake the review process. The indicative fee for the annual due diligence review is around $900 plus GST.
The ESS BIZTOOLS’ Personal Property Securities Register Product Package is available for an individual subscription of $550 including GST – for details click here.
The package is also available as part of the ESS BIZTOOLS’ Silver Package which is the featured “New Financial Year Promotion” with a 25% discount for 24/7 access for 12 Months of $1,641.75 (incl GST) (Normally $2,189) – for details of the Silver Package click here.
If you would like to view a 40-minute webinar on “Personal Property Securities Register Due Diligence” click here.
You are invited to attend our FREE webinar series featuring other product packages available from ESS BIZTOOLS for individual subscription or you can obtain access to all of the individual product packages as part of the Silver or Gold packages:
If you have any questions, please do not hesitate to send me an email – email@example.com or telephone me on 1800 232 088.
Watch out for the next episode of "Accountant's Minute" or subscribe to the podcast on iTunes for more news, ideas and tips on providing outstanding non-compliance services to SME clients.
Episode 160 - PPSR Ignorance – SMEs Need Accountants Help!
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As their trusted advisor, can you assist your SME clients with business advisory services?