With the Tax Practitioners Board (TPB) introducing stringent identity verification requirements, accountants across Australia are grappling with the operational implications. In this post, we’ll delve into the TPB’s requirements, provide a step-by-step guide for manual compliance, and then showcase the ROI of adopting StackGo’s software solution, IdentityCheck.
The TPB Identity Verification Requirements
The TPB has mandated that all registered tax practitioners verify the identities of their clients to prevent fraudulent activities. This involves collecting, verifying, and securely storing proof of identity documents, periodic re-evaluation, and maintaining detailed records.
Manual Compliance: A Step-by-Step Guide
- Client Onboarding: Inform new clients about the verification requirements and provide a list of acceptable documents.
- Document Collection: Collect necessary identity documents from clients and ensure they are genuine.
- Document Storage: Use a secure system to store records or copies, ensuring restricted access.
- Periodic Re-evaluation: Regularly re-evaluate well-established clients and maintain detailed records.
- Follow-up: Address any discrepancies and obtain additional documents if needed.
Time and Cost Implications
Setting up and operating the manual process can take between 11-19 hours initially and 8 hours monthly for onboarding 5 clients among 4 accountants. With an average billable rate of $300 per hour, the monthly cost can amount to $2,400.
Enter IdentityCheck by StackGo
Consider IdentityCheck, priced at US$500 for setup and $30 monthly. This software promises to automate the entire process, eliminating manual effort. Want to see it in action? Watch our demo video, try the solution at no cost, or book a live demo.
For the first month, the ROI stands at a whopping 352.83%, meaning a return of $3.53 for every dollar spent. From the second month onwards, the ROI skyrockets to 7,900%, translating to a return of $79 for every dollar spent.
While the TPB’s identity verification requirements are crucial for maintaining the integrity of the tax profession, they do introduce operational challenges. However, with IdentityCheck by StackGo, not only can these challenges be mitigated, but firms can also achieve significant cost savings. The high ROI makes IdentityCheck a no-brainer for those looking to streamline their operations and ensure compliance.
Published by StackGo.