Economic

Economic Policies and Procedures - Economic Policy

Policies are formal documents outlining how an organisation intends to conduct its business and how it will act in specific circumstances. It is generally a one-page document containing company name, signature, date, name and title of person signing and includes a document control version. Need to identify with contractor what is realistic.

Reason

Economic policy is to be signed by the person conducting the business or undertaking (PCBU or their representative) explaining the organisation's commitment to sound financial management.

 

Economic Policies and Procedures - Economic Procedure

Procedures clearly document how policies are integrated into the management system. They set out in detail how policies will be implemented, by whom, and state when they will be reviewed and revised as required.

Reason

A relevant quality control procedure is available and applied which documents how quality control is addressed and managed.

 

Economic Risks and Responsibilities - Business Description

Business can demonstrate that it is a registered entity and provides a description of key services it offers.

Australian Business Number

ABN registration is current and valid.

Description of services

A description of the key services offered by the business has been provided.

 

Economic Risks and Responsibilities - Business health and solvency

Business has records to demonstrate its financial health and solvency.

ATO Statement of integrated accounts

Evidence is provided on health and solvency of the business, through providing a statement from the Australian Taxation Office that the integrated accounts are in order. This criteria addresses requirements of the business through the Corporations Act and Director's Duties.

Statutory declaration on Superannuation payments

Evidence is provided on health and solvency of the business through providing a statutory declaration that superannuation payments are up to date. This criteria addresses requirements of the business through the Corporations Act and Director's Duties.

 

Economic Risks and Responsibilities - Insurances

Business has identified key risks and has adequate insurance cover.

Professional Indemnity

Evidence of Certificates of Currency that include type, coverage limit or value, and date of currency of insurances. WHS Act, Civil Liability, Competition and Consumer Act, Independent Contractors Act.

Public Liability

Evidence of Certificates of Currency that include type, coverage limit or value, and date of currency of insurances. WHS Act, Civil Liability, Competition and Consumer Act, Independent Contractors Act.

Workers Compensation

Evidence of Ce1tificates of Currency that include type, coverage limit or value, and date of currency of insurances. WHS Act, Civil Liability, Competition and Consumer Act, Independent Contractors Act.

Motor Vehicle and Other Equipment Insurance

Evidence of Certificates of Currency that include type, coverage limit or value, and date of currency of insurances. WHS Act, Civil Liability, Competition and Consumer Act, Independent Contractors Act.

Product Liability

Evidence of Certificates of Currency that include type, coverage limit or value, and date of currency of insurances. WHS Act, Civil Liability, Competition and Consumer Act, Independent Contractors Act.

Other

Additional insurances that exist for the business can be recorded here.

 

Economic Training - Training

Organisation has identified training requirements for the development of a professional business acumen. Examples of what this includes needs to be determined in consultation.

Reason

Number of hours for professional development (short course, qualification, non-accredited training) in financial and/or general management. Best practice and commitment to professional business acumen.

 

Economic Records, Audits and Investigations - Independent financial declaration

Evidence is provided that quality business records are maintained to meet legal and other financial obligations through providing a declaration from a financial advisor that the business meets its financial obligations. This criteria addresses requirements of the business through the Corporations Act and Director's Duties.

Reason

Declaration by financial services advisor annually that business is maintaining good records and operating according to sound business principles.

 

Economic Records, Audits and Investigations - External assessment of business

Evidence that business meets service delivery standards and maintains a good trading record.

Testimonials from clients/customers

Testimonials from 3 customers who have used your services. This contributes to effective promotion and marketing of the business and increases confidence in the business.

Testimonials from trade references

Testimonials (renewed annually) from 3 trade references. A trade reference should come from someone with whom you have done some business, ideally someone who you have owed funds to on a credit account basis. This contributes to effective promotion and marketing of the business and increases confidence in the business.