Home > Publications > Newsletters > Newsletter 2

Newsletter 2
November 2001

From the Editor

Dear Reader,

The response our office received after the first issue was most encouraging. We received various comments and suggestions and, as far as possible, these will be implemented as from this issue.

We also received many enquiries from friends we did not know we even had, friends of friends who, after reading the first issue sent us an e-mail requesting to be included on our mailing list. All requests will be accommodated.

This is the beauty of the internet. It makes the distribution of information much more cost effective and accessible. As Mr.Bill Gates himself once commented……”the internet is enhancing the democratic principles throughout the globe by making it possible for anyone with anything to say, to say it to a world wide audience without the need of too much funds and/or political clout”

Our office has always been in the forefront in the use of technology around the work place and we can boast that we are now practically a paperless office.

Besides reducing our running costs, this probably also makes us more ENVIRONMENTALLY FRIENDLY.

We hope that this issue will, once again, be of interest to you all.

Regards

George Farrugia
22th November. 2001.

Office News

In line with our policy of continually investing in the latest technology, this month our office will change over to PRO COST office management software. This exercise, started about 6 months ago, has now been successfully completed.

This new software will assist the partners to better manage the jobs in hand. It will also facilitates the preparation of a multitude of reports that will help us give a better service to our numerous clients.

The first indication to our clients of what is happening will be the new format of our PAYMENT REQUEST and the monthly STATEMENT. The new and more attractive design and format will soon become familiar to one and all.

Apart from the investment in the software itself, this exercise has involved innumerable hours of hard work for partner FRANCO AZZOPARDI who was in charge of the change over. He was assisted by partner NICHOLAS FALZON, who heads our Information Technology department.

Anyone who has gone through this process will appreciate the countless headaches one has to go through to successfully complete such an exercise. Both Franco and Nicholas can be very proud that they not only finished the exercise, but they did so without the need to interrupt any of the services to our clients.

Once again, well done.

Office Closure

Our office will be closed for the Christmas holidays between 22nd December, 2001 and 6th January, 2002 . Clients can still reach us, in case of urgent need, through e-mail
.

M.G.I news

M.G.I. is an international association of accounting and consulting firms. It is represented in over 60 countries throughout the world with a total of over 280 offices.

Our office was appointed M.G.I. member on 1st January,1993 after undergoing a rigorous quality control review. These reviews are repeated every three years and are aimed in ensuring that members adhere to the highest level of quality in both technical standards as well as professional approach .

During these nine years that we have been members we have benefited from the International Dimension that such membership gives to any office.

Our clients have also benefited, many of them even directly. Through our affiliate offices throughout the globe we have managed to secure investment partners, sourced material suppliers and also located export markets for clients who approached us with their needs.

Unfortunately not all our clients are aware of the opportunities that our membership in M.G.I. presents to them. Perhaps this is partly the fault of our own office in not promoting our International organization strongly enough.

In trying to rectify this weakness, the partners are at present visiting each and every one of our clients in order to elaborate on the benefits that our membership in M.G.1.can bring to their own business organization.

Anyone wishing to know more about M.G.I. is welcome to visit our international web site on http:// www.mgi-world.com.

Here one can download the DOING BUSINESS IN MALTA booklet published by our office as well as many similar publications published by our offices throughout the world.

Season’s Greetings

The month of December is, once again, with us and with it the Christmas season.

We therefore take this opportunity to wish all our clients, friends and colleagues throughout the world the best for the festive season. May the coming year provide them with even more success, peace and happiness.

The above picture shows “ A Chime for a Child” the original artwork featured on the firm’s Christmas card. This is the work of the local young and budding artist – Miss Melanie Mizzi who was commissioned by the firm to create an original and imaginative design for our card. The production and printing of the card was entrusted to BPC International Limited.

Mailing list

This publication is primarily intended for distribution to our clients, friends and colleagues throughout the world.

Anyone wishing to receive a copy can drop us an e-mail at gfcltdkeyworld.net and we shall include his name on our e-mailing list.

Insurance

Recent experiences amongst two of our clients have highlighted the importance of proper advice when purchasing proper insurance covers.

By proper cover we do not mean that the monetary value is enough to cover the risk, but more importantly that the Policy actually covers what you have in mind and possibly also what you do not.

For example, how many of you know what documentation needs to be presented to your insurers in case of a claim on stocks or of fixed assets? I am sure there are quite a few who have never bothered to ask this question to their insurers.

I believe there exist a few other pit falls in any insurance policy of which the insured will never become aware until he/she goes to make a claim. And as most of us know very little about insurance, we never know the right questions to ask.

Like all other areas, insurance today has become a specialist profession and we recommend that before anyone signs on the dotted line and parts with his/her money, he or she should if possible, seek professional advice.

The use of INSURANCE BROKERS is becoming more popular on the local scene as policies become more complex and premiums more expensive.

The advantages of using a broker include:

• Better advice in case of problems with your insurance company.
• Better insurance cover since the broker can advise on what you need and what is superfluous,
• Better prices since he will shop around on your behalf and present you with several insurance policies to choose from.

REMEMBER a broker does not sell insurance.

And BETTER STILL this is probably one of the
few services on earth that the client gets and which someone else pays for since the broker is paid by the Insurance Company from which you decide to buy your policy from. This payment is normally in the form of commission .

Social Corner

In July, the staff decided that they needed a well deserved rest after the successful completion of all the June deadline assignments.

Here they are seen at a restaurant known for its EAT AS MUCH AS YOU CAN policy.

Two of the partners had to give this meal a miss, which probably accounts for the lower bill on drinks.

Another member of the staff (who shall remain nameless) had to stay away on orders of her gym instructor.

From the photo one can easily deduce that we missed them a lot.

Regards to all
Omar Azzopardi

New Telephone Numbering System

Our international friends are to note that MALTACOM has, from this month, introduced the 8-digit system for phone numbers in Malta by the addition of the 21 digits infront of the old numbers.
Anyone wishing to contact our office, please note this change.
: