Do you have a Self Managed Super Fund? If so, who performs the accounting and auditing? Outsourcing these functions not only saves a lot of time but means that you are also compliant. Read below for more details.

SMSF processing and auditing is a complex job and it is something that many companies are struggling with. 

There is a lot of compliance and documents required to ensure that people are operating in accordance with the SMSF regulations.

This is not really something that the average company can do in-house. For this reason, outsourcing has become far more common. 

If you’re looking for an SMSF auditor in Melbourne to outsource your SMSF accounting services, then you should first examine your needs.

This will ensure that you get the exact service that you require.

For example, is it preparing a return or your annual financials or more detailed end-to-end outsourcing solution that you need?.

The core services can be broken down into a few different categories:

• Preparation of annual financials or tax returns
• Preparation of benefits statements and other documentation
• Backup documents / files
• Preparing fully-referenced papers in anticipation of an audit
• Preparing trustee resolutions, minutes and other documents
• Procuring actuarial certificates

How Much Should You Outsource?

Depending on the way you handle your accounting and taxation, it may be cost-effective to outsource the whole service.

Or, you may prefer to simply outsource some of the more ‘paperwork heavy’ elements of the job. 

Outsourcing to SMSF accountants can save many companies as much as 45% compared to paying an internal employee and taking on the burden entirely yourself.

With an efficient workflow for uploading processing and updating SMSF accounts, it is often more efficient to have an external specialist work on it for you. 

Pre-audit assistance can take away a lot of the stress leading up to an SMSF audit. 

The fines for non-compliance can be severe, and perhaps the biggest need that people have when it comes to outsourcing is the need for peace of mind that all of their documentation and their auditing paperwork will be completed accurately, truthfully, and on time. 

Why waste your business’ time on doing a job that will take you forever, and that could be error-prone when an expert team can handle it for you far more easily?

As SMSF auditors, we offer a flat-fee service that covers SMSF funds and that is available to any tax agent that can supply enough funds to qualify for the service. 

We streamline our work to meet the needs of busy people dealing with SMS funds. The outsourced auditing services include:

• Cloud-based to save time and hassle.
• Hosted on secure servers to comply with recent regulations.
• Run to a quick turnaround time.
• Flexible to cater to a wide range of funds.
• Managed by fully certified and diligent auditors.

SMSF Consulting services may be considered expensive, and it can be hard to understand exactly what needs to be done. 

However, many novices make the mistake of thinking that SAGE, MYOB or other software is all they need and that they can get the job done themselves.

It is not a good idea to try to DIY SMSF accounting. There are many potential pitfalls in terms of security, reporting requirements, taxes, and more. 

There is far more to managing an SMSF than just filing the actuarial certificate and the SMSF annual returns.

A good outsourcing service will handle operating statements, notes to financial statements, and statements of financial position, as well as all required super fund reports and member benefit statements. 

These statements can be a confusing minefield and it is easy to overlook some of them. 

Most people do not need an SMSF accountant on a full-time basis, however, outsourcing an SMSF admin to provide accounting assistance on a part-time basis, or as-needed around reporting and audit times can be a wise move.

If you are looking to establish a Self Managed Super Fund, or need to have your Self Managed Super Fund audited, then look no further than SMSF Pro.

SMSF Pro has years of expertise in the Self Managed Super Fund arena and is able to conduct quick and independent SMSF audits for a flat fee.

Please call us today on 1300 023 374 or message us through our website for all your Self Managed Super Fund requirements.