Over the years, accounting firms have been moving towards SMSF outsourcing to maximise their profits while they save their time and allocate in-house resources for essential activities.
Unlike filing individual, company, or trust tax returns, data required for SMSF accounting is relatively the same; which makes outsourcing easier.
Work involved in SMSF administration can, however, be complicated for the average company accountant but easy for an outsourced SMSF team.
A specialised team is able to solely focus on matters surrounding SMSF, their trends, and keep abreast of laws and regulations governing SMSF accounting, which are continually changing.
When a company decides to outsource SMSF accounting services, it can:
SMSF software is expensive and requires regular maintenance services to keep it up-to-date.
Outsourcing means that the firm does not have to invest in the software or pay for extra fees to technicians for maintenance services.
A company is also able to divert its resources to other projects and departments.
The company can simply act as an intermediary by handling its client’s data, pass it on to the outsourced team, and submit back to the client complete work.
SMSF accounting needs constant training to accommodate frequent updates on policies, rules, and regulations.
SMSFs involve a wide variety of activities like auditing, tax returns, pension, investment, and trust revive accounting.
With these different services, it means that your staff will need regular training to handle SMSF issues professionally and proficiently.
Outsourcing leaves the tasks at hand to the team of experts hired and allows the company staff to focus on satisfying their client’s core business needs.
A firm does not have to set aside a budget, staff, time, and resources for SMSF accounting procedures.
By outsourcing, management only pays on a casual basis; there is no minimum or maximum hours charged. Payments are based on the amount of work sent.
A team of experts is well-equipped to handle urgent requests and at the same time, deliver quality work.
Depending on the in-house accountants, there may be delays in the process while they go through the data review process and determine if the paperwork is in line with SIS audit compliance, like the minimum pension and contribution cap.
Outsourcing to a specialist team improves the turn-around time because they have the workforce to handle any particular case in the shortest time frame.
Most of these outsourced teams subdivide the work into small chunks before audit paperwork starts like:
Outsourcing gives an all-in-one experience for SMSF administration tasks. It reduces the burden of hiring different staff members to perform various activities.
Outsourcing guarantees that everything is handled together, and there won’t be conflicting data later on.
Outsourcing SMSF accounting not only saves you money but also allows the company to focus on sensitive aspects of the business and at the same time, be confident that data integrity and safety are ensured.
SMSF auditing is part of a compliance requirement.
Outsourcing a professional team ensures the right paperwork is submitted, and all SMSF accounting reports are in the correct order for auditors to do their jobs.
In most cases, the outsourced team has partnerships with independent auditors to enhance transparency.
Outsourcing SMSF accounting ensures that the firm only handles client relationships, and it can focus on getting more clients without worrying about the workload.
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.
Please call us today on 1300 023 374 or message us through our website https://smsf-auditor.com.au/contact/ for all your Self Managed Super Fund requirements.