Accounting firms have been moving to SMSF outsourcing to increase their profits while saving time and only allocate in-house resources for essential activities. The data required for SMSF accounting is relatively the same unless it is filing individual, company, or tax return data. The similarity of the data makes outsourcing SMSF accounting an easy task.

Although the work incorporated in SMSF accounting and SMSF back office services can be difficult for a new or average company, the outsourcing team of SMSF accounting can do it quickly. A specialized team can focus entirely on matters revolving around SMSF, the trends and maintain the continually changing laws and regulations that govern SMSF accounting.

SMSF Auditing

SMSF auditing is an integral part of compliance requirements. Anyone running an SMSF accounting firm must ensure that a registered SMSF auditor audits the fund annually. An auditor analyses the validity and accuracy of an SMSF’s financial records and ensures that the funds comply with the SMSF rules and regulations.

Outsourcing to a professional team ensures that the right paperwork is submitted and all SMSF accounting reports are in order for the auditor to work seamlessly. When looking for a trustworthy auditor for transparency, one should look for credibility, rapid turnover times, and extensive knowledge of all SMSF accounting rules, security, confidentiality, and cost-efficiency.

In most cases, the outsourced team has a long-existing partnership with independent auditors to improve transparency. SMSF accounting and financial outsourcing ensure that the firm only handles client relations and can focus on getting more clients while not worrying about the workload.

Why should you give it a shot for outsourcing SMSF auditing service?

Offshoring or outsourcing is increasing in popularity for various professions and services in all industries, including financial services.

The main reasons for such popularity are:

• Substantial reduction in expenditure for the company
• Diminishing company outgoing costs
• Flexibility in terms of work assigning
• All services under one roof
• Avoid the training of new staff on SMSF services.
• An improved delivery time and turnover
• Access to international experts with extensive versatility

Substantial reduction in expenditure for the company

SMSF software is expensive and needs regular maintenance and support to stay updated. Outsourcing these requirements means that the firm does not have to invest in the software or technicians for maintenance, which substantially reduces their initial investment amount.

The company would be able to divert these resources to other essential business prospects or projects. SMSF accounting and finance outsourcing allows the company to act as an intermediary by handling its client data, delivering it to the outsourcing team, and providing the client with complete work.

No Staff Training

SMSF accounting and finances require extensive training to accommodate all the constant updates on policies and regulations. SMSFs involve a wide array of activities that include auditing, tax returns, pensions, trust revive accounting, and many more. These different services require your staff to be regularly trained to handle all SMSF issues and provide a professional and efficient SMSF service.

Outsourcing leaves this task to an expert team that allows the company staff to concentrate on satisfying a client’s core business requirements.

Flexibility

Outsourcing the SMSF services opens a whole new avenue for an accounting firm. The firm does not need to set aside a budget, time, or resources for its SMSF accounting requirements.

The management is only paying on a casual basis with no minimum or maximum hour charges by outsourcing. Payment is based on the amount of work sent and the amount of work done.

Turnaround time Improvement

A team of experts is always equipped to handle urgent requests and deliver quality work simultaneously. Depending on the staff strength and in-house accountants, there may be delays in the process. In contrast, the data is processed for review and if the paperwork is in line with the SIS audit compliance for minimum pension and contribution cap.

Outsourcing to a specialized team improves the turnaround time as they have the workforce handle these extensive situations in the shortest time frame in a very efficient manner.

Most of these outsourced teams divide the work into small chunks before they start the auditing in groups like:

• Getting an engagement letter signed by the trustee
• Acquiring trustee representation letter
• Ensuring the updates in investment strategy
• Checking on updates for trustee deeds.

To conclude

In recent times, accounting firms have a busy schedule and can face difficulties coping with the workload of several clients at once. For such predicaments, outsourcing your accounting and financial requirements for SMSF accounting to trustworthy teams would ensure effective and cost-efficient solutions to all your accounting troubles.

To find out about how ABS can help your firm streamline your working process, and improve your client base with reduced overhead costs, get in touch with our experts at  +612 7202 4930 or email us at sales@ascendum.com.au  `