Choosing if and when to outsource SMSF accounting can be a difficult decision – but it doesn’t have to be!
When considering outsourcing your SMSF administration, these are the points to keep in mind:
1. How will it affect our current staffing levels?
If your SMSF department has grown, outsourcing the excess work will save you the time and cost in hiring and training extra staff. Alternatively, you may be able to free up existing staff to redeploy to other areas of your business.
SMSF Outsourcing is also a flexible tool if you only need assistance in the short term to cover time such as parental leave or staff illness.
2. Do we need the specialised knowledge?
SMSFs have a whole new sector of law and compliance to deal with on top of the standard tax and financial laws your staff are used to. It can be expensive and time consuming to train staff up to the standard required to competently administer SMSFs.
Falling short of the standards could have disastrous consequences for your clients. Outsourcing to specialised SMSF accountants, administrators and auditors negates this risk for you.
3. Is it cost effective?
Unlike directly hiring staff, by outsourcing your SMSF administration you do not need to worry about employee entitlements, SG payments, and scheduled leave. SMSF Australia offer a range of options so you will always know how much the arrangement will cost up front with a payment schedule to fit in with your firm’s cash flow.
4. Will I still have control of my client and data?
Arguably the most important point to consider – who has the ultimate control and how secure will my client data be?
While this will vary between SMSF outsourcing options, SMSF Australia is a complete white label service. We will always only liaise with your firm and remain completely anonymous to your clients unless you arrange otherwise.
This means you still maintain complete control of your client relationship; we also offer a non-compete arrangement for a further peace of mind. All our systems and software are compliant with the ATO’s framework for products or services that read, modify or route any tax or superannuation related information. All client information is then securely stored and backed up on a regular basis.
5. How will we communicate our needs? Will there be any issues in contacting anyone?
This is an issue that often rears its head when dealing with offshore outsourcing when severe time zone differences can make regular communication difficult. Unlike many of our competitors, SMSF Australia is completely Australian based.
All work is completed onshore and we are available via email and phone during usual Australian business hours. We are always open to arranging face-to-face meetings where requested.
6. Will there be any issues with the quality of the work provided?
As SMSF Australia is 100% onshore, our staff are all trained in Australia to Australian standards. We are members of the Tax Institute Australia, SMSF Association and registered tax agents. Most importantly, you will always have the final say on the final product before it reaches your clients!
If you are still unsure, or feel you need to discuss any issues you may have with SMFS administration outsourcing, we are always happy to have a no obligation chat! Call us today on 1300 392 544 or get in touch online.