Why outsource?
According to the latest statistics released by the Australian Taxation Office, there are well over half a million self-managed super funds now in operation. The exact number of SMSFs (as at June 2015) was 556,998 and thousands of new SMSFs are being established every quarter. Preparation of Financial Statements and Taxation Returns for SMSF clients are becoming another increasingly onerous compliance task for Accountants.
The SMSF market has become highly competitive and Trustees of SMSFs are more acutely aware than ever that high fees need to be justified and must represent value. Accounting Firms are feeling the strain, with high in-house wages and the time spent by your employees filling in forms and entering data becoming an expensive luxury.
SMSF Outsourcing is the way forward for Accounting Firms and Financial Planners to maximise value from their client base. It will save time and allow precious resources to be reallocated to more value-adding activities.
SMSFs are easy to outsource, unlike companies, trusts or individual tax returns, due to the specific nature of the data required to prepare the Financial Statements and Tax Returns.
Whilst SMSF administration work can be quite complex, a specialist SMSF outsourcing team can be very adept at efficiently processing SMSFs compared to your in-house Accountant.
There are significant legislative regulations that must be kept abreast of and our SMSF outsourcing team are constantly aware of the changes and their implications.
So, if you are looking for new ways to increase the value of your firm’s SMSFs and improve the service to your SMSF clients, you would be well advised to consider outsourcing.
OUR SIMPLE PROCESS
FOUR KEY ARES OF OUTSOURCING YOUR SMSF WORK
SETTING UP AN SMSF
SETTING UP AN SMSF IS MORE THAN TAKING THE STEPS TO GET IT ESTABLISHED. WE WILL ESTABLISH AN SMSF TO SUIT YOUR CLIENTS’ REQUIREMENTS.
FINANCIAL COMPLIANCE
WE HAVE VAST EXPERIENCE IN PROVIDING COMPLIANCE SERVICES TO THE SMSF INDUSTRY, WHICH HAVE BEEN DEVELOPED OVER MANY YEARS.
SMSF TAXATION AND AUDIT
YOU CAN FOCUS ON YOUR SERVICE RATHER THAN ON SMSF COMPLIANCE. CLOUDFORCE IS YOUR ‘WHITE-LABELLED’ COMPLIANCE SOLUTION.
DATA PRIVACY AND SECURITY
YOUR OUTSOURCED ACCOUNTING DEPARTMENT IS CAPABLE OF PROVIDING A HIGHER LEVEL OF SECURITY, PRIVACY AND BACKUP SYSTEM THAN YOU WOULD BE ABLE TO ACHIEVE IN-HOUSE.
For more information, go to our Resources Section