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SMSF Outsourcing the Easy Way
SMSF Outsourcing is becoming the way forward for accounting firms and financial planners to make the most profit from their client base whilst saving time and resources in-house for other important activities.
SMSFs (Self Managed Superannuation Funds) are easy to outsource since the data required is relatively the same in each case. Unlike company, trust or individual tax returns, that may need a lot of different data and be convoluted in nature. However, SMSF administration work itself can be quite complex work and a specialist SMSF outsourcing team can be very adept at efficiently processing SMSFs compared to your average in-house accountant.
There are important laws and regulations to keep abreast of and our SMSF outsourcing team are constantly updated on the changes and implications.
SMSF auditing is part of the overall compliance requirement so our SMSF outsourcing team can prepare excellent work papers and SMSF accounting reports to make it efficient for the SMSF auditor to do their job. You have a choice of using your own auditor, or if you prefer a one-stop-shop for all SMSF administration and audit work, BOSS has partnered with an Australian auditor (this ensures independence).
We have reached a level now with SMSF outsourcing where an accounting firm or financial planner does not have to do anything except handle the client relationship and pass data to us. So you can outsource the SMSF administration and SMSF audit work and not even have to own BGL or any other accounting software. We just do the work: prepare a draft tax return (we can lodge this too) and prepare white label financial statements, member statements, draft letters to your client, minutes, pension calculations and the audit report. Of course you can brand all the documentation provided for the administration work.
BOSS provides the SMSF outsourcing service on a casual basis meaning there are no minimum hours you need to pay for and you can send work when you have it.
So in summary if you choose SMSF outsourcing with BOSS you can:
- Avoid unnecessary training of staff on SMSF issues
- Avoid buying and maintaining SMSF software
- Free up internal resources
- Have ultimate flexibility: pay for the work to be done when you have it not when you don’t
- Have a one-stop-shop for all your needs
- Improve the turnaround time of SMSF administration and audit
SMSF Auditors – Increase Profit and Offload Boring Grunt Work
Have you had enough of the laborious, tedious grunt work involved in auditing?
Do you have problems taking on more work because you are already overloaded?
Outsource the bulk of the SMSF audit process to BOSS and we will:
- Review the accounting job and working papers for you to ensure SIS audit compliance
- We will point out whether the fund meets all compliance points e.g. contribution cap and minimum pension.
- We will ensure you (the auditor) have all of the following before signing the audit report:
- Engagement letter signed by trustee
- Trustee Representation Letter
- Check whether the investment strategy is updated
- Check trust deed is updated
- Check whether all current year signed copies of financials received
- Check tax return entered correctly as per financials
- Inform you about any items missing in compliance as well as the above document
- Prepare Audit Work Papers
BOSS can provide the SMSF outsourcing service on a casual basis meaning there are no minimum hours you need to pay for and you can send work when you have it.
Have you read our articles too?
BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium SMSF outsourcing provider supplying well-trained high-quality accountants and bookkeepers. Call 1800 88 92 32 or email firstname.lastname@example.org for a FREE trial or to discuss your needs and how we can help NOW!