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    Lee Court

July 21, 2015

How to Sell SMSF and How to Work with SMSF Outsource Solutions


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How to Sell SMSF and How to Work with SMSF Outsource Solutions

SMSF accounts continue to gain steam as a way for Australians to manage their own retirement-oriented funds. The Australian Tax Office’s year-end stats show that the Funds are also pushing age boundaries, appealing more and more to the younger set in their mid-30s. That means there is a lot of work to be picked up by your firm – but can you handle the sudden growth? If you’re not sure take a look at SMSF outsource solutions to see how they can work for you.

Selling SMSF to Your Client Base

First things first. How do you get your clients (and potential future clients) interested in SMSF accounts?

SMSFs give investors an amazing amount of control over how their retirement funds get invested. This means they are at the controls in the investments both from a purely financial perspective, and also in an ethical sense. If your clients don’t want their money going to companies whose practices they object to it’s as simple as saying “no.”

But now this is where your firm (and SMSF outsource solutions) comes in. First of all, any financial investment endeavour always benefits from some expert advice.

Second, there is tax work involved with SMSFs, just as there is with any other source of income. Your clients have you handle their tax-related affairs for all other sources of income, so this is just one more task to add to the list. You’re the firm that’s going to keep helping them get the most bang out of their bucks come tax season.

Third, SMSF taxation requirements are complicated. So your clients are going to need an expert to keep up with the ever-changing regulations. And so will you. SMSF outsource solutions helps you keep pace.

SMSF Outsource Benefits

SMSFs are still in their infancy. That’s reflected by the constant shifts in regulations as the government figures out how to shape the funds to everyone’s benefit.

It’s a lot to keep up with. Especially if your firm is A. handling a lot of other compliance work and B. putting time and effort into getting the word out that you’re ready to handle SMSFs.

But you’re in luck – your outsourced accountants are already up to speed and constantly updating their procedures to reflect real-time changes in SMSF rules. That means you don’t have to cram studying the regulations into your already busy schedule – your virtual team only requires you to collect the necessary data to get things started.

Once you’ve collected the data for your SMSF outsource solutions workers they will:

  • Keep client records up-to-date and immediately accessible to you via cloud computing and SMSF software.
  • Help you and your client optimise their tax configuration.
  • Submit financial and member contribution statements and prepare the tax returns.
  • Prepare all the forms necessary for an independent audit (as required by law).
  • Keep you and you client up to speed on any changes in regulations.

That’s a lot of work and knowledge you don’t have to take a crash course in. SMSF outsource solutions allows you to spend more time with your clients (and potential clients), leaving you to get caught up on SMSF guidelines at your own speed.

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium smsf outsourcing provider supplying well-trained high-quality accountants and bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

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Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 14, 2015

Getting On In The SMSF Game – SMSF Outsource Solutions


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Getting On In The SMSF Game – SMSF Outsource Solutions

The race is on. SMSF offerings are getting jumped on by Australians, meaning there’s an exploding market of SMSF compliance work for you to grab hold of. It’s a golden opportunity for you to expand an accounting of financial planning firm’s menu of services. But if money is tight it might seem like the price of expansion at this time is just too dear. Happily SMSF outsource solutions can take a lot of the sting out of helping your firm grow.

SMSF Outsource Set-up

BOSS’s overseas workers can help you right from set-up through to audits. Unlike SMSF specialty houses the virtual workers are in essence your employees meaning you’re never at risk of having your SMSF clients poached, cutting you out of the exchange.

Starting from the top, SMSF outsource solutions can aid you in setting up the SMSF company file including the creation of the particular funds’ account in your SMSF software of choice. (If you don’t know which software you’d like to use we can introduce you to the top choices in the field.)

If you opt for a dedicated accountant you’ll be able to set up checklists customized to your firm’s workflow processes and we’ll help you if you care to customize any of your work papers, be they paper or virtual.

You’ll also be able to quickly set up SMSF trust deeds, bank account applications, and set funds to rollover to the SMSF’s bank account.

Compliance

Your overseas workers are always up to date on current compliance regulations.  So if you’re just ramping up into SMSF outsource solutions and you’re not quite up to speed on all the compliance rules we’ll be happy to help you understand what you need to do to keep yourself from being exposed to compliance risks.

Taxes and Audits

Your virtual workers will prepare all income tax work statements, SMSF tax return forms, as well as all analyses of contributions.

At this point you’re ready to turn your SMSF outsource solutions’ work over to an independent SMSF auditor BOSS has a relationship with or we can forward prepared data to an auditor of your choice.

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium smsf outsourcing provider supplying well-trained high-quality accountants and bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

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BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

June 29, 2015

Are You Doing Everything You Can to Streamline Your Workflow?


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Are You Doing Everything You Can to Streamline Your Workflow?

Keeping any organization running at maximum efficiency can be a Herculean task for any manager or CEO.

And if you’re looking to expand your company in the future, you’re going to be adding more cogs to the machine – more specialized staff that has to integrate with other sections, more software that also has to be integrated, more services that have to be co-ordinated, and so on.

Here are 3 ideas we think will help you streamline your management efforts.

Informed Clients are Streamlined Clients

One major way you can keep everything running as smoothly as possible is to get your clients to help you. Specifically, you can coach them in how to be efficient in their transactions with you.

The problem-client is the one who passes over their information in a jumbled fashion – the dreaded “shoebox” client.

Worse still is the client who hands over the “shoebox” piecemeal, with chunks of file-changing information trickling in over time, right up to filing deadlines.

This results in staff having to work a portion of a file, then change gears to work a portion of a different file, then get back into the first one with new information, etc… Depending on your business’ workflow processes the transition times alone can be costing you time and money.

These clients aren’t malicious, just uninformed.

The best time to get clients up to speed is right from the first meeting. Tell them that it’s your firm’s practice to never commence work on any particular file until all the numbers are in.

You may be in for some grumbling; after all, it’s a bit more work for the clients to get all their ducks in a row before they turn them over.

But here’s your sales pitch – the policy has been implemented for their benefit because without it those transition times, and the time spent integrating late information into a file, can spike billable hours. Your policy keeps their costs down.

You can further sweeten the deal for them by providing them with some kind of schedule and an easy-to-understand “required information” list with boxes to be ticked off.

Integrate Your Processes

So you’ve promised your clients that they won’t have any nasty surprises in their billable hours – or you’re working on a flat rate. Either way, you’re watching the clock.

Here’s where your workflow may hit speedbumps:

  • Information lacking (hopefully dealt with in the above section).
  • Not enough personnel.
  • The wrong personnel working the wrong jobs (this includes talent that is not up-to-speed on certain services).
  • Various kinds of software being used where the output has to be translated before a file can move on to the next stage.

There’s all sorts of workflow software out there – try googling for “workflow software” or “team management software” or some combination thereof.

The more your business grows (both in services offered and in personnel) the more you’re going to want to have some kind of streamlined management system in place.

To make things easier on yourself you should look into outsourcing your services. Why? Because:

  • No training is necessary for the file work – all of your virtual employees are already up to speed on best work practices for any service you care to offer.
  • No in-house talent costs – furniture, rental space, benefits, headhunting costs, etc…
  • No staggered outputs from various sections. Once you’re set up, all you have to do is review the files at the end of the line.

Set Due Dates

There are 2 kinds of due dates you want to set.

The first kind of due date is for your talent, be they in-house or virtual.

This point may seem obvious to some, but there are some firms out there that have an “it’s done when it’s done” attitude.

The problem with this approach is that it makes it much harder for managers to see where workflow is getting slowed down. If you don’t have anything to measure a file’s progress against, how are you supposed to know if there’s a slowdown occurring?

Establish milestones throughout the process of a file moving right through from A to Z. At the beginning these milestones may be off by a significant amount – so the question becomes were you too ambitious or too generous with the deadline?

Keep adjusting these due dates until each section of the workflow is meeting them in the majority of cases.

Now, when you expand your services, you’ll be able to see which of the sections are getting hit the hardest.

As a manager, you’ll be educated as to where you should spend more effort and time improving your procedures, instead of just shot-gunning money at everything and hoping something works.

The other kind of due date you want to set is for your clients.

From our first point above about educating your clients, you’ve already informed them as to why you want to have all of their information in before you start on their file.

The other bit of information to give them is the date by which they should have that information in. This of course is for the obvious reason that files take time to process, but also that you may have follow-up questions that need to be answered before their file can be completed.

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BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

June 16, 2015

How to Choose the Right SMSF Outsourcing Partner


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How to Choose the Right SMSF Outsourcing Partner

The word is out in accounting circles that SMSF work can make for a nice boost to a firm’s bottom line. But just as with any other attempt at service expansion, there are risks to both your time and your firm’s finances. If you’re considering SMSF outsourcing as a way to mitigate those risks (and you should be) there are a couple of points you should keep in mind.

Why Outsourcing?

SMSF work can be fairly complex so if you’re not already familiar with the processes involved you’re going to need some training or at least a solid chunk of time to get yourself up to speed. That of course means that you (or your chosen employee) are spending time where you’re not working on billable files.

An alternative to SMSF outsourcing is that you hire new talent in that is already up to speed on SMSF work. But here again you’re spending time and money, in this case head-hunting for that new employee. Plus you’re going to have to spend even more time and money ramping up to accommodate new workers – furniture, computers, benefit packages, training in your firm’s particular processes, SMSF software, and so on.

Alternative number two is to shuffle the work off to an SMSF specialist house. However this isn’t a great deal because while on the surface you can say you’re expanding your menu of services to include SMSF work a big portion of that new income is going to go to that specialty house. In effect you’re merely a middle party between the client and the house – and middle parties always run the risk of being cut out.

On the other hand SMSF outsourcing puts the profits of the new service right in your firm’s proverbial pocket. The outsourced workers – all of them already fully trained – work directly for you.

They are, in essence, your employees, not a specialty house.  But these are employees you do not have to house, and you won’t have to keep upping the offers to keep them with you if the competition comes sniffing for SMSF-knowledgeable talent.

What You Want From An SMSF Outsourcing Partner

You put out the word that your firm is now accepting SMSF work. The SMSF beneficiaries/members send you their data. You pass the data on to your outsourced talent.

Your overseas workers work the data and report back on whether or not the particular fund meets compliance requirements such as the minimum pension and the contribution cap.

Your outsourced worker makes sure you (acting as the auditor) have all the required boxes checked before you sign off on the audit report:

  • Trustee Engagement Letter.
  • Trustee Representation Letter.
  • Ensure that the investment strategy is updated.
  • Ensure that the Trust Deed is updated.
  • Make sure that all of the current year’s copies of financials have been received.
  • Make sure that the tax return has been entered correctly as per financials.
  • Let you know if any documents or data is missing for compliance.

The SMSF outsourcing workers will then prepare the audit work papers for you and your clients.

There’s even an added sweetener – BOSS provides all of these services on a casual basis so you don’t have to pay for any sort of minimum hour requirement and you can send work whenever you have it.

That is an immense amount of grunt work off of your desk, all done for a fraction of the cost of working the file in-house.

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium smsf outsourcing provider supplying well-trained high-quality accountants and bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

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BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

June 8, 2015

Are You Limiting Your Own Growth?

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Are You Limiting Your Own Growth?

You’re determined that your business is going to grow like gangbusters this year. Every business wants to grow of course, but this is the year you’re really going to make things happen.

And that’s as far as you’ve gotten. You’re not sure what to do, how to plan, or how to work with your people to achieve your overall goal of growth.

You’re right in that this growth, and the desire for growth, has to emanate from you. You’re just not sure how to break down the growth into achievable and measurable steps that are practical and workable instead of just having a vague overall goal.

So let’s help you figure out just what exactly “growth” means for you and your business and what steps you can make to achieve it.

Where Are You Now?

In order to understand where you want to go you’re going to want to know where your business sits now.

Where are your sales at? What’s your ROI on marketing?

If you’re aching for growth then obviously these numbers are not where you want them to be. Here’s an important point – when you approach your sales or marketing people it’s not to pressure them into upping their game – they’re already doing their job to the best of their abilities.

Do this instead – go to them with the goal of finding out how you can help them. Your questions won’t be about why they’re not delivering numbers that you want; rather you’re there to ask them what single point (or two points, or three) makes your product or service harder to sell than it should be.

Or do they feel that your current marketing or branding tactics aren’t clear on what you’re selling, or are they not clear enough about what pain points they alleviate for customers?

Find out what they need – don’t demand from them what you want.

Where Do You Want to Go?

Now it’s time to get measurable goals down on paper. “Growth” is not something you’re going to be able to measure with a milestone.

Be specific. Let’s say you choose to double your net profit while maintaining the same marketing budget you have now.

Can you break this down further, into smaller milestones? Breaking steps down into smaller chunks will present you with more achievable steps. Each step will now have a variety of possible methods to achieve them. That’s far easier to work with than one big goal of “growth” – plus you’re going to feel good each and every time you cross another one of those sub-goals off of your calendar.

These smaller steps will also help identify who needs to work on which problems. Some of these steps will identify with marketing, others with admin. You’ll have a much better grasp of who can help you deal with which task.

You’ll also be able to see where to steer any additional investment dollars. Every dime you put into your tasks will have a much greater ROI than just throwing money at the company as a whole in the hope that “growth” will occur.

Top-down Streamlining

So you’ve made your list of smaller tasks identifying the hurdles that are slowing your company’s growth. Now physician, heal thyself.

Clearing up leadership hurdles is going to make going down the corporate tree so much easier for you. If you’re streamlined you’re going to be far more productive and you’ll have the added bonus of your people seeing you working on yourself instead of only on them (which looks a lot like passing the buck).

How do you know what department a hurdle belongs to?

  • CEO – Your company’s actions don’t match your stated company values.
    Branding – You think your big selling point is X but customer reviews either don’t recognize that value, or even worse, they disagree, and your service or product is known for something else.
  • Financial – You simply don’t know where your money is going.
  • Management – You have a consistent turnover in quality employees. If there is constant churn then there’s either a compensation problem or your people are feeling their own career goals stagnate.
  • Marketing – You haven’t yet identified your core client base and what they desire most from a product or service like yours.
  • Sales – Your sales people aren’t confident when they relate your product or service to your client base.
  • Production/Service – Your customers’ reaction is “Meh” instead of “Awesome!”

Having identified the smaller hurdles, where can you get the most return in allocating your money or time? Where in the overall process is your product or service at its weakest?

Macromanage – Don’t Micromanage

You now have something substantial for your various sections to work on. And that’s the key – let your sections do the work. Let them own their hurdles – they’re going to feel like their work really means something both to their own career-building and to the company as a whole.

Your work here involves talking with the team to find out what you can provide for them to accomplish their sub-goals.

Aside from that do keep an eye on each team’s manager. Are they getting it done? If they’re struggling, is there anything you can guide them with or give them to help them out? Or are you perhaps discovering that you don’t have the right person in the team’s driver seat and that it’s time to try someone new?

Get Your Team Excited

Schedule a meeting or two. Share with your talent why you’re excited about what you hope to accomplish in the next 6 months, in the next year, what you hope to accomplish the year after that if you and your people achieve this year’s goal.

Let them know what it is they’re building and that their work matters. And let them know what they’re going to get out of it if they achieve this goal, and then the next goal, and so on.

Now Relax

You’ve set the ball in motion… now let it roll. All of your hard work in the previous steps can really only be truly undermined by one thing – you.

Yes there will be mistakes made. Every business is an ever-ongoing experiment, and experiments mean you’re going to have to sometimes learn the hard way about what not to do.

Expect the mistakes. Here’s where real leadership shines – yanking the rug out from under your people when something goes wrong says far more about your distrust than it does about your talent. Guide, yes. Offer help, yes. Blame, no.

Be vocal about leaving problems in your people’s hands – it’s a big show of trust. That faith is going to pay off when your talent works all the harder to correct mistakes in an effort to prove that they’re deserving of that faith.

That’s a sign of your people growing in their roles.

When your people grow, your company grows.

And that was the goal all along, wasn’t it?

Take care of your business anywhere with BOSS. Get started with your Free Trial today!

Would you like to know more? Visit https://boz.com.au/how-we-help-security-firms/

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BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

June 2, 2015

Get Your (Big) Piece of the SMSF Pie – SMSF Outsource Solutions


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Get Your (Big) Piece of the SMSF Pie – SMSF Outsource Solutions

The SMSF sector is blowing up and it’s looking like a very fine way to boost your firm’s bottom line. According to the ATO SMSFs now have total assets exceeding $505 billion. But as with any other expansion of your firm’s services you’re running into the usual roadblocks – time and the resources to either obtain new people to handle the SMSF accounts, or to train your existing talent. Which means it’s time to consider SMSF outsource solutions.

Possible SMSF expansion solutions

Hiring In-house Talent

Bringing in new in-house expertise is of course always an option. You’re going to need to put some time into finding available talent that’s up on SMSF set-ups, administration, taxes, auditing procedures, reporting, and any technical support that may be necessary.

So that’s a considerable chunk of your (or your HR section’s) time and money spent on the hunt instead of heading directly into SMSF outsource solutions.

And as with any other talent hired in you’re going to need to expand your infrastructure. You’re going to need new furniture, computers, you might need a new office for space (depending on how many people you bring in), added electric costs, and so on.

Since it’s looking like the demand for such expertise is going to remain strong for some time to come, you’re also going to have to keep upping your compensation game in order to keep your new talent from being poached by the competition.

Ditto for training up people you already have in-house. Once they have SMSF skills on their resume they’re going to jump up a few places on your competition’s “must-have” list. If they do get poached, you’re out all that training time and expense.

Partner With an SMSF Specialty House

Instead of going with SMSF outsource solutions you could look for a local specialised SMSF administration house. The problem here is that the expansion of your own firm is marginalized. A great deal of the effort you put into drawing new SMSF clientele doesn’t so much expand your firm as it does the specialty shop.

In essence you become a barker for the SMSF house. The benefits to your own firm are reduced. You’re not much more than a glorified middle-man or woman. You’ll have to put some care into your contract with the SMSF house to ensure that they can’t just cut you out of the deal entirely.

SMSF Outsource Solutions

Here’s where you get to make the most out of your expansion efforts. On your end of the equation you set up an account with BOSS and then spread the word that you now offer SMSF administration as part of your services. You collect the SMSF info… and that’s just about it.

You pass that info on and the rest is up to us (aside from the audits which are done by an independent Australian auditor). Since the outsourced workers are in effect your employees the SMSF services offered by your firm are indeed yours – you’re no longer a middleman or woman.

You can get a fuller picture of how SMSF work is handled between you and BOSS here.

It’s time to get your slice of the SMSF pie. BOSS wants to help you get the biggest slice possible.

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium smsf outsourcing provider supplying well-trained high-quality accountants and bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

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BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

May 20, 2015

How to Use an Outsourced Accountant to Help Focus Your Problem-Solving


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How to Use an Outsourced Accountant to Help Focus Your Problem-Solving

You can’t get your team to gel. You can’t expand because you can’t keep enough surplus cash in the bank. There aren’t enough hours in the day. These are all really big speed bumps on the road to expanding your firm. But you can get over them – and we’d like to show you how using an outsourced accountant can help.

The first step is to switch metaphors – let’s go from the road to the woods. If you’re having trouble overcoming the 3 big problems mentioned above then it’s possible you’re having trouble seeing the trees for the forest.

In other words, they’re not 3 big overwhelming problems – they’re 3 collections of much smaller problems. And those smaller problems are all manageable.

You can’t get your team to gel.

You’ve got a vision for your firm that you’d like everybody to be working toward. But you find you’re failing to get that vision across. Maybe you’re not a people person, maybe you’ve failed to recognize that your people have visions of their own they want to follow, or maybe you’ve just plain hired the wrong people.

An outsourced accountant is all about servicing your very particular demands. When you partner with BOSS to bring in remote talent you’re not hiring on people who are just looking at your firm as a stepping stone in their own career path; think of it instead as you’re buffing up the muscles that do the actual compliance work, leaving you as the head, the sole source of vision within your firm.

There’s really no such thing as “hiring the wrong people” when you call in an outsourced accountant through BOSS; you’re hiring a service as a whole and not individual members.

This means that your pool of in-house talent can remain smaller so you can spend a lot more personal one-on-one time with them, getting to know what they need in order to get them on board with boosting your own short and long-term plans.

You can’t keep enough expansion cash in the bank.

Growing your firm is going to take a significant chunk of change. You’re going to have to find and then train new people. You’re going to have to find space and equipment for them. You’re going to have to pay benefits. As you come to rely on them you’re going to have to do more and more to keep them in your firm instead of heading down the street to your competition.

But if you choose instead to use an outsourced accountant you won’t have to find people, and you won’t have to spend time and money training them.

You won’t need to find and rent new office space to make room for all of those extra chairs and computer desks.

You’ll never have to worry about boosting the enticements to keep your talent from wandering away.

That’s a whole mess of little problems swept away with one big broom.

There aren’t enough hours in the day.

Your firm’s other big expansion expenditure aside from money is time. It takes so much time finding each individual to bring on as in-house talent. And then there’s getting them up to speed on where they fit in your firm’s systems.

All of the little problems mentioned in the sections above are time-sucks unto themselves. Add them all together and you’re left with so little time to get to work on your awesome expansion ideas.

Hiring on an outsourced accountant partner is going to be your saviour here too. Just as outsourcing sweeps away a whole host of money problems, at the very same moment you’re getting rid of all those time-sucks in one easy action.

Multiple Problems, 1 Easy Solution.

Bringing on an outsourced accountant isn’t quite as easy as flipping a switch, but honestly it’s not all that far off either. And it sure beats trying to tackle those teeming multitudes of time-and-money-sucking problems one after the other instead of in one decisive move.

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsourcing provider supplying well-trained high-quality virtual accountants, outsourced accountants & bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

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BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

May 11, 2015

4 Tips to Getting the Most Out of Your Busy Tax Season


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4 Tips to Getting the Most Out of Your Busy Tax Season

We know the idea of trying to do even more during your busiest season seems like a bit of a stretch. It doesn’t seem to leave a lot of time for planning your future.

But we’d like to suggest that your busy season is also the best season for shaping up your firm’s overall strategy. Why? Because it’s at this time that you’re going to have the clearest picture of where your workflow builds blockages.

Here are 4 ways you’ll be able to use the tax return season’s busy pace to set your firm up for a healthy dose of both streamlining and expansion.

  1. Add Extra-Value Teasers.

    Here’s a way to make yourself look like a hero to your clients during the busy season – with every return add a little extra service in a note. If Client A is a small business owner, maybe mention that you’ve been giving some thought as to how to save them some money on inventory overhead. Or maybe Client B is self-employed, and you’ve dug up some ways they can save some money on a home-office set-up.

    You’re doing two major big things here.

    1. You’re personalizing the client. They’re no longer going to see themselves as just another file in your firm; they’re someone you spent some extra time on when you didn’t have to.
    2. You’re presenting extra services they may be interested in with the softest sell possible. Services that they’ll continue to use (and pay for) in the future.

    Both points spur growth. The latter earns you more services sold; the former earns you word of mouth, the best kind of advertising a firm can get.

  2. Push Your Clients Toward Cloud Services.

    It can be an enormous time sink to try to create order out of the chaos presented to you by a disorganized client. Multiply that time sink by ten clients, or a hundred, and your workload doubles, then triples, and then it’s time to invest heavily in some midnight oil.

    By switching to cloud services you’re going to reduce and possibly even eliminate a lot of data entry and coding. You end up with a pre-sorted file that is going to knock days off of your current workload.

    There’s also the added bonus that you’re not going to have to wait for the physical delivery of receipts – all the info will be instantaneously available to you at a moment’s notice.

    How do you sell online cloud services to your client? After all, it can be a bit more work for them, work they have traditionally been paying you to do.

    1. It’s easy and takes almost no time at all if services like BankLink or Receipt Bank are utilized.
    2. It allows the client to instantly see things like cash flow, projections and management reports to get more control over their business and plan accordingly.

    The growth potential for you is you will be more efficient so you can take on more clients and your clients will be happier and refer more business to you.

  3. Integrate Practice Management Software Into Your Routine.

    Your clients aren’t the only ones who can benefit from a software upgrade. If you’re not familiar with practice management software, it’s a program that’s basically a one-stop shop for your entire accounting service.

    All of your team are going to be able to contribute to any single file via the software. You or your manager are going to be able to call up information on any file right from your desk, enabling you to check on the status of multiple files with just a few clicks, instead of multiple meetings or face-to-faces.

    With the right software you’ll be able to manage and investigate a client’s retirement contributions, mortgage payments, various other expenses, and their variety of incomes. Plus you can also handle your in-house concerns like billing and file management. A cloud service like Xero offers a Practice Manager module.

    Just like with Point 2, you’re going to save yourself a ton of time, setting yourself up for that client expansion.

  4. Identify Workflow Blockages

    Like we mentioned in the introduction, the busy season is when your firm’s processes are the most likely to get jammed up. That means it’s the best time to identify what most needs fixing or expansion in your systems.

    There are two ways to clear those blockages:

    1. Hire more in-house talent – Not a bad idea, but it can rack up the overhead. Remember, you’re not just paying new talent’s salaries and benefits, you’re also paying for office furniture, computers, power, HR time spent recruiting, training time, and location rent (and you might have to find a bigger location to accommodate the extra staff, which means there’s also time spent looking for that location, moving costs, and possibly higher rent).
    2. Outsource your accounting services – All of the benefits of bringing in extra already-trained expert staff, with none of the in-house overhead expenses. We obviously believe that Option 2 is by far your best bet. By cleaning up your workflow blockages without the big costs of additional in-house staff you’ll be smoothing out your systems and freeing up an incredible amount of time.
  1. Make Time for Yourself

    Even in your overwhelming busy returns season it can prove immensely rewarding to take a moment to step back and look at your firm’s big picture. You’ll get the clearest sense of what is working well versus what needs improvement.

    That time is going to result in a more efficient you, and a much happier client base, both of which are going to help your firm grow.

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BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

May 5, 2015

How to Get Ready to Receive Your Outsourced Accountants


Reduce Costs and Eliminate Staffing Headaches

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How to Get Ready to Receive Your Outsourced Accountants

While BOSS works hard to make integrating your outsourced accountants as easy and painless as possible, it’s not quite so simple as flipping a light switch. There are two main items you’ll want to prepare your business for – the virtual accountants themselves, and the growth that comes with them.

Luckily prepping your firm for your overseas accountants can automatically prep you for growth. In both cases, your main concern is going to revolve around your processes – the systems you use to get work done.

The reason why we suggest codifying your processes ahead of time is twofold. First, if your work doesn’t have a system as such, any workflow blockages you have now are going to be magnified tenfold when you add your outsourced accountants to the mix.

The second reason to set up systems is that, while your overseas workers are going to be of benefit in just about every aspect of your services, you’ll be able to identify where they’ll help you the most.

Set Up Your Systems

Here are the steps we suggest you take to get your systems set up and running smoothly.

  • Chart a File’s Progress.

    Get your team together and have everyone who touches a file in a particular process (for example, company tax returns) to identify how they participate in that file’s progress. Ideally you want the best person for any one section to do this for you – the right people for the right job.

    A key point to remember about writing down your processes is that none of this is absolutely set in stone. It’s important to remain flexible so you can react to opportunities to fine tune as they emerge.

    Once you and your team have all contributed their part in the progress of any one type of filing document the process.

    Now you’ll have a clear method to both teach new talent (including your outsourced accountants) how your system works and you’ll be able to see at a glance how far along any one file has come.

  • Clarify the Links in Your Chain.

    Now that you have your systems set down, you can go a step further and clarify the process of any one part of a system.

    You can write this process in a document, or better yet, grab yourself some screen capture software (e.g. the Snipping tool in Windows or Jing) and/or video capture software (like Jing) and have your star talent in that area do a run-through on a file to show how they get things done.

    You’ll now have a visual record of how individual pieces of your overall processes work that you can use to train both new in-house staff and your outsourced accountants.

  • Have an Administrator Help.

    While this step isn’t strictly necessary, once your business starts to grow we find it really helps to have someone in-house gather data and be a point of contact for things an in-house accountant isn’t required for. This can be a Receptionist or current Administrator (For more detailed info see this article)

Set Yourself Up For Growth

Even if you’re not prepping your business for the growth that comes with shifting your services to outsourced accountants, the above steps are going to help you identify spots in your systems that tend to get bogged down and hold up work.

And if you’re making the leap to utilizing outsourced accountants you’re going to find documenting your processes makes the changeover a breeze.

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsourcing provider supplying well-trained high-quality virtual accountants, outsourced accountants & bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

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  • Tips to Market Your Business
  • How to Increase Your Profit
  • And More!

BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

April 28, 2015

Are You Getting the Most Out of Your Outsourced Accountant Services


Reduce Costs and Eliminate Staffing Headaches

Call 1800 889 232

Are You Getting the Most Out of Your Outsourced Accountant Services

You’ve either made the leap into accounting outsourcing, or you’re putting some serious thought into it anyway. Good move! Your business is going to love you for it. But we would like to humbly suggest that there’s a good chance you’re not milking outsourced accountant services for all their worth.

First, you should be clear on the fact that outsourcing is not only about reduction – a reduction in in-house staff (and their computers, furniture, etc…) and in overhead. That jump up to 42% in profits is very nice, but that’s only the first step.

The second step is understanding that outsourcing accounting is fundamentally about growth. It’s about pruning away any wasted money, effort, and time at your end in order to allow you to expand your business and what it has to offer.

Firms that understand the growth factor of Outsourced accountant services can still fall short in using its full potential. They’ll outsource components of their business where they find themselves thin in in-house talent or positions that they’ve had a hard time keeping filled. But chances are there’s still more pruning to be done.

Get More Out of Outsourced Accounting

How do you know where there’s still waste that can be cut away? Investigate your business as it is today, and then take a look at where you want it to be a year from now, then five years, then ten.

Many of the firms that are the most successful at Outsourced accountant services are the ones that envisage themselves as lean-mean client-pleasing machines. In other words, everything about their business that does not involve direct liaisons with the client can be shipped overseas.

What they retain in-house in Australia or New Zealand is their version of you (of course), the face of your firm, the one the clients get to know the best and rely on for financial advice.

They’ll also have an in-house administrator who is the funnel through which flows all the information from you (and your clients) through the cloud to your Outsourced accountants, and then back again in the form of queries and returns.

Additional in-house staff does quality control checks.

And that’s pretty much it. All of the number-crunching is done overseas at a very competitive rate when you consider BOSS removes all you training costs, HR woes and other on-costs!

What Can BOSS Do for You?

BOSS outsourced accountant services have a wide range of talented, experienced and licensed accountants ready to help you expand on your menu of services. Possible expansions to your firm’s offerings include:

  • New business set-ups.
  • Business tax returns.
  • Tax lodgements.
  • Bookkeeping.
  • Compliance.
  • Self-managed Super Fund compliance and taxes.

By sending the numbers work offshore you’re freed up to get proactive in guiding your clients’ personal and business affairs. In essence you become the face of their healthier and more robust financial well being… not a bad relationship to have with a client.

In the immediate future, take a look at your work flow. Where are clients’ files getting bogged down? Do you have any points where you have people doing work that they’re not suited for, that you didn’t hire them to do?

After that’s done it’s time to start figuring out where you want your firm to go. How many accounting services do you want to offer? How many clients do you want to have? What role do you personally want to play?

And now it’s time to bring outsourced accountant services into the mix to help you prune away the waste, shaping your agency’s future in the direction you want it to grow.

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsourcing provider supplying well-trained high-quality virtual accountants, outsourced accountants & bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

Subscribe to BOSS - Receive monthly articles and special white papers

Sign up to receive monthly articles and special white papers and learn:

  • Tips to Market Your Business
  • How to Increase Your Profit
  • And More!

BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2020 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved