How the Outsourcing Accounting Process Works
You can read the explanation below or watch the video here
For us to work on your data we can do this by either working online connecting to your office network or a cloud based product like Xero, OR you can upload the data to our web server and we can download and import it into our accounting software.
Most data will be on your server or in the cloud in a digital form. Any additional hardcopy data that a BOSS accountant or bookkeeper needs access to will need to be scanned and saved on your server or, in the case of a cloud system, uploaded to our web server.
You email a form outlining the job you want done or if you prefer simply describe it to your BOSS staff over Skype. You can include information about the job such as a completion date and a budget in hours.
The BOSS team simply do the work online and then email you a list of queries. You can email back answers or talk over Skype if you prefer. In fact, talking with your BOSS remote staff is just as easy as talking to anyone in your office.
You can track the status of jobs online at any time because BOSS gives you access to our cloud based Work Flow Max system.
The BOSS team then finishes the job and sends you an email to confirm the job is done.
In this case any hardcopy files are scanned by you and uploaded to our web server. You would also export the data (e.g. client file) from your bookkeeping, general ledger or tax software and upload that to our web server.
You email a form outlining the job you want done or describe it to your BOSS staff over Skype. BOSS simply downloads your data into the appropriate software and gets busy working on the job.
After the job is completed all working papers and software files are uploaded to the web server ready for you to download back into your system. We then email you to say the job is ready for you to review.
To make things even easier, whether working online or offline, some of our clients give us restricted permission to the ATO portal and even have us lodge tax returns for them. Remember BOSS is a Practice Entity Member of the Institute of Chartered Accountants in Australia and New Zealand (CAANZ) as well as an Australian Registered Tax Agent – so your work is in safe hands.
Security and Confidentiality
We take this very seriously and we take every normal step that an Australian business may take.
- If you have a fast enough server and internet connection or are using a cloud based system we can work totally online so that no data actually leaves your office. You can select what files or folders your BOSS staff has access to on your server.
- We disable USB ports and we restrict use of the internet (e.g. webmail).
- BOSS has a Confidentiality Agreement signed by every employee.
- Your BOSS accountant is ethically bound by the professional code of conduct of the Institute of Chartered Accountants in India (this has as much meaning to Indian accountants as it does to their Australian counterparts).
- We are a Practice Entity Member of the Institute of Chartered Accountants in Australia and New Zealand (CAANZ) and thus follow their code of conduct.
- Your Bangalore staff are recruited, vetted and affiliated within the same stringent controls you would use taking on staff for your Australian office.
- You are dealing with staff in India but they are employed by BOSS Australia (your contract is with an Australian entity).
- The possibility of a breach of security is as unlikely in India as it is here.
- We have Professional Indemnity Insurance for extra peace of mind.
- You can have the actual individuals (IT technician,reviewers, accountants, bookkeepers) sign a confidentiality agreement direct with your company if you like.
- We comply with the Australian privacy laws.
We can work online on your server, in the cloud or offline (meaning you upload files and supporting data to our webs server so we can import it into our system). For more details on this process please view How It Works
We have experience of the software listed below. (If you do not see your software listed we can easily up skill to use that software since it is simply a matter of learning where to click–just like if you switched from a PC to a Macintosh computer.)
Financial and Tax Return Preparation Software
- MYOB AE Practice Manager
- Solution 6 now called MYOB AE
- MYOB AE Assets
- MYOB AE Accounts- Series 8 (old Ceedata Account Application )
- MYOB AE Series 6
- MYOB AE Assets
- Sage Handi Soft (Handi Ledger and Handi Tax)
- MYOB AO Classic Historical
- MYOB AO (Only TAX)
- APS Advance Tax Elite
- APS Advance Tax
- APS Advance XPA
- Reckon Elite
- Software Assistant
Cloud Software Used by BOSS Clients
- Xero and Xero Work Papers
- Class Super
- BGL 360
- How Now
- MYOB all versions
- Reckon Accounts Premier Accountant Edition 2013 (New Name of Quick Books)
- Reckon Accounts Enterprise 2013 (New name of Quick Book)
- Quick Books Enterprise (Old Name)
- Bank Link
- Cash flow Manager
Specialized Superfund Software
- BGL Simple Fund
- BGL 360
- Handi Super Fund
- Class Super
- Adobe Acrobat X pro
- Handi Time and Billing
- MYOB Profit Optimizer
- CGT Delux
Training and Supervision
The BOSS staff have the same capabilities as Australian staff. The principals of accounting and tax are no different. They can do anything that an Australian accountant or bookkeeper does in your office. The BOSS office works solely on Australian work.
Training is comprehensive, consistent and ongoing.
- All staff go through a one month induction program when they join on Australian issues, six months on-the-job training and tax accountants go through continuous monthly tax training sessions.
- We train them on common Australian accounting software.
- They also update themselves on tax issues via the CCH tax library and have access to the ATO portal and have colleagues around them to support them.
- All BOSS accountants have free access to the Managing Director, Naveen Gowda, who brings in more than a decade of rich management expertise to BOSS. He has a track record of success in client management, key account management and service delivery for companies that operate in multiple countries.
Aside from the Manager, as of 2015, we have four additional key staff who have passed their Australian Corporations Law and Taxation exams (with Distinction).
Supervision & Quality Assurance
BOSS India is a subsidiary of BOSS Australia. Our Managing Director, Naveen Gowda, oversees the whole Australian and Indian operation and the Managing Director, Peter Vickers, oversees Australian, Indian and New Zealand operations.
Dedicated Permanent Staff
With a dedicated permanent staff member, work is reviewed for free by a Trainer for the first six months as part of the training, our QA process and the process of integrating the accountant with you. After the free period, you can opt to have us complete a review at a fraction of the cost of using an Australian supervisor to do the review. For quality assurance, unless we use your working papers, all work is done using our HowNow electronic working papers or BGL’s working papers and there is an option of all accounting work being reviewed before we hand it back to you.
To monitor performance of any BOSS staff you engage on a permanent basis you are given access to our cloud based Work Flow Max system that tracks job status, budgets and actual time spent on a job. We have regular client service meetings and encourage daily chats with staff over Skype.
All casual work is reviewed by a Reviewer before announcing it ready for you.
We use HowNow, Xero or BGL working papers.
To monitor the progress of jobs you are given access to our cloud based Work Flow Max system that tracks job status. We have regular client service meetings and encourage chats with staff over Skype.
Professional Indemnity Insurance
If you are a public practice contact your insurer and see how they feel about outsourcing accounting work offshore. No doubt they will want to “pass the buck” and may well not cover you if a hiccup occurs. So make sure your provider has PII that covers their operation and that your contract is with an Australian legal entity with PII cover for the whole operation.
Book a Consultation NOW if you wish to see our PII certificate.
APESB and TPB
The ATO, APESB, CAANZ, CPA, and IPA – all have similar ideas around quality and security
The Tax Practitioners Board states “providing adequate supervisory arrangements is critical in the offshoring tax service business model”. The TPB is also keen to see “internal procedures used to satisfy supervisory and control requirements, which may include activities such as: training for offshore staff in Australian tax, registered agents onsite overseas, rotation for overseas staff to gain experience and solid quality assurance systems”
BOSS is a Practicing Entity Member of the CAANZ and the Director in India is a Registered Australian Tax Agent. We operate in line with the recommendations of the TPB, CAANZ, IPA and APESB
How can BOSS handle Australian Tax and Super Funds?
Back Office Shared Services Pty Ltd is registered as an agent under the Tax Agent Services Act 2009. We are a Practice Entity Member of the Institute of Chartered Accountants in Australia and New Zealand (CAANZ). We are Australian specialists which means our BOSS CA qualified staff can handle the same Australian tax, super fund and regulatory issues you do.
BOSS staff receive training in tax and regulatory issues and receive weekly Tax News updates from CCH. They also have access online to the full CCH tax library which includes the Master Tax Guide as well as having access to the ATO web site.
Benefits of Outsourcing Accounting and Bookkeeping Work
The power of having an inexpensive, reliable, always available “on tap” virtual accountant or bookkeeper is a game changer for Australian businesses. Whether you realise it or not, along with the cloud, this is just the beginning of a transformative business opportunity that some will embrace and become very prosperous with.
Access to Experienced Virtual Accountants
Finding and keeping good accountants with years of experience has gotten much tougher over the past few years, including pressure to pay staff more. However BOSS can resolve this by recruiting staff (virtual accountants and bookkeepers) from a different pool giving you the advantage over other firms.
The time and trouble of hiring, training and losing staff can be exhausting. In fact you may have decided not to grow your business because of these obstacles! With BOSS you take on board fully trained virtual accountants in Australian accounting standards, SMSFs, tax and law or fully trained bookkeepers. In addition BOSS virtual accountants and bookkeepers are kept continuously trained up. (For more details read Training and Supervision)
Have you ever added up the real cost of training in billable hours lost by you and your staff, as well as training programs you buy? What about recruiting staff? The cost over the average tenure (3 years) is exorbitant! Add this on top of this superannuation, Workers Compensation, office space, IT costs etc….it’s plain to see in-house staff are a big commitment.
By comparison the cost of employing a BOSS virtual accountant is far below employing your own staff. In fact you save typically 67% compared to in-house staff.
Ultimate Flexibility and Reduced Risk
Having BOSS as a reliable human resource means the logistical matters are not a big constraint any more and ramping up staffing levels (and down if required) becomes much more straightforward. Simply contact us and tell us what you need. We normally can assign a virtual accountant with three years’ experience to you within one week. Try hiring like that in Australia!
Conversely, if you ever have to scale back growth or downsize for any reason you do not have the normal things to worry about such as leased office space etc. That means using BOSS removes the risk.
BOSS can supply:
- Dedicated Tax and SMSF Accountants (minimum commitment just 50 hours per month)
- Casual SMSF Accountants (for ad-hoc jobs)
- Bookkeepers(minimum commitment just 50 hours per month)
More Time for You and Your In-house Staff
With BOSS doing the compliance work, you and your in-house team can save time. Accounting firms particularly can take advantage of this and be left to do the precious “value-add” work that really helps your clients and attracts higher fees!
You might also choose to spend your time doing business development activities or you might start working on your business instead of in it – doing those important things that you “just never have the time for..”
So what are you waiting for?
What Accounting Work Can I Outsource?
We often talk to clients that seem stuck at what jobs can be given to BOSS.
The answer is everything can be given to BOSS.
Whether it is small or complex accounting or bookkeeping work, data migration, super fund accounting work or complicated tax work – we can do it.
For accounting firms, in the slow seasons we can do this work:
- Preparation of Interim accounts, say up to December or March.
- Working out Minimum/ Maximum pension/ Contribution for the current year (this should be done before 30th June)
- BAS – which are currently done in-house – can be given to us.
Accounting firms should note that for regular work there are a few tips you might consider and these are listed below.
As a general guide you will need to be very organised if you are sending jobs of 3 hours or less. We do plenty of jobs that are this small for clients but they have got used to being well organised. If you find preparation of jobs an issue then consider:
Training an Administrator to do this work
It’s easy. One week’s training to someone like a receptionist will reduce chargeable time spent doing the preparation work. If you are a client and need help, email us for a Client Services Assistant job spec and we can resend checklists the CSA should be using. Once experienced the Assistant will be able to identify missing data and then call the client immediately.
Get all the client data before sending us the job
This saves time and hassle going back and forth between BOSS and your client. Clients of ours that have changed their habits always comment on what a big difference this makes.
If you are just looking to send clean, easy jobs then you are missing out on leveraging our expert accountants.
Our highly trained accountants can work out through queries and give you some options for a solution. They can also draft queries ready for your Practice to send on to the client.
Again, many queries can be eliminated by getting good data upfront. Discipline and structure are what is needed. Notify clients in good time to get data in early and give the client a checklist to help them. If you don’t have a “client ready” checklist contact us and we’ll give you one.
Organise yourself and your clients. Look at these important dates and send out communications to your clients so they are ready in good time.
Outsourced Accounting Services
We offer Full-time, Part-time and Casual Accountants and Bookkeepers.
- SMSF administration
- SMSF audit (via our Australian partner)
- SMSF audit prep work
- Monthly statements
- Parent company reporting
- Cash & fund flow statements
- Management reports
- Tax returns
- Inter-company reconciliations, Consolidated financial statements
- Accounts preparation for audits
- Assignment review time by supervisors and managers
- Reducing tax liability
- Financial ratios & comparative analysis
- Preparation of compliance requirements
- Assistance with business decisions
- Bank & lender relationship management
- Accounts preparation for due diligence
- Plus the skills below as well
- Accounts payable/receivable
- Inventory accounting
- Bank and cash reconciliation
- General ledger
- Fixed asset management
- Records management
- Basic financial statements
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
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.