Important Things to Remember Before Outsourcing SMSF Compliance

CA firms often need help with operational overheads and rising inflation. If you’re a CA firm, saving money would be your top priority. Therefore, outsourcing SMSF compliance is a reliable option for running your business effectively and smoothly. However, it is easier said than done. Today, CA and accounting firms are reaping the benefits of outsourcing and benefiting their business. Considering that your competitor is also reaping the benefits of outsourcing is essential. So, no point in waiting. If you know the basics of outsourcing, it’s time to move in the right direction.

Understanding Self-Managed Superannuation Funds (SMSFs) and the Challenges of Compliance:

• SMSFs are private funds that allow individuals to manage their own retirement savings.
• These funds have a maximum of six members and can be set up by an individual.
• SMSFs must comply with regulations set by the Australian Taxation Office in order to receive tax concessions.

According to the Australian Taxation Office SMSF, as of September 2022, there are 55,355 SMSFs in Australia managing more than $800 billion in assets. However, SMSF compliance can present challenges for CPAs and accounting firms, including:

• Keeping up with compliance laws and regulations
• Managing competitive pricing
• Attracting and retaining clients
• Implementing automation to manage increased workload and administrative tasks.

As SMSF compliance becomes more complex, it’s vital to ensure you perform and deliver the best for your clients. Outsourcing SMSF compliance is the way forward for CA and Accounting firms to maximize value from their client base. It will save time and allow precious resources to be reallocated to more value-adding activities. However, before outsourcing SMSF compliance work, it is best to consider some key points.

What to keep in mind before Outsourcing SMSF Compliance

Track Record of Outsourcing Partners
Before contracting with an outsourcing partner, it is always advisable to check their track record and seek references for their performance and expertise. Working with an SMSF accounting outsourcing partner gives you access to experienced personnel who know all the laws and regulations, which will help avoid any mistakes that could have cost you a lot of money.

Technological Resources of Outsourcing Partners
Clients’ data and information are highly confidential, sensitive, and classified. SMSF outsourcing firms must utilize several security practices when dealing with this data. Therefore, ask SMSF outsourcing firms how they protect data against theft and breaches. Encryption, firewalls, and security policies are a good start.

Turnaround Duration of Outsourcing Partners
One of the key benefits of SMSF compliance & accounting outsourcing is quick turnaround time. The outsourcing partners are well-equipped urgently to manage a huge number of requests without compromising the quality of work. Outsourcing to an offshore firm is a good bet, as their teams subdivide their work and have the necessary workforce to complete the entire auditing and accounting work in a week.

A Flexible Model of Outsourcing Partners
It is worth checking the contractual nature of the outsourcing service providers. Working with outsourcing accountants on a flexible model allows you to expand contract-based requirements rather than providing a proposal that might be ineffective during non-tax seasons.

Why Fourfold Global to Manage Outsourcing SMSFs?

SMSF offers excellent control of funds after retirement. Therefore, you may need accounting aid to adjust taxes to maximize the benefits. In that case, outsourcing SMSF is the best option. By outsourcing SMSF, you will have access to highly experienced CA and fund advisors who can work closely to help you with SMSF accounting services. Fourfold Global offers SMSF compliance outsourcing services to Australian CPAs, CAs, and accounting firms. We deliver compliance and back-office services as promised with skilled and qualified SMSF Accountants. With flexible pricing and a free trial, try us as we’re trusted providers with remarkable accounting outsourcing experience.

Fourfold Global is a leading accounting outsourcing partner having access to the best technologies and accounting software. We are trusted with data maintenance and security by our clients. If you have issues hiring SMSF accountants, we have you covered. With our experience, we have served clients worldwide and offer SMSF outsourcing services at nominal prices. Please leave your message or call us today.