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SMSF compliance requirements have increased accounting workloads, but outsourcing regular processing can boost efficiency, improve compliance, and reduce tight deadlines.
How outsourcing can help you meet SMSF compliance requirements
23 September 2024
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3 minute read
The before and after of new regulations is stark: accountants previously used to lodging on a yearly basis now need to lodge once per quarter in order to maintain SMSF compliance.
For some firms it’s been a struggle to learn to balance workloads as they move to regular processing.
Many of our clients come to us from situations where they’re facing incredibly busy periods followed by months of quiet. This made it difficult for firms to maintain steady income and profit streams, and impacted the long-term health and productivity of accountants that were putting in weeks of overtime.
So whilst regulations have increased workload, they’ve also presented a good opportunity for firms to spread the workload more evenly across the year – but it may take time to adapt and adjust.
Unfortunately, the ATO may soon start penalising firms that don’t meet deadlines, so how can accountants convert to regular processing in time?
Why outsourcing regular processing makes it quicker & easier to meet SMSF compliance requirements
Hiring and training enough new team members to take on regular processing is often not an option for firms with small profit margins or tight deadlines.
But this barrier can be overcome by outsourcing, which often comes at 50% of the price of hiring onshore staff. Not to mention that it removes the need to train new employees.
And outside of cost and staff training obligations, outsourcing comes with multiple benefits:
- Meeting tight deadlines – almost 80% of SuperRecords clients were able to onboard in just one week and start sending work to their outsourced teams almost immediately
- Improving workflows – outsourcing providers will work closely with your firm to understand your current workflows and close any gaps. This partnership streamlines work and boost efficiency on both sides
- Having up-to-date information – outsourcing providers make it incredibly easy for you to have the most accurate and up-to-date information on hand to share with your clients. It’s all provided through a secure workflow portal that makes it easy to search and locate whenever you need
So where can outsourcing support you with regular processing of SMSFs?
SuperRecords provides an end-to-end regular processing service that includes:
- Setting up of a fund in software
- Organising data feed forms for bank and investment transactions
- Processing SMSFs on a monthly or quarterly basis depending upon your requirements
- Initiating Rollover In and Rollover Out of the money
- Preparation of Business Activity Statement
- Providing Transfer Balance Account Report (TBAR) for lodgment
- Providing you with various reports as per your requirement for meetings with trustees
Get seamless support with meeting your SMSF compliance obligations
SuperRecords has helped numerous accounting firms meet their compliance requirements with a robust and supportive regular processing service.
Our SMSF Compliance teams have helped clients boost their growth, with one client starting with 6 resources and growing to 16. Another client managed 20-30 funds at the start of our partnership and now manages 100 – all thanks to the efficiency created by working with SuperRecords.
If you want to create efficient workflows, stay ahead of deadlines, and have more time to focus on clients and growth, you can book a chat with our specialists to learn more about how we can support you with regular processing.
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