Amid the rising trend of DIY taxes spurred by the digital era, an increasing number of accountants are shifting towards financial management roles. A significant opportunity for accounting firms lies in the area of SMSFs (Self-Managed Super Funds). Outsourcing SMSF accounting is emerging as a highly effective strategy for accountants to facilitate this transition and quickly begin generating profits as SMSF advisors.
By the conclusion of the September 2017 quarter, total SMSF assets reached over $2,530 billion, rising from $2,505 billion in the previous quarter. The practice of outsourcing SMSF allows accounting firms to leverage this expanding market by employing overseas accountants who can handle nearly all ongoing SMSF documentation—including administration, audit preparation, member statements, and more—at a significantly reduced cost compared to hiring internally. A newly onboarded member can become proficient and begin contributing to their affiliated Australian firm within just a week.
Local firms are all set to net their piece of the SMSF pie. The hidden benefit? Travis Croucher of Conquest Accounting, says that using a virtual team member has substantially increased his work-life ratio for the better.
Croucher says he now uses SMSF outsourcing for 60 to 70% of his clients. “I’m sure my firm would still have grown, but it would have taken so much more effort to get where it is now if I hadn’t tried out SMSF outsourcing. The time-savings are fantastic – I’m able to provide so much more strategic advice now to my clients because I’m not using up all of my time with basic number-crunching.
From my end, I gather the client’s information and then at the end I do a quality check. The quality assurance is a quick and easy process because my virtual accountants send me clear and concise excel spreadsheets and templates. For me the process is just two simple stages and then it’s ready to go back out to my clients. And the whole thing only takes a week.”
“I’m now able to turn up at 10 a.m., says Croucher, and leave by 2:30 p.m.”
On average BOSS SMSF accounting outsourcing staff have at least four years experience including public practice experience.
