It’s now easier for accounting firms to offer SMSF management
Accounting firms around the world are facing an identity crisis. There’s a plethora of DIY accounting software on the market today; that’s great for consumers, but takes a huge bite out of the compliance business that firms have relied on for a long time.
Accounting firms are being forced to not only change what they do but who they are – they now have to identify as financial consultants, number wizards who steer their clients towards making informed financial decisions. This forces firms to offer a wider range of services, an expansion that doesn’t always come cheap. That’s where outsourcing accounting providers come into play, like BOSS (Back Office Shared Services).
One of the avenues accounting firms will want to explore is the growing Self Managed Super Fund (SMSF) market. As of June 2017 there were almost 600,000 SMSFs controlling $700 billion in assets.
Many of the people controlling the funds are beginners, eager to soak up a professional’s knowledge. But how does an accounting firm add SMSF management to their menu without shelling out for new expert but expensive in-house employees? BOSS has come up with a way for firms to do just that without breaking the bank.
“We want to make the transition as easy as possible,” says Lee Court, BOSS’ Client Relationship and Marketing Manager. “So we took as much of the work as possible out of the hands of the firms. The virtual workers do every bit of the number-crunching: they prepare tax returns, white label financial and member statements, draft letters, draft minutes, do the pension calculations, write the audit report, they can even lodge the SMSF. Basically all the accounting firm needs to do is put their logo on the paperwork and collect the fees. This package was designed to streamline the process as much as possible for Australian and New Zealand firms, and it costs them 47% less than in-house staff. They can be up and running with their new experienced virtual staff member within one week. And they can always keep an eye on the process with our WorkflowMax system.”
How much does making the SMSF transition cost?
Adding an experienced outsourced accounting team member is a flat fee based on the size of the SMSF. A small SMSF will cost the firm $690 plus GST. A medium-sized SMSF costs $990 plus GST. And a large SMSF costs $1490 plus GST.
About BOSS (Back Office Shared Services Pty Ltd): BOSS is an Australia-based outsourcing firm that exists to aid accountants, businesses, and individuals reach their financial objectives. Providing experienced Australian and NZ-certified outsourcing accounting professionals for a fraction of the cost of in-house staff, BOSS works to allow firms to expand their menu of services while providing affordable accounting expertise to businesses and individuals.
Name: Lee Court
Email: Send Email
Organization: BOSS (Back Office Shared Services) Pty Ltd
Address: Suite 2, 345 Pacific Highway, Lindfield, New South Wales 2070, Australia
Release ID: 497055