More Australians are starting to see the value of self-managed super funds (SMSF). Alongside this positive change is the increased demand for accounting services. Accountants play a crucial role in audit, taxation, and compliance of SMSF.
If you are one of the over 200,000 registered accountants in Australia who joggle several SMSF trustee clients at once, here are the top five SMSF services you need.
Widely Accessible Platform
If you are running your accounting firm, you will likely find yourself travelling to different places in a week. Your high-priority need is a web-based SMSF service that grants you access to reports and client profiles wherever in Australia or anywhere in the world, you are.
You have plenty of options for SMSF administration service firms that allow you to run a trial for free.
You hold an expert reputation in your field of accounting. You deserve a dedicated manager to handle your account, as technical concerns can get in the way of your application navigation. What good would advance features do when you cannot reach out to an account manager? This top SMSF service to accountants is a source of competitive advantage, as it defines the customer experience.
Look for a fund management platform that assigns dedicated client managers when you avail of their basic SMSF service plan. Client managers know how to value your trustee clients and want to help you take care of any contingency related to reporting, file management, payment, assessment, among other SMSF administrative tasks.
Accountants like you greatly benefit from SMSF services that serve not only your interests but also your clients and advisers. Be wise when choosing an administrator partner. Where possible, select a company that serves SMSF administration solutions to all three SMSF stakeholders – accountants, advisers, and trustees. Doing so will allow uniformity and consistency in reporting. Remember that customer experience is the key to sustaining business growth.
Sometimes, accountants and their clients disagree because of the differences in their accustomed SMSF management practices. When you and your clients use the same platform, communication is smooth. Both parties understand the same jargon, formats, and in-platform workflows. At the same time, you receive the same updates and enjoy the same software benefits.
Smart reporting reduces time and effort in handling client needs. If your staff-to-client ratio is presently or about to be skewed, then you must invest wisely in smart SMSF administration applications.
Consider the company’s ability to adapt to new technologies like the use of Artificial Intelligence (AI) to maximize your returns on software investments. Otherwise, you may still go through the painstaking task of tax return lodgments, fund reconciliation, document storage, among others.
SMSF applications facilitate automated data loads, tax statement generation, data checks, and reconciliation. They connect to third parties (e.g., banks and brokers), thus making external transactions easy. With these conveniences, you and your team have more time to acquire new clients and expand operations.
Running an accounting firm is overwhelming when you are servicing multiple SMSF clients. Their self-managed accounts will require extra attention, as some are unfamiliar with the trade. You want your stakeholders (i.e., your staff and clients) to grow with the business. Grow your SMSF management business with the right software company.