According to recent reports by the Australian Taxation Office, the number of self-managed super funds (SMSF) that are operating in the country have exceeded more than 500,000. And the trend does not show any signs of slowing down, as more and more SMSFs are being established for every fiscal quarter.
Although an increase in SMSFs is a positive sign for the economy, it becomes quite stressful for firms as paperwork and onerous compliance tasks, such as preparation of financial statements and taxation returns for these SMSFs, will also increase. This is why SMSF outsourcing services have become a saving grace for companies in Australia.
SMSF Outsourcing Reduces Operational Costs
To perform proper SMSF tasks, the appropriate software is needed, which, according to The Australian, is quite expensive. You will not only pay for the software and subscriptions but also for regular maintenance services to keep your system updated.
You would also have to hire in-house technicians to operate the software or spend additional funds to train your employees on how to use the software. All of these lead to increased overhead costs. Fortunately, outsourcing provides a better alternative.
Outsourcing your SMSF means that your firm does not need to invest in software or pay extra fees to technicians and train your employees. It is because you would only pay a minimal amount to a service company that will do it for you. It allows your firm to allot more of your budget to other worthy investments or projects in other departments.
A More Efficient SMSF Accounting Process
Perhaps the greatest advantage of SMSF outsourcing is the improved turnaround time of processes, which leads to a more efficient business operation. SMSF outsourcing services are composed of experts and knowledgeable professionals that are well-equipped with all SMSF-related tasks, which means they are the best at what they do.
By outsourcing your SMSF needs, you will have a team of experts that can handle all your urgent requests, and at the same time, deliver exceptional and quality work. By this way, your firm will not encounter any delays related to SMSF tasks because all of the work is accounted for. This means you can focus more on the things that you do best.
Keep Up With Legislation and Regulatory Changes
Australia is one of the wealthiest nations in the world because of its advanced and highly-developed economy. However, the country has a strict policy regarding most of its financial instruments, and SMSFs are no exception. The SMSF industry has guidelines and policies that are continually changing, which is a burden for most firms.
Fortunately, outsourcing services offer a solution to this predicament. By hiring a SMSF outsourcing service, you no longer have to worry about keeping up with regulatory changes because they got you covered. You won’t have the burden of reading new policies most of the time, and you will also avoid sanctions or penalties for not following upcoming legislations.
Outsourcing or delegating your SMSF tasks is something that you should not hesitate to do. The process will save you money and time. This leads to more resources that you can allot to be more productive in other aspects of your firm or company. Check out a reputable SMSF outsourcing service, and experience its benefits and advantages!