Are you a Sole Practitioner or Partner of an Accounting Firm looking to outsource your SMSF administration and compliance work and do not know where to start?
Here are 13 questions to consider asking an SMSF Service Provider.
- What is the onboarding process?
- Is there a minimum number of funds to get started?
- Do you have an allocated and dedicated Accountants?
- Are the Auditors currently registered with ASIC?
- What is the turnaround time of a job?
- How is the progress of the job communicated?
- How is client personal information handled?
- What is the fee structure?
- Who owns the software licence?
- Do they have professional indemnity insurance cover?
- Can you interview their clients (Accounting Firm)?
- Can you trial a couple of funds?
- What is the business culture?
Are all your questions answered?
Evaluate whether the problems you are facing in your business can be solved. Your business issues may range or be a combination of capacity, resources and unexpected business growth.
Be mindful of the type of relationship you would like with your SMSF service provider that is; a number cruncher vs an SMSF Specialist. Besides delivering the SMSF compliance service, what other services and support do they have available to help grow your business?
If you would like to explore further how outsourcing to a specialist SMSF service provider can help you, contact the team at Concise Super on 03 9838 3055.