Unicorn Outsourced Accounting Services is one of Australia's premier outsource accounting firms and specialises in providing SMSF outsourcing accounting services to accounting and financial planning firms from offices in Sydney, Melbourne, Hobart, Brisbane, Gold Coast, Canberra, Adelaide, Perth.Due to growing costs and increasing workload, smaller accounting practices might wish to outsource SMSF administration.
It is no longer viable or profitable for smaller accounting firms to undertake their own self-managed super fund (SMSF) accounting and compliance work because of increasing cost factors facing the industry.These factors include the associated costs of human resourcing and additional staffing requirements, the ever-increasing demand for qualified accounting staff, ongoing issues with staff retention and increasing labour and overhead costs.
The SMSF industry is constantly changing, and the necessity to keep abreast of these changes and have informed staff that can cater to clients needs involves significant investment in both time and financial. Staff turnover can severely hamper that investment; when they leave, the knowledge usually leaves with them.
The practitioner remains the sole point of contact with the client and continues to manage the client relationship by simply utilising outsourcing essentially as an in-house junior staff member by scanning and sending the file through once a year for processing.The competitive rates mean most practitioners can continue to charge their standard SMSF fees to their clients. They can even choose to maintain the role of the independent auditor, should they wish.
It makes sense to follow the increasing trend amongst Australian accounting practitioners to outsource their SMSF work.