SMSFs continue to grow in popularity with SMSF trustees seeking “coaching” style relationships in solving their SMSF problems. If advisers are serious about growing their number of SMSF clients, then they need to offer SMSF trustees a valuable proposition.
Infinit Accounting’s solutions generate up to date “near real time” SMSF financials available to you and to your SMSF clients online. Armed with this information, investment decisions can be done efficiently and effectively, making the value of your service substantially enhanced.
Timely availability of fund information also makes regular compliance reviews a normal course of events. Thus, potential breaches can be identified and oversights can be rectified.
Daily Transaction Processing
On a daily basis, our staff will access your client’s account in the cloud software and will process all bank and broker data feeds received a day before. Thereafter, procedures are performed to ensure the transactions are captured correctly and the fund’s dashboard is showing them. Unconfirmed transactions will be posted under suspense accounts and will be relayed to you via email for your quick disposition.
Weekly Transaction Processing
Every Friday afternoon, our accountant will get into your client’s files in the cloud software and will process all bank and investment transactions for the week that just ended. Items requiring reference documents and other information will be brought to your attention the next Monday. Upon receipt of the required documents and information, the accountant will finalize the fund’s financial reports for the week.
Monthly Transaction Processing
Immediately after the end of each month, our accountants will access the full month’s data feeds into your client’s account in the cloud software. The feeds will be processed following prescribed procedures. After this, the accountant will request access to the copies of investment documents received by the fund during the month. Based on the documents, further accounting entries other than those processed in the system are prepared. Thereafter, the entries creation process will be performed to generate the financial reports for the month.
Annual Transaction Processing
If your clients are not inclined to have up to date information about their SMSF, we can process one full year of transactions in one engagement. We will require that you provide our accountant access to your client’s account in the cloud based software. Ideally, the accountant should be able to process all data feeds in one sitting. However, as we expect to have queries about 11 month old transactions and source documents for several non-cash transactions, we require that you provide us or give access to the client’s files showing details of the transactions for the year.
Preparation and Electronic Lodgement of Fund’s BAS/IAS
Every end of a quarter, the fund may receive from the ATO Activity Statements for lodgement. Based on these Activity Statements and the processed transactions, we will compute for the tax payable or tax refund of the fund for the quarter. Our computations will be submitted together with work papers and corresponding letter or draft email to your client notifying them of how much their fund should pay or how much the fund will receive as tax refund. We can also electronically lodge the return.
Preparation of Audit Ready Work Papers, Financials, and Tax Returns
Based on duly processed fund transactions for the whole year, we will reconcile all of the fund’s financial accounts in accordance with SMSF accounting standards. Duly referenced final trial balance will be prepared. Documents, work papers, and computations following the guidelines normally set by ATO approved SMSF auditors will also be indexed as reference. The package will also include the complete set of financial reports, member statements, and tax returns.