TBAR has arrived and with it's arrival comes the need for more rigorous processing and reporting of SMSFs. If your current platform is not a fit-for-purpose, cloud based SMSF solution, you will find it increasingly difficult to meet the new ATO compliance requirements.
This comprehensive eBook will assist in the assessment and selection of the best SMSF technology to support your practice now and in the future. It includes how to:
1. Identify the key triggers for changing your SMSF software platform
2. Understand your firm's strategic and operational objectives
3. Identify all options and decide on selection criteria
4. Critically assess vendor capabilities and experience
5. Conduct appropriate due diligence
6. Finalise your selection process
7. Commence implementation
Preview of Chapter 1
Understand that compliance and super reform drive software development
The current era of unprecedented change in the SMSF industry has overwhelmed many advisers, who are constantly being told to adapt or get left behind. The new requirement to submit quarterly event based SMSF reports from 1 July 2018 (for members with total superannuation account balances of $1 million or more) adds further strain for firms that have not critically reviewed the platform they use to administer SMSF accounts. It’s surprising how many firms still use Microsoft Excel spreadsheets or general accounting software to keep track of member balances and prepare financial reports.
Improve the cost of production
New technologies and outsourcing have brought down the cost of providing basic compliance services within the accounting and financial advisory sectors. Indeed, it seems there is a race to the bottom for cut price SMSF establishment and administration services. In such a competitive market, it’s critical for firms to minimise the cost of providing SMSF services to their clients.
To remain competitive, firms are faced with no choice but to adopt cloud based software platforms that automate data entry and reporting, saving time and greatly improving productivity. To what extent do you expect your new software platform to improve productivity? How do competing software vendors purport to deliver this improvement? Can they provide relevant references to validate their claims?