Australian SMSF Specialists Help Maintain Client’s Trust

The Importance of Engaging Local SMSF Specialists in Australia

As Australian accounting firms increasingly explore outsourcing services to offshore centers, many clients express a preference for working with local SMSF (Self-Managed Superannuation Fund) specialists. This trend highlights a growing awareness of the unique needs that Australian clients have regarding their financial data and services.

The Case Against Offshoring

While outsourcing can present a seemingly convenient and cost-effective solution, it often fails to address several critical factors such as the need for direct human intervention, local expertise, and the security of financial records and data that must remain within Australia. Concerns surrounding offshoring have escalated, with a report from CPA Australia revealing that by 2017, Australia had imported up to $5.7 billion in professional services offshore—a figure that continues to rise. The report also indicated that over 50% of SMEs and consumers were significantly worried about their financial affairs being processed and stored outside the country.

Benefits of Local Solutions

For many Australian accountants, partnering with a local service provider can be a reliable alternative to offshoring. Providing immediate, personable customer service is essential, as it fosters trust and confidence among clients. By collaborating with an Australian-based partner, accounting firms can offer high-quality services while ensuring that clients' financial data remains secure and accessible.

Moreover, local SMSF specialists are better equipped to respond to clients' needs due to their comprehensive understanding of the Australian regulatory environment. They are constantly updating their knowledge regarding compliance and regulatory changes, making it easier to provide timely assistance.

Services Offered by SMSF Specialists

Local SMSF specialists typically offer a range of services tailored to the needs of accountants and their clients, including:

• Preparation of Financial Statements and Tax Returns
• Secure Document Collaboration and Storage
• Dedicated Onshore Support

In addition, many of these specialists provide optional services such as:

• Facilitation of Actuarial Certificates
• Independent Audits through third-party providers

Conclusion

Engaging a local SMSF specialist allows accounting firms to maintain control over outsourced solutions while ensuring that financial records, data, and statements are secure and easily accessible. By focusing on local expertise, accountants can provide clients with peace of mind regarding their financial affairs, fostering a sense of security and trust in an increasingly complex financial landscape.

If you have any questions or would like to discuss further contact Cyber SMSF – the Australian SMSF specialist. Contact us on 07 5655 4410 to set up a discovery call or a Zoom meeting.