How to Embrace Digital Automation & New Service Models
This ebook has been specifically designed to help SMSF accountants, administrators and planners. It provides insights and guidance to help maximise SMSF admin efficiency, profitability and client satisfaction.
✔ An existential challenge: accountants vs administrators
✔ Digital SMSF: the key to modern administration
✔ Avoiding pitfalls: technology traps and deadends
✔ Case studies: digital SMSF administrators
– Wise Accounting
✔ A look ahead: the future of digital SMSF administration
Preview of Chapter 1:
An existential challenge:
accountants vs administrators
SMSF accountants are facing an unprecedented challenge to modernise their workflow and transform their businesses.
The compliance workload around SMSFs continues to increase as the ATO and the federal government seek to keep control and transparency in the fast growing SMSF sector. Reporting timelines are reducing and the ATO has made it clear it wants to move to more timely event based reporting on SMSFs. This is a huge, disruptive change from annual reporting that will challenge even the most sophisticated accounting practice.
At the same time, the traditional revenue source for accountants of tax returns is being undermined by the increasing automation of the process by the ATO. The Tax Office has stated it believes it could eventually “liberate” 4.5 million taxpayers from having to complete a tax return. As these revenues decline, the pressure on accountants to replace that money from other sources like SMSF administration, where accountants have typically not charged full value for their services increases.
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