Accounting & Tax Outsourcing
Most firms, when they look at what to outsource, automatically jump to outsourcing the roles where they are currently short-staffed or roles which have been historically hard to fill or retain staff in.
The short answer to what can be outsourced is anything and everything. The best approach to take when identifying what to outsource is to look at your current business as it is today, and more importantly, where you want it to be in the future.
One firm we work with decided 6 months ago to flip its entire business. What we mean by this is that they decided to offshore all roles in their firm other than client-facing positions. What they did retain was a technical and review team (Australian Champions) whose whole responsibility was to train and review the offshore teams work. The rest of the team in Australia are now responsible for client-facing and adding value to clients (which is billable).
By offshoring all administration and process-driven tasks, this has allowed the firm to focus on what is important – helping their clients by being proactive with advice and services. The cost to implement this and have 30 staff offshore (and only 24 onshore) is less than the fortnight’s wages for the Australian team. This has also given the firm 100% more capacity, meaning they could double their revenue without any increase in staff (and or less than $30,000 per month).
Some of the most common roles to outsource include :
- Corporate secretarial and ATO correspondence management and work
New entity set-ups
- Client service roles – from engagement agreements, to ethical letters to database
- Management and tax lodgements
- Executive assistant
- Marketing roles (one firm has 7 marketing roles)
- SMSF tax and compliance
- Personal tax returns
- Business tax returns
The simplest way to start is to look at your current workflow blockages and to work backwards. If your accountants are doing too much administration work, outsource your current client service work offshore. This will free up the administration staff to take more of the clients’ follow up work from the accountants, thus helping them become more productive. Once the firm gets this right, it can work towards doing this for all roles within the business.
Before you jump in and start, it’s best to set up a strategy around where you want to take it and a path to getting there. Filling gaps is a short-term solution, not a long-term strategy.
- Self Managed Superannuation Fund (SMSF) Accounting by our SMSF accountants using software packages including BGL Simplefund, APS Desktop Super, Class Super, Supermate, Handi Super.
- Self Managed Superannuation Fund (SMSF) audits by our registered SMSF auditors.
- Accounting and tax returns for all entity types (Companies, Trusts, Partnerships or Individuals) using software packages including Handisoft, MYOB AO, MYOB AE Accounts (Ceedata/Xlon), MYOB AE MAS (Solution 6) and Software assistant.
- Bookkeeping services using MYOB, Quickbooks, Reckon, Xero and Saasua.
- Online accounting, online tax and cloud accounting using Xero, Saasua, MYOB Live and Quickbooks Online.
- Outsourced accounting services to accounting firms, financial planning firms, stock brokers, lawyers, bookkeepers and tax agents.
Final reports provided :
- Financial Statements (including interim accounts)
- Self Managed Superannuation (SMSF) Financial Statements and SMSF accounting services
- Income Tax Returns (company / trust returns/ partnership returns and related individuals)
- BAS Statements and Annual GST Reconciliations
- Fringe Benefits Tax Returns
- Depreciation Schedules and Asset Registers
- Online Accounting
- Online Tax
- Fully referenced electronic working papers
Benefits of choosing Dhan Services :
- Quick turnaround time. We endeavour to maintain turnaround of less than two weeks for over 90% of the files.
- Exceptionally compelling fees which saves you over 60% of your relative costs. We are sure that no other outsourcing accounting firm is providing you SMSF accounting on BGL and Desktop Super platforms at such compelling fees.
- No hidden costs. Our fees structure is transparent and fixed irrespective of number of transactions, value of investments, nature of investments or mode of fund (pension or accumulation).
- The SMSF accounts are prepared under close supervision of experienced accountants.
- We handle several accounting firms simultaneously. We are aware of latest issues related to accounting and tax. So, we make aware of our client firms if they are oblivious of any issues with their funds.
- We help accounting firms in accounting and tax work scalability due to our capacity to handle high volume. The firms can engage more clients without hassle of hiring scarcely available experienced accountants at high costs.
- Some of the above reports are auto generated by our accounting system. Therefore, accuracy of such reports is not ensured.