At businessDEPOT Super, most of our clients are small to medium business owners. This means that most of our self-managed super fund clients are also extremely busy people with more important considerations other than how they can account for their super fund.
It also means that they tend to account for their super funds the way they would for their other business affairs using programs such as, Xero, MYOB, Quickbooks or even utilizing trusted staff members to prepare these records. But did you know that doing it this way will not only cost money on software that is not designed to account for super funds but also add on extra work that won’t really do much in preparing these accounts?
Super fund accounting does not work in the same way as regular business accounting. They are a specialized area of accounting with lots of little quirks. For that reason, we recommend using Class Super as the software of choice to account for your fund.
Class Super allows us to obtain direct data feeds for both bank accounts and investment portfolios. The only drawback to Class Super is that it isn’t designed for stand-alone users like XERO or MYOB.
This is a new service to give you your money and time’s worth that we are offering for the SMSF clients at businessDEPOT Super.
Our new monthly bundle service is designed so that your super fund is kept up to date on a monthly basis. This is similar to what you would do if you were processing in MYOB etc. except that it is being processed straight into the software making the quarterly BAS and annual compliance work a seamless process.
the key benefits
- More efficient – quicker way on your and our end in preparing the accounts
- All super fund information will be kept in one place and will be up to date at all times
- Special “Client View” Access – this means you can track your fund’s performance, and even compare it against the market performance.
- Accurate tracking of your contributions against your annual contribution caps
- Accurate tracking of your pension payments to ensure you meet all requirements to keep the income of your fund exempt from tax
- Your fund will be constantly monitored by a super-specialist – this means that any compliance issues are identified in a timely manner and rectified immediately [this can help you avoid a qualified audit report and trustee penalties that apply for breaching the super fund rules]
Let’s face it, you also like preparing your own records to keep the cost of your accounting fees down. We get that. This is why we have trialled our bundles with some clients to ensure we got it right.
In our experience, the efficiencies we have gained in the year-end compliance preparation [simply by accounting for your fund on a month to month basis] has meant that we can offer this monthly service for a very minimal increase on your current annual accounting fees. You will find that this small increase is less than what it will cost you in your time and your employees’ time in processing the super fund on another system.
General Advice Warning:
Information provided on this website is general in nature and does not constitute financial advice. Every effort has been made to ensure that the information provided is accurate. Individuals must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult a financial adviser to take into account your particular investment objectives, financial situation and individual needs.
businessDEPOT Financial Planning BNE and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 | AFSL 357 306