Bureau Service
We have come across a number of accounting firms that whilst they are happy to attend to their client SMSF annual compliance requirements, need some help to ensure that lodgement deadlines are met and profit margins maintained.
It is not uncommon in a practice for there to be a staff member who is the SMSF and BGL Simple Fund “guru”. Any absence of this person can cause major mayhem in relation to the ability of the practice to meet not only lodgement deadlines for their client SMSFs but meet client expectations of turn-a-round times.
Further, as the experience and qualifications of this staff member has grown, so has their pay packet and corresponding charge out rate. A consequence of which is an increase in write off for data entry of transactions into BGL Simple Fund.
Our Bureau service offers the solution for a practice to better utilise their SMSF staff member(s) by taking away the low margin (or in a number of cases no margin) data entry service and allowing them to focus on the “completion of the job”. As a consequence you should experience:
-
Faster turn-a-round time for funds. Your SMSF staff now work on funds that have had all their source data entered. They can now spend their time on final processing and thus spend less time on each fund;
-
Your SMSF staff can better focus their efforts on higher end advising;
-
Short period of absence of your SMSF staff will have less effect on meeting lodgement deadlines;
-
You will find that your SMSF staff is happier as they are no longer attending to number hours of data entry and have less pressure on them with respect to lodgement deadlines.
The Bureau service is a data entry service only and includes annual processing of a fund’s data using your BGL file (returned to you after processing).
You retain responsibility for:
This service is a once only processing service. That is, once we have processed the source data provided we will return the BGL file and will not process any further transactions for that fund for the year. However, you will receive with the file a list of the outstanding items.
This service is designed to simply provide a means to process a fund's source data quickly and allow for your senior accountant to finalise the fund for the year.
It would be common that the following may be in suspense when the BGL file is returned:
-
Contributions unallocated
-
Pension/lump sum payments unallocated
-
Tax Statements for managed funds not entered (as they were not provided/available at the time)
Also, where the fund requires an Actuarial Certificate to claim 'exempt pension income', you would have to obtain this.
When this service is used we require the BGL file and the source documents to be provided to us on CD. The source documents must be scanned to a pdf file and we require the following format:
Baker's dozen format for each fund bank account
-
Bank statement for the month (12 months 12 sets of documents)
-
Behind the bank statement the source documents, in chronological order, for those transactions on the bank statement
-
The 13th set of documents is for any documentation for transactions that did not go thru a fund bank account, eg DRP; share splits/consolidations.
A flat fixed fee will apply for this service and is negotiated at the time a request is made by completing and submitting the Bureau Service Processing Request Form.
We can also provide our staff to attend to your office to gather the fund source data and attend to scanning. Please note that an additional fee may apply.
Further, unlike the 'White Label' service there is no minimum number of funds or a requirement to enter into an Administration Outsource Agreement. You simply complete a Bureau Service Processing Request Form for each fund sent to us.
To discuss this service further please contact our office:
Tel: Free Call 1800 644 804
Email: contact@tranzacttotalsuper.com.au
%20DB.jpg)
