SMSF Audit & Compliance Services. A dedicated team to manage the entire end-to-end self-managed superannuation fund process

Transcription

1 SMSF Audit & Compliance Services A dedicated team to manage the entire end-to-end self-managed superannuation fund process

2 Contents Overview Establishment Compliance Audit About Us

3 Finding SMSF Compliance, Audit or Lodgment a Hassle? We are a leading Australian provider of back office finance and accounting to mid-tier accounting firms because we produce efficient quality results. We handle everything from setting up a new SMSF to winding down an old one. We are a dedicated team that manages the entire end-to-end self managed superannuation fund process. Our dedicated team can work with you to provide a better, cost-effective service. Pressures Accountants Face Cost of delivery is high, including the time it takes for you to tick the boxes Highly competitive SMSF market Fewer auditors BPO Connect has experience in a wide range of superannuation services as well as market segments. This allows us to provide a complete tailored solution dependent upon your current requirements, including establishment, compliance obligations, financial statements, tax returns and audits.

4 Partner with BPO Connect for Peace-of-Mind BPO Connect is Australian owned and operated, with more than 10 years of experience in back office processing with support teams in Australia, Sri Lanka, Vietnam and China, supervised by qualified Australian managers & directors. We Guarantee Efficient Turnaround Times Low-Cost Pricing Structure Quality Review Our specialised team of SMSF professional accountants work solely on SMSFs and have 5-10 years of experience working on SMSFs. We service accounting firms across Australia, who trust us to do the administration, audit and compliance for thousands of SMSFs. Let us partner with you to develop a systemic and customised SMSF process to take the hard work off your hands.

5 Our Approach to SMSF Services It s about Quality and Quick Turnaround We ve adopted national practices enabling fast turnaround times, representing industry best practices. Our SMSF team is set apart by the breadth and depth of their practical expertise. It s about Trust You maintain ownership of your client. We are your extended back office support. We are flexible with client engagement as the decision is up to you. We re trusted by multiple mid-tier accounting firms they trust us to deal directly with their clients. If they trust us you will too! Some accountants prefer us to work directly with their clients. Either way, we honour your relationship with your client.

6 Overview of Our SMSF Services All Services Include: Dedicated Australian SMSF client manager as point of contact Overseas team with minimum five years of SMSF experience Option to white label our services Obligation-free trial of the process SMSF-Related Software We Use Our combination of competency, independence and SMSF specialisation makes us unique in the industry.

7 Establishment / Setting Up a SMSF Setting up an SMSF is about more than taking steps to get it started. We can establish a superannuation fund to suit your clients requirements: Individual Trustees 2 Members 3 Members 4 Members Corporate Trustees Company registration All Packages Include: Creating of SMSF Trust deeds ABN and TFN Application for SMSF Bank Account Application for SMSF Rollover of Funds to SMSF Bank Account Set up and Administration Services Include: Set up new /existing fund details in reporting software Daily processing, monthly and year-end models Customised checklists, work instructions for processing data Preparation of income tax returns Customised electronic work papers

8 Financial Compliance We ve built an enviable reputation and developed vast experience in providing compliance services to the SMSF industry for many years. We regularly liaise with professional associations, industry experts and the Regulators to ensure we are at the forefront of current compliance issues. Financial and Compliance Services Include: Customised reporting, including schedules Extraction of investment details from registry website for audit work papers Preparation of linked work papers for audit Compliance review and financial audit through independent onshore partner We can help your fund resolve compliance issues to ensure successful outcomes, by: Assisting you and your clients to understand the rules so you are not exposed to unnecessary risk Negotiating with the ATO on your behalf Assisting with ATO audits and rectification of breaches Resolving complex compliance issues

9 SMSF Taxation & Audit Focus on service rather than compliance. BPO Connect is your white-labelled back office solution. We offer a fixed fee for any sized fund and complexity. If you are not a registered tax agent, we will act as the tax agent for you. Our SMSF EOFY taxation and audit service fee is invoiced to you, allowing you to charge your clients whatever fee you wish. Complete EOFY Taxation and Audit Includes: Preparation of tax reconciliation statement Preparation of annual financial accounting & taxation Complete analysis of contributions and pensions Completion of independent annual audit Recording of tax components from investment income Preparation of trustee representation letter Completion of the SMSF tax return form If you are the registered tax agent you ll need to sign the declaration & lodge through your tax portal.

10 Proven Four-Step SMSF Compliance Process Access Provision of Information Resolution Review What We Do Clients grant us access to their software or send us SMSF files to work with. We raise unresolved queries based on the information provided to us. We resolve queries based on your answers and prepare an electronic work paper file. We complete both an off and onshore review before sending through the file for your approval.

11 Quality SMSF Audits You must appoint an independent auditor to review your clients SMSFs. It s the law. We are SMSF auditors registered with ASIC, who can act as your independent auditor, if required. For accounting or legal practitioners, you can be assured that self managed superannuation funds are our only focus. Unlike other outsource providers, we have a proven quality trackrecord. We are flexible to meet your client demands and control costs without the excessive overheads experienced in larger firms. We come to you if required and we keep our promises. All of the work is reviewed in Australia by SMSF specialists to ensure accuracy. We have experience auditing thousands of SMSFs for multiple mid-tier accounting firms. Our expertise in dealing with the regulators and within the superannuation and accounting community means you can be confident that the audit will be conducted at the highest standard.

12 IT Infrastructure, Security and Quality Assurance Our processes adhere to global industry standards

13 Global IT Infrastructure Our global infrastructure spans operational offices located in Sri Lanka, India and Australia. Our terminal server uses the same security as banking-related software, and all client data remains on Australian servers. Overseas offices access our Sydney server online, which we use to access your server. All financial and accounting data on our systems stays in Australia. Data is stored on a terminal server in a secure data centre based in Sydney, Australia with backup servers in Melbourne and Canberra. We store data on multiple Australian servers as a failsafe mechanism. Overseas Offices Sydney Server Melbourne & Canberra Servers Our servers sync with other Australian servers as backup. Your Server Any data transferred by you goes to our Australian server.

14 Secure Controls and Systems Biometric user authentication CCTV cameras installed We use dumb terminals to access server/cloud applications to perform & save work. USB/CD drives not present or disabled All employees required to sign Confidentiality Agreement before they commence work Physical Access Controls Password change enforced on local and hosted applications on a periodic basis No access to change system configurations and install/change applications Mobile phones not permitted in operating centre Printing requires manager approval Logical Access Controls Firewalls installed at the network gateway Antivirus updated and scanned on a daily basis All client software and data are cloud based / hosted in secure commercial third party data centers in Sydney Most data transferred between you and the service is encrypted Network Security

15 Privacy Protection Connect with Us We provide extended business hours of operation, access to a live ticketing system, unlimited s, phone support as well as online chat and Skype. Our Australian support team is available between 9.30 am and 5 pm, after which time our overseas teams are available until pm AEDT. It is important to understand that any BPO Connect staff who are dealing with your information are employees of BPO Connect. We take security measures to protect the personal information we hold, including both physical and technology measures. We also have document retention policies and processes. With third party providers we ensure that your personal information is stored on secure servers that have SSL Certificates issued by leading certificate authorities. We require all employees to sign confidentiality agreements, and we do not disclose personal information unless it is permitted by our privacy policy.

16 Quality Assurance We are certified for ISO 9001:2009 and working toward more certifications. International standards ensure that products & services are safe, reliable and of good quality. We are focused on continuously improving our processes through Six Sigma & Lean Sigma. Six Sigma is a disciplined, datadriven approach and methodology for eliminating defects in any process. We carry out three-tier process reviews: selfreview, peer and manager review to ensure our deliverables are errorfree.

17 Cloud-Based Systems We are partners of cloud-based accounting platforms, such as Xero. We also make use of cloud-based tools such as Dropbox, Box, FileHub, Shoeboxed, Vend, Fathom, Spotlight Reporting and Calxa. We use MYOB, QuickBooks, Procom, SAP, SAP Business One, SAP ERP, UCan2, Reach Accounting, XERO, FreshBooks, Tully, Attaché, Sybiz, MYOB EXO (formerly Exonet), BankLink and any other off-theshelf software. We also know HandiSoft, Reckon Elite, Sage, Accpac, MYOB Accountants Office and PeopleSoft. It takes our IT team approximately 24 hours to setup and configure access to a secure portal.

18 Our People Leaders in quality accounting We nderstand and finance the importance outsourcing of acquiring for a talent pool with mid-tier the right firms skill sets to keep us at the forefront of our industry

19 Our Staff We currently employ more than 300 finance and accounting staff who are qualified/part qualified accountants. We have 30+ staff across Australia. Tenure Analysis All work is reviewed by chartered accountants, and we can lodge as Australian registered tax agents. With a brand-new operation centre in Colombo, Sri Lanka; we have the capacity to rapidly scale with you. We pride ourselves in having tenured employees. The majority of our employees have been with us for more than three years. 1-3 years Up to 1 year 3+ years

20 We ve Got Talent Did you know? All BPO Connect employees have, at minimum, a bachelor s degree in accounting or an accounting-related field. Professional Associations Our employees are members of various accounting bodies in Australia and Sri Lanka, including: We are native and fluent English speakers. We also speak French, Spanish, Sinhala, Tamil, Hindi, Mandarin, Cantonese, Malay, Italian and Greek!

21 Attracting Talent How We Source Staff Newspaper adverts Employee referrals F&A Institute job banks Our qualified and experienced staff relieve clients of the need to employ, train and supervise their own staff to carry out the essential accounting and compliance needs of the company. Our employees go through a rigorous interview and vetting process, and all new employees are required to sign non-disclosure and confidentiality agreements before starting work. Sourcing of CV s Screening process Assessing Interviewing Hiring decision Referee check Offer

22 Training and Development All accounting associates must go through 8 weeks of induction training covering Australian accounting and taxation. Accounting associates must pass the assessment test administered at the end of training with a minimum score of 80% before they are assigned live client work. We require employees to complete weekly two-hour refresher and continuous training programs run by Australian experts to enhance the bookkeeping, accounting, taxation and SMSF knowledge of our team. Employees are actively encouraged to pursue professional qualifications as we provide tuition reimbursements on successfully clearing exams. We aim to continuously provide superior talent to the organisation, building subject matter expertise and developing leaders.

23 Office Locations Melbourne Australia Sydney Australia Brisbane Australia Perth Australia Canberra Australia Buildings 3 & Lorimer Street Port Melbourne Vic 3207 Suite 3, Level 6 10 Bridge Street Sydney NSW 2000 Unit Leitchs Road Brendale Qld Treffone Street Red Cliffe WA 6104 l 39 Miller Street O Conner ACT 2606 London UK Shanghai China Baguio Philippines Ho Chi Minh City Vietnam Fournier Street London E1 6QE lh 2701/21 Lane 288 Aomen Road Shanghai GF SFB1 Baguio Economic Zone PEZA Compound, Loakan Rd Baguio City, Benguet 2600 Room Indochina Park Tower No. 4 Nguyen Dinh Chieu St., Dist. 1 Colombo Sri Lanka Kandy Sri Lanka Chennai India Coimbatore India 4th Floor, 111 TB Jayah Mawatha Colombo 10 No 130 Katugastota Road Kandy th Floor C Wing Parsn Manere, Anna Salai Chennai No.5, First Floor Suryalakshmi Gardens extn, Subramaniyampalayam Rd G N Mills Post Coimbatore

24 Next Steps Talk to us today about saving We nderstand time the importance and hassle! of acquiring a talent pool with the right skill sets to keep us at the forefront of our 724 industry

25 Disclaimer The information contained herein has been prepared to assist prospective accountants in making their own evaluation of the Company and does not purport to be all-inclusive or contain all the information a prospective accountant or existing client may desire. This presentation and information it contains are confidential and proprietary to BPO Connect Pty Ltd and shall not be reproduced or copied for any purpose. Copyright 2015 BPO Connect