When it comes to setting up an SMSF audit fees are one of the biggest subjects of concern for the SMSF trustees. It is a common belief that the audit fees are expensive. So, many include this criteria as one of key factors to consider when choosing the most affordable offers for setting and managing the fund.
If you are an audit, what you need to know is that the your trustees expect from you to offer them affordable SMSF audit fees while providing them proper auditing of their self managed super funds. As a service provider it is part of your job to adjust your offer according to the expectations and real needs and requirements of your clients, which is key in building long-term relationship with them.
To minimize your SMSF audit fees, the four most important things you should do include:
Use an experienced SMSF Audit Firm
When it comes to auditing a fund and identifying potential issues when managing the fund, it is the experience the most important factor that impacts the success. Therefore, if you want to stay in pace with the tax office changes you should use an experienced audit firm.
Provide a Clear Presentation To Your Client
The first thing you should let your clients know is that managing an SMSF fund is not a simple task, but on the contrary, a complex process. Thus provide them a detailed explications about the costs they’re expected to pay. Display the data using a standard data presentation system. In this way you will be able to analyze the information for very short span of time and spot any potential issues without wasting additional time and money.
Make an easy-to-understand List of services
Make a list of services from which your trustees can choose what they want to be included in their fund. Having an understandable list of possible fund-managing variables will be helpful for you too, because it will enable you to be prepared for a complete presentation of your service “packages” and determine the final SMSF audit costs easily and faster. In this way you will also make sure that nothing is forgotten, nor omitted.
Educate Your Trustees
Last but not least, before offering your services and closing the contract with your trustees you should provide him/her an overall explication about what his/her duties will be and what the actual process of managing the SMSF fund include. Familiarize your clients with the possible advantages and disadvantages of the specific “movements” they plan to make in respect of managing and growing the fund.