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Best Practice SMSF recently caught up with George Haramis from Fintech business accountantsGPS, to discuss their new platform, and how their digitally supported SMSF Check-Up report can assist both Accountants and SMSF Trustees as they move closer to retirement and beyond.
Can you tell us a little bit about your business?
Our business, accountantsGPS, is a leading provider of financial services to self-managed super funds (SMSFs). We have over 20 years of experience in the SMSF industry, and we are passionate about helping our clients achieve their financial goals.
You recently launched a new product called the digital SMSF Check-Up report. Can you tell me a little bit about it?
The digital SMSF Check-Up Report provides a comprehensive analysis of a fund’s compliance and
financial situation to evaluate how a fund is progressing in many key areas. The report includes SMSF
documentation, investment performance, investment policy development, contribution strategies,
investment property performance (including debt position), insurance and estate planning.
Importantly, it helps Trustees and Members meet their compliance obligations as well as their longerterm investment and retirement goals – with access to specialist providers for assistance, if required. The report has been prepared in a user-friendly format, saving what would normally be at least hours or days, to create a similar analysis – even if it could be possible to undertake manually, depending
upon the complexity of the fund.
What are the benefits of the digital SMSF Check-Up for accountants?
It provides a comprehensive overview of an SMSF’s compliance, performance, and risk, which can help
accountants to identify any potential issues early on. This can help accountants to avoid costly mistakes and ensure that their clients’ SMSFs are well-managed. The purpose of the report is to provide an analysis of any Self-Managed Super Fund, and in so doing:
- Communicates key financial and management insights on the ‘health’ of the fund to the Trustees and Members.
- Acts as an important quality check and compliance tool for the accountant and auditor.
- Supports the accountant to present the funds analysis and engage with the client in the knowledge that they are not required to be licensed.
- Reviews for any specific ‘needs’ the member have across a variety of areas such as: insurance, estate planning, re-financing needs, review of contribution strategies etc
- Provides a very comprehensive report for any work the fund is undertaking with their financial planner.
What are the benefits of the digital SMSF Check-up for SMSF trustees?
The digital SMSF Check-Up is a great way for SMSF trustees to get peace of mind knowing that their fund is in good hands. It provides a comprehensive overview of the fund’s compliance, performance, and risk, which can help trustees to make informed decisions about the future of their fund. For example, the digital SMSF Check-Up can help trustees to:
- Understand the fund’s compliance obligations.
- Make informed investment decisions.
- Identify and manage risks.
- Make sure the fund is well-managed.
- Assist them to better manage their funds according to their respective needs and in the process –
provide a better opportunity to meet their longer-term wealth & retirement objectives.
What are some of the unique features of the digital SMSF Check-up?
The digital SMSF Check-Up is a unique service that offers a number of features that are not available in other SMSF compliance and risk review services. These features include:
- A comprehensive review of an SMSF’s compliance, performance, and risk.
- A user-friendly online platform that makes it easy for clients to complete the check-up.
- A detailed report that provides insights into the fund’s strengths and weaknesses.
- Recommendations for improvement.
The digital SMSF Check-Up is also a cost-effective service. It is priced at a fraction of the cost of a
manual review by an accountant.
accountantsGPS was established to provide relevant services to the accounting profession,
commencing with the development of the SMSF Digital Check-Up Report. accountantsGPS also offers a
comprehensive program of client related digitally supported personal advice and other related
financial services, including SMSF Advice, to be made available to an accountant’s wider client base
via moneyGPS – without the need for the accountant to become licensed.
Source: Best Practice SMSF, Newsletter June 2023. Learn more here.
It is important to note that while the report provides detailed feedback on the health of the fund, the information contained is factual in nature and nothing should be read to constitute financial advice, nor should the information be acted upon without
professional advice.