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Managing SMSFs can be time-intensive, in order to stay competitive and deliver the best possible service to clients, SMSF managers have the need to be efficient and make the most of their time.
“Put your hand on a hot stove for a minute, and it seems like an hour. Sit with a pretty girl for an hour, and it seems like a minute. That’s relativity.”
― Albert Einstein
Here are 10 ways that can help SMSF managers to get their processes in tune to be efficient and save time. There is scope to maximise and utilities efficiently even on those that may already have been implemented.
1. Invest in Automated Technologies
One way to save time and increase efficiency is to invest in automated technologies, such as accounting and auditing software. Such software can help automate tedious tasks and reduce the amount of time spent on manual processes. Additionally, these tools can help to ensure accuracy and reduce the possibility of human error.
2. Implement Processes for Data Collection and Storage
Another way to improve efficiency is to implement processes for data collection and storage that allow for quick information retrieval. You may already have this in place, but utilising this as much as possible can help to ensure that all of the necessary information is readily available when needed, instead of having to search for it.
3. Take Advantage of Digital Document Management Systems
Paperwork can be a major time drain for SMSF Managers. Fortunately, digital document management systems can help to reduce the amount of paperwork and paperwork-related tasks. These systems allow for electronic storage and retrieval of documents, streamlining processes and saving time.
4. Outsource Compliance and Administrative Tasks
Since your clients count on you for various tasks including compliance tasks and your day-to-day administrative work, you can outsource activities such as preparation of financial statements, lodgement of tax returns, etc can be Outsourced to an experienced professional. This can help free up time for more strategic tasks or work that delivers higher value to your clients, and to ensuring that all of the necessary steps are taken in a timely manner.
5. Take Advantage of Cloud-Based Services
Cloud-based services can also be used to access data and documents from anywhere. This can be especially helpful for SMSF Managers who are on the go and need to access data or documents quickly. Additionally, cloud-based services can provide an additional layer of security and protection for sensitive information.
6. Set Up Automated Reminders and Alerts
SMSF Managers need to stay on top of deadlines and tasks in order to ensure that everything is completed in a timely manner. Automated reminders and alerts can be set up to help remind SMSF Managers of upcoming tasks and deadlines, helping them to stay on top of their workload and remain efficient.
7. Develop Efficient Processes for Onboarding Clients and Managing Client Accounts
SMSF Managers also need to have efficient processes in place for onboarding clients and managing their accounts. Streamlining the client onboarding process and establishing efficient processes for managing accounts can help to save time and ensure that all necessary steps are taken in a timely manner.
8. Automate Investment Allocations and Execution
SMSF Managers are able to automate investment allocations and execution for faster, more accurate investments. Automating the investment process can help to reduce errors and ensure that investments are executed in a timely manner.
9. Take advantage of practice management tools to better manage workflow
Practise management solutions can help you optimise your processes and manage all elements of your organisation more effectively. With all of your data in one location, you and your team can quickly access whatever you need, saving time and increasing efficiency.
10. Enlist Virtual Assistant/s
Outsourced Virtual Assistants can help businesses increase productivity, manage multiple tasks, including administrative tasks, research, data entry, customer service, and more. Trained Virtual Assistants can operate with little inputs and can help businesses improve their bottom line and remain competitive in the global market.
These tools and strategies can position SMSF Managers to improve efficiency and save time. By taking advantage of these strategies, SMSF Managers can ensure that they are better positioned to provide the best possible service and advise to their clients.
Looking to improve efficiency, without compromising on quality, contact us today. Explore AccSource’s outsourcing services for Accounting and Compliance. See how we can help you build capacity, while saving time and money.