Typically, accountants are associated with roles such as financial advice, taxation, regulation and reporting. But as self managed super funds become more and more prevalent, accountants are suddenly finding themselves with a whole new string to their bow. But what exactly does an SMSF Accountant do?
The first factor they’re involved is in the more traditional accounting side of things. But beyond this, an SMSF Accountant will be involved in a range of functions for a client with a self managed super fund.
The first of these is basic administration of the fund. Most prominently the self managed super fund accountant can act as a liaison between the different parties involved in the fund, such as the trustees and the regular day-to-day accountant.
The self managed super fund accountant may also be put in charge of the fund’s strategy, as outlined by the client. He or she may also make recommendations for investment and prepare documents relevant to the self managed super fund.
A self managed super fund accountant could also potentially act as an SMSF auditor, which is a process that must be carried out annually for a self managed super fund. The accountant must be specifically registered as an auditor to undertake these duties.
Up until recently the guidelines for self managed super fund accountants has been a bit of a grey area. But that is no longer the case. The most important part of an SMSF Accountant’s responsibility is to provide personable, professional, honest and accurate advice to any clients.
The main component for streamlining the system is for more accountability and procedural rules. When using a self managed super fund accountant, the client should receive formal quotes for services, increased levels of written advice, more meetings, and more ‘official’ documentation.