Transforming Your Firm with SMSF Outsourcing Strategies.

In a previous video, I shared my journey in the Superannuation Division of a mid-tier accountancy firm. Facing staff turnover, I proposed outsourcing in 2009, inspired by my prior experience in outsourcing design work with the Barefoot Investor. The partners agreed, primarily due to a staggering $250,000 annual write-off in the Division.

Another compelling reason was that Self Managed Superannuation Fund (SMSF) work was viewed as an inconvenience. It was a non-core service, reluctantly provided to family group clients with thriving businesses and SMSFs.

Superannuation isn't a strong suit for most accountancy firms. Without expertise, we risked business vulnerabilities as clients could switch accountants for SMSF services, jeopardizing annual fees.

With dedicated training and trips to India, I established an SMSF outsourcing team, turning that $250,000 loss into a $250,000 profit within a year. We thrived in a non-core competency that was once deemed inconvenient.

The key message is clear: SMSF may not be your firm's core competency either, but inefficiency is avoidable.

I remain eager to invest in SMSF clients, recognizing our prowess in this area. While it's not a core service, it's linked to significant fee-generating clients. Non-core services can be profitable when approached differently.

I'm Kane from Active Outsourcing (www.activeoutsourcing.com.au), always ready to address your queries on outsourcing and its potential benefits for your firm.