Running an SMSF can be a hugely rewarding venture, but it doesn’t come easy. The day-to-day administration of an SMSF can be a burdensome and complex task that just about anyone can use an extra pair of hands for.
From keeping thorough and accurate records to preparing for the end of year audit and accounts, these tasks can be stressful and burdensome for those charged with the administration of a fund. Whether you’re a financial planner, trustee or accountant, you could use the services of an experienced SMSF administration service provider to help take care of the nitty gritty details.
Alongside our audit and end-of-year-account preparation services, Aquila Super offers a full SMSF administration service – named Aquila LIVE – for our clients. With more than 15 years of experience in the industry and innovative technology on our side, we can simplify and streamline the administrative demands of running an SMSF, freeing up our clients’ time and energy for other matters.
What is Aquila LIVE?
Aquila LIVE is a full SMSF administration service that can be both provided directly to trustees, or be white labelled for the use of accountants and financial planners. Under this service, Aquila becomes the mailhouse for an SMSF, receiving and storing all communications relevant to the running of the fund.
Part of the Aquila LIVE SMSF administration service offering is an innovative cloud software, Fundweb, that gives clients an unparalleled, real-time overview of a fund. Investments, financial accounts, members’ statements – all of these are viewable through a secure web portal our clients are plugged into.
As part of the service, we establish data feeds with financial institutions such as banks, cash management trusts and stock brokers, as well as data feeds that provide price updates for managed funds and the ASX. This not only means the normally document-heavy task of administering an SMSF is made virtually paperless, but we also reduce the administrative burden for clients.
We take on a variety of additional tasks as the SMSF administration service provider, such as preparing accounts and taking care of the tax return and audit. Along with this, as part of our mail house service, we will alert trustees of any investment offerings as the mail comes to hand. This allows trustees to make investment decisions in a timely manner.
The key benefits of using Aquila LIVE
As well as seeing their administrative load markedly shrink, our clients can expect a number of other benefits from the use of our SMSF administration service. With the use of Aquila LIVE, they can have a real-time, consolidated and comprehensive view of their SMSF that enhances their ability to make decisions about their fund.
Instead of being put together at the end of the financial year, Aquila LIVE builds a set of accounts day by day as the year progresses. This means things like income tax returns and financial statements can be completed in a far more timely manner, which in turn allows quicker access to tax refunds for funds in pension phase. Your fund could be completed, signed off and audited while other funds are still thinking about appointing an auditor.
Your fund will also be monitored by Chartered Accountants on a weekly basis as the accounts are gradually prepared. Under this system, there’s no end-of-financial-year rushing about to deal with an unexpected problem – all issues can be dealt with as they come up.
Aquila’s innovative Fundweb software
One of the cornerstones of Aquila’s SMSF administration service offering is Fundweb, a secure, web-based software that allows users an unprecedented view of a fund in real time. Traditionally, you would only receive information about the performance of investments and other crucial data nine months after the end of the financial year. This may not give you an accurate picture of how an SMSF is doing at the present time, and is not necessarily conducive to making the right decisions regarding investments.
With Fundweb, you have your finger on the pulse of what’s happening with your SMSF 24 hours a day, seven days a week. Some of its useful features include:
Clients can even log into Fundweb using their smartphone, allowing them to check their SMSF any time, anywhere.
If you wish to find out more about our SMSF administration offering, get in touch with the team at Aquila Super. We’re always happy to talk in more depth about our services.