How accountants can spread the SMSF audit workload across the year

Self-Managed Superannuation Funds (SMSFs) are a critical component of many accountants’ practices, and the annual audit process can often lead to bottlenecks, especially around tax season. By strategically spreading the SMSF audit workload throughout the year, accountants can alleviate pressure, enhance efficiency, and provide a better experience for clients and auditors alike.

Here are actionable strategies to help accountants distribute the SMSF audit workload evenly across the year:

1. Segment your SMSF portfolio

Start by categorising your SMSF clients based on factors such as complexity, trustee responsiveness, and compliance history. This segmentation allows you to prioritise and plan audits for simpler funds earlier in the financial year and leave more complex cases for later.

How to implement:

2. Educate clients on early documentation submission

Trustees often delay providing required documentation until the last moment, leading to a bottleneck. Educating clients on the importance of timely submissions can make a big difference.

How to implement:

Communication campaigns: Send reminders and emails explaining the benefits of early audits, such as faster tax returns.
Pre-audit checklists: Provide clients with a checklist of required documents at the start of the financial year.
Incentivise early submissions: Offer small discounts or prioritised service for clients who submit documents early.

3. Adopt a rolling review calendar

Instead of waiting until the end of the financial year, implement a rolling calendar where internal reviews are conducted monthly or quarterly.

How to implement:

4. Leverage technology

Technology can automate and streamline many parts of the SMSF audit process, making it easier to manage workloads over time.

How to implement:

Cloud-based SMSF platforms: Use platforms like Class Super or BGL Simple Fund 360 for real-time data sharing with auditors.
Automated reminders: Set up automated emails to remind clients about upcoming audit deadlines.
Data integration: Ensure all possible data feeds are active eg bank data feed, share registry data feed, WRAP or broker data feed etc
Regular Processing: Even if not a compliance requirement, regularly process and review funds to avoid any year-end surprises.
SMSF workpaper platforms: Streamline workpapers with specialised platforms eg SMSF Sorted, BGL etc
Look for integrations: Select an auditor who’s technology integrates seamlessly with your own eg Class or BGL with Cloudoffis

5. Collaborate with auditors year-round

Strong collaboration with SMSF auditors is essential for managing workloads effectively. Avoid last-minute rushes by maintaining year-round communication.

How to implement:

Schedule regular check-ins: Discuss upcoming audits and timelines with auditors regularly.
Provide complete files: Ensure all client documentation is accurate and complete before sending it to the auditor.
Audit feedback loop: Use feedback from auditors to refine and improve documentation processes for future audits.

Example:

SMSF Auditing Australia provides a regular report to our clients including missing information & documents, fund complexity, how many contraventions are lodged and top five sections or regulations their clients have breached.

6. Encourage trustees to avoid last-minute contributions

Many SMSF trustees make large contributions or transactions at the end of the financial year, complicating the audit process. Educate clients on the advantages of planning contributions and withdrawals earlier in the year.

How to implement:

7. Plan for peak periods

While spreading the workload is ideal, some peak activity is inevitable. Preparing for these periods ensures they don’t derail your workflow.

How to implement:

Benefits of a balanced SMSF audit workload

By implementing these strategies, accountants can experience several benefits:

Reduced stress

Avoid last-minute rushes and burnout during tax season.

Improved accuracy

More time to review and correct issues reduces errors.

Better client relationships

Proactive communication and efficient service build trust and loyalty.

Enhanced workflow

A steady workload allows teams to focus on quality over quantity.

Want to adopt a more sustainable approach to SMSF auditing in your firm?

Spreading the SMSF audit workload across the year isn’t just about easing pressure during tax season; it’s a smarter, more sustainable way to manage your practice. By implementing these strategies, accountants can deliver better outcomes for clients, maintain high-quality standards, and create a smoother workflow.

Start planning today, and make your next financial year your most efficient yet! For assistance and expert SMSF audit advice, get in touch with our team today.