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SBS created an offshore solution for a top administrator in Australia of SMSF. The India-based back office now works closely with staff in Australia, and has supported rapid growth, while delivering increased productivity gains.
Situation
The client is one of Australia’s leading administrators of SMSFs, servicing over 1000 clients. The client has a proven track record and strong systems in place. The client operates a full administration service with daily updation of data and posting on the web.
Challenge
SMSFs account for 27.5% of the $781 billion, Australian retirement funds market, and are growing rapidly. SMSFs are complex personal funds, falling under multiple tax and pension regulations. These funds are typically created by individuals, and handle a variety of investments ranging from stocks and bonds to peculiar assets such as artwork, wine stock and antiques.
Graduate accountant employees often find SMSF accounting an unattractive option (“time consuming and monotonous”). At the same time, training and experience are critical, since the process involves significant administrative work due to unique needs of funds, changing legal environment and IT system limitations. The client had a challenge in growing their business rapidly. The chosen solution needed to adopt the proven and tested control systems that the client had in place, while at the same time having the ability to deliver a low-cost solution that could scale up rapidly.
Solution
SBS studied the processes and identified the pain points. Created detailed Standard Operating Procedures Developed and trained a team of accounting experts with Australia-specific experience at Chennai Created good bonding between the Indian & Australian teams by planned visits at regular intervals Implemented Citrix-based review to allow secure remote operations
Impact
The India-based processing back-office is now functioning as an extension of the Australian office, with regular interaction between the teams. On-shore staff have moved to front end client facing activities Scalability – Our client is in the process of doubling the number of funds under administration without significant addition to staff. Increased profitability: the bulk of administrative work is completed off-shore resulting in reasonable cost savings.
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