With Clients and Trustees scattered across the country, pressure on turn around times and COVID-19, it no longer makes sense to send out documents or meet clients to get their signature. Using digital signatures is the obvious solution and can provide your business with significant efficiency and cost savings.
Products such as AdobeSign and DocuSign are simple to use and can provide convenience and efficiency to both the Trustee and your business. Trustees are becoming increasingly comfortable with technology and less concerned with security of their information which means that implementing electronic signatures into your current workflows can be quickly adapted by your clients with less push back than would have been the case a few years ago. The Market leading Digital software products are secure, compliant and integrates with SMSF software. SMSF Businesses not considering this as an option may get left behind, particularly with COVID-19 and SMSF Auditors requiring Financial Statements signed prior to Audit.
There are many benefits to moving to electronic signatures for both SMSF Businesses and Trustee, including:
- Cost savings – Software product subscription costs are cheaper than postage, zero cost to your clients and much less than spending 30 mins with your clients just to get their signature.
- Efficiency – As quick as a few clicks of a button the Financial Statements can go from you to your trustee and off to the Auditor. No more WIP sitting on the shelf for months.
- New Clients – many trustees are seeking an efficient service. They want their Accountant and Adviser to not be wasting their time and provide fast turnaround times.
- Less admin support – Digital Signing products integrate with your Accounting Software and are simple to use.
There are obvious benefits to introducing digital signatures but is it legally acceptable?
Section 35 of the SIS Act sets out the rules about Financial Statements for SMSF’s. There are no specific requirements for signatures is section 35, provided there is a visible mark made by the trustee(s), and provided you can use that signature to verify the identity the Trustee, the document would be ‘signed’ for the purposes of section 35B of the SISA. On 29 July 2020, the Commonwealth Government passed the Electronic Transactions Regulations 2020 (ETA), so that the ETA now applies to section 35 of the SIS Act to make it clear electronic signatures are acceptable on SMSF financial statements.
The legislation and the clear benefits to your Trustees and your business means that moving to electronic signatures should be a simple exercise and just makes sense.
Since 2007, Keep It Simple Super has helped Financial Advisers and Accountants deliver best practice SMSF compliance with simple, hassle-free client solutions
We work closely with our clients to customise their SMSF service so they can easily and confidently grow their SMSF businesses.
Why our clients love us:
- Our “Simple” philosophy
- Our win/win approach to all aspects of what we do
- Our attention to detail
- Our proactive approach to compliance
- The clear value that we provide
There are lots of SMSF Administration providers out there, but not all of them are equal.
If you are looking for affordable, Australian based and best practice, get in touch today.