The partnership aims to provide more efficient and secure online trust account management and auditing services to accountants who use the software who will now be able to easily distribute money for “fee from refunds”, while maintaining complete control of their trust accounts, with Audit Australia being an integrated, preferred partner to ensure compliance.
Refund Manager chief executive Steven Gibson said compliance is a top priority for the Australian accounting software provider.
“By partnering with a specialist trust account auditing firm, we are demonstrating our commitment to compliance and our customers will have access to a preferred online provider for effortless audits,” he said.
Audit Australia will review the Refund Manager system from an auditor’s perspective and provide strategic and practical advice regarding impacts of any future compliance requirements that become mandated by the government.
Fee from refunds allows customers to avoid paying an upfront accountant’s fee on their annual tax returns, instead directly deducting the fee from personal refunds received from the Australian Taxation Office.
However, the process is prone to error and time-consuming for accountants because they must keep spreadsheets, manually input data, and actively manage balances and settlements in their trust accounts. To simplify the process, Refund Manager was developed by the creators of ELodge and to date nearly $1.4 billion worth of refunds has been managed through the system.
