The adoption of cloud technology is becoming “essential and critical” to the growth and productivity of SMSF businesses, according to Class, the maker of Class Super.
The changes to superannuation legislated late in 2016, many of which apply from 1 July 2017, will drive more change than many people realise, says Class.
“The reporting burdens on trustees will increase further, such as monitoring the amount of pension assets, and the ATO has already made it clear it wants to step up the frequency with which funds provide this information, eventually moving to real time reporting.”
“The promise of the cloud is that everything will be connected and the administrator will have all the data at their fingertips to provide a superior service to their clients. That gets closer every year with the growth of direct-connect data feeds and the expanding network of cloud-connected service providers.”
Class says that accountants need to focus on their business growth strategy. If they see SMSF administration as a driver of growth and haven’t moved to the could they will likely be overtaken by other businesses which have adopted cloud technology.
“Real-time support from your software provider is the key to making the transition to the cloud a positive experience. Once accountants have completed the move their first response is usually: why didn’t we do this sooner?”
Cloud-based SMSF software providers have already started releasing updates and new features designed to help accountants adapt to the new superannuation changes, such as the ‘advanced filtering’ feature in Class Super.