Class adds direct registry connections to boost efficiency
The accounting software provider announced the launch of two new enhancements to its platform, direct registry connections and directly sourced document feeds.
Class has launched two enhancements to its platform, aimed at increasing efficiency and easing the process for auditors and accountants to service SMSF clients.
The new enhancements include direct registry connections to some of Australia’s largest share registries and industry-first directly sourced document feeds from major financial institutions.
Class said these enhancements are the first in a series of planned releases.
“By reducing manual processing and enhancing accuracy, real-time connections maximise efficiencies to improve productivity and facilitate business growth,” Class said.
The enhancements have been added based on Investment Trends research which revealed accountants can save an average of 3.2 hours per SMSF client annually by automating manual tasks associated with administering SMSFs.
According to the research, accountants currently spend 7.3 hours annually servicing each SMSF client.
Class CEO Tim Steele said accountants must be open-minded to the changing technological landscape.
“To meet clients’ needs and expectations, accountants will increasingly need the right technology to help automate their processes and help them be more productive and scale to grow,” Steele said.
Class said it has connected with three of the largest share registries in Australia such as Boardroom, Computershare and MUFG Pension & Market Services.
Together these registries provide data on over 69 per cent of ASX-listed companies and offer ownership and holding balances for more than 1,600 unique ASX-listed companies.
“Recent data from the Class Benchmark report show Australian listed shares have the largest asset allocation from Class SMSFS, accounting for 28 per cent of total assets,” Class said.
“The direct share registry connections eliminate the need for accountants to manually navigate registry websites and download documents for each security, ensuring data accuracy, reliability and completeness.”
In terms of directly sourced document feeds, Macquarie has been added to the data feeds already available.
Macquarie is set to automate the retrieval of statements, simplify processes and save valuable time for accountants.
Steele said these enhancements and the soon-to-be-released additions to both coverage and frequency reflected Class’s continued investment in delivering technology solutions that improve productivity.
“Real-time, accurate and automated data delivers improved efficiencies, greater productivity and better outcomes for clients,” he said.
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