The new document management system, available through SuperConcepts’ SMSF accounting platform SuperMate, will enable users to scan or email documents, which are then automatically read, categorised and filed via the new document management system.
SuperConcepts chief technology officer Kurt Groeneveld said the system uses machine learning algorithms to recognise and correctly allocate documents, as any skilled human operator would have done in the past.
“The document management system builds on SuperMate’s existing capabilities like automated bank reconciliation. It does this through intelligent workflow technology, which can deduce the correct approach to processing different situations within a typical SMSF administration operation,” said Mr Groeneveld.
“SuperMate’s new document management system can make a fund ‘audit ready’ with virtually no human input required.”
SuperConcepts said the new system will help auditors with the annual audit of funds as documents are completely text searchable. SuperMate’s Audit API also highlights transactions that don’t have the required supporting documents.