New software saves trustee accounting costs
A new software platform has launched, enabling SMSF trustees to put together basic annual accounting information from their fund without the assistance of an intermediary.
The software, called DIYSOL, allows trustees to record fund transactions and produce reports for tax purposes, aiming to save SMSF members thousands of dollars a year in administration fees with an all-in annual subscription fee of $330.
DIYSOL developer Jeff Bain, an accounting industry veteran, said the new platform was born out of a desire to increase efficiency for trustees.
“It makes no sense for people running a super fund to pay an accountant, sometimes well over $1,000, for basic transaction recording when they can do most of it themselves,” Mr Bain said.
Using DIYSOL’s input forms, trustees are able to record investments, income, purchases and sales specifically by fund member, and produce reports that can be used on a member or whole-of-fund basis for tax, financial, audit and investment purposes.
The software does not prepare SMSF annual returns but provides the tax calculations necessary to complete the return, with DIYSOL partner firm DIY Super Managers able to complete the return on behalf of the user.
The software will be offering a 14-day free trial for SMSF trustees as part of its launch.