Class launches new trust accounting software
Software firm Class has now launched its new trust accounting and administration product, Class Trust, which will automate significant parts of the trust administration process.
Class Trust uses comprehensive data feeds connected directly to financial institutions and automated tax accounting reconciliation to enable accountants to use the full Class product suite across the trust life cycle, from deed establishment and management through to closing a trust.
Class Trust is integrated with Class Super and Class Portfolio and is bolstered by the capabilities of recent acquisitions including NowInfinity and Smartcorp.
Class chief executive Andrew Russell said research conducted by the software firm indicates that managing trusts is complex, with some of the key points relating to obtaining information and source documentation as well as reconciling capital gains and income.
It also showed that Excel is still one of the primary tools for administration.
“Class has listened to our customers’ wish to simplify and automate the complexity of trust administration,” Mr Russell said.
“Class software product expertise is solving customer pain points through complex rule-based coding. The launch of Class Trust is a natural extension of our product suite for our customers.”
Mr Russell said Class Trust has been designed and built to address the specific challenges we know exist for professionals that administer trusts.
“Our work with customers and partners through our pilot phase, in addition to our strategic acquisitions in the legal documentation space this year, has enabled us to create this dedicated trust accounting solution,” he said.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.