The enhancements are the first in a series of planned releases and enable direct registry connections to some of Australia’s largest share registries and an industry-first, directly sourced document feed from major financial institutions.
They were designed to reduce manual processing, enhance accuracy and real-time connections, and maximise efficiencies to improve productivity and facilitate business growth.
Investment Trends research showed accountants could save an average of 3.2 hours per SMSF client annually by automating manual tasks associated with administering SMSFs. Currently, they spend 7.3 hours annually servicing each SMSF client.
Class connected with three of the largest share registries in Australia – BoardRoom, Computershare and MUFG Pension and Market Services (formerly Link Market Services) – that provide data on more than 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 Annual Benchmark Report showed that Australian listed shares have the largest asset allocation from Class SMSFS, accounting for 28 per cent of total assets.
The direct share registry connections would eliminate the need for accountants to manually navigate registry websites and download documents for each security, ensuring data accuracy, reliability and completeness.
In addition to the data feeds currently available, Macquarie has been added as a directly sourced document feed, automating the retrieval of statements, simplifying processes and saving valuable time for accountants.
Class CEO Tim Steele said to meet clients’ needs and expectations, accountants would increasingly need the right technology to help automate their processes and help them be more productive and scale to grow.
