Accounting software provider Class has enhanced its offering through the inclusion of direct connections to some of Australia’s largest share registries and document feeds sourced straight from a major financial institution.
Users of the Class software will now be able to benefit from connections to share registries Computershare, Boardroom, and MUFG Pension and Market Services, formerly known as Link Market Services. The new feature will allow clients to gain access to ownership and holding information for more than 1600 Australian Securities Exchange-listed companies and data for in excess of 69 per cent of these entities.
The SMSF service provider said the improvement will prevent accountants from having to manually navigate these registries for the information and documentation they need, translating to more efficient processes and more accurate data.
The significance of this development was highlighted with reference to the recently released Class Benchmark report, which indicated equities make up 28 per cent of portfolio allocations among the organisation’s client pool.
The other element of the upgrade has seen Macquarie added to the group of financial institutions providing direct data and document feeds into Class software. The retrieval of statements from the bank will now be automated, potentially improving the efficiency of many accounting practices.
To this end, Investment Trends research has shown accountants can save 3.2 hours on average in the servicing of their SMSF clients through increased use of automation in their administration procedures.
“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,” Class chief executive Tim Steele said.
“Real-time, accurate and automated data delivers improved efficiencies, greater productivity and better outcomes for clients.”
Class has confirmed it plans to develop its software further to assist accountants in improving their efficiency and make it easier for them to service SMSF trustees.
