The incoming legislative changes to the superannuation system are driving renewed interest in system automation, with a significant number of new portfolios coming from manual SMSF accountants using Excel and generic general ledgers, according to Class.
This trend has emerged from the cloud administration software provider’s update for the quarter ending 31 December.
According to the results, the number of billable SMSFs on Class Super increased by 5312 to 127,806 in the December quarter, taking the company’s market share to 21.7 per cent of the estimated 589,000 SMSFs.
Further, 36 per cent of the SMSFs added during the quarter were attributable to new business won by accountants who had used Class for more than 12 months.
The firm said continued industry growth and transfers from other providers and obsolete systems, combined with strong underlying organic growth in the current subscriber base, should continue to propel the company’s growth for some time.
During the quarter, Class launched trust beneficiary accounting and consolidated portfolio functionality that provides investors with a single view of wealth across their SMSF, family trusts and other investments.
Class posted billable portfolios totalling 130,216 for the period, an increase of 5745, a record for the December quarter.
In addition, 45 new subscribers were added during the quarter, bringing the total to 1050 subscribers.