SuperConcepts has released an industry first with an intelligent document management system (DMS), based on machine-learning algorithms, within its leading SMSF accounting platform, SuperMate.
Users will be able to scan or email documents, which are then automatically read, categorised and filed by the DMS.
“The advanced capability of our new DMS is not only a first in the SMSF industry, but also within the broader financial services and accounting software markets,” SuperConcepts chief technology officer Kurt Groeneveld said today.
“The system leverages the latest capability from leading technology companies across the world, providing cutting-edge augmented intelligence and machine learning to drive significant efficiencies for our accountants and advisers.”
Using machine-learning algorithms, the DMS recognises and correctly allocates documents just as skilled human operators would have done in the past.
SuperMate users are already benefiting from the automated classification of documents.
The new capability will improve over time as the system learns from each new document filed.
Groeneveld said the DMS builds on SuperMate’s existing capabilities such as automated bank reconciliation.
“It does this through intelligent workflow technology which can deduce the correct approach to processing different situations within a typical SMSF administration operation,” he noted.
“SuperMate’s new DMS can make a fund ‘audit ready’ with virtually no human input required.”
The new system will help auditors with the annual audit of funds as documents are completely text-searchable.
SuperMate’s Audit API (application programming interface) also highlights transactions that do not have the required supporting documents.
The launch of the intelligent DMS is part of SuperConcepts’ ongoing commitment to provide a leading SMSF technology solution and high-quality service to accountants, helping to improve their businesses.
SuperMate is a cloud-based, double-entry system with access to more than 222 data feeds.
