Many SMSF accounting firms struggle to identify the best software solution for their circumstances and often choose technology under duress rather than recognising the triggers to allow for a critical review of their current platform.
This issue is outlined in the introductory chapter of a new e-book launched by Class today called Navigating Technology Choices: The Ultimate Guide to Selecting and Implementing a Cloud-based SMSF Administration Solution.
The e-book, authored by High Tech Soft Touch chief executive and senior consultant Dale Crosby, highlights practitioners must understand that compliance and super reform drive software development.
“The current era of unprecedented change in the SMSF industry has overwhelmed many advisers who are constantly being told to adapt or get left behind,” the e-book said.
“The new requirements to submit quarterly events-based reports from 1 July adds further strain for firms that have not critically reviewed the platform they use to administer SMSF accounts.
“[Yet] it’s surprising how many firms still use Excel spreadsheets or general accounting software to keep track of member balances and prepare financial reports.”
In order to improve and minimise the cost of providing SMSF services to clients, firms must question to what extent they expect the new software platform to improve productivity and how do competing software vendors purport to deliver this improvement.
Further, improving efficiency is just one factor, as there is also an increasing emphasis on how firms can add value by giving clients more timely access to data and regularly interacting with clients, the e-book said.
“Real-time reporting allows for more proactive engagement with clients, but firms need to upload data quickly and frequently for these reports to be meaningful,” it said.
“The shift from focusing on compliance to advisory SMSF administration requires a software platform that brings together data from different sources, giving clients an integrated picture of their SMSF.”
Crosby said firms must take action and consider if the primary concern is the cost of production, the need to add value for clients or both.
In addition, he encouraged firms to speak with colleagues from other proactive businesses to discuss what challenges they are experiencing with their software platforms and what recent decisions have been made, if any.
The free Navigating Technology Choices e-book can be downloaded here.
