SMSF practitioners and trustees will experience a 70 per cent reduction in their accounting software technology costs over the next three years, according to accounting and SMSF software provider Mclowd.
Mclowd founder Ashley Porter said in a period where asset yields face an uncertain future, the industry is seeking efficiencies and technology can provide these.
“The inexorable deflationary forces that are being seen in industries from mobile data to taxis are poised to benefit this industry too,” Porter said.
“Increasingly, users are expecting to see the exploitation of the cloud, the crowd, machine learning and transparency for efficiency to drive down prices at rapid rates.”
He said Mclowd offers its core accounting software for free to trustees and a pro version at $30 a year for trustees and practitioners.
“By 2021, SMSF software costs will more closely reflect the marginal cost of the service. This presents a terrific opportunity for users and a challenge for vendors,” he said.
