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Accounting, Administration

Class integrates with Xplan

Class today announced its new data feed integration with IRESS’s wealth management software, Xplan, which will allow a shared single view of investments and other data for financial advisers, accountants and their clients.

The Class to Xplan data feed enables an up-to-date view of wealth across SMSF and non-superannuation entities, which Class said will improve collaboration and foster more informed decisions.

The feed includes all investments held within Class, including unlisted assets such as direct property.

According to Class, there is currently considerable overlap when it comes to administering SMSFs for clients, with financial advisers using software such as Xplan, and SMSF accountants or administrators using specialist SMSF software.

This integration will remove the need to rekey data into multiple systems, thus lowering the cost of delivering advice and reducing the risk of errors.

It also allows users to pick which accounts they want to include from Class and which they want to receive from the source.

Users can also decide which transaction history they want to retain before switching on the integration and they can reverse decisions later if needed.

The integration has also made available 30 different cash transaction types, allowing users to identify cash transactions based on matching already done through Class.

This can include pension payments, contributions, income, actuarial expenses or property expenses.

The partnership builds on existing functionality, which allows Xplan and Class users to access fund and member information, including balances and contribution caps, through a real-time view in Xplan.

Class reports for SMSF clients, including contribution caps, member benefit statements and unrealised capital gains, can also be run in Xplan.

IRESS portfolio executive product manager Jennifer McDermott said: “We are pleased to partner with Class as part of our ongoing commitment to making it easier for advisers to meet their clients’ needs, including improving the quality and timeliness of the data available to advisers.”

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