Cloud adoption is fast becoming more than just an ‘alternative’ for many SMSF managers. As recently legislated superannuation rules continue to tighten, the ATO is knuckling down on compliance, encouraging SMSF managers to quicken their adoption of cloud technology.
FinTech and digital disruption have quickly become hot topics of discussion within the world of accountancy and finance, but RegTech is still a relatively new concept by comparison. SMSF software, like Class Super, allows accountants and advisers to better serve their clients, decrease regulatory clutter and take their businesses away from pen and paper reporting. The ATO has made clear that this is the direction the industry should be headed, and has already implemented measures to step up the frequency in which funds need to be providing information.
Accountants who see SMSF administration as a primary driver of business growth need to adopt cloud technology, or they risk watching their competitors build their business systems into the new world, leaving pen and paper models trailing in their wake. Getting caught up in compliance and paperwork is a burden of the past as many SMSF software providers – like Class Super – allow fund managers to implement direct-connect data feeds which create transparency and help to automate reporting.
Perhaps the biggest advantage of SMSF cloud software, though, is the real-time support offered by software providers, providing new adopters with ease of access and making their transition to the cloud an enjoyable experience.
With an array of exhibitors and sessions designed around this very topic at Accounting Business Expo on 21-22 March 2017, accountants, advisers and fund managers can hear from industry leading experts and providers in this field at the Class Wealth Accounting Theatre. For more information, please visit www.AccountingBusiness.com.au and secure your free tickets today!
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