The adoption of cloud technology for SMSF administration is not just a good idea, it is increasingly becoming essential and a critical enabler of business growth and productivity.
The recently legislated superannuation rules are going to drive more fundamental change than many people realise.
The reporting burdens on trustees will increase further, such as monitoring the amount of pension assets, and the ATO has already made it clear it
wants to step up the frequency with which funds provide this information, eventually moving to real time reporting.The promise of the cloud is that everything will be connected and the administrator will have all the data at their fingertips to provide a superior service to their clients. That gets closer every year with the growth of direct-connect data feeds and the expanding network of cloud-connected service providers.
Accountants need to focus in on their business growth strategy. If they see SMSF administration as a primary driver of that growth and they haven’t moved to the cloud, they must realise that others are building business models in the cloud that will overtake them.
Real-time support from your software provider is the key to making the transition to the cloud a positive experience. Once accountants have completed the move their first response is usually: why didn’t we do this sooner?
Kevin Bungard, CEO, Class
This is an excerpt from the article "Head in the Cloud" in SMSF Adviser magazine, Jan/Feb 2017. Click here to open a PDF of the full article.
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