Class Limited, Australia’s leading SMSF platform, has completed its integration with Cloudoffis – SMSF Sorted, expanding its partner network while delivering customers significant time savings at year end.
Cloudoffis – known for its cloud-based SMSF audit tool SMSF Auditomation – recently launched Cloudoffis SMSF Sorted, which can slash 40% from the time it takes accountants and administrators to complete SMSF preparation, review and compliance. This is due to Cloudoffis’ OCR and document management capabilities, combined with automated prechecks and flagging of issues. The automation and ability to identify potential issues will also increase the quality of work, and lead to fewer audit queries.
This new integration reflects Class’ commitment to helping SMSF accountants find efficiencies across their processes. This year, Class has been refining its suite of existing API services and will announce further integrations before year-end.
The need for automation was evidenced in the most recent Class SMSF Benchmark Report, where 38% of respondents reported they were spending far more time managing their SMSFs than they thought they would. The report analyses data from more than 170,000 SMSFs, representing almost 30% of the Australian SMSF market.
The growth of the Class partner ecosystem remains a key component of the company’s objective to deliver market-leading functionality for its customers.
“While we are always focused on refining and strengthening our core products, we will also ensure the Class technology suite continues to lead the market by maintaining its ability to interact with other leading technology solutions. This is something we will always remain committed to,” Class Chief Executive Officer, Andrew Russell, said.
“We know from our clients that helping to save both time and cost in the administration of their funds remains a high priority. Class continues to focus on this objective in our ongoing product development and growth strategies.”
With a customer retention rate of 99% and market share of 28%, Class is focused on strengthening its business through partnerships, acquisitions, and ongoing product development to service new markets.