Class was named one of the top 10 most innovative technology companies in Australia in The AFR BOSS Most Innovative Companies Awards last week, for its work on bringing to market its pioneering trust management platform, Class Trust.
Class launched Class Trust to simplify the trust accounting process. There are more than 1 million trusts in Australia – including 530,000 investment trusts. They are the second-largest investment vehicle after super.
Most trust accounting had been managed in Excel, but Class Trust leveraged Class’s expertise in SMSF administration to bring its market-leading automation and integration capability to the growing space of discretionary (family) and unit trusts.
Class’s development of Class Trust took a customer-centric research approach, including a closed pilot with more than 30 accounting practices. The work addressed the typically complex and time-consuming process of administering different types of trusts.
Some of the data and customer feedback from the pilot showed:
- Jobs could be processed in half the time
- There was an average savings of three hours per trust
- In one case, the pilot saved an estimated 17 hours of processing time.
“Class Trust is the solution to a significant problem, with 92 per cent of respondents still using Excel for their manual accounting of trusts,” The Australian Financial Review wrote when publishing the results.
As part of the growing Class product suite, Class Trust is an Australian industry-first solution in cloud-based trust accounting and administration. It proudly addresses a major technology gap for administering investment trusts and helps accountants and advisers achieve greater efficiencies.