Frustrated accountants, advisers and trustees are increasingly turning to smart automation to address the biggest challenges accountants have to overcome including time spent on compliance and downward pressure on pricing admin fees, the Class SMSF Benchmark Report for June 2019 confirms.
The report also reveals that 38% of SMSF trustees find managing their SMSF far more time consuming than they expected and are looking to their accountants and advisers to help.
In fact, Class estimates that 95% of its client administrators and 34% of SMSFs on Class will directly benefit from its unique Tax Statement Automation. Early users of the solution are reporting average savings of up to 30 minutes per fund and up to 10 minutes per tax statement.
The feature also looks at how smart automation is shaping the future of SMSFs. According to Class chief executive Andrew Russell, innovative cloud solutions like Tax Statement Automation is enabling accountants and administrators to reimagine their back office to drive down costs, achieve greater efficiencies and enhance profitability.
“The SMSF Benchmark Report continues to provide one of the most comprehensive profiles of SMSF demographics and investment insights, and the trends we see over time,” Mr Russell added.
The Benchmark Report can be downloaded here.
The Class SMSF Benchmark Report is a statistical analysis of over 170,000 Self Managed Super Funds administered on Class Super, representing around 28% of the estimated number of SMSFs in Australia today. The quarterly Report is compiled using a selection of de-identified data extracted from across the Class Super user base.