What software applications do SMSF accountants work on

Managing a self-managed super fund is a complex undertaking. It requires accuracy, compliance, and efficiency. Unlike general accounting, SMSF accounting involves completely different regulatory requirements and reporting standards. To meet these requirements, all professional SMSF accountants in Australia depend on specialized software applications. These software applications are designed to facilitate fund administration and ensure compliance with the ATO regulations.

Why SMSF accountants need specialised software

SMSF accountants are different from regular accountants in the sense that they exclusively focus on the administration and compliance of SMSFs. This specialisation makes it necessary to use the software that is specifically designed to handle the complicated SMSF management, including member contributions, pension phases, investment tracking, and regulatory reporting. General off-the-shelf accounting software may not have the necessary features to manage these requirements.

Popular SMSF accounting software in Australia

Here are some of the software applications used by SMSF accountants in Australia:

1. Class Super

Class Super is a cloud-based SMSF accounting software known for its automation capabilities. It has inbuilt features to automate tax statement and bulk processing. It has access to over 200 direct data feeds – this helps reduce manual data entry and improve accuracy. Class Super also provides real-time reporting and a consolidated view of the entire SMSF portfolio. This makes it easier for accountants to manage multiple funds efficiently.

2. BGL Simple Fund 360

This is also a cloud-based SMSF administration software. It uses artificial intelligence to automate transactions and make individual tasks compliant. It is connected with over 400 ecosystem partners, including banks and brokers. This gives it unhindered access to updated data. Other features include automated corporate actions processing and real-time dashboards.

3. SuperMate

SuperMate is an enterprise-level SMSF software. It mostly focuses on automation and integration to make administration and compliance easier. It gives you an easy-to-follow design, automated document recognition, and advanced transaction matching. This helps you save time and reduce errors. APIs are available so that you can integrate many of its advanced features into your own business systems.

4. Mclowd

This provides a low-cost SMSF administration platform. It’s core accounting software features are free, but you may need to pay for premium features. It supports bank and shared data feeds. It includes a marketplace where trustees can connect with other SMSF professionals. Mclowd is particularly appealing to cost-conscious users who are looking for a flexible and affordable SMSF accounting solution.

Frankly, there’s a litany of quality software applications that an SMSF accountant or an SMSF accounting firm can use. Which software application is chosen depends on the comfort level and preferences of the involved stakeholders.

Why using specialized SMSF accounting software matters

Without the right software, SMSF accounting becomes messy, full of errors, and time-consuming. Deadlines are missed. Data gets lost. Reports don’t match. When the time for audit comes, problems start showing up fast.

That’s why, smart SMSF accountants don’t rely on general bookkeeping tools. They use purpose-built SMSF accounting software applications that are aligned with ATO requirements and SMSF best practices.

At Quick SMSF Accountants, we exclusively work with super funds. We use the best SMSF accounting software in Australia, so your fund stays compliant, efficient, and audit-ready all year round.

Therefore, don’t leave your SMSF to chance. Work with experts who know the rules, and the right tools.

Get in touch with Quick SMSF Accountants today