Self-managed Superannuation Funds (SMSF) have become popular in recent years. However, SMSFs are not easy to manage, and there are several aspects you need to consider for tax concessions. SMSF administration software can be your life-saver in this scenario.
Request Actuarial Certificates With One-Click
If you are an SMSF administrator or an accountant, you would want to get your actuarial certificates quickly. An actuarial certificate is a legal document, in which the actuary specifies the proportion of your SMSF earnings from the pension account and what came from your accumulation account. This is important for taxation.
The SMSF administration software has a highly streamlined process to get actuarial-certificated, and it plays a pivotal role in reducing the effort at your end. You can get an actuarial certificate with a push of a button.
Remove Pain in Processing Tax Statements
Processing tax statements for SMSF clients is a big workload in its administration. It forms a significant chunk of their SMSF portfolio management. Processing tax statements is skill-intensive and time-consuming. You have to manually enter the data, which also makes it prone to errors. The quality of data and its availability often causes delays in lodgment, which leads to delays in tax refunds of SMSFs.
The SMSF software removes pain in processing tax statements. It has an advanced console that automates the processing of tax statements. With this software, you can view all account statements in one window, list the reports that require handling and specify the necessary actions.
Automation of Data Entry
The software has a data feed feature that automates data entry, which saves time and improves productivity. The relevant data automatically comes in if the fund has a share trading account and a bank account. All sales and purchases are automatically matched, and the information is automatically processed. The data feeds do not need manual intervention, which reduces the workload.
Makes Document Management Easy
Managing the SMSF portfolio includes managing various documents like actuarial certificates, property valuations, pension documentation, and several documents related to the portfolio.
SMSF software provides a simple way to store, organize, and manage documents. You can upload documents directly to your file store, tag them, and add dates too. With the integrated document management solution, you never have to spend time looking for documents again. You can search and retrieve records easily through the console.
SMSF management firms are required to provide various portfolio reports to their clients. The SMSF admin software offers a comprehensive reporting module that can generate reports on demand. The provider can customize these reports as per the client’s needs.
With this software, you can customize, collate, and produce reports for related groups. The software can also generate reports in bulk for all SMSF portfolios.
SMSF software automates critical portfolio tasks, reducing the workload of your staff and allowing them to focus on core business tasks.