Class launches direct registry connections to maximise efficiency for accountants and auditors
Sydney, 09 October 2024 – Leading cloud-based accounting software provider Class has launched two significant enhancements, direct registry connections to some of Australia’s largest share registries and an industry-first, directly sourced document feeds from major financial institutions.
These enhancements are the first in a series of planned releases to increase efficiency and make it easier for auditors and accountants to service SMSF clients. By reducing manual processing and enhancing accuracy, real-time connections maximise efficiencies to improve productivity and facilitate business growth.
Investment Trends research shows accountants can save an average of 3.2 hours per SMSF client annually by automating manual tasks associated with administering SMSFs. Currently, they spend 7.3 hours annually servicing each SMSF client.1
Class CEO Tim Steele commented: “To meet clients’ needs and expectations, accountants will increasingly need the right technology to help automate their processes and help them be more productive and scale to grow.”
Direct registry connections
Class has connected with three of the largest share registries in Australia – BoardRoom, Computershare and MUFG Pension & Market Services (formerly Link Market Services) – together providing data on over 69% of ASX-listed companies and offer ownership and holding balances for more than1,600 unique ASX-listed companies.2
Recent data from the Class Benchmark report show Australian listed shares have the largest asset allocation from Class SMSFS, accounting for 28% of total assets.3
The direct share registry connections eliminate the need for accountants to manually navigate registry websites and download documents for each security, ensuring data accuracy, reliability and completeness.
Industry-first directly sourced documents from major financial institutions
In addition to the data feeds currently available, Macquarie has been added as a directly sourced document feed, automating the retrieval of statements, simplifying processes and saving valuable time for accountants.
Steele said these enhancements and the soon-to-be released additions to both coverage and frequency, reflect Class’s continued investment in delivering technology solutions that improve productivity.
“Real-time, accurate and automated data delivers improved efficiencies, greater productivity and better outcomes for clients.”
For more information on these enhancements visit: class.com.au/class-registry-connection/
For media inquiries contact:
Natalie Pennisi
npennisi@hub24.com.au
P: 03 9275 7835
About Class
Class is a pioneer in cloud-based wealth accounting and is recognised as one of Australia’s most innovative technology companies, delivering trust accounting, portfolio management, legal documentation and corporate compliance solutions to financial professionals across Australia.
For further information, please visit https://www.class.com.au
About HUB24
HUB24 Limited is listed on the Australian Securities Exchange, and consists of the award-winning HUB24 platform, HUBconnect, Class and myprosperity.
The HUB24 platform offers advisers and their clients a comprehensive range of investment options, including market-leading managed portfolio solutions, and enhanced transaction and reporting functionality. As one of the fastest growing platforms in the market, the platform is recognised for providing choice and innovative product solutions that create value for advisers and their clients. HUBconnect focuses on leveraging data and technology to provide solutions to common challenges for stockbrokers, licensees and advisers and enable the delivery of professional advice to more Australians.
For further information, please visit www.HUB24.com.au
Disclaimer
The information contained in this document is provided by Class Pty Limited (ABN 70 116 802 058) and its subsidiaries (collectively, Class) and is current as at 26 September 2024. It is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. This information is general in nature and may omit detail that could be significant to your particular circumstances. This information is provided in good faith and derived from sources believed to be accurate and current at the date of publication. The information given in this document is in summary form and does not purport to be complete. While reasonable care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation and circumstances can change from time to time. Accordingly, neither Class nor any of its related bodies corporate make any representations or warranties as to the completeness or accuracy of the information in this document and none of these entities is liable for any loss arising from reliance on this information, including reliance on information that is no longer current. We recommend that you seek appropriate professional advice before making any financial decisions. Links to third-party websites are inserted for your convenience, but do not constitute endorsement of material on those sites or the relevant providers.
