SuperConcepts has announced the launch of a new Transaction Centre, as it updates its self-managed superannuation fund (SMSF) accounting platform, SuperMate.
The new product provides advisers and accountants with efficient daily reconciliation through an intelligent automation engine, daily data feeds and customised automated reconciliation rules.
The Transaction Centre’s introduction would help SMSF practitioners free up time. SuperConcepts said this was important with the Australian Taxation Office requiring more regular reporting.
“The Transaction Centre … automates what was once a time consuming manual process. SuperMate users now receive daily data feeds direct from institutions with all purchases and sales matched to the cash transaction, and automatically processed,” SuperConcepts chief technology officer, Kurt Groeneveld said.
“The daily reconciliation approach means that accountants and advisers are immediately alerted if a bank statement is out of balance rather than having to wait until the end of the month,” he continued.
As the data feeds come directly from the source, Groeneveld said that users could rest assured that it would be accurate.
Access to the platform would be priced at five dollars per fund per month.