According to the software provider, the two-way integration with Class has been designed to deliver all aspects of the establishment phase of SMSFs, limited recourse borrowing arrangements as well as building and running real time SMSF pensions and reserves.
NowInfinity said the integrated solution provides accountants with SMSFs with a smart, streamlined solution for the dynamic processing of a wide range of all-important SMSF strategies.
Class Super chief executive, Kevin Bungard added the collaboration provides accountants and financial planners with a complete and streamlined solution for fund establishment, document generation and administration.
“The solution will help drive innovation and change in the SMSF industry, changing traditional work practices and significantly boosting productivity."
The NowInfinity platform also connects with Xero Practice Manager meaning once a client record is created in Xero Practice Manager, the same data can be used to establish and drive strategies through NowInfinity. The data is then transferred to Class and the fund automatically loaded ready for administration.
Grant Abbott, director of NowInfinity said this new solution will save accountants significant amounts of time.
“With traditional manual processes it can take several days to set up an SMSF trust deed, and up to 28 days to obtain an ABN or TFN from the Australian Business Register. This new solution reduces the time involved in completing these fund establishment tasks to only minutes – saving time, costs and enabling the accountant or financial planner to focus on providing strategic advice and better service to their clients.
“More complex strategies such as limited recourse borrowing arrangements can be completed in minutes not days,” said Mr Abbott.