SuperConcepts has released an automated document management system on its SMSF accounting platform, SuperMate.
According to SuperConcepts, the document management system will be able to scan or email documents which are then automatically read, categorised, and filed.
The document management system will use machine learning algorithms to recognise and allocate documents, and will improve over time as the system learns from each new document filed.
SuperConcepts chief technology officer, Kurt Groeneveld, said the new system aims to help auditors with the annual audit of funds as documents will be text searchable.
“The document management system builds on SuperMate’s existing capabilities like automated bank reconciliation,” said Mr Groeneveld.
“It does this through intelligent workflow technology which can deduce the correct approach to processing different situations within a typical SMSF administration operation.
“SuperMate’s new document management system can make a fund ‘audit ready’ with virtually no human input required.”
SuperMate is an AMP-owned accounting and SMSF software provider which is primarily cloud-based.
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.