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Software provider eyes expansion into accounting, financial advice

An SMSF software provider has revealed plans to expand into the accounting and financial planning sectors as it announces a partnership with a mid-tier accounting network.

Technology Jotham Lian 03 July 2019
— 2 minute read

Six weeks into his new role as chief executive of Class, Andrew Russell has announced plans to build a range of accounting and financial planning products outside its traditional SMSF administration stable.

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Speaking to Accountants Daily, Mr Russell said the firm sees itself as a “first-class technology business” and is currently working on developing a product road map for the next three years.

“We’ve had a tremendous beginning in the self-managed super fund area, but we see ourselves as a first-class technology business and we are going to expand from that footprint into other areas in our ecosystem,” Mr Russell said.

“Weve had a very good start in developing the Class Super product and we also have the Portfolio product, but what else can we do using technology and automation solutions to help people within our ecosystem of accountants, financial planners and administrators to remove pain points out of their operations?”

In its bid to develop a new suite of products, Class will partner with mid-tier accounting network Findex, with plans to automate and simplify trust accounting requirements among other services.

“We haven’t defined what our product set will be. We will certainly know once we are working with an industry leader and to understand their problems that we can use technology and automation to solve and remove pain points out of their back office,” Mr Russell said.

“Thats why we think this partnership will be very beneficial both for Findex and for us to provide innovative technology solutions to the market following this partnership.

“Some of the areas will be discovered further when we have a closer relationship with Findex to actually understand where the industry is going, how are their economics impacting their ability to deliver services to their customers and how can the use of innovative technology allow that service to be better.”

SMSF ‘still a core’

Mr Russell said Class’ move to diversify its product offerings should not be viewed as a distraction from its SMSF offerings, reassuring clients that it would still remain a focus for the firm.

“I dont think there will be any concerns because well continue to focus on the core because thats what got us to where we are and that will be a major contributor to our ongoing success,” he said.

“But weve got to broaden our horizons and expand our technology capabilities into other areas where we can help clients in our ecosystem to also use technology in their automation of their back offices, as we have in the SMSF space.

“What were trying to build is a Class suite where we can have a product in the SMSF space, and where we can have a number of different products in both the accounting and financial planning space that will help automate back offices.”

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Software provider eyes expansion into accounting, financial advice
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Jotham Lian

Jotham Lian

Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.

With a focus on breaking news and exclusive analysis, Jotham keeps Accountants Daily readers up to date with company moves, tax updates and essential business and client strategy. 

Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.

You can email Jotham at: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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