SuperConcepts launched a new document management functionality within its self-managed superannuation fund (SMSF) accounting platform, SuperMate.
Users can scan or email documents which are then automatically read, categorised and filed via the new intelligent document management system. The new system will help auditors with the annual audit of funds as documents are text searchable.
SuperConcepts chief technology officer Kurt Groeneveld said the system uses the latest capabilities and machine learning to drive efficiencies for accountants and advisers.
Groeneveld added the new document management system builds on SuperMate's existing capabilities such as automated bank reconciliation.
"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," he said.
Last month, the SMSF administrator announced its digital transformation strategy that will fundamentally redesign the foundations of the business.
The SMSF software and services provider said it consolidated a number of its applications to one platform with the help of NASDAQ-listed business application developer Progress.
Groeneveld at the time said the partnership has enabled SuperConcepts to meet SMSF members' technological demand, with tools now in place and "hitting the exact areas we had weaknesses before."
Using Progress Sitefinity, and with the help of machine-learning, customers will have a more responsive web experience. Progress' Telerik software will also allow members to rapidly create mobile application interfaces.