Two boutique self-managed super fund service providers have joined forces with Class Super to help scale audit and compliance services.
A.S.A.P. Advice, a Tasmania-based digital advice platform that assists accountants provide SMSF services without the need of an AFSL, is the newest addition to Class' growing network.
Class said the partnership will help clients reduce the cost of complying with financial licensing laws, following the repeal of accountants' exemption from the AFSL regime last year.
Integrating with Class means unlicensed accountants can continue to give exempt tax advice and 'execution only' services to SMSF clients with minimal disruption, A.S.A.P. chief executive Jim Hennington said.
The advice scoping tool built within A.S.A.P. has been vetted and endorsed by lawyers so that accountants can be confident in using it within SMSF processes, he said.
Hennington added each year, a quarter of SMSFs will need written product advice to support the transactions accountants help with, including set-ups and pensions.
Meanwhile, specialist superannuation service provider Super Know How has integrated with Class technology to enable accountants and SMSF administrators to submit audit request at the click of one button.
Audit partners would then provide real-time updates to users on the audit's progress and send documentation and associated details upon its completion.
Super Know How director Joe Buttigieg said the functionality complements the firm's existing audit service that is wholly online and efficient.
"It means greater efficiencies for us when it comes to doing the audit, allowing for more automated audit procedures, which in turn benefits our clients through a more accurate audit with faster turnaround times," Buttigieg said.
Class chief executive Kevin Bungard said the 'one click audit' provides a seamless experience from the administration process through to the final audit stage.