Growing your accounting practice with Class Super and Vincents

Business People Using Computer Working Concept

By Brett Griffiths

brett griffiths

Many accountants and administrators are making the move to Class Super (Class) for the end-to-end administration of their clients’ SMSFs and to ensure funds are kept up to date on a daily basis.  However, whilst multi-party access from a single system delivers significant benefits to your practice – making the switch is not necessarily a quick or painless exercise.

Our journey

Vincents have converted approximately 450 funds from Reckon’s Desktop Super (Desktop) to Class over a transition period of six months.  It was a time consuming process given the differences in the functionality and features of the two softwares, and involved a significant investment of man hours from our team.

As part of our scoping, we identified that our first year using Class would be a transition year – with the goal being to have all clients ‘up and running’ with data feeds during this time.  This transition would allow us to harness Class’s efficiencies for the new financial year.

We developed a staged process, completing some funds on the old system to be transitioned after lodgement while simultaneously converting other funds into Class.  This process allowed us to identify any bumps that arose during the transition and develop procedures to improve same.

So how did it work?

Converting data from Desktop to Class involved extracting specific data for each fund from Desktop and uploading it to the Class Transitions Portal.  From there, the Class transitions team converted the data and alerted Vincents when the Fund was available for use on Class.  We corresponded regularly with the Class transitions team to ensure all data converted was accurate and the fund setups correct, as Class places time frames on the communication of errors at their end for them to rectify.  This regular interaction ensured that major errors were fixed by the Class transitions team instead of by our team, saving further investment of time.

Setups were reviewed based on prior year income tax returns, financial statements, investment reports and member accounts – as well as checks of major items (member components, investment quantities, parcel histories, investments, costbases etc.)  Administrative details such as fund addresses were also confirmed.  This review process took our team members on average 1.5 hours per fund depending on the size and complexity of each fund’s investments.

During this process, we also commenced the setup and activation of data feeds for each fund’s bank accounts and investments.  As most data feeds were unable to be backfilled, we attempted to get these up and running as soon as possible to ensure we would have the benefit of these for the coming financial year.

Lessons learned

When we signed up to Class, we definitely underestimated the workload placed upon accounting firms during the transitions process – however the many years of experience in SMSF administration that our Superannuation Advisory team holds has enabled the development of robust procedures during our transition year.  Ultimately this has ensured a great transition experience moving forward for all new funds brought across prior to commencing work for the new financial year.

Need help?

Due to our experience gained, Vincents is well placed to assist other accounting firms looking to make the transition from Desktop to Class for only $125 + GST per Fund – ensuring your own transition process is managed effectively painlessly.

Want to know more?

If you would like to know more about how Vincents can help you make the switch to Class Super seamlessly, please contact Brett Griffiths our Superannuation Advisory Director.

An Important Message

While every effort has been made to provide valuable, useful information in this publication, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents.  Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.

 

 

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