Class delivers accounting automation of foreign assets for SMSFs

In an industry-first, Class has announced that it is delivering foreign asset support for its super and non-super wealth accounting solutions. Class Super is the leading cloud-based SMSF administration software, and Class Investment Reporter provides the same award winning capabilities for non-super investment portfolios.

This ground breaking development, which provides accounting automation for foreign equities and foreign currency cash accounts, responds directly to a growing industry trend. Research from Investment Trends revealed that in April 2014, 21% of SMSF investors intended to increase their exposure to international assets over the next 12 months – up from 10% in the previous year*.

The Class solution will provide accountants, financial advisers and administrators with a greatly simplified means of helping clients to achieve that goal.

As Kevin Bungard, CEO of Class explains: “An ever increasing number of SMSF trustees and investors are looking to diversify their portfolios, however processing foreign assets has traditionally been both highly complex, and very time consuming.

“With this latest Class functionality, there’s no longer any need to waste time working out foreign exchange rates and foreign tax credits. Class automates foreign asset accounting and will deliver substantial benefits including dramatic time savings, increased profits and improved client service.”

Andrew Keleher, SuperXperience, explains: “The new foreign asset functionality from Class makes processing of international equities dramatically faster. Having a system that can readily apply cross rates and dividend amounts will generate huge time savings, and allow us to focus on delivering higher value services. It’s a practical real-life solution, and for us, the ease of managing cross-rate variances means the system just works.”

Class also performs daily revaluations, automates income generation and corporate action processing for supported foreign markets and foreign currency cash accounts. Class will be demonstrating its foreign asset support at the 2015 SPAA National Conference in Melbourne, 18-20 February, Stand #34.