Bulk of SMSF accountants still offline
Fears about data security could be preventing self-managed superannuation fund (SMSF) accountants from taking their clients' information online, a report has found.
Despite the growing demand from investors for real time access, just one in five SMSF accountants offer online solutions, the OneVue / Investment Trends 2013 SMSF Accountant Report showed.
However, one in four said they would reconsider if they had data security assurance, according to OneVue head of strategy, sales and service David Storm, while almost half (47 per cent) signalled some interest in providing the service in the next few years.
Storm said accountants who offer the option of online access could have a competitive advantage.
"One of the big pushes we've seen in the SMSF sector has certainly been around cloud-based computing solutions, particularly when it comes to administration efficiencies, greater accessibility and providing more timely information," he said.
"Everyone catering to the SMSF industry right now is trying to stay ahead of the pack in terms of the provision of online technology solutions, with some of the larger institutions spending millions of dollars to update legacy systems so they can in effect catch up to those leading innovation."
Recommended for you
A Victorian accounting firm – in which Count holds a 40 per cent equity stake – has announced the acquisition of an accounting client book through a $1.4 million transaction.
Australian Ethical has reported its net profit after tax (NPAT) fell 15% to $9.6 million for the year ended 30 June, while its underlying profit after tax (UPAT) declined 7% compared with the year prior, to $10.3 million.
Insignia Financial has announced a 59% increase in its underlying net profit after tax (UNPAT) to $234.5 million in FY22.
Having completed their educational qualifications, those advisers who remain in the industry are reporting being “run off their feet” with new clients.
