If you manage your very own self-managed super fund (SMSF), you know how complicated the entire process can be. Your responsibilities include overseeing the influx of your funds and investments to ensure that your accounts and documents are well-organised to maintaining a system for your super fund that adheres to both local and national regulations.
Despite the existence of SMSF software in the market, it is still necessary to be very cautious with your program-provider choice. Primarily, you need to ensure that the software seamlessly adapts into your system and that it effectively takes a significant amount of workload off of your shoulders.
Since money matters can be tricky even for an innovative and automated tool, here are five important details that you must pay attention to when looking for reliable and cost-effective software for your self-managed super fund.
What service do you seek?
Some software developers or providers offer all-around features while some concentrate on a specific aspect of managing an SMSF. Figure out what your super fund needs. Does it require additional assistance or administrative resources? Or do you need one that covers all the key areas of keeping your funds secure and in order? By knowing what specific features or services you need, you can narrow down your options and employ only what you need.
What are the rates?
Ideally, it would be best if you found software that will not drill a hole in your pocket. Investing in an overpriced program that underperforms will only derail your processes for auditing and documentation. It will also leave a negative ripple effect on your funds as a whole. The typical price range for SMSF software starts at $150 to $450 at most. Some additional charge fees for implementing supplementary features are not included in the packages or main services they offer. If you need more than one feature, it is best to look for software that provides a bundle of services for the price of one to help you cut costs. You can also choose between a mobile app or a desktop version of the program.
What do previous customers say about the service?
One of the best ways to gauge software effectiveness is to check out the reviews of the customers who have tried its features. Does the software or the developer offering the program have several positive reviews? What can people say in terms of their effectiveness and efficiency? Is it worth putting your money on? Or does it have more negative reviews and unsatisfied customers?
Do you need to broaden your background on investments?
For you to make the most out of whichever SMSF software you choose to use, you must have a keen understanding and a substantial background of the transactions and processes involved in running a self-managed super fund. Otherwise, you can check whether your chosen software provider also offers additional training courses for basic to intermediate skills and knowledge related to SMSF management. You can also broaden your search and try to sign up for employment courses for more specialised topics and courses to expand your level of expertise on the subject matter.
Does the software also come with detailed insights and client support?
Insights and reports allow you to take a closer look at your documents and funds. It also enables you to pinpoint specific discrepancies in your workflow and adjust it accordingly to minimise errors and setbacks. Simultaneously, readily available customer support service gives you assurance and dependable help, especially if an urgent issue comes up.
All in all, picking a program that complements your SMSF objectives will reap long-term benefits for you and your trustees.