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Self Managed Super Fund - Software

Discussion in 'Superannuation, SMSF & Personal Insurance' started by greyst, 27th Jul, 2012.

  1. greyst

    greyst Member

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    10th Aug, 2008
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    Location:
    Melbourne
    Hello. I am wondering if anyone is able to recommend some good software for managing an SMSF. Just two members, but with different contribution patterns and investments. Alternatively, an Excel based solution would be fine.

    Thanks!
     
  2. Superman

    Superman Well-Known Member

    Joined:
    6th Nov, 2007
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    Location:
    Gold Coast, QLD
    Hi there

    What do you mean by 'managing' a SMSF?

    Are you looking for something to enable you to see all investments within your SMSF in once place, or something that you can use to prepare special purpose accounts for the annual independent audit?

    There are programs that do one or the other, or both.

    Please clarify and I can respond (I will probably also ask additional questions).

    Thanks
    SM :D
     
  3. greyst

    greyst Member

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    Good question! I am after software I can use to maintain the accounts, member balances, assist with the prep of accounts/audit.

    Thanks.
     
  4. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    While I do all my own bookkeeping for my company and trust, I figure with the complexities and legal requirements of SMSFs, it was better to just let my accountant manage it for me.

    They have the specialist software required to manage contributions and investments, there are relatively few transactions throughout the year, so it's easy to just give all the documentation to my accountant at the end of the year and let them sort it out.

    That's just my approach anyway.
     
  5. Superman

    Superman Well-Known Member

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    Hey Grey

    I guess you need to ensure that you don't have too much of an overlap on what your accountant would be doing anyway - then you may end up doing a lot of work that your accountant may redo and charge you for.

    To be honest, there are a lot of things that some accountants don't get wrong....but they don't get 100% right either - which can come back and bite their clients later on, which is sad.

    Talk to your accountant and establish who will be doing what to ensure whatever you do is beneficial.

    Hope this makes sense.

    SM :D
     
  6. jorgon

    jorgon Active Member

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    28th May, 2011
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    Location:
    Brisbane
    Hi greyst

    I'm finalising Excel spreadsheets (to be provided with my SMSF set up packs). These are capable of producing the annual report of the Fund, accounts ready for audit and to provide CGT calculations and figures to insert in the ATO tax return.

    Of course they only work for simple investments (no property for example) and at present only for one-member funds, although they can handle multi-currency transactions.

    I am looking for someone to road-test these so if you would like to send me a private message I could send them to you for your comments.
     
  7. Mclowd

    Mclowd New Member

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    19th Feb, 2013
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    Melbourne
  8. Superman

    Superman Well-Known Member

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    Location:
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    Hey Ashley

    If you are going to promote Mclowd in the forums, maybe jump into your control panel and organise a premium membership.

    Just as a courtesy to our helpful administrator Sim (he is too nice to ask)

    Cheers
    SM

    :cool:
     
  9. Mclowd

    Mclowd New Member

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    19th Feb, 2013
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    Location:
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    Free SMSF Accounting Platform - Mclowd

    OK - that's done.

    I dropped Simon an email about promoting our upcoming launch in Sydney:

    mclowdlaunch.eventbrite.com.au

    But haven't had a reply.

    Cheers

    Ashley
     
  10. Mclowd

    Mclowd New Member

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    Melbourne