NEWS

BMR integrates Xero SMSF practice management software

BMR Corporate Solutions has successfully integrated Xero's Practice Manager software for SMSF administration.

This software will enable users setting up new SMSFs to rapidly synchronise fund details online into the Xero Practice Manager system. This complements BMR's other recent software integrations which include automated ABN and TFN applications, online applications for Macquarie CMAs and the ability to establish a new SMSF directly into Class Super's SMSF administration software.

The goal of these enhancements is to streamline and shorten the SMSF setup process - from establishing a corporate trustee and deed to creating client records in Xero Practice Manager - ideally to under 15 minutes.

In a recent interview with Financial Standard, SMSF Professionals' Association of Australia chief executive Andrea Slattery discussed the growing importance of new technology in SMSF administration. "I think these technologies have a significant role going forward. So we understand the concept of technology disruption, and I think it's really important to know that there's been some significant changes over time so what we've seen, for instance, are changes in the way people manage their practice," she said.

"There have been quite a lot of firms that have moved into systems which require changes from manual to automated systems. There's a lot of work that is being done to create very efficient systems through the administration and basic accounting sides of servicing an SMSF."

Source: http://www.financialstandard.com.au/news/view/47452591
Article Published in: FINANCIAL STANDARD - General, SMSF, Technology
Date: Wednesday, 4 February 2015 12:35pm
By: Alex Burke