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Portfolio management - an untapped market for accountants

Apr 20, 2023, 08:24 AM

  By Garry Johnston

  National SMSF Software Manager

Portfolio Management blog

Portfolio management for accountants

Portfolio management is no new concept, especially in the finance industry. However, it is an untapped market for accountants, and here's why.

An unintended coincidence in recent years, thanks to the latest SMSF regulations, has revived their popularity, and we've seen a surprising trend of accountants utilising portfolios as a part of their toolkit. This has led to an increase in SMSFs that also have portfolio accounts. While this strategy is not new, it remains a sound financial management approach.

Fast forward to the new $3million cap within SMSF. Another unintended consequence is moving more money away from the SMSF environment into the portfolio world, much like we saw with the introduction of the $1.6 million member caps and contribution caps, which gave rise to a shifting mindset.

You may be wondering what a portfolio has to do with SMSFs. Simply put, a portfolio is an alternative investment option for assets not held within the SMSF. Whether it's a company, trust, or individual name, a portfolio can be an ideal way to manage these tax vehicles. This is where SMSF software comes in handy. Since most portfolios begin with basic investments such as cash and shares, which are already easily handled by SMSF software packages, it makes sense to utilise these same resources when managing other tax vehicles. You can access the same tools like:

- Data feeds
- Data heroTM, which has the ability to read statements and generate transactions
- Auto transaction reconciliation, which utilises an intelligent AI to recognise transactions
- Transaction rules
- Corporate actions

If you're an accountant already using SuperMate for your SMSF annual reporting, extending its capabilities and portfolio reporting functionality is beneficial. SuperMate is known for its speed and point-to-point efficiency, making it an ideal choice for processing portfolios.

Here are some key benefits of adopting SuperMate in your business. SuperMate's user-friendly interface ensures a seamless transition for those already familiar with the platform, reducing training costs and the need for redundant data entry. The portfolio-based software can also streamline your processes, increasing your business operations' efficiency. SuperMate's advanced reporting capabilities also offer valuable insights for informed decision-making on essential matters such as asset sales or tax structure advice.

To optimize your portfolio function, reviewing your current portfolio needs and determining what you need from a portfolio and reporting software is essential. If you're unsure how to improve, consider checking out SMSF software like SuperMate to see how they can help. You'll be pleasantly surprised by how efficient, quick, and seamless SuperMate is at keeping your business up to date.

As an accountant or advisor, it's crucial to challenge the status quo for future efficiency and revenue streams. Future-proof your business by making difficult decisions that ultimately benefit your business and its employees and clients, who are increasingly looking for more significant benefits in today's challenging environment.

While sticking to the same methods is tried and tested year after year, it may not stand the test of time. Are you leading the way in making bold company decisions, or are you following everyone else? Thinking outside the box can be daunting, but the benefits outweigh the disadvantages. As plenty of change is on the horizon, it's better to be aware of and across it now with a view to the future, and your portfolio function should be part of this process.

Consider switching to SuperMate for your portfolio reporting needs and take advantage of its powerful processing capabilities.

If you would like more information about SuperMate, I would be happy to have a conversation!
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