SuperMate has added powerful integrations with Computershare and Link Market so practitioners and trustees can see an accurate record of their share registry balance.

The integrations are part of a new Share Registry Verification and Reporting feature that are being released among a sweeping set of upgrades in the latest release of SuperMate being rolled out this month.

What does the feature do?

The Share Registry Verification feature in the latest release of SuperMate allows fund owners to see any listed holdings across all funds and portfolios with a detailed transaction view for a particular holding.

“This is an important reconciliation process in the constantly evolving SMSF sector,” said SuperConcepts CTO, Kurt Groeneveld.

“We’re banishing the dreaded Out-of-Balance-Holdings syndrome and making sure that people can verify what’s held in their SMSF software also verifies to the latest data feed from the “source of truth” being the original share registry.

“It means that practitioners can spend less time confirming, verifying and reconciling listed equities holdings, while having more assurance that figures in financial statements are correct,” said Mr Groeneveld.

A Registry Reconciliation Report can be generated to confirm listed equities holdings or showing the exceptions for further investigation, where the share registry is either Computershare or Link Market Securities.

Practitioners to benefit

Anyone with responsibility for auditing or preparing the SMSF’s financial statements and annual return will benefit from this new automated verification process for listed equities.

“This will vastly reduce the time spent on confirming holdings and in conjunction with the existing automatic bank reconciliation will allow practitioners to ensure that all relevant income, sales, purchases and expense items have been correctly recorded,” says Mr Groeneveld.

“The Registry Reconciliation Report can also be provided to the SMSF’s auditor as evidence of the year end holdings being correct, as it will show that the holdings have been verified with the external share registry.

“The Registry Reconciliation Report will also be useful to SMSF trustees to help clarify any noted exceptions from what has been recorded in the financial statements to what has been confirmed by the share registry,” said Mr Groeneveld.

How SMSF reporting just got more accurate and transparent

SuperMate’s Share Registry verification feature will:

• Reduce time spent on reconciling holdings of listed equities, not just at year end, but on an end of month basis;
• Provide a high level of assurance that holdings in financial statements are correct;
• Provide a high level of assurance that income from listed equities has been recorded;
• Provide evidence to the SMSF’s auditor that the holdings recorded in the financial statements are correct;
• Assist SMSF clients and their advisors to reconcile any discrepancies between holdings in the financial statements and the relevant share registry.

“It’s all about reducing time spent on verification, increasing efficiencies and providing a higher level of assurance that figures are correct.” says Mr Groeneveld.

“This is another step towards our effort to provide efficient automation, timely reporting and transparency of a fund at any point in time.”

Media contact: 
Garth Montgomery
0408 864 851
garth.montgomery@superconcepts.com.au