MANAGING ONE’SSUPERANNUATIONFUND- the role of SMSF software

Published: 13th March 2011
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It is a common practice for many to handle their own finances as the cost of hiring professionals such as auditors, accountants,or even, lawyers to undertake certain tasks is usually a bit high.

Nevertheless, for an almost accurate reportage on the condition of one’s business, it is worth acquiring the best services, which are not always offered by human professionals.

A superannuation fund is simply, a retirement benefit that employers give to employees of their company. Investing in choice projects with one’s super funds is common practice by many pensioners.However, it takes a great deal of planning and commitment in ensuring the smooth running of the business.

Software for SMSF,operate inall sectors of business, such as, accounting, retail, investment, and payroll management.

They provide unique features such as workflow integration, making it possible for easy communication between members of a business, web integration, which allows members of a business to access their information via a secure website, simplified fee calculation and flexible reporting, a system that allows fund managers to fully review, reformat, and customize their member statements, and in some instances, completely change the appearance of the reports as required.

There is quite, a number of software that one could use with Self Managed Superannuation Fund; a few among the lot are, Simple Fund, MYOB, SPA3,QuickBooks, PKF, Handiledger and Supervisor. Each one of these software has its own unique way of working.

Highly-acclaimed software, for SMSF, is Simple Fund, created by BGL Corporate Solutions, an Australiancompany that specializes in making compliance and computer software.

It provides a completely, integrated, compliance solution, with easy implementation, low-training cost, and exceptional functionality. Simple Fund exists in two versions; the Trustee Edition Package and the Professional Edition. As the name implies, the Trustee Edition serves individual trustees only and can hold up to 5 superannuation funds whereas the Professional Edition can hold an unlimited number of superannuation funds.

Besides this, Simple Fund provides specific courses for new and experienced usersof the software inthe management of SMSF.

Examples of such are,Simple Fund Introduction, a course for new users of Simple Fund who are into SMSF, Simple Fund Pensions, for users of the software who maintain SMSF, Simple Fund for Trustees, and Simple Fund Advanced, for those,with 3 months, experience using the software.

MYOB, an abbreviation for Mind Your Own Business, is a private company that specializes in the production of payroll, accounting and business software.

It provides a variety of products and services for businesses, examples of which are; MYOBLiveAccounts and MYOBAccountsRight,for entry level accounting and for multi user projects, MYOB Exo Business and MYOB PayrollEnterprise.

MYOB software products are designed to function on both Microsoft Windows, and Apple Mac OS X operating systems.

The choice of software depends on one’s pocket,needs, and reviews from users. Less money will mean lower spending.However, quality is a significant factor for business success.


More and more people in Australia are choosing to use a smsf option to try and get the most from their superannuation. This usually requires them to buy some smsf software.http://www.sharewealthsystems.com.au/SMSF.php

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