SMSF cloud based software

Ross Baldwin
Ross Baldwin Member Posts: 9
edited May 2020 in Accounts Hosted
For 20 years, I have been running Quicken software in whatever is the latest guise to manage the SMSF family fund. As Quicken in Australia does not run on Mac, I have resorted to using Parallels with a Microsoft emulator.  This is cumbersome, and it means the software files are only located on one computer. As I travel a lot, it would be much more convenient to have a cloud based platform, which will manage SMSF accounting.
When is such a platform likely to be developed?

Comments

  • Mike_7038622
    Mike_7038622 Member Posts: 4
    edited November 2016
    Why not use Reckon hosted? I use it for my business and SMSF files and it is great. Addresses the very issue you raise and help with easy access for accountants and auditors.
  • Ross Baldwin
    Ross Baldwin Member Posts: 9
    edited November 2016
    Great thanks. Does it handle foreign assets, such as bonds, shares and bank accounts

  • MarkR
    MarkR Member Posts: 32 ✭✭
    edited May 2020
    None of the the hosted products handle shares. This is a feature of the Personal or Home & Business range. Hoping for a competitor so I can leave after poor service for 20yrs.
  • Ross Baldwin
    Ross Baldwin Member Posts: 9
    edited November 2016
    Thanks Mark, your reply provides better clarity to my issue. Like most SMSF's I guess, the software needs to be able to handle share and bond transactions. In many cases, it will also need to handle foreign currency transactions. 
    Personal Plus is not the complete answer, not only because it runs on a Windows platform, but it does not adequately handle accrued interest in bond purchases, as well as a number of other deficiencies
    I am looking for an economical solution, that perhaps is not the full blown platform used by accountants, but it is able to reduce the accounting cost at the end of the financial year.

    So, i continue to look.  Thanks
  • Mike_7038622
    Mike_7038622 Member Posts: 4
    edited November 2016
    The other option for your needs is to go to BGL. I was going to run it my self initially but found it better to use a specialised SMSF accountant. It cover all the bases for legislation and is cost effective
  • Ross Baldwin
    Ross Baldwin Member Posts: 9
    edited November 2016
    Yes, I have looked at BGL, which does not offer Migration from Quicken. This option then requires a lot of tedious translation of data. Or perhaps just for one year, and keep the historical records on Quicken.  I have a free download test of BGL. I see that it does not yet auto update BOND transactions, or a number of banks which I use including ING and Rabo.  So I am still in the search mode. Any other ideas from the group are welcome