BDO to deploy ‘cutting-edge’ SMSF platform

The Australian arm of global advisory and accounting firm, BDO, has enlisted SuperConcepts to deploy its newly upgraded SMSF management platform, SuperMate.

The cloud-based, in-house developed SuperMate platform provides a fully integrated suite of SMSF services to support accountants, financial advisers, and administrators in servicing SMSF clients.

SuperConcepts boasts that its dedicated SMSF platform provides clients with a “more efficient and integrated solution”, including a “cutting-edge web interface, significantly improved process automation and artificial intelligence functionality across five hundred and eighty enhancements that streamline SMSF administration, since July 2023”.

“Selecting SuperMate means that BDO can leverage the innovative platform to provide our clients with quality SMSF administration services,” said Paul Rafton, BDO partner, superannuation.

The platform has undergone a “significant” uplift in recent months, according to SuperMate, including upgraded workflows, adviser and client view, client queries, new anti-fraud measures including bank account verification, and an expanded range of integrations.

Among the new or upgraded capabilities of the platform include a new reconciliation suggestion engine, ‘drag and drop’ and automatic data extraction capabilities (via its Data Hero function), automated foreign currency conversion and asset support, property settlement worksheets, fast asset processing and ATO lodgements, and an updated audit and signing capability.

SuperMate’s first web version was launched to market in early 2022, more than a decade after the launch of the desktop-based SuperMate classic platform.

SuperMate, Australia’s third-largest self-managed super fund (SMSF) software developer, currently holds around 30% market share of SMSF providers lodging more than 500 funds with the ATO.

BDO is the world’s fifth-largest accounting network. Establishing its first Australian office in 1975, the company is one of the country’s largest associations of independently owned accounting practices.