Media Release: Mclowd Set to Disrupt SMSF Space
Sydney, 7 March 2013: After completing a 6-month trial, superannuation software company Mclowd today announced the upcoming launch of its free cloud-based accounting Platform for Self Managed Super Funds (SMSFs).
The Mclowd Platform puts control back in the hands of the SMSF Trustees. It keeps costs down by allowing Trustees to manage their assets, income, liabilities and expenses, as well as preparing reports for Fund and Member accounting.
Mclowd’s Managing Director Ashley Porter said: “Cloud computing and crowdsourcing offer a unique opportunity to fundamentally change the cost structure of the SMSF industry in Australia. Trustees are paying more than $1 billion per year in fees, including accounting and tax compliance. We want to see a large proportion of that money back in the balances of Australia’s 1,000,000 SMSF members, while at the same time making self-managed super a realistic alternative for people with lower balances.”
Mclowd has also established an Advisory Board, a group of Trustee Users and other stakeholders who will provide guidance on the ongoing development of the software. Porter continues: “Now that Mclowd is scheduled for production release we are delighted to welcome super industry veteran Mike McKay as the inaugural Chair of the Advisory Board. In his role at the ACTU Mike was instrumental in the establishment of many of the Industry Funds and involved in the original Superannuation Guarantee Legislation. He subsequently held a series of senior roles within industry super (including as Chair of C+Bus) and funds management (including HSBC Asset Management).”
Commenting on the launch McKay said: “I was very proud to be involved in the original launch of compulsory superannuation in Australia, and am delighted to be working with Mclowd to both reduce the cost of self-managed super and make it accessible to far more people. Mclowd is the at the vanguard of major structural change in the super industry.”
In addition to the free accounting package Mclowd provides a marketplace where Trustees can access professionals in Accounting, Bookkeeping, Audit and Tax at per unit rates that are a fraction of those charged by professional services firms in Sydney and Melbourne.
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For further information, contact:
0402 117 935