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Firstly, we want to give you something.

Why?

Because we know your time is valuable! As you are taking the time to read this blog, we thought that it was only fair to give you some time back by providing you with a templated letter that can be used to get your client organised.

Instructions on how to grab your FREE template at the bottom, so enjoy the read!

Most accounting firms don’t need more software.

They just need to use what they already have properly.

It’s easy to get caught up in the busy-ness of compliance work and client deadlines. But if you’ve invested in SMSF software and haven’t taken full advantage of what it can do, then you’re not just missing out, you’re leaving serious efficiency, profitability, and team sanity on the table.

Let’s be honest: we are nearly at the end of the financial year, and you are probably exhausted.

Your future self is going to love you though if you act now to get your clients set up with data feeds because here’s the truth – no matter how ambitious your targets are, you won’t hit them if your firm is still bogged down in old, manual processes. Setting yourself up now, will be the key to your success next financial year.

Why You’re Probably Underutilising Your SMSF Software

Over the past decade, SMSF software has evolved dramatically. Automation, cloud-based workflows, and powerful data feeds have changed the game. Yet, we see firms time and time again make the switch to cloud technology… only to let it sit idle.

A common culprit? Data feeds.

Data feeds are designed to eliminate the manual handling of bank transactions, investment income, and wrap accounts. With proper setup, they allow your team to start work without waiting on clients to email you documents and we all know that they tend to be the biggest hold up!! Sounds ideal, right?

So why aren’t more firms using them?

The Misconception That Holds Firms Back

Here’s the trap: firms assume that switching to a cloud-based SMSF solution means everything, including data feeds, just happens automatically. Unfortunately, it doesn’t.

Yes, the benefits are massive. But like any good system, the setup process requires some upfront planning, commitment, and a bit of legwork.

What’s Actually Involved in Setting Up Data Feeds?

It’s not rocket science, but it is a process. Here’s what needs to happen:

1. Create a plan.
   Someone in the firm must own the project. Without dedicated time and accountability, it will forever sit in the “we’ll get to that later” pile.
2. Enter data into the system.
   You’ll need to input each SMSF’s relevant bank and investment details so that the software can generate the necessary authority forms.
3. Get those forms signed.
   Clients must return signed originals, which then need to be sent off to the relevant institutions. (Yes originals. Some banks still insist on them.)
4. Track progress.
   Have a system in place that can track when authority forms were sent to each SMSF client and when you should expect them to be returned. This system should also allow you to know who needs to be followed up and when.
5. Signing Process
   One of the easiest ways to increase the number of signed authority forms you are receiving is having these forms signed at a point in time where the trustees are requiring to sign other documents. One example of this could be to include your authority forms in the annual compliance pack you provide to the trustees once the SMSF’s accounts have been prepared and audited.

This process isn’t impossible, but it does require intention. And the firms that follow through? They see a huge lift in turnaround times, team satisfaction, and data accuracy.

What If You Don’t Have the Time?

Let’s face it, most firms don’t. That’s where outsourcing can make a big difference.

At Seamless SMSF, we specialise in SMSF conversions and data feed activations. Our team knows the ins and outs of each institution, and we handle the grunt work so your team can stay focused on what they do best.

Plus, we provide a simple tracking system, so you always know which feeds are up and running and which ones still need attention. Transparency, accountability, and momentum. That’s what we bring.

Our Top Software Picks

If you’re still choosing your cloud-based SMSF platform, or thinking about switching, two standouts are BGL360 and Class Super. Both are robust, user-friendly, and offer excellent support for data feeds and automation.

Bottom line? The platform doesn’t matter as much as the action you take. Pick one, commit to the process, and don’t let your software gather digital dust.

Your next breakthrough isn’t in buying another tool. It’s in using the one you already have, properly!

And to make your life easy, we have a template that you can send as a letter or an email to get your client organised. Simply click HERE to download a FREE copy today.