3 ways your SMSF could benefit from cloud computing
Over the past decade, cloud computing has steadily turned from the next big thing in the business world to a firmly established and steadily growing part of it. According to Frost & Sullivan’s State of Cloud Computing in Australia Report 2014, the Australian cloud services market is expected to jump from a value of $1.23 billion in 2013 to $4.55 billion by 2018.
More and more businesses are realising the advantages of integrating the cloud into their operations. But it’s not just business owners that can benefit. Cloud computing can also be a boon for Australians who need help with an SMSF. Here’s how it could simplify the administration of your super fund.
A consolidated perspective
A cloud service can give you a bird’s eye view of your super fund, allowing you to evaluate its performance and make decisions for the future with more confidence. Everything from the balance of the fund and associated bank accounts to an overview of your asset allocation and the performance of your investments can be accessed through a cloud service.
What this means is you get a consolidated view of your fund presented in an easily digestible manner. Normally, to get this kind of snapshot of your fund, you would need to cobble it together from different sources.
A convenient overview
Imagine being able to monitor your fund’s performance or examine its financial statements during the morning commute, or checking your balance while going out for lunch. As long as you’ve got an internet connection and a mobile device, cloud services could help you do this.
There’s a good chance you already use your smartphone for a variety of different tasks, from banking to navigating. According to Google research from 2011, Australia has the second highest smartphone penetration in the world. The same survey found 48 per cent of smartphone users used their phones for banking.
With the use of an SMSF cloud service, you could extend your ability to oversee your financial details to more than just your everyday savings accounts, giving you full control over your finances.
With traditional SMSF financial accounts, you might only receive them a whole nine months after the end of the tax year. This is not very helpful if you need to make any investment decisions, as you’re basing your course of action on information that’s now long overdue.
By contrast, a cloud service gives you a real-time, day by day view of how your fund is operating. That way, you can be certain whatever decisions you make are based on accurate information. It also means that, as details are being recorded steadily over time, it can facilitate speedy cloud auditing at the end of the financial year.