Leading cloud-based accounting software provider Class has integrated with Automic, expanding its share registry feed connections to 97% of ASX-listed companies and providing ownership and holding balances for more than 2,280 unique ASX-listed companies.
The addition of Automic enables accountants to access market-leading share registry data directly through Class, and in conjunction with the existing integrations with BoardRoom, Computershare and MUFG Pension & Market Services (formerly Link Market Services), extends Class’s share registry connections to all the major share registries.
According to Class Benchmark data, 27.6% of Self-Managed Super Fund (SMSF) assets are invested in direct equities, the second most popular asset class after cash. Through automation, direct share registry connections eliminate the need for accountants and auditors to manually navigate registry websites, further increasing productivity and efficiency.
The connections also leverage holding information to provide accountants and auditors with monthly holding balances, facilitating year-end audits by providing accurate and timely ownership verification information.
Class CEO Tim Steele commented, “Class is committed to delivering enhancements to our solutions to enable our clients to deliver their reporting and administration services more accurately and efficiently. With direct connections to all major share registries, accountants and auditors can streamline collaboration, leveraging Class’s advanced automation capabilities to provide accurate, real-time compliance.”
Class client Super Know How Director Joe Buttigieg commented, “The share registry connections that Class has implemented are going to save us a lot of time and improve the overall accuracy of managing ASX shares. The set up is easy, as it does not require us to wait for the client to sign an additional form or enable it via a login.”
Buttigieg said the time savings, accuracy and audit efficiency gains are a significant benefit of the direct registry connections.
“The registry connection will mean no more manual checks, saving us about five to twenty minutes per SMSF, and improving the overall accuracy of managing ASX shares.”
