Welcome to the Mclowd Practitioner Update for February.
As per the most recent Community Newsletter, Mclowd has accelerated its product development efforts in recent months, driven by the needs of a number of firms looking to migrate from 1 July.
Below is a summary of the current software development pipeline.
Managed Funds / Equities
We have upgraded the ingestion of data in relation to managed funds and equities.
This data will in turn support a number of scheduled improvements as follows:
- Automated revaluation of managed fund holdings (daily / monthly as applicable)
- Auto-population of dividend and distribution income (delivered via the transactions screen)
- Look-through of managed funds for asset allocation reporting
- The ability to define a Fund’s Investment Strategy, along with reporting actual vs target
- The ability to create new asset classes and improvements around the creation of unlisted instruments
The above will be available for review in our beta environment progressively over the next few months, and in production from 1 July (but subject to a minimum purchase of 50 Funds).
Chart of Accounts
We have now resolved the technical debt which had been restricting the flexibility of the chart of accounts.
In the short term this will enable:
- Activation of a number of outstanding GL accounts
- Additional reporting (including Investment Income and Tax Return)
- Improved integration with LodgeIT
- Integration with Xero Tax
This mapping engine will also underpin the editability of the chart of accounts at a Fund level.
Transfer Balance Cap Reporting
We are conscious that practitioners will require upgraded support for TBAR in the near future so this is also part of our current WIP priorities.
As the above new features come online we will publish a savings calculator to the website.
In the interim, practitioners looking for an estimate of the prospective savings vis-a-vis incumbent cloud solutions are welcome to contact us.
Amazon Web Services
When Mclowd was established our infrastructure partner AWS did not have a physical presence in Australia.
We have now scheduled migration to the Sydney Region of AWS, which will improve network latency for most users.
Alongside thousands of trustee users, more than 400 firms and sole practitioners have now registered with Mclowd. Our current WIP targets reflect the input that is being received from a growing body of active users.
Between now and 1 July the Platform will evolve into a realistic altermative for the vast majority of self managed super funds, and we will provide you with regular updates as to progress in the interim.
As always please keep your feedback coming.
Mclowd Pty Ltd