Welcome to the Mclowd Trustee Update.
Introduction
More than 3,500 trustees have now signed up for Mclowd, and along with a growing body of practitioner users their participation is driving continued improvements to the software.
Highlights from the last few months include:
- Activation of broker data feeds (for a list of all supported brokers simply click here)
- The addition of Bendigo Bank to the list of supported bank feeds
- Integration with ASIC for auditor registration details
Scheduled Work in Progress
WIP currently under development includes:
- Upgraded support for pensions
- The ability to edit the chart of accounts
- Simplification of the year end process
- Display improvements re managed funds
Services Marketplace
The number of users has also been reflected in growth in the services Marketplace, with audit continuing to be the most common task being posted.
Trustee Mark Passfield had this to say about his experience:
“I have been able to find qualified resources for my Fund at the click of a button, and everything is handled online. Thanks to Mclowd the annual costs of managing my SMSF have fallen by 80%.”
At the end of the day this is what self-managed super should all be about.”
Investment Opportunity
The Mclowd Community has deployed 90% less capital than the incumbent software vendors, and functions with 90% less operating expenditure.
This governance structure:
- Means that Mclowd can operate a ‘freemium’ revenue model, whereby the core software is made available at no charge
- Is starting to drive scale (thanks to this pricing model we don’t need to spend money on marketing to attract new users)
As the software matures we can now begin to drive the commercialisation process, which is obviously important to long term success.
As per the pricing page, we recently released a premium version of the software for SMSF professionals, and are looking at a similar version for trustees (albeit at the same $30 per annum price point).
However Mclowd still requires capital to finish the job. Trustee users who are interested in investing in Mclowd are welcome to contact me directly.
Regards
Ashley Porter
Managing Director
Mclowd Pty Ltd