Class set to capitalise on SOFY activity as accountants roll into FY22

The SOFY acronym may not be as well known as its cousin EOFY but similar opportunities exist for thematic investors to capitalise on stocks that benefit from the Start of Financial Year festivities.

As a period dedicated to accountants that will be frantically logging receipts to fall within the FY21 reporting period, fintech provider Class Limited (ASX: CL1) can save those same accountants 67% of their time next year.

Class Trust was launched in October 2020 in response to demand for a cloud-based platform that could automate traditionally laborious tasks in Trust creation and administration. Until then, Microsoft Excel was the primary program used to administer Trusts where SMSF had been the primary vehicle for wealth management.

But with regulatory changes in recent years that introduced limitations to SMSFs, Trusts have become the fastest growing vehicle which is why accountants and financial advisors were screaming out for an automated platform, similar to what is available to SMSFs.

Since its launch, the 200 firms which were early adopters of Class Trust have reported time savings of up to 67%. And with SOFY around the corner, that number of firms could increase dramatically in the coming weeks as accountants look to start FY22 with a blank canvas, ideal for the adoption of new management platforms.

To read more, please click on the link below…
Source: Class set to capitalise on SOFY activity as accountants roll into FY22 – The Sentiment