Over the last several years Mclowd has been building an SMSF accounting package that is free to both practitioners and individual investors.

Evidence of the work that has been completed can be seen at www.mclowd.com.

The Mclowd vision is to improve net returns for Self Managed Super Funds by reducing the costs which have traditionally been associated with accounting and tax compliance.

The journey has been a collaborative and iterative one, with users engaging with a global Team in order to prioritise the ongoing development of the software, including bugfixes and new functionality.

The platform has been built as a double-entry system, allowing users to manage assets, liabilities, income and expenses, while also generating reports to support accounting and tax compliance.

To date only a limited amount of equity capital has been required (<$400K) while comparable efforts in the SMSF space have involved tens of millions of dollars.

As things stand:

1.   It costs Mclowd nothing when a new Member (individual or practitioner) uses the software

2.  Given the balance sheet / operating expenditure profile there is no requirement to charge a licence fee for the core software, as the revenue model is based on the distribution of related products and services such as data feeds and actuarial certificates (similar to ebay / elance) 

Given our goals and the fact that access to the core software is (and will remain) free, we have decided that it is appropriate to include crowdfunding as part of the funding mix for the Community.

There are more than 500,000 Self Managed Super Funds in Australia, and providing a free administration platform will improve retirement outcomes for millions of Australians.

As such this seems an appropriate project for crowdfunding.

Regards



Ashley Porter
Managing Director

[email protected]
0402 117 935

The funds will be directed towards the completion of integration with the ATO, allowing users to submit their SMSF tax return online.

There is technical risk associated with any software development project.

However Mclowd has in place an experienced Team of software engineers and project management resources, all of whom have been involved in getting Mclowd to this point.