A downloadable version is also available.
Who is Class?
Class was established in 2005 and has been developing software solutions for the accounting market. It is the leading provider of cloud-based administration software for self-managed super funds, and its software is also used to streamline the administration of investment portfolios held by companies, trusts and individuals.
Class is a strong business with a high calibre management team. It regularly wins independent awards in relation to customer satisfaction and is rated highly by employees in workplace surveys.
Why did Class acquire Smartcorp?
Recently, Class has entered the documents and corporate compliance market by acquiring NowInfinity, which like Smartcorp, offers company registration, a broad suite of documents and corporate compliance software known as ‘Corporate Messenger’.
Class acquired Smartcorp as part of its growth in the documents and corporate compliance market. This is a very exciting merger as Smartcorp and NowInfinity businesses are very well aligned. There is a very strong fit between the two organisations not only culturally, but also in the products and solutions they offer and the way they service their customers.
What are the benefits to me as a Smartcorp client?
Through this acquisition, you will have access to a broader document suite, a more extensive corporate compliance product, pricing flexibility between fixed subscription or pay as you go, and the benefit of being serviced by a larger ASX listed company which invests heavily in technology, marketing and innovation. Specifically, you will now have access to NowInfinity’s broader services platform, which includes:
- Over 70 documents in the documentation suite;
- Extensive additional functionality in Corporate Messenger (like Smartcorp’s Corpliance product) to manage your companies, as well as equivalent platforms for trusts and superannuation funds; and
- Extensive integrations with other practice management systems and partners to enhance your efficiency including Docusign and Xero
Will my fees go up?
- In the main, NowInfinity’s fees are generally lower than Smartcorp’s, as well as offering a broader range of products. Whilst overall fees will most likely decrease, it will ultimately depend on what Smartcorp products you currently use. Similar to Smartcorp, NowInfinity offers legal templates you can purchase on an individual, pay as you go basis. No contract or ongoing obligation. You simply add your credit card details and select the template you wish to purchase.
- You may choose to enter into a new subscription package which offers a suitable number of company registrations, documents and companies under management for a set monthly price which reflects the needs of your practice. Further details regarding NowInfinity’s subscription packages can be viewed on the Class and NowInfinity websites.
Who will I contact if I have any questions? Will my support services change?
The current Smartcorp customer support team will continue to support the Smartcorp product. Any immediate support queries should continue to be directed to that team. Over the coming weeks and months, the NowInfinity and Smartcorp customer services teams will be working together to ensure your support requirements continue to be met and that you get the full benefit of the acquisition.
What do I need to do?
For now, you are not required to do anything following this announcement. We’ll be sending out further updates over the next fortnight, which we encourage you to read to make the most of the significantly expanded service range and options now available to you.
Will Smartcorp solution still be available going forward or is the plan to migrate clients to NowInfinity?
For now, the Smartcorp solution will remain available. Smartcorp and Class are working through options and expect to communicate the approach to you in due course.
Questions regarding Corpliance
Will my ASIC corporate compliance become more expensive?
NowInfinity’s corporate compliance product (Corporate Messenger) is cheaper than the standard fee for Smartcorp’s equivalent product, Corpliance, and offers an expanded range of features including SMS and e-mail reminders; embedded digital signatures; and the ability upload executed documents into a centralised client repository.
If I’m already using Corpliance, does this mean my companies will be transitioned to Corporate Messenger and I’ll have to learn a new system?
Yes, however we will provide your team with training and supporting collateral to assist with the change. You will also have access to our experienced transitions and onboarding staff to ensure you are fully equipped to use Corporate Messenger.
If I switch from Corpliance to Corporate Messenger, will I lose any data?
No. We will be undertaking a full migration of your historical data that is currently stored in Corpliance. This process will take some time but will be part of our detailed transition and onboarding plan that our team will work with you and your business.
What are some of the additional features of Corporate Messenger and Corpliance?
- Digital signatures
- SMS reminders
- E-mail reminders
- Centralised repository for executed documents
Are there any additional entities that can be managed on NowInfinity?
Yes, we have superannuation and trust compliance products called Super Comply and Trust Register.
Questions regarding documents
Does this mean my document fees will increase?
The most commonly used Smartcorp documents (particularly most of the SMSF and company documents) are cheaper in NowInfinity. NowInfinity offers a much larger range of documents available to you. A summary of document fees can be found at https://www.nowinfinity.com.au/announcement (see also pricing schedule extract below).
NowInfinity also includes digital signature capability inclusive of the document prices listed on the website.
Will my documents change, or will I lose anything if I change from Smartcorp documents to NowInfinity?
NowInfinity documents are different to the Smartcorp documents as they are provided to us by different legal providers. We can make our legal services available to you to go through any concerns that you may have.
Are the NowInfinity documents better than Smartcorp’s?
There are more than 70 different documents available on the NowInfinity platform. Whilst the documents that you are used to on Smartcorp will have differences to the NowInfinity documents, there are legal services available to you to go through any concerns that you may have.