Optimo Financial has today announced that it would overhaul its superannuation software in response to legislated changes in the super sector.

Cloud-based SMSF software provider, Class, announced this week it had achieved a record increase in the number of accounts administered on its software last financial year.

The company announced it had added a record 31,503 accounts in the 12 months to 30 June 2017, passing a milestone 140,000 SMSFs during the June 2017 quarter, meaning that its market share rose from 19 per cent to 24 per cent.

Commenting on the achievement, Class chief executive, Kevin Bungard said the strong growth highlighted the success of Class in winning new business from accountants moving from legacy desktop software to the cloud.

“The super reforms, especially the need for real time reporting, are continuing to drive increased interest in system automation,” Bungard said.