Financial Platform to Conduct Audits of SMSF Funds in Australia

The system was developed for the leading provider of audit services for self-managed super funds (SMSF) in Australia. It performs nearly 10,000 audits per year.

  • Technologies used:C #, JavaScript, T-SQL, ASP.NET MVC, ASP.NET Web API, Knockout.js, Entity Framework, SSRS, Microsoft Dynamics CRM, iTextSharp library, SQL Server, Microsoft SharePoint, Azure Functions, ASP.Net Core, Xero API
  • Industry:finance
  • Timeframe:3 years/ongoing
  • Methodology:agile
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Customer

The customer is a leading provider of audit services for self-managed super funds (SMSF) in Australia. Performing nearly 10,000 audits per year, the company has built its reputation on the strength of its technological innovation, quality, efficiency and value. Delivering advanced software for audits, the customer offers unique opportunities and value-adds to its business partners.

Need

When the customer turned to HQSoftware, it already had a legacy solution to maintain SMSF (Self Managed Superannuation Fund) audits. However, the underlying technology stack—based on Microsoft Silverlight—was significantly outdated and can no longer ensure faultless performance or allow for extending functionality.

So, the company engaged with HQSoftware to migrate the system to a new technology stack, add new functionality, and improve usability through a re-designed interface.

Challenges

In the course of the project, the development team had to cope with the following challenges:

  • as long as there was no documentation / functional specification available for the legacy system, our developers had to investigate the platform via the video materials shot by the customer.
  • the customer insisted on preserving data storage of the legacy system, which imposed certain difficulties while migrating 500 GB of data files and ensuring no data is lost under tight deadlines.
  • Azure Multi-Factor Authentication had to be implemented in a short term before the new law came into effect. According to ATO Requirements for Software Companies, if the product or service is hosted by the DSP (cloud, browser-based, DSP hosted, accessible from any device type), then the 2FA is mandatory.
  • bulk PDF generation. Big Data operation to generate annual reports with a huge amount of data.


Solution

financial platformTo meet release deadlines, it was decided to enable data migration to Microsoft SharePoint on demand. It allows the auditor to access only necessary files on launching the job. In parallel, engineers at HQSoftware carried out full data migration in the background mode. After the first release, our team executed further migration to Amazon S3.

Part of the client data that contained sensitive personal information was stored in Microsoft Dynamics CRM 365, which the customer wanted to preserve as a part of a new stack. To make sure that it fits into the new architecture without a negative impact on performance, developers at HQSoftware optimized the number of requests made to the CRM and implemented data caching. For the sake of security, data encryption was enabled.

The delivered dashboard of the platform grants access to both auditors and representatives of SMSF. When a representative completes submitting documents for audit (either by filling in special forms or by authenticating through a third-party system that imports the docs), the auditor can proceed with his job. Jobs created by users have statuses (new, in progress, and resolved). If the system detects a discrepancy in the course of audit (at the threshold of 2%), it creates an alert and notifies all the interested parties.

Furthermore, our development team integrated the solution with Xero—a popular invoice system in Australia, Class Super—a leading cloud software for administration of self-managed super funds, and SuperMate—a fully integrated SMSF accounting software.

We also completely changed the authentication system for the Multi-Factor one and migrated users into a new system in a semi-automatic mode. To make sure we meet tight deadlines, our team worked extended hours, including weekends, to make a release before the new law comes into effect.

Our developers also carefully rebuilt an architecture in order to guarantee predictable and stable reporting with a huge amount of attachments. Based on serverless architecture, we made it possible to generate interactive PDF reports (100+ pages, diagrams, clickable hyperlinks, attachments) that contain all the financial data on each particular audit.

Result

Partnering with HQSoftware, the customer significantly improved the performance of its legacy solution by migrating to a new technology stack with no data loss. With extended functionality, the platform is used to maintain audits for 20,000+ pension funds across Australia, making the customer an industry leader. Furthermore, improved usability allows the customer to sell this white-label solution to other companies, thus getting an additional revenue channel.

Electronic Communication Network for Foreign Exchange Trading
prev. project
Streaming Financial Data for the Largest Treasuries Trader in Real Time
next project