Month: September 2018

What’s next for SMSF audit technology – As future is bright in SMSF

In the past the SMSF audit industry has been criticised for taking too long to evolve and innovate. More recently, however, the industry is coming up to speed with developments happening in the broader software and technology space.Cloudoffis has not only embraced new technology and artificial intelligence, it sees a bright future for SMSF auditing software development. Manual, monotonous and time-consuming tasks have been practically eliminated thanks to Cloudoffis’ sophisticated approach to removing human-error from the auditing process.

The time saving potential this intelligent, cloud-based software offers is an industry disrupter. Cloudoffis projects these advancements will save auditors upwards of 40-50% time per audit, and what’s particularly exciting is that these benefits are being directly passed onto users.

The cost of compliance just became a whole lot more affordable.

Some of the features Cloudoffis software is bringing into the market include:

  • Integration of information, reporting and source documentation (e.g. Class, BGL, MYOB, AO, ASIC, etc.)
  • Better presentation of data and information: reducing risk of human error
  • Optical Character Recognition (OCR) and document management to enable click-of-a-button in-document searching
  • Data analysis to define scope of work before audit even begins
  • Advanced search function
  • Automatic referencing and tagging of documents

Cloudoffis has been able to develop these time-saving, efficiency increasing tools and methods from identifying and understanding the problems that face the SMSF industry. With recent changes to federal superannuation fund law and changes in the Australian taxation system, Cloudoffis saw this not as a hindrance but as an opportunity to revolutionise the way auditing is done and forever improve the way the industry looks at compliance.

This software is ground-breaking in the way it saves auditors from wasting time in duplicate work, monotonous tasks and compliance concerns.

The future is bright for Cloudoffis and the SMSF audit software industry at large. They are projected to include in the next release of their software many new exciting features including: an ABN and Superfund lookup function; better reporting systems; reports and observations to be integrated with line items; a new Fund Dashboard to enhance the user experience.

Cloudoffis invites the SMSF industry to explore the possibilities of saving time, money and wasted expertise by utilising their new cloud-based, auditing software: endless benefits are guaranteed, including an enhanced bottom line!

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How AI is standardising the SMSF audit process & boost bottom lines

A typical SMSF audit from administration to auditor takes about 2.5-4 hours. Sometimes it can take up to 8 hours for larger, more complex funds, But what if you could finish an audit in HALF that time? Yes, half and not just that,  you could deliver a 30% boost to the bottom line by instantly streamlining the process.

Here’s how you can do that.

At Cloudoffis, we provide cutting-edge software that is revolutionizing the way auditors use technology and AI (Artificial Intelligence) in the management of SMSF. Just imagine:

Scan Up To 300 pages In Seconds With An Inbuilt Optical OCR Converter With Cloudoffis:

You can quickly upload the source documentation for each of your jobs in PDF format. The inbuilt OCR (Optical Character Recognition) then converts everything into a readable and searchable document. This means at the click of one button you can search for any amount or account or any word whatsoever.

Automated Audit Checklists With Cloudoffis:

When you import a file or upload a ledger or a trial balance, the technology and API integration recognitions (i.e. with BGL, Class, ASIC, Title searching, etc.) automatically provide you with those checklists. You don’t need to provide any information whatsoever (whereas other providers have nothing more than checklists that you need to manually wade through).

Avoid The Tedium Of Tagging and Bookmarking:

Cloudoffis is the only software in the market that automates the tagging and bookmarking process. Saving you time, helping you stay compliant, and minimizing human error.

Other Benefits Of Cloudoffis:

  • Auto generation of red flags for review in an Audit Fund Dashboard
  • Reporting and observations with integrated line items
  • Highlight, comment, markup, and search easily
  • Master checklist templates
  • Upload docs all in one place
  • Seamless collaboration with all involved

Result: auditors can save up to 50% of the time per audit.

THE PERFECT SOLUTION

“I received a contract increasing our number of SMSF audits to almost 500 per year. In order to properly fulfill the contract I needed to reduce the time taken for each audit. Cloudoffis provided the perfect solution in that the program provides quick and simple tagging of relevant supporting documents as well as providing comprehensive checklists for both financial and compliance regimes.”

Peter Mangan Director, Peter Mangan Accountants Pty Ltd

For more info on all the wonders, Cloudoffis hands auditors request a live demo below today! This article was featured on SMSF Adviser, read more here

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