Auditor independence has rocked the way our sector does SMSF. Small auditors face a stark choice—exit or grow. So scaling SMSF audits matters more than ever—especially doing it accurately, sustainably and profitably. That’s just what Platinum Audits CEO Matthew Williams has done. Platinum Audits has gone from 85% paper-based to 100% paperless. Along the way he’s positioned Platinum audits perfectly for the audit growth opportunity knocking after APES-110. As SMSF develops there are winners and losers—we talked with Matthew about how Platinum Audits is ready for tomorrow.
From Little Things
Matthew started as an employee at Platinum, then took ownership in 2011. After a key client left with two-thirds of Platinum’s funds-Matthew learnt the value of resilience. “It was clear that scale mattered—we needed to diversify and grow” he says. Platinum recovered and diversified, growing its customer base from 4 to 14 clients, with 800 funds. Originally Brisbane-focused, Platinum Audits now works across Australia, and plans to grow to 2000 funds by the end of the year. It’s an expansion only possible with the right software, says Matthew. “Cloudoffis automates 40% of our workload—and that’s really just the beginning of how it helps”.
Goodbye Paper-Hello Cloud
Four years ago, 85% of Matthew’s Platinum Audits business involved paper-based audits. Today, it’s 100% paperless and 100% on the cloud with Cloudoffis. Change can be hard and SMSF is a very moveable feast. Matthew knew that unlocking his team’s collaboration meant getting everything in one place but he expected it to be a tough ask. “As an auditor, I expected overpromising and underdelivering. But Cloudoffis gave me the opposite”, he says. “The support was phenomenal on the phone, online the more we engaged the easier it became.”
Offshore Without the Exposure
For Platinum audits, moving to Cloudoffis created the systems that Matthew used to hire and train new staff—including the offshore talent that makes margins resilient while growth skyrockets. And in SMSF, offshore hiring is no mean feat. With SMSF unique to Australia it’s a challenge to find trained talent overseas. But at Platinum Audits, Matthew’s met the challenge. With Cloudoffis I’ve been able to standardise systems and make training videos—with most of our training on video I can hire and train faster than I’d imagined possible”. “We bring someone on, and they’re doing audits at an 80% level in literally days—then in just months they’re working at 98% level, and it’s just myself as signing partner doing that crucial 2%”, he says. With seven of his nine employees working offshore, Matthew uses Cloudoffis to make sure skills remain relevant as SMSF systems evolve. “Individual training modules can quickly be updated as rules and regulations mature which Cloudoffis is brilliant at keeping up with”. “Now I can pick up 5000 new funds, and I know I can hire ten people, maintain quality and keep risk low,” says Matthew. “Otherwise, I’d be up all night worrying about it.”
Automation as Evolution
So how did Matthew find the time to make those videos on newly standardised processes? Automation was the bedrock of that evolution. Platinum automated 40% of the previously manual checking-so everyone could focus on higher value tasks. It can be hard to trust automation but Cloudoffis is built for repetition. “As an auditor, I trust nothing”, says Matthew. “For the first few months I’d manually check the system. But I never found an error. And I realised—I could rely on Cloudoffis for accuracy. Seeing how it kept up with changes, I realised I could rely on Cloudoffis to stay abreast of compliance changes”. That reliance and trust follows through to the engagement with the Australian-based Cloudoffis support team. “They’re overdelivering on support—there’s a generosity. They’ll call outside hours, they fix any bugs quickly and easily. It’s like having an audit business partner-I can call them and have a conversation about interpretation”, says Matthew.
Your SMSF Audit Future Knocks
“The challenges to scaling an audit business are real” says Matthew. “There’s a fear factor—what will happen to our reputation? There’s a fear of not knowing. But with the systems, processes and people in place—it’s all so possible”. Matthew sees Cloudoffis as a trustworthy partner on the journey. “I assumed their promise of 40% time savings really meant 20%. Actually it’s been 40-50%. Sometimes 60%”. With trust comes opportunity. “It adds up to growth. By the end of the calendar year, Platinum Audits plan to grow from 800 to 2000 files”, says Matthew. “And because Cloudoffis cover the accounting side with Sorted, we know we have a competitive edge as more accountants come on board”. Auditor independence means more competition. The ‘pure-play’ auditors that scale in the ecosystem will win. With Cloudoffis auditing software as a partner, your business can evolve—and thrive. At Cloudoffis we’re optimistic about the future of SMSF, and we’re ready to listen to your needs. We believe the SMSF software you choose today should prepare you for tomorrow and the years to come. The future knocks on every door – we’re here to help you answer. Auditor, administrator or accountant? Cloudoffis has a solution tailored for you.