In the fast-paced world of Self Managed Super Funds, efficiency isn’t just a buzzword; it’s a critical factor for success. For SMSF Australia, the journey to greater efficiency continued with the adoption of Cloudoffis, a solution that transformed their audit file review process. Here’s how they achieved these remarkable results with Cloudoffis as their wingman.
Life before Cloudoffis
Before Cloudoffis, SMSF Australia’s accounting team had a far more manual process to review files and create workpapers which was a limiting factor to their exponential growth. The main issues included:
- Sorting and reviewing documents manually.
- Inefficient workflows due to separate handling of financials and source documents.
- Significant time spent collating and verifying information.
Although the team wasn’t actively searching for a solution, they recognised the need to streamline their processes to improve efficiency and accuracy.
Introducing Cloudoffs
SMSF Australia discovered Cloudoffis through a trial offered by Class, and it quickly became clear that the new system would enhance their workflow. The key benefits of Cloudoffis included:
- Combining review and collation of audit files into one streamlined process.
- Automatic recognition of figures and matching with source documents, through Cloudoffis’ OCR capabilities.
- An improved three-stage review system including an initial review by processors, a compliance review, and a final review before the auditor commences work.
A worthwhile investment
SMSF Australia enjoyed significant results, including a 50% reduction in audit file review time and a 100% increase in overall productivity across the team.
- Time Savings: File reviews, once taking 2-3 hours, have been streamlined to approximately 1.5 hours per file marking a 50% reduction.
- Increased Productivity: The firm has more than doubled its output allowing them to further scale their business hitting their 100% growth targets year on year.
- Cost Efficiency: Improved operational efficiency has not only enhanced profit margins but has also enabled SMSF Australia to maintain competitive pricing while delivering industry leading quality services, strengthening their competitive edge in the market.
SMSF Australia’s favourite Cloudoffis features
We asked Emily what Cloudoffis features her team rely most on
- The integrated review process simplifies the review and collation of audit files, reducing procedural steps.
- The error detection feature facilitates easy identification of discrepancies and missing documents.
- Cloudoffis’ workflow management supports a thorough three-stage review process for comprehensive checks.