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5 key points to keep in mind when going through a software review

The software landscape is fast-moving and ever-changing. This article covers 5 key points to keep in mind through a software review. To begin a successful review, you will first need a deep understanding of your firm’s workflow and challenges and then secondly, be up to date and familiar with the latest technology available in the industry. Software is obviously not something you want to get wrong. Not only is it expensive to change but the change itself is time and resource-intensive. If it is done right you can keep changes to a minimum, maximise your efficiency and remain at the forefront of new developments without a worry in the world for years to come..

1. Automation

Technology is now at a point where rather than just helping with managing and organising tasks, they can be, to varying degrees, actually done for you. The AI and machine learning trend is game-changing and is offering firms new ways to gain efficiencies. If your technology is a few years old and hasn’t been actively developed, there could be new alternatives that can change the way you do things. If you are reviewing new technology, review it from the lens of “how much time will this save me or my team; can the machines do the mundane tasks my staff waste precious hours on?” This can also be considered when reviewing and improving outsourcing strategies.

2. Integration

It is important that software is flexible and plays nice with your other systems to ensure it complements your workflow. Always check the software you are reviewing already has, or is open to, useful integrations. Many software companies out there are effectively a closed-loop and try to build all the products/modules themselves, this can restrict your ability to utilise best in class technology whilst maintaining a connected workflow.

3. Tech stack context

Software products often focus on one area and do it well. e.g. a Document management system, a workflow program, a customer portal, etc. This often means a firm may have anywhere from 3 to 5 disparate software systems to fulfil a single work process. Integrations can help with this but a fully integrated 5 system solution is unlikely for most firms to construct and navigate. Rather than focusing on feature-rich or even overall best in class systems, review technology from the context of your own workflow and requirements. Is there potentially 1 system that does what you need instead of 3 individual systems?

4. Future development (A going concern)

Static software development is not a good sign. It’s basically going backwards. In such a fast-moving competitive market, you will be best served to enquire as to the growth and development plans of a software package you are currently using or reviewing. Partnering with a software firm that aggressively releases updates and new features means you are likely staying up to date with the latest tech and reducing your future risk of needing to change in the near future.

5. Cost vs Value

This is very specific to your own circumstances. The cheapest software or the most expensive is not necessarily the right option for you. It needs to solve a problem for you specifically. This sounds obvious but there are so many firms that either have low-cost solutions that don’t actually offer real value or firms with expensive pieced together solutions that can actually cause inefficiency. Understanding the actual value vs costs of software relative to your own situation is crucial. Inefficiency isn’t a line item on the balance sheet, unfortunately! Cloudoffis specialises in automation technology for accountants and auditors in the SMSF space, get in touch with us here.

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Our commitment during COVID-19: Free Subscription, Ongoing Support

We’re all aware of evolving changes in Australia and the world as a result of COVID-19. Like all of us right now we are coming to grips with the changes. But rest assured some things remain the same. Let us shine some light on your day with our way of saying we care about the important work you do, and need to continue doing. To make the most of a dire situation we’d like to offer support in saying…

  • You CAN work and support clients from home.
  • Your business WILL NOT need to stop.
  • Your team WILL continue to be safe & productive.
  • You DO need to think differently.
  • The financial impact DOES NOT need to burden you.

We are your partners in making your SMSF work simpler and far more time-efficient (at least 50% more!). And it doesn’t matter how much paperwork you have, how many clients you need to see, or how many team members you need to interact with – thankfully, with Cloudoffis, your entire SMSF process can be carried out risk-free, remotely and safely online by you or your team.

Here’s how Cloudoffis is adapting to the-fast-changing circumstances—to protect your health and keep business processes together.

Priorities

Our first priority is protecting the safety and wellbeing of people—including our team, partners and clients. Our next priority is ensuring uninterrupted support for you—even amidst the turbulence of social changes. That’s how we know you’ll be empowered to maintain efficiency and productivity together.

Uninterrupted service
Firstly, rest assured that we’ll continue to serve you with the same level of attention, dedication and insight you expect from Cloudoffis. We’re extending that care and service whilst working remotely as a team.

A token of appreciated extended to new users

For us it’s business as usual, for our clients they’re grateful they have the processes in place, but for everyone else we want to help make SMSF automation available for you as well. As a token of our support & appreciation enjoy 15 months for the cost of 12 – with this extra 3 months you will not only be able to continue SMSF operations smoothly and better than ever, you’ll save hundreds of dollars but also save the most wonderful asset we have – time. These solutions not only unblock workflow inefficiencies, they are also greatly helping Accountants & Auditors work remotely, securely and transparently. Simply request a demo and mention this offer to proceed.

Technology lifelines

As always we’ll be harnessing technology to deliver all our services. We’re lucky to be ahead of the curve here—as you know from day one we’ve been securing digital data, sharing knowledge online and using phone and email to provide you support. Our robust systems and processes enable us to deliver the highest level of technology to you, so you can continue to use the Cloudoffis solutions (SMSF Auditomation and SMSF Sorted) from anywhere in the world.

Your feedback valued

We will continuously work together with our integration partners, and with you, to enable an environment that supports your transition to remote work. For those of you who have been equipped for some time, we’d love to know how you’re doing and if you need anything. We are proactively getting in touch with all clients and as always, we welcome and value all your feedback.

Always supported

Being a critical partner to your business, we understand the importance of our ability to always support you and your team. If you have any questions at all please get in touch as you always would:1. Email your queries to us at support@cloudoffis.com.au
2. Call us on 1300 979 457 (Then Press ‘2’)

We’re never more than a call away—and during uncertain times we’ll always support you.

Thank you & take care,
The Cloudoffis Team

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Humanology (Humans + Technology) – Webinar “TECH TALK”

Be inspired by our diverse group of industry experts and thought leaders as we explore ‘Humanology’ (Humans + Technology) on this innovative innovative webinar discussion: When human genius and the best technology work seamlessly together to create remarkable outcomes for your business!

Panelists:

  1. Daniel Tramontana – BGL
  2. Chris Satchi – Cloudoffis
  3. Jamie Beresford – Practice Protect
  4. David New – Spotlight Reporting

What we’ll cover:

  • Is technology a threat or an opportunity?
  • How does technology help businesses to achieve their best?
  • Key steps to implement new technologies.
  • Engaging team members and ensuring effective implementation of new technologies.
  • The importance of building an A-Team and staying on top of the game. And much more.

Monday, 1 Jul, 2019 @ 11:30 am AEST

Register Now!!

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Enhanced Security: A multi-factor authentication comes to Cloudoffis

Online security breaches happen every day, all around the world. It’s a fact of life, as we move things online and to the cloud, efficiency increases but so does the possibility of falling victim to fraud. Webber Insurance Services has compiled a list of Australian companies that have had data breaches in 2018 and 2019. They’re big names, close to home. When it comes to online security the best offense is a good defense. The Australian Taxation Office made changes to the Operational Framework for Digital Service Providers, making Multi-Factor Authentication (MFA) mandatory “where users potentially have access to large volumes of taxpayer or superannuation related information”.

Programs that digitally connect to the ATO, such as MYOB, Xero, BGL, Class, etc, had to meet these security standards by 30 September, 2018. MFA means that during the login process, after entering your username and password, you are also required to enter an additional code (or scan a QR code) that is sent via a preferred Authenticator App, SMS, or Email.

This security measure is not mandatory for Cloudoffis users, however, following the changes in the FinTech space, Cloudoffis has recognized MFA requirements as a best practice method. Moreover, because of the mandatory changes to our integration software application partners, like BGL, Class Super, and Supermate, Cloudoffis users will be required to complete an MFA when connecting to partner systems.

These added layers of security turn trust from something implicit, to something we carry out in our day-to-day operation of systems such as these. Cloudoffis, is part of a network of systems all committed to making SMSF compliance an efficient and enjoyable process for all parties involved. That said, we have a responsibility to each other to make sure every system feeding back into this network is as secure as possible. These added layers of security can incite groans and grumbles from users who say productivity will suffer, however, innovative solutions are available especially designed to combat this.

Platforms like Practice Protect, digitally secure accounting firms through one secure login to all cloud applications that can be tracked and restricted to specific locations, as well as applied firm-wide. Practice Protect has identified that “it is far easier to trick than hack”; 67% of data breaches in 2018 were due to human error or passwords being compromised. All in all, like Cloudoffis, every good platform will help you perform better and create capacity, but we’re happy to be further aligned now with the ethos of helping our industry users reduce risk, maintain control of operations and strengthen trust with clients – all whilst consistently providing greater efficiency.

It’s amazing in FinTech, when we all work together, the security and efficiency we can achieve for our users are phenomenal. To learn more about Cloudoffis and becoming efficient, whilst maintaining consistency, with your audit automation, reach out today using the form below.

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Make auditing experience better with SMSF new feature release 2019

A new month and a new release, 2019 has already seen some tremendous enhancements, and here are some more!

The below enhancements are a direct result of client feedback (with a little help from the ATO), please keep them coming.

  • Multi-Factor Authentication
  • Addition of read-only mode
  • SuperMate API Integration

Multi-Factor Authentication

Cloudoffis now has 3 types of Multi-Factor Authentication (MFA). This provides additional levels of security for all users across multiple platforms and devices, such as email, mobile phones, and applications. These settings can be accessed by any user from their profile, once open the MFA page is on the right as per below.

Keeping everyone’s data secure is our top priority.

Read Only Mode

We have created a read-only functionality to enable quick reference to the previous year’s audits without the risk of creating invalid timestamps.

  • Ability to quickly refer to the previous year’s audit
  • Ability to compare in a new tab (different screen if available)
  • Read only removes the risk of updating the wrong year
  • Ability to provide access for review or training without the risk of updating.

These are instantly accessible from the Fund Dashboard or Completed Audit Queue -allowing easy reference between both & providing greatly improved efficiency and usability.

SuperMate API Integration

To build on our successful integrations with BGL & Class, SuperMate data will now flow instantly via API. With help from the SuperMate team, we have now enabled SuperMate data to be imported via the cloud. This will automatically import fund details, trial balance & general ledger into Cloudoffis. You’ll no longer have to manually create clients and upload these reports! Save time and be more efficient with even more ‘automation’.

If you’re an existing user and would like further instructions on these new enhancements, please visit your Support Portal or reach out to our Support team.

SEE THESE UPDATES IN ACTION

Schedule Your Personalized Preview of Cloudoffis

If you’re interested in Cloudoffis – we’re all about providing an automated audit technology that drastically reduces inefficiencies, saves you hours, and boosts your bottom line. We hold the promise of new experiences and challenge you to try them. Schedule a live demo today! Use the form below.

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Cloudoffis & InfoTrack integrates streamline process for SMSF Auditors

Cloudoffis and InfoTrack, a leading technology provider for the professional services sector, have joined forces with a new integration set to be a game-changer for the SMSF industry. Cloudoffis has been one of the leaders in what has been a huge year for FinTech, especially in the SMSF domain, and were keen to partner with InfoTrack which shares the same approach to leveraging innovative technology to save its users time.

As AI continues to be one of the biggest disruptors in the FinTech software landscape, Cloudoffis and InfoTrack have not only taken advantage of new technology but are now creatively integrating their services to save hours of hassle for businesses and users. The combined automated powers of the two platforms cut workloads in half to minimize human error, maximize efficiency and increase businesses’ bottom lines.

The two tech companies have attentively listened to the demands of the industry to create software solutions that automate up to 50% of the tedious, manual tasks that have long been a feature of the SMSF workflow. The new integration with InfoTrack means that Cloudoffis users can now instantly access additional information including title searches, ASIC extracts, corporate trustee searches, background checks, know-your-customer (KYC) checks, and more. These searches can be performed directly through Cloudoffis and the results and related costs are returned to Cloudoffis and added to your subscription. This technology comes long overdue for the SMSF sector where tedious tasks and duplicate work have wasted huge amounts of time and diverted talented resources from more important work.

With the new raft of legislative changes happening across the SMSF industry and the proposed changes to audit cycles, there is a lot of pressure on businesses to manage compliance risks and improve efficiency. Cloudoffis’ auditing software does the work that previously took hours of an auditor’s time – tagging, searching, document management, data presentation, and compliance checklists – at the click of a button.

The benefits are manifold, users will experience not only time saved and added efficiency – but with checklists and compliance tools built into the user experience, compliance has never been so easy. The impact of this technology and the collaboration of services has created far-reaching changes for the industry as a whole. It not only means a new era of efficiency, automation, and ease of compliance – but it has created a new path for collaboration in the SMSF industry. To learn more, book a private demonstration on the form below today.

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A Guide to Transfer Balance Account Reports for accountants & auditors

Auditors and accountants have to adapt to the new legislation on SMSF reporting. There have been significant changes in SMSF processing, and it’s crucial to keep up with them. In July 2018, a new framework for SMSFs was introduced which requires certain events to be reported to the Australian Taxation Office (ATO). Event-based reporting is a new obligation SMSFs need to fulfill. SMSF annual returns are still mandatory.

However, this new reporting style aims to capture information about other events as they occur. In certain cases, SMSFs have to file transfer balance account reports (or TBARs). There is now an increased need for real-time accounting. TBARs may need to be filed at any time during the financial year. Additionally, there’s a strict time limit on TBAR reporting.

Hence, the SMSF industry is going to have to make some fundamental changes. Accounting and auditing will have to become faster and more cost-efficient. In many cases, you’ll lodge within 28 days of the end of the quarter. Some TBARs need lodging sooner, whereas you only need to lodge others annually.

What about auditing? TBARs give auditors a new set of challenges. They’re still invaluable to the process, but the use of TBARs means they have to adapt to a new environment. Let’s overview the top facts about TBARs, as well as the ways that auditors will have to update their practices.

What Is a T BAR?

The ATO introduced TBARs to help them with a specific issue. Previously, the ATO had to wait for extended periods to receive data about how much people have allocated across the various phases in their superannuation funds. In some cases, they have to wait for almost 11 months to receive data about SMSFs. T BAR allows the ATO to track a member’s significant events and key transactions during the retirement phase. The ATO has applied a transfer balance cap of $1.6 million to this retirement phase.

TBARs allows you to track a transfer balance account to work out if there’s space for further activity. It also highlights if you’ve exceeded the cap through recent activity. TBARs allow the government to track large transfers. SMSF members now have their total superannuation balance monitored too. This is the sum of all their accumulation and retirement phase superannuation interests across all their accounts and funds. If it goes over $1 million, the SMSF has to lodge more frequently.

Which Events Require TBARs?

It’s crucial for accountants to keep track of each SMSF member’s transfers and superannuation balance. Accountants must report key events that alter an SMSF member’s transfer balance. Check the ATO’s guide here. A short summary follows:

  • The Type and Value of Pre-Existing Income Streams Details of pre-existing income streams being received on 30 June 2017 that will continue to be paid or will remain in the retirement phase on or after 1 July 2017. It’s not necessary to file a TBAR when the interest from an income stream has been exhausted.
  • The Type and Value of Death Benefit Income Streams and New Retirement Phase Income Streams Reversionary death benefit income streams should be filed starting from the date of death. Note that it’s not necessary to file a report upon the death of an SMSF member
  • New or Re-Financed Limited Recourse Borrowing Arrangement (LRBA) Payments ‘New’ refers to borrowing arrangements entered into on or after 1 July 2017 and the payment results in an increase in the value of the member’s interest that supports their retirement phase income stream.
  • Personal Injury Contributions
  • Commutations of Retirement Phase Income Streams that occur on or after 1 July 2017 or Compliance with a Commutation Authority

There are some exclusions to consider in the reporting too. For example, accountants don’t have to worry about filing a member’s APRA fund interests as the funds will report these. Information filed directly via a Transfer balance event notification form (NAT 74919) also doesn’t need to be included in the T BAR.

How Does TBAR’s Introduction Change the Compliance Process?

It was necessary to file all information about pre-existing streams by 1 July 2018. After this date, TBARs cover new events. If every SMSF member has a total superannuation balance lower than $1 million, the TBARs aren’t urgent. They can simply be filed once a year along with the Annual Return. But this changes if any member has a total superannuation balance of over $1 million. In this case, the SMSF has a new obligation. When an event occurs, they have to file a TBAR within 28 days after the end of the quarter. Events apply to all members, including members whose total superannuation balance is under $1 million. Let’s overview the main points.

  • The ATO will notify you in the event that you exceed the $1.6 million cap. It will ask you to rectify the event.
  • There is no legal limitation on the superannuation balance of SMSF members. But if anyone’s total superannuation balance goes over $1 million, a TBAR must be filed.
  • The ATO now has more insight into all SMSF income streams.
  • When you file depends on the fund’s composition and each member’s total super balance. As mentioned previously, you’ll often file within four weeks of an event. However, there are plenty of exceptions. For example, in the case of commutations, the SMSF may have only ten days after the end of the month to file a TBAR.

This is a new piece of legislation, so we may see changes made over time, particularly in regard to caps. For example, the $1 million superannuation criterion might be re-evaluated over time. Furthermore, the Treasury has a new proposal to change the audit cycle from one year to three years. If the measure passes, it will commence on 1 July 2019. However, the idea is still under much debate. Interestingly, this proposal sits at odds with the value and oversight that event-based reporting provides. With longer audit cycles, the ATO’s level of oversight would decrease. This might undo some of the positives that come with TBARs.

Your Responsibilities

When the July 2018 deadline came around, many SMSFs failed to comply with the new legislation. In most cases, the failure came from a muddled understanding of the rules. Some SMSF accountants didn’t understand the proper treatment of income streams under the new legislation. Some of the clients failed to comply with the transfer balance cap. This often happened because they failed to inform their accountant about their other super fund balances. People simply didn’t know which data was relevant. Since July, various SMSFs struggled with sending up-to-date TBARs. Many accountants had to get used to the new software in order to generate these reports and have had to change their practices to ensure data is up-to-date and accessible. As an auditor, ensuring you have a solid understanding of TBAR reporting is one of your responsibilities. This means you have to have clear oversight over all of your client’s income streams, other key events and any breaches of the transfer balance cap.

What Does This Change?

With these changes, the accounting and auditing process has to become more proactive and access to up-to-date data is imperative. SMSF professionals have more data to go over and processing frequency will need to increase. However, your main task lies in understanding the compliance and data requirements that will allow you to support the fund under this new framework. Many auditors hesitate to rely on data feeds. But if you find feeds that have a reliable source and structure, you won’t compromise the quality of your work. Data feeds can be secure and almost entirely error-free. At the same time, auditors will need to have a more active relationship with their clients. Being able to source reliable data and communicate regularly with clients can make it easier to keep on top of your requirements, identify areas of focus, and help to better support the SMSF with the new compliance regime.

The Final Word

TBARs whilst complex, have made a positive contribution to the industry in providing more visibility and transparency of key information. Clients and their SMSF professionals are still in an adjustment period. But the reporting process should soon become routine. It’s impossible to keep up with these changes without altering your process. Becoming well-versed in data feeds and understanding what online access to data and reporting you can receive is one of the ways that can assist Automation enables you to more easily and cost-effectively identify areas for focus. But there are many other ways to improve your processes. At Cloudoffis, we offer a variety of industry-specific innovations. To learn more, get in touch with us any time.

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A Game Changer has been released with new features – January 2019

Release 3.2 Now Available

We’re excited to share release 3.2 with you as it is a GAME CHANGER! These new features and additions are a culmination of 12 months of feedback addressing some of the most popular suggestions and improvements. This release includes significant enhancements to the below and is direct result of client feedback.

  • NEW PDF VIEWER!
  • Addition of ASIC Searches
  • Addition of Title Searches
  • New Date Picker and options
  • New Subscription Module
  • BGL Integration Enhanced
 

NEW PDF Viewer

We have redeveloped our PDF Viewer to include NEW! features and additional functionalities as suggested by our clients. You can view, tag, highlight, comment & bookmark documents faster, with enhanced reliability, such as;
  • Additional options for navigating to correct results. Thumbnail View and view all pages inclusive of searched text.
  • Additional Zoom options with one click fit to page options (Zoom and display settings no longer affect the placement or the ability to see the tag or comment)
  • Multiple additions to panes with option to expand or collapse
  • NEW! the ability to highlight text with the option to alter colours
  • Improved Comment function with the newly added ability to edit, delete, customise and expand/collapse
  • NEW! Pre existing PDF bookmarks that existed prior to Cloudoffis upload will now display with hyperlinks to each.
  • NEW! Search options. Whole word only, Case sensitive and Wilcard search.
There is a summary PDF available and a comprehensive support document and video are currently being produced. We welcome your request to preview this. 

Addition of ASIC Searches

Your corporate trustee ASIC searches can now be requested through our InfoTrack integration, and will be automatically stored for quick access. Instantly order and attach ASIC Extracts from within Cloudoffis directly to your audit. This is available from the Member Entitlements page within the process and s.17A within the SIS Checklist.
 
Once selected from either area you will receive a pop up with clear instructions and pricing displayed, the moment the order is placed the document appears as an attachment. All ordered documents and pricing is tracked within your subscription page/Documents Billing.
 

Select Order ASIC Extract

Pop Up Screen to Place Order

 

Subscription/Documents Billing view. Orders will be settled monthly or weekly dependent on quantity.

 

Addition of Title Searches

Instantly order a Title Search with the click of a button directly within Cloudoffis (thanks to our integration with InfoTrack); the document then automatically attaches from within Cloudoffis directly to your audit. This is available from the Real Property page within the process.
 
 
 

Pop Up Screen to Place Order – Prices vary dependent on state (NSW, VIC or QLD) and will be clearly quoted once state is selected prior to ordering.

Subscription/Documents Billing view. Orders will be settled weekly.

NEW Date Picker and options

We have introduced a new Date Picker, entering dates in Cloudoffis has never been faster! Once selected you will have the option to scroll through years quickly, select month and then day. 
 

Scroll to Year and select Month

Select Day – Will default to current date

 
OR

Enter Date Manually

This is a huge improvement for our clients creating funds from non cloud based software’s.
 
Dates can now be manually entered using the format DD/MM/YYYY
 
 

NEW Subscription Module

Adding more funds is now simple, transparent & streamlined with a new slider to easily calculate your top-ups. This will allow clients to top up their files and renew to a new term instantly online. 

Subscription View

Cart View

Each of these new features and enhancements will have a dedicated support page covering the steps comprehensively with a helpful video in the coming days.

BGL Integration Enhanced

New APIs for our integration with BGL have been released so you no longer need to manually upload the following reports:
  • Operating Statement
  • Financial Statement
  • Investment Summary

Efficiency win!

SEE THESE UPDATES IN ACTION

Schedule Your Personalised Preview of Cloudoffis

We provide an automated audit technology that drastically reduces inefficiencies, saves you hours and boosts your bottom line. We hold the promise of new experiences and challenge you to try them. Schedule a live demo today! Use the form below.

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Year of the audit “2019” – What you think on future of SMSF auditing?

Hey there,

What do you believe is the future of SMSF auditing?
At Cloudoffis, we hold out the promise of new experiences and challenge you to try them.
We believe SMSF workflows and current practices can be free from inaccurate and time-consuming paperwork.
We believe in a user-friendly experience that enhances collaboration and success.
We believe in business intelligence that enables flexibility without compromising power.
We believe in an integrated platform, but we don’t believe in silo-ed solutions that require referencing history.
At Cloudoffis, we provide automated cloud technology

that drastically reduces inefficiencies and empowers the SMSF auditing industry.
So I challenge you to leave the known for what could be, innovate with an adventurous spirit, and be a trailblazer with us.
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Anything that you wanted to know about Auditing Investments platform

Auditing an investment platform can present some challenges. Here, we tackle some of the biggest questions that you may have about this task.

There is a trend among modern investors to utilize investment platforms and the efficiencies offered. This gives out some interesting challenges to auditors and accountants. Each investment platform comes with its own set of features and reporting. You have to learn about these if you want to carry out audits with ease. Furthermore, you have to learn how to work within the confines of the platform itself and understand the tools available to you. Failure to do so could lead to a struggle to find the key information needed for the audit. Investment platforms aren’t something that you can avoid either.

The rise in popularity of managed accounts has led to more people using platforms to help manage their investments. They allow users to oversee their accounts and gain transparency. This helps to gain trust, and be consistent and believable for investors at all levels. What you may not realize is that investment platforms also offer tools to accountants and auditors.

This article refers to managed accounts and their relevance to investment platforms, what investment platforms offer for accountants and auditors, and if their data feeds are reliable or not.

What is a Managed Account?

Before getting started with anything else, the first step is to understand what Managed Accounts are. With a managed account, each investor has direct or beneficial ownership of the individual underlying investments. They then hire a professional manager to oversee the investment portfolio on their behalf. This is the key difference between managed accounts and managed funds. With a managed fund, the investor has a share of a pool of assets via issued units rather than direct or beneficial ownership of the underlying investments.

The individualized aspect of managed accounts is what has made them so popular. Using them allows the owner to tailor their investment strategy according to their own goals. They allow ease of portfolio management, which results in time savings. They also provide access to better transparency through professional management, as well as more comprehensive reporting. Often, an investment platform will be used to deliver or enable managed account services.   Investment platforms offer a good access point to managed accounts. This is because they offer a very efficient method of reporting on transactions and managing the investment.

Hence, as managed accounts gain popularity, so do investment platforms. There’s another important point to make here. You may have to audit more than one managed account when auditing the output from an investment platform. Managed accounts are only one type of investment that these platforms offer and clients can have numerous managed investments. Others include fixed interest, equities, and cash investments. Investment platforms also generally offer access to managed funds. There is an increasing trend toward using investment platforms that looks likely to continue. This means you’ll have to audit the outputs from more investment platforms more often as time goes on.

What does an Investment Platform Offer to an Auditor?

This trend toward investment platforms can seem like a scary proposition. While most auditors have worked with the outputs from platforms before, there’s an issue of complexity to consider. Managed accounts and other investment types make the auditing process more difficult. The good news is that many investment platforms offer an array of features. These features often benefit auditors and aim to make it easier for you to do your job. These features include the following:

  • Direct access to investment information for accountants and auditors:

For example, some investment platforms can offer you access to live reports. This gives you an up-to-date picture of your client’s finances and actions. These reports can often complement the end-of-year reports received and provide more detail. They cover every aspect of the transaction, in addition to that, they’re often automated. This cuts down the issues related to human errors.

  • Access to audit reports issued for the investment platform:

The issuing of these reports allows auditors to rely on the year-end data that the platform generates. The reports also offer greater transparency to auditors, clients, and advisors.

  • Access to data feeds if the platform supports them:

Many platform providers have introduced data feeds into their offerings that cover all investment types. These feeds provide greater automation of data entry and can provide greater transparency around the underlying transactions that the client undertakes.

Also, it is important to remember that each investment platform offers different features. These are only a couple of examples of what the platforms provide to accountants and auditors. Your client’s platform may not have all these features or it may have extra features that can provide you with even more help.

These differences affect your auditing approach. They call on you to learn about the specific features that a platform has to offer, but taking the time to do this usually leads to you saving a lot of time later on.

Can I Use Data Feeds?

The use of data feeds when auditing investment platforms is a contentious issue. On one hand, some platforms don’t yet have the required functionality. The use of feeds doesn’t come as standard across all platforms and the treatment of different investment types (particularly managed accounts), differs across the software consuming the feed. That does not mean you should automatically not use feeds. You just have to be aware of the source and any limitations, as you do with any feed that you use. But things have started to change. Investment platforms have started to evolve their feeds and many include tools that offer greater support to auditors and accountants who use the platform’s data.

Conclusion

Auditors must come to grips with the evolution of investment platforms. The popularity of managed accounts has led to more people using them. You need to adapt to the greater complexity of the investments that people oversee using these platforms. You also need to know about the new tools that they provide concerning accessing up-to-date data and providing online access to platform users. The key lies in understanding what these platforms have to offer. You have to take full advantage of the resources that the platforms provide. This may require some research on your part.

However, there’s a strong payoff. Accessing these tools can save you a lot of time during the auditing of accounts preparation process. Of course, using a good audit platform can speed up the auditing process further. That’s where Cloudoffis can help. Cloudoffis is an automated SMSF audit solution that allows for even greater efficiency. Arrange for a live demonstration with our team today. With Cloudoffis, you can make SMSF audits more efficient than ever before. Simply schedule your demo on the form below.

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