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Category: Case Study

How SMSF Australia doubled growth with Cloudoffis.

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.  

emily cooper-qoute


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. 

 

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Client Case Study: Superannuation Audit Services

Superannuation Audit Services, led by Denise Surjenko and Daniel Surjenko, has been a key player in this field for over 25 years. Based in Melbourne, Victoria, their award-winning firm has built a reputation for providing swift, independent auditing services with a personalised touch.

However, even the most established firms face challenges. For Superannuation Audit Services, reliance on traditional methods like Excel and hard copy documents created a bottleneck in their operations. The process was not only time-consuming but also prone to errors, impacting their ability to deliver the fast and accurate service their clients relied on.

Enter Cloudoffis. With the implementation of SMSF Auditomation, Superannuation Audit Services embarked on a transformative journey. This case study explores how Cloudoffis revolutionised their operations, streamlining data management and unlocking new opportunities for growth and client satisfaction. From overcoming initial hurdles to reaping the benefits of automation, discover how Cloudoffis enabled Superannuation Audit Services to elevate their practice and embrace a more flexible, efficient future.

Client: Denise Surjenko, Founder and Partner, ASIC Registered SMSF Auditor and Daniel Surjenko, Partner, ASIC Registered SMSF Auditor
Company: Superannuation Audit Services
Location: Melbourne, Victoria
Service Area: Nationwide
Client Base: Diverse, primarily SMSF clients
Website: Superannuation Audit Services

Company Overview:

Superannuation Audit Services is a specialist Self-Managed Super Fund (SMSF) auditing firm providing independent SMSF auditing services with a fast turnaround. With over 25 years of experience, they support accounting firms of all sizes, from the Big 4 to sole practitioners, both on-site and off-site, across Australia. Their award-winning firm is renowned for its personalised service, accessible team, and extensive expertise.

The Challenge:

Superannuation Audit Services faced significant challenges with storing and manually processing data. They relied heavily on Excel and hard copy documents, which was time-consuming and prone to errors. The process of checking market values and handling dividends manually was particularly cumbersome.

Why Cloudoffis:

With the implementation of SMSF Auditomation by Cloudoffis into their business, Superannuation Audit Services transitioned from using Excel and hard copy documents to a more streamlined, automated process that has been warmly welcomed by the team, who are dotted around Australia. This transition allowed them to improve operational processes and handle data more efficiently and accurately.
 

Benefits Realised:

  • Time Saved: The automation process significantly reduced the time spent on manual data entry and processing, allowing SAS to focus on more critical tasks.
  • Growth Unlocked: The efficiency gained from using Cloudoffis enabled the firm to hire top talent across Australia, expand their client base and take on more clients nationwide.
  • Greater Customer Satisfaction: The automation provided by Cloudoffis led to higher satisfaction among their clients due to the faster turnaround times and more accurate reporting.

Time better spent:

The transition to Cloudoffis enabled all staff at Superannuation Audit Services to work remotely. This shift to Cloudoffis not only made operations more flexible but also allowed them to service clients from various locations across Australia, including Sydney, Brisbane, Whitsundays and Perth. 

SAS’s top tips for using Cloudoffis:

  • Utilise Resources: Make the most of the resources and support provided by Cloudoffis.
  • Keep in Contact: Maintain regular communication with the Cloudoffis support team to resolve any issues quickly.
  • Just Use It: Embrace the platform fully to realise its benefits and improve operational efficiency.

By implementing Cloudoffis, Superannuation Audit Services transformed their operations, achieving significant time savings, unlocking growth opportunities, and enhancing customer satisfaction. Their journey with Cloudoffis is a great example of how simplifying your SMSF Audit workflows can allow you to rethink your practice management processes, embrace new growth strategies and drive business success.

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The Cloudoffis Compliance Advantage for Integrated Audit Services

Integrated Audit Services, a leading auditing firm based in Brisbane, has transformed its operations with Cloudoffis SMSF Auditomation. Manager David Alcock, CAANZ, shares how the transition from manual systems to automation has saved time, reduced compliance headaches, and provided new operational insights, allowing his team to deliver exceptional customer service and faster turnaround times.

Client Case Study: Integrated Audit Services
Client: David Alcock, CAANZ
Position: Manager
Company: Integrated Audit Services
Location: Brisbane, Queensland
Service Area: Queensland and nationwide
Client Base: Diverse, including SMSF clients
Website: https://integratedaudit.com.au/

Integrated Audit Services, a leading auditing firm based in Brisbane, has transformed its operations with Cloudoffis SMSF Auditomation. Manager David Alcock, CAANZ, shares how the transition from manual systems to automation has saved time, reduced compliance headaches, and provided new operational insights, allowing his team to deliver exceptional customer service and faster turnaround times.

Company Overview:

Integrated Audit Services is an auditing firm based in Brisbane specialising in a range of audits, including SMSF (Self-Managed Super Funds). The firm manages a large number of SMSF audits across Australia.

The Challenge:

Before adopting Cloudoffis SMSF Auditomation, Integrated Audit Services relied on manual systems like spreadsheets. The constantly changing regulatory landscape made it imperative to find a technology partner to ensure compliance and streamline their audit processes.

Why Cloudoffis:

  • David Alcock and his team chose Cloudoffis for its comprehensive compliance support and its ability to address specific compliance needs that their previous manual system couldn’t handle. 
  • He trusts Cloudoffis to effectively implement any necessary updates related to SMSF legislation changes, ensuring that Integrated Audit Services remains compliant and accurate. David believes in Cloudoffis’ capability and reliability to stay current with legislative modifications, providing peace of mind and reducing the burden of manual updates.

Cloudoffis Implementation:

Since November 2017, Integrated Audit Services has been using Cloudoffis SMSF Auditomation. The transition to this automated system has brought significant improvements to their operations.

Benefits Realised:

  • Time Savings: Automation has drastically reduced the time spent on audits.
  • Reduced Headaches: Simplified compliance and audit management.
  • Operational Insights: Enhanced ability to track data and processes.

Favourite Features:

  • Automatic Letter Generation: Simplifies the creation of management letters, qualifications, and contravention reports.
  • Rolling Forward Feature: Maintains tags on documents year over year, saving unnecessary rework.
  • Internal and External Query Monitoring: Allows efficient management of queries from both team members and accounting clients, improving customer service and turnaround times.

Future Plans:

With the time saved and operational efficiency gained, David has been able to implement other new technologies into the practice, further enhancing their operational efficiency.

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