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.

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.

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.

Data feeds are time-saver, but all data feeds are not equivalent

The purpose of data feeds is to allow for the automation of data entry. Hence, data feeds are a time-saver. But there are differences between data feeds that auditors have to take into account.

Data feeds are a divisive topic among SMSF auditors. A data feed is an automated process of receiving data from a data source. Using data feeds can save an auditor a great deal of time and effort. It also reduces the administrator’s workload. The upsides are obvious. Relying on data feeds lets you go over more information, which can result in more comprehensive audits. The feeds also reduce the time needed to perform your analyses. This is a competitive industry, and auditors need every advantage they can get. Hence, it’s important to make your audits as efficient as possible. However, many auditors dislike using data feeds. They do not trust the accuracy of these feeds. Many believe that the electronic delivery process is not secure enough. There’s also a possibility that processing and technological errors may occur. This has an impact on the integrity of the data. All of these concerns have merit. But you should consider the facts before you discard data feeds from your auditing process altogether. It’s crucial to recognize that there are different kinds of data feeds. Some of these are poorly rated, but others can be extremely useful and trustworthy. Once you know what to look for, it isn’t particularly hard to tell the difference.

The Reasons Why You Can’t Treat All Data Feeds the Same Way

While they’re changing the face of the industry, data feeds are still a mystery to some auditors. But with the introduction of Transfer Balance Account Reports (TBARs), data feeds will be increasingly used to provide up-to-date data. This means more auditors will need to consider how data feeds can be incorporated into their processes. So, how do you know where to place your trust? Let’s look into the differences in different data feeds.

1. They Come from Different Sources

Using data feeds simply means getting your data electronically transferred from the source. Each institution (e.g. bank, broker, or wrap) has its own data feed setup. The quality of these sources varies. Here are a few factors you should take into consideration:

  • How does the institution source the data that is coming through your feed?
  • What is the format of the data feed?
  • Does the format impact the accuracy of data treatment?
  • Does the feed include a daily reconciliation of transactions?
  • When you set up the feed, do you also get access to historical transactions?
  • Is there a chance of someone manually altering the data at the source?

Some sources have trustworthy and robust feeds. But always look into the data source before you decide how much to trust your feeds.

2. There Are Two Different Kinds of Data Feeds

The two types of data feeds are as follows:

  • Direct-Connect Feeds

When a direct-connect feed is set up, the data comes directly from the source. This happens via an encrypted link. There are no third parties involved in this process. Since direct-connect feeds are purpose-designed, the format of your data should suit your needs. These feeds are authenticated, so you can be sure the source is valid. Additionally, you can monitor and track these feeds on your own schedule. Direct-connect feeds can automatically process income entitlements. Instant tax statements can even be set up for some of the institutions your clients are working with. With direct-connect feeds, you can also see historical transactions. If you’re worried about consistency, direct-connect feeds have you covered. The process is automated and while errors might pop up on occasion, it’s unlikely data will stop arriving altogether as it can’t be intercepted or altered.

  • E-mail-Scraping and Screen-Scraping Feeds

This is the more affordable alternative for providers. However, scraping feeds aren’t as reliable as direct-connect feeds. Here is how scraping feeds work: the source sends emails to a third-party intermediary. The intermediaries are data aggregation services which prepare a feed based on the emailed data. This process is called scraping. The scraped data can be sourced from the body of the email. It can also come from the attached PDFs. In either case, errors can happen. For example, the computers may not be able to read the data formatting in the PDFs. How do errors get resolved? The intermediary has to repair them manually. So while the scraping itself is automated, there can be delays. There is also a real chance of data loss. It’s also easy to see how this can compromise the security of the data. You also don’t have authentication in place when your data feed uses scraping. There’s a chance the initial data came from a false source. Additionally, consider the risk of interception. When this happens, there’s no guarantee that you’ll notice the data is compromised.

3. Some Data Feeds Come with ASAE 3402 Certification and Others Don’t

As an auditor, you require first-hand confirmation. Second-hand data cannot typically be relied upon. Some data feeds come with certification based on the Auditing and Assurance Standards. The ASAE 3402 (Assurance Reports on Controls at a Service Organisation) certification helps auditors to place reliance on the feeds based on the assessment of the design and effectiveness of the controls in place. A feed can only receive this certification if there are measures in place to minimise data errors. When errors do slip in, there are rectification steps you can rely on. The certification also helps auditors to understand how the data has been sourced and gain comfort that it was free from manual interception.

Why You Need to Use Data Feeds

Once again, TBARs are changing the way SMSF administration and audit work is approached. TBARs require up-to-date accounting, and data feeds are a key part of that. Automating this process makes the accountants’ lives much easier. If you’re an auditor, data feeds give you a more comprehensive access to data confirmation. But it’s very important to stay up-to-date with the various feeds. Over the past few years, auditors have been under increasing fee pressure and it’s becoming very difficult to operate  at these competitive prices and maintain a quality audit. The only solution is to speed up the data confirmation process. Hence, you should make data feeds a part of your testing procedures. You can do this as part of a wider move towards automation that includes the use of data feeds in your testing procedures. In fact, this is key to operating successfully in this environment. Always check whether the source of your data is verified. Make sure you have a clear idea of what happens to the data on its way to you. Remember that you don’t have control over what happens to the feed. Verification is a mark of trust that means you can rely on the feed.

The Final Word

With changing legislation, how to best incorporate data feeds and automation into the SMSF life cycle is  becoming a key discussion topic. It’s an important area for both auditors and accountants. If you want to stay afloat, you cannot avoid making use of automation. Incorporating data fees into the auditing process helps you to save huge amounts of time. Moreover, it can help you to identify issues that need further attention. How else can you automate your work? Cloudoffis can help you complete cost-effective and accurate SMSF audits. The platform lets you cut down on the time spent on your audit process by as much as 40%. With Cloudoffis, you can download data directly to the platform from leading SMSF software such as Class and BGL. Find out more about our cost-effective solutions, schedule a live demonstration with our team today on the form below.

OCR technology in SMSF Audits. What is it and why it’s a breakthrough?

In the past, the SMSF audit industry has been criticized 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 the scope of work before the 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 by 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 revolutionize 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 utilizing their new cloud-based, auditing software: endless benefits are guaranteed, including an enhanced bottom line!

Concerned that cloud-based software is less secure? It’s not the fact

Besides doing an accurate audit, security is probably your biggest worry. When you heard the rumours about the lack of security in cloud-based software to conduct your clients’ SMSF audits, you might have run for the hills. After all, a secure working and storage environment is key to ensure your clients’ trust. Although you’re tempted by how easy it is to work with and store data in the cloud, still-doubts linger. Are my clients’ data secure? Can I trust cloud-based systems to keep their data secure for the years to come? You need the facts–not half-truths whispered around the water cooler. Cloud-based software is not only as secure as a conventional IT system-it’s more secure. Here’s what you need to know:

 Tight Control Doesn’t Mean High Security

Noted computer science professor David Linthicum wasn’t always a believer in cloud computing’s security. Although well aware of its power and scope for applications, he now is ‘finding that clouds are more secure than traditional systems, generally speaking’. The reason? Contrary to the myth, the truth is that where data is located isn’t as important as accessibility. In other words, in Linthicum’s words, ‘control does not mean security’. In fact, says Linthicum, traditional, on-premises IT systems average more Web application-based attacks than do service providers’ cloud-based systems, by a ratio of 61 to 28.

 On-Premises Systems Bigger Targets for Security Threats

That’s a huge difference. Furthermore, Linthicum points out, the on-premises users had more “brute force attacks” than did the cloud-based users. Food for thought-especially since in our business-our data represents the net wealth of our clients. Like sharks when they smell blood, attackers bite when they smell money. Especially if they know they’ll have more than twice the chance of success when they know the accounting firm still uses an on-premises IT system. Again, Linthicum stresses, a firm’s preference for an on-premises system rests on a feeling; the false premise that control equals security. In fact, he points out, those companies who design cloud-based platforms “focus more on security and governance” than their old-school brethren.

 The Key: A Cloud Solution that Takes Security Seriously

Instead, what a financial firm should concentrate on is to find a system with cutting-edge security technology and a proper strategy. Reducing the opportunities for an attack to breach the system should be the priority. A software firm that tests, tests, and tests again for vulnerability is the one companies who deal with the life’s savings of its clients should choose. In the 23 April 2017 edition of Forbes, Louis Columbus writes about Australians’ reluctance to hop on board with cloud solutions for fear of security breaches. Although Australia is the global leader in cloud adoption for public use, the Gulf Coast Council leads in private cloud use. Yet as cloud services increase their security for public, private, and hybrid platforms, more and more companies are coming around to take advantage of cloud services for even their most sensitive data.

 Security Is Now the Competitive Edge for Cloud Providers

The question is, does your company really want to drag its heels on adopting cloud technology when it could take the lead? According to UK tech writer Ben Rossi, it is precisely the lack of confidence many enterprise companies have in the cloud that should spur them to take a second look. Because of this general reluctance of organisations to adopt cloud platforms, cloud services, says Rossi, have begun to ramp up their security to the point that they compete ‘on the security of their service’. Add that factor to the reality-not the myth-that most of the recent data breaches that have happened over the last few years occurred within on-premises IT systems. Cloud systems, too, have no personal connections-or axes to grind-with the companies they serve. As Rossi points out, ’employees with …malevolent intentions will find it more difficult’ to do damage with cloud-stored data. In most cases, Rossi says, cloud-based services must adhere to tougher standards than do on-premises systems, since cloud services handle the data for much more than just one organisation.

 Choose Efficiency and Security with a World-Class Cloud Provider

The key, then, to take advantage of the lower cost and higher efficiency of the cloud while lessening your risk, is to choose your cloud provider wisely, conclude the authors of Internet security giant McAfee’s ground-breaking report, ‘Building Trust in a Cloudy Sky‘. Those Cloud First organisations who use unified or integrated security solutions have found it easier to adopt cloud services, since the heightened level of security from these security providers ‘reduce their response time to detect, protect, and correct threats to the organisation’s data’. Cloudoffis takes its clients’ security seriously. Not only does it host its servers on the highly secure Amazon Australia, but it also adheres to the highest industry standards of security implementation. To discover more about how you can boost your productivity while maintaining the highest level of security for your audit files, contact Cloudoffis today.

11 Reasons to move your accounting firm on the cloud for high growth

Australian accounting firms will witness a sea change in the coming 5 to 10 years. Cloud-based services and automation tools will disrupt the business model. It is imperative for every accounting firm to invest in advanced cloud-based systems sooner rather than later. Studies show that cloud based firms add five times the amount of clients compared with traditional firms, and report the highest growth. With the rapidly changing business environment, cloud technology allows your accounting firm to reinvent your way of work, evolve quicker and differentiate your service offerings. Here are 11 reasons why:

1

Accuracy

Cloud-based applications connect to external software and reduce the possibility of errors involved in manual feeds.

2

Enhanced security

Cloud systems have robust security protocols. They have much deeper pockets for firewalls and highly sophisticated intrusion prevention systems in place.

3

Cost savings

When you take into account the hardware, utility, software license, maintenance, and productivity costs, cloud subscriptions turn out to be more affordable. This is especially true for accounting firms who work with small and medium businesses. They also save time and improve the overall productivity of your firm.

4

Collaboration

Cloud-based platforms allow you to invite clients on online platforms. Allowing online access to clients is now more imperative than ever before – especially when it comes to offering SMSF-related advice. If you don’t, they will soon move to a firm who will.

5

No more maintenance headaches

Updates in software and hardware are done automatically. This means your systems are always up to date, and there’s no downtime due to system related issues.

6

Scalability

Cloud systems allow you to expand and grow faster without increasing immediate technology costs. It allows to upscale or downscale your existing resources as per your business needs.

7

Efficiency

Cloud technology allows to concentrate on your core competencies while leaving the task of running IT infrastructure to the cloud service providers.

8

Real time financial management

With accurate real-time data at your fingertips, firms can share the golden nuggets of information with your clients. This allows you to become your clients preferred adviser and increase revenue.

9

Flexibility

Cloud systems give you the flexibility to access your files and data even when you are off-site or at home. You and your employees can have a virtual office wherever they go through web-enabled devices.

10

Added value

Moving to cloud-based technologies allows you to automate low-value tasks. This helps you add real value to your clients business and create a certain stickiness to the client-firm relationship.

11

Robust Data Management System

Cloud technology has in-built off-site data management. Since all the data is stored in the cloud, it’s easy to have a backup or restore it. This also means, you can access any of the audit or accounting documents whenever you need them.

The cloud is here to stay and early adopters will benefit significantly in the long run. In order to survive and succeed in an automated future, accounting firms need to go beyond a service-oriented approach and start acting as advisers for their clients by deploying cloud technologies.

Top 10 benefits of automating your SMSF audit process at high standard

SMSF audits require a high standard of consistency and quality control, and automation plays a key role in achieving these goals. In fact, it’s transforming the SMSF industry, as most practices are fast adopting audit automation processes. If you haven’t, it’s time to jump in before it’s too late.

Here are the top ten benefits to help you make that decision

1. Improve accuracy and create error-free audits

One of the key reasons to use automated software for SMSF audits is of course… it’s ‘automated’! Using any form of manual method to look for information increases the room for error. The auditomation technology in Cloudoffis – a unique technology developed by SMSF auditors for SMSF audits – imports the trial balance directly from BGL/Class and auto-segregates them in to relevant buckets. Since client or fund details are populated automatically, you can be rest assured your audit reports will be error-free.

2. Save time and improve efficiency

Automation allows you to conduct faster audits without having to do repetitive tasks such as compiling checklists, checking things repeatedly or identifying red flags. Powered by auditomation, Cloudoffis analyses the scope of the audit as soon as the data is imported and creates relevant checklists for that particular account, so you don’t have go through irrelevant items. This means you have to check source documents only once. Additionally, there is also a ‘Customise Checklist’ feature to tailor to your practice/client needs! The auditomation technology in Cloudoffis also identifies items needing closer attention and red flags them automatically. Gone are the dreadful days of sifting through reams of data looking for issues such as negative balance, interbank entries, reverse balances, etc. In fact, auditomation saves up to 40% of an auditor’s time.

3. Discover the power of a single window interface

Advanced SMSF audit automation software offers a structured environment with all the necessary processes and documents an auditor needs in one place. The single window interface in Cloudoffis provides one coherent view of the lead schedules, checklists, red flags, supporting documents, review points, etc. Putting all the key ingredients for the audit within easy access. This means you don’t have to juggle across multiple views or open multiple documents and you can create end-to-end audits in a single window.

4. Intuitive and easy to use

The real test of any automation software lies in its simplicity. Cloudoffis enriches the user experience by providing a user-friendly, step-by-step navigation flow. Powered by auditomation, it’s packed with intuitive tools that complement the auditor’s skills at every step.

5. Store and share documents securely

By automating the process of moving data offline, you can save time and reduce the potential for error.The Document Management System seamlessly integrates with Cloudoffis, offering secure online storage.

6. Powerful search function

The powerful search functionality in Cloudoffis enables you to easily locate documents by simply using keywords or figures. You can search for and open documents in the same window, and simply drag and drop source documents to complete an item of audit!

7. Collaborate in real time

When an auditor has a query or needs any documents from a client, they no longer have to waste time making calls or writing emails. The in-built collaboration platform in Cloudoffis allows an auditor to connect with colleagues and clients in real time – saving a huge amount of time for everyone.

8. Monitor the progress of jobs easily

An automated system not only lets you see the status of any individual item, it also gives you the bird’s-eye view of your whole system. With the power of auditomation, the Cloudoffis dashboard gives senior management real-time status / percentage completion and staff-wise allocation of each job, etc.

9. Increase scalability

Processes that took weeks before can now be achieved within minutes thanks to auditomation. A well-conceived SMSF audit software such as Cloudoffis accelerates the audit time, enables your firm to complete more high quality audits in a shorter frame of time, helps meet client deadlines, and increases efficiency and productivity in several ways.

10. Increase your firm’s profitability

With the changing dynamics on the SMSF landscape, practices are under increasing pressure to deliver high quality audits cost effectively.

By investing in sophisticated cloud-based technology powered by auditomation, you can simplify and speed up the audit process. Most importantly, you can ensure that you are not just in the game, you are well ahead of it!