API integration of Cloudoffis + BGL workpapers is an iconic feature

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Also published by SMSF Adviser, powered by Momentum Media Written by Miranda Brownlee on 20 July 2020 Cloudoffis, one of Australia’s leading providers of cloud-based SMSF Preparation and Audit Automation technology today announced the successful integration of their “SMSF Auditomation” platform with BGL Workpapers–an extension of the pre-existing integration with BGL Simple Fund 360.

Enhanced features brought together with API integration.

A major key feature of this industry-first API integration between Cloudoffis + BGL Workpapers is the time-saving potential this automation provides beyond any other solution available on the market. The bookmarking and tagging of source documents in workpapers flow through into the audit file and align with each lead schedule item. The automated observations improve accuracy and provide peace of mind by being automatically checked and flagged for any errors. The auditor can address red flags as they’re found – not go searching for them. An inbuilt risk matrix is created as data is pulled through from BGL and analyzed. The pre-audit risk value alerts provide an opportunity for appropriate management. As a result, Cloudoffis “SMSF Auditomation” users (Auditors) will get broader access to Simple Fund 360 generated financial reports and documents tagged to the trial balance. Combined with Auditomation’s document recognition, direct data sourcing, and automation capabilities, this integration will help SMSF auditors streamline their audit processes, sharpen accuracy and reduce upward of 50% of their time per audit.

BGL and Cloudoffis; a 1–2 punch

BGL Corp acknowledged the longstanding relationship between both the businesses and Cloudoffis’ vision in further streamlining the SMSF process from engagement to completion. “At BGL, we are a strong advocate of developing ecosystem partnerships to help businesses streamline processes. Partnering with Cloudoffis is an example of two leading technology providers collaborating for the benefit of both our clients. BGL currently has over 350 partners as part of our Ecosystem” said Ron Lesh, BGL’s Managing Director. Integration with BGL’s Simple Fund 360 (OR Workpapers) reflects Cloudoffis’ continued commitment to helping SMSF providers automate and streamline their processes.

  “At Cloudoffis we continue to refine our SMSF Preparation and Audit Automation solutions to help the industry and our users find efficiencies across processes and maximize return on investment,” said Viral Kanabar, Co-Founder & Director at Cloudoffis.

Workpapers were created by BGL to prepare and review workpapers from data in SimpleFund 360 and complete any necessary checklists. Cloudoffis’ other compliance preparation solution “SMSF Sorted” (for Accountants) can complement Workpapers by providing workflow notifications and tracking, dashboards, and a comprehensive query and review module; couple this with integration to Cloudoffis’ “SMSF Automation” solution (for Auditors) for a highly efficient, compliant, end-to-end SMSF workflow solution. Cloudoffis and BGL can be used as stand-alone products but operate with an integrated 1–2 punch, keeping SMSF together, as manual processes become siloed, to remain streamlined from SMSF accounting through to auditing.

Watch the industry-first Audit automation API integration with Cloudoffis SMSF Automation & BGL Workpapers

 

About Cloudoffis

Cloudoffis offers a brand new way of preparing an SMSF & conducting an audit. It is developed with a unique technology that individually saves Accountants & Auditors upward of 50% time per fund. Accurate, fast, and compliant, Cloudoffis fits seamlessly and combines with leading SMSF administration providers–completing the SMSF workflow process and enhancing the all-user experience. Cloudoffis not only automates the manual processes outside of existing admin software but also provides highly intuitive and intelligent tools to enhance an Accountants or Auditors ability to conduct critical analysis, make judgments and streamline their process to professional standards. Headquartered in Sydney, NSW, Cloudoffis is in its fourth year of operation and continues to carve out its lane for the SMSF industry. Chris Satchi – Head of Sales Email: sales@cloudoffis.com.au Phone: 0403 513 354 Website: https://www.cloudoffis.com.au/schedule-a-live-demo/

About BGL

With over 30 years of trust in the accounting software space, BGL delivers Australia’s leading and award-winning cloud-based corporate compliance management and SMSF administration software solutions to over 8,000 businesses in 15 countries. All through a user-friendly and highly intelligent web application. BGL’s market-leading Simple Fund 360 and Simple Fund Desktop solutions are used to administer over 60% of Australia’s 600,000 self-managed super funds. Our clients include all major accounting firms, law firms, many listed and private company groups, accountants, financial planners, and many individual SMSF trustees. Contact – Ron Lesh Email: marketing@bglcorp.com.au Phone: 1300 654 401 Website:  https://www.bglcorp.com

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.