Category: Industry Update

New feature releases:
SMSF Sorted & SMSF Auditomation

As we kick start the new financial year, we’re excited to share the latest features we’ve packed into Cloudoffis. These updates are designed to ensure you enter FY25 with enhanced efficiency across your practice and improved communication and transparency between accountants and auditors.

We’ve been busy, so grab yourself a coffee and get into the updates!

Transform Your SMSF Workflows:
New features across Auditomation & Sorted Pro

Import & Re-import Flow in Auditomation & Sorted Pro

We are thrilled to announce a revamped Import & Re-import Flow for both Sorted and Auditomation! 🎉 Experience the new, efficient workflow today.

What’s New?

  • Instant Access: The moment you import financial data, you can jump straight to the job dashboard. No more waiting around!

  • Improved Efficiency: Financial data is accessible immediately while other data like observations, reports, and documents load in the background.

  • Enhanced Performance: With backend optimisations, system performance is significantly boosted, ensuring smoother execution and better resource management.

  • Streamlined Processes: These enhancements will make your existing processes more efficient, saving you valuable time.

Introducing ‘Waiting for Response’ Stage in Sorted and Auditomation!

We’re excited to introduce a new job stage, ‘Waiting for Response,’ to improve your workflow and communication! 📈

Problem Solved:

  • Auditors often have to pause audit job processing while waiting for responses from accountants. They typically change the job status to ‘Waiting for Client,’ but accountants cannot separately track these jobs, leading to delays.

The Solution:

  • New Job Stage: The ‘Waiting for Response’ stage will be introduced to accountants using Sorted and Sorted Lite, allowing accountants to easily track jobs pending their response.
  • Improved Turnaround Times: This new stage will streamline communication and speed up the turnaround times between accountants and auditors.


Big News for Auditomation Users


Reimporting clients details

We’ve listened to your feedback and are excited to introduce a new solution for re-importing client details in Auditomation! 🚀

What’s new?

  • One-Click Re-import: Now, with just one click, you can re-import client details. Fund, member, and trustee information will be updated automatically, ensuring accuracy and saving you time.
  • New ‘Add Alternate Address’ Field: You can now add an alternate address in the client details page. This new field is used for generating audit letters and reports with the alternate address, we’ve also added a placeholder called ‘Alternate Address’ to make it seamless.

These updates will drastically reduce manual efforts and enhance accuracy in your auditing process.

BGL Workpaper Docs

We’re excited to bring Auditomation customers a major time-saving enhancement: Auto Availability of BGL Workpaper Docs! 🚀

Previously, you had to manually convert each BGL Workpaper document to a Cloudoffis-supported format to use our bookmarking and search features. This was time-consuming, especially with a large number of documents.

The Solution:

  • BGL Workpaper documents will now be automatically converted to the Cloudoffis-supported format. No more manual conversions needed!


Billing Module & Practice Management

Whilst the Cloudoffis Billing module and Practice Insights were already available in the old version for Auditomation customers, we’ve now integrated them into the new version for a more streamlined and user-friendly experience. 🎉. Discover how Cloudoffis can streamline your practice management and enhance your workflow.

Checklist for FY24
Since there were no updates from the ATO this year, we’ve taken the opportunity to revamp and clarify our checklist for better understanding and ease of use.

 

Exciting updates for Class customers using SMSF Sorted Lite

We’re excited to announce more updates to enhance your SMSF Sorted Lite experience.

What’s new?

  • The audit console page is now even more action-oriented, allowing you to upload documents, submit jobs for audit, and download workpaper files directly from your Sorted Lite account, making your workflow smoother and more efficient.
  • The query module has been improved, enabling accountants to filter pending queries and prioritise actions for faster turnarounds.
  • We’ve made it easier for auditors to join the Cloudoffis Auditomation Pro platform, streamlining their audit processes and improving collaboration with Class accountants who use Sorted Lite, guaranteeing faster turnaround times.

$50 referral bonus SMSF Sorted Lite accountants

  • Did you know that as an SMSF Sorted Lite accountant, you can earn a $50 referral bonus when you refer your auditor to use Auditomation? Not only will you gain more control over every fund you manage, but you’ll also be able to automate your workpapers and submit audits to your auditor with just one click. This will help speed up the turnaround time of funds, as auditors will receive more structured data to work on. You’ll both benefit from easier collaboration with improved query management tools.

We love nothing more than investing in improvements to enhance your workflows and we continue to lead the industry with our product innovations. If you’d like any further information on the features we’ve delivered, reach out to Kresant in Sales or Dilnar and Jocelyn in Customer Success.

Read more about these releases in detail


SMSF Sorted

SMSF Auditomation





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Welcome to the June edition of the Cloudoffis bulletin

Welcome to the June edition of the Cloudoffis Bulletin.

It’s hard to believe how swiftly we’ve completed the financial year and started the new one. This issue is packed with our favourite topics: industry trends, customer highlights, and plenty of product updates to help you kick off the new financial year with a bang.

So grab a cuppa and settle in!

Industry trends

Back in January, we predicted that auditors would be required to safeguard their businesses against compliance risks and we would see a spike in businesses looking to streamline operational processes for enhanced efficiency

These trends have indeed started to take shape. SMSF auditors adopting Cloudoffis for compliance and prioritising operational efficiencies are experiencing incredible success. These forward-thinking customers report delivering more audits, faster, and with greater confidence than ever before.

Customer spotlight

David Alcock, Manager at Integrated Audit Services, chose Cloudoffis for its comprehensive compliance support and its ability to address specific compliance needs that their previous manual system couldn’t handle.

However, he was pleasantly surprised to find additional benefits, including significant time savings through automation, which drastically reduced the time spent on audits. He also experienced fewer headaches thanks to simplified compliance and audit management, and gained valuable operational insights with an enhanced ability to track data and processes.

Read more

FY24: The year of streamlining your workflows

It’s amazing how much can be achieved in a year. Below, we’ve highlighted our top feature releases for FY24, made possible by the feedback from our customers.

SMSF Auditomation

Billing by Cloudoffis
July 23
Speed up the time it takes to get an invoice to a client, so you’re paid faster. This feature helps centralise all your practice management requirements.

Read more

New look Auditomation
August 23
We revamped Cloudoffis Auditomation with a brand new design to improve efficiency and simplify your workflows. What you might not know is that this redesign also enabled us to build new capabilities behind the scenes that improve your daily experience.

Watch the video

Improved Class integration
October 23

Although the integration was designed for accountants, it turned out to be a bonus for auditors too! Now, accountants can submit their workpapers to auditors with just one click, ensuring that auditors receive clients’ data securely and directly from Class.

Read more

Manual audit upload
October 23
One of our customers’ favourite releases this year, manual audits transforms your manual files into structured data ready for immediate auditing. Say goodbye to intricate, error-prone processes and hello to increased revenue and satisfied clients.

Read more

Custom Folders
November 23

Streamline document organisation and retrieval with the Custom Folder feature in our Document Management System (DMS). This enhancement to the Permanent Document section allows you to create personalised subfolders, enabling efficient document upload, management, and the addition of notes or comments directly at the folder level.

Approval history
January 24

A historical record of when and who prepared, reviewed, audited or approved paperwork at each stage of the process, this feature helps you keep a track of your processes in your practice for years to come.

SMSF Sorted

We received feedback from our accounting clients at the end of FY23, highlighting the need for deeper integrations with the industry’s leading apps. You asked, and we delivered.

Sorted + Class
This year, we’ve focused on enhancing how accountants prepare their SMSF workpapers in Class and collaborate with auditors to expedite fund turnaround.

See how it works

FYI Docs
For accountants aiming for greater efficiency, we introduced an integration with FYI Docs. This allows you to seamlessly import and export documentation without leaving Cloudoffis.

Find out more

Signed off feature
Recognising the importance of audit support, we added a new “Signed Off” feature to Sorted Pro’s workflow, making it easier to track who has approved financials.

Read more

If you’d like any further information on the features we’ve delivered this year, reach out to Kresant in Sales or Dilnar and Jocelyn in Customer Success.

In the meantime, we’d like to thank you for another great year. We’re excited to introduce many new features as we continue leading the industry with our product investments into FY25.

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Great news for Class Customers

We’re excited to announce that the enhanced Class Workpapers powered by Cloudoffis is now live and free to use for Class SMSF Accountants.

The introduction of over 10 new features and enhancements to Cloudoffis Sorted Lite further streamlines the management of your client SMSF’s on Class.

What’s New:

  • Simplified Activation Process: No more lengthy forms. Simply log into your Class account, navigate to ‘Settings’ and then ‘Integration’ and activate Cloudoffis Sorted Lite.
  • Single Centralised Platform: Manage everything from one place. Prepare workpapers, audit, manage queries and collaborate with auditors seamlessly from the Cloudoffis portal connected to Class.
  • Audit Console Page: Track the progress of workpapers and audit submissions with the new Audit Console page. Gain insights into queries with your auditor.
  • Integration with Class DMS: Load documents directly from Class DMS to Sorted Lite and save final workpaper files back to Class DMS. Maintain document tags between Cloudoffis and Class effortlessly.
  • Working with Multiple Auditors: Connect with multiple auditors and submit funds to them hassle-free.
  • Sorted Lite Dashboard Options: Enjoy new options on the Cloudoffis Sorted Lite dashboard, including viewing documents, status in audit and queries and updating the latest financial data.
  • Easy Switching Between Different Businesses: Switch between different businesses in Class effortlessly, simplifying fund management for multi-business firms.

For a more information, check out the Class Help Doc. For a detailed walkthrough, check out our Demo Video.





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Welcome to the May edition of the Cloudoffis bulletin

It’s an exceptionally busy time for the SMSF industry, especially our Auditors who have been working overtime to hit deadlines. We’d like to share our gratitude to all the SMSF Auditors out there that are working tirelessly to keep our industry, SMSF Accountants and Trustees, safe and compliant.

This month, we’re proud to feature a new tip sheet to help you rethink your practice management as you head into the new financial year. The feedback from across our network has demonstrated that there is a strong need for improved operational excellence to help with growth and compliance. Based on these conversations, we’ve compiled three proven trategies to help you enhance your practice management in 2024. Take a read below.

We’re also sharing some short videos that our team has been working, providing you with a new way to consume the Cloudoffis product updates for Auditors and Accountants alike. Grab a coffee and jump on in

Industry trends

Rethink your Practice Management: 3 proven strategies

Are you an auditor looking for ways you can rethink your practice management to help you stand out from the competition without resorting to price reductions?

The answer lies in delivering exceptional customer service as your point of difference, ensuring customer satisfaction and generating referrals from their network.

Download the guide


Maintain your brand integrity with secure data sharing and storage

If safeguarding your brand reputation and securing your clients’ data is a top priority, we invite you to review our updated Data Security Policy.

Our platform not only ensures secure data storage but also features robust access controls to protect you, your staff, and your clients. With administrator-defined access levels in Cloudoffis, your team members can only access the information necessary for their roles, ensuring maximum security and efficiency.

Product update

Say yes to manual files and start auditing straight away

In an industry first for our Auditing community, Cloudoffis has delivered an easy way for you to receive manual files such as PDF, excel or CSV from your clients.

With our manual uploads feature, we turn your manual files into structured data that’s ready to audit immediately, so you can say goodbye to intricate, error-prone ways of working and hello to new revenue and happy clients.

Watch this 2 minute video to learn more about this much loved feature that can help you increase your revenue.




Import and export documents securely between SMSF Sorted and FYI

Document management is a time-consuming, yet important task to get right, which is why we are thrilled to introduce our integration between SMSF Sorted and FYI.

With just the click of a button, you can access and import all your documents stored in FYI from your SMSF Sorted account and once your workpapers are generated, you can effortlessly save them back into your preferred cabinet in FYI, all without leaving SMSF Sorted.

If you’re an accountant looking to boost productivity, watch this 1 minute video to see how you can securely transfer documents between Cloudoffis and FYI Docs so you never have to go searching for paperwork again.

Automate, submit and track your audit jobs with ease

Keen to see how the new and improved Class x Sorted Lite integration works? Watch this short video to see how you can automate your workpapers, submit workpapers in just one click and track your audit jobs.

Experience more of the new Cloudoffis

More than 55,000 funds have been processed on Cloudoffis in FY23. If you think there’s room for you to optimise your practice, enhance operational efficiency, or elevate customer experiences this year, now may be an opportune time for us to connect.

Book a time to chat that suits you.

 

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The Cloudoffis Bulletin April Edition

Welcome to the April edition of the Cloudoffis Bulletin. We hope that you have had a profitable month, despite the multiple public and school holidays that crop up at this time of year.

 

We’re moving into the busy season for Auditors so we’ve kept this April’s edition short and sharp but jam packed with important updates for both accountants and auditors.

 

Enjoy this month’s issue.

Current trends

At Cloudoffis, we are on a mission to educate our SMSF community about ways to drive operational efficiency in their business.

Did you know, the top three* operational challenges faced by the industry today are:

  • Managing manual processes
  • Dealing with client information stored in multiple places, and
  • Managing multiple systems

Download our guide to help you achieve operational excellence in your practice.

We’ll cover:

  • How operational excellence leads to incredible customer service and happy customers
  • The challenges other SMSF industry leaders face in achieving operational excellence
  • Three proven strategies to improve the operations in your practice

Download

*Cloudoffis Operational Excellence research, 2024

Product update

If you’re an SMSF Accountant, it’s time to shift towards running your practice entirely in the cloud.

 

Last month we updated you on the amazing new experience that Cloudoffis is delivering for Class customers, free of charge.

 

Did you know we also integrate with more of the industries favourite software including FYI Docs, Microsoft Office and of course BGL and SuperMate?

Visit our website for more information about our integrations for accountants and auditors.

Explore

Run your entire Auditing practice with Cloudoffis

 

SMSF Auditomation by Cloudoffis is uniquely designed for Australian SMSF Auditors to help make your day-to-day operations a breeze from within one intuitive platform.

 

Every day, our customers rely on Cloudoffis for all their practice management needs from streamlining operations, real-time reporting, accelerating cash flow and securing their customer data.

 

Whether you’re new to Cloudoffis or a long standing client, find out how Cloudoffis can take care of your business operations, all from within one easy-to-use platform.

Visit our website

 

SMSF Sorted Pro – New ‘Signed Off’ feature

 

We’ve added a new “Signed Off” feature to Sorted Pro’s workflow, making it easier to track who has approved financials.

 

At the approval stage simply click the “Signed Off” checkbox to create an audit trail in the Statement of Financial Position and Operating Statement. These details can also be viewed when downloading the Sorted Work Paper file or you can monitor the sign-offs directly from the dashboard.

Find out more

 

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The Cloudoffis Bulletin - March Edition

Welcome to the March edition of the Cloudoffis Bulletin, with so much happening at Cloudoffis and across the industry, it’s a jam-packed issue.

Last month we attended the SMSF Association’s National Conference, Level Up. It was great to reconnect with our peers and feel the buzz of the industry up in Brisbane. A huge thanks to so many of our customers who came and said hi and had a chat about industry trends.

You may have noticed a few changes around Cloudoffis recently, with new team members joining, a refreshed brand, a new website and constant updates to the product. We’ve covered it all below.

Current trends

Introducing the growing Cloudoffis team

We’d like to give a warm welcome to Kresant Mahilall, Head of Sales, and Dilnar Tangri, our new Senior Customer Success Manager, who have recently joined the Cloudoffis team.

We asked them to share some of their highlights since joining Cloudoffis plus trends they’re witnessing from their conversations with Accountants and Auditors.






The SMSF Association National Conference

It was great getting out to connect with industry peers at the recent SMSF Association National Conference, Level Up, in Brisbane. From our ongoing conversations, several common challenges continue to emerge industry-wide, including the imperative to streamline processes for improved ROI and heightened concerns surrounding compliance and customer data security.

With the Cloudoffis platform constantly evolving, perhaps it’s time to ensure your team and clients are getting the most out of your subscription. Be sure to book time with our Customer Success team, Jocelyn and Dilnar.

In just 30 minutes these amazing ladies can give you tips on how to get the most out of Cloudoffis, which will translate into hours of time saved each week, happier employees and a better ROI.

Book a consultation

The SMSF Auditors Day

This took place on Friday, 22nd March in Sydney. Kresant took the stage to highlight how Cloudoffis drives the industry forward by delivering Operational Excellence. Drawing from invaluable feedback on the daily challenges faced by auditors and accountants, the presentation showcased how Cloudoffis provides tailored solutions to foster better insights, enhance team capabilities and promote stronger collaboration.

Product update

Cloudoffis is leading the way to drive collaboration

The Cloudoffis products SMSF Sorted and SMSF Auditomation connects the processes of SMSF Accountants and Auditors like no other tools in the industry. Here’s how it works:

  • Accountants submit workpapers from Sorted to Auditomation with one click
  • The workpapers, docs and data are automatically organised for the auditor upon delivery, helping speed up preparation time
  • Accountants and auditors collaborate on queries & track job statuses securely within the Cloudoffis platform
  • Audited funds are securely stored in the SMSF Auditomation and SMSF Sorted platform and can be shared back to your favourite apps such as FYI Docs, Class and BGL 360.

Explore

Manual Audits

In an industry first for our Auditing community, we have simplified the process of manual fund uploads, helping auditors to seamlessly upload manual funds into the SMSF Auditomation platform.

With over 25% of funds still being processed manually, we recognised the urgent need for change to help our Auditing customers to service this segment of the market.

Say goodbye to intricate, error-prone procedures and hello to new revenue and happy clients.

Find out more


Great news for Class Customers

We’re excited to announce that the enhanced Class Workpapers powered by Cloudoffis is now live for Class SMSF Accountants. The introduction of over 10 new features and enhancements to Cloudoffis Sorted Lite further streamlines the management of your client SMSF's on Class.

What's New:

  • Simplified Activation Process: No more lengthy forms. Simply log into your Class account, navigate to 'Settings' and then 'Integration' and activate Cloudoffis Sorted Lite.
  • Single Centralised Platform: Manage everything from one place. Prepare workpapers, audit, manage queries and collaborate with auditors seamlessly from the Cloudoffis portal connected to Class.
  • Audit Console Page: Track the progress of workpapers and audit submissions with the new Audit Console page. Gain insights into queries with your auditor.
  • Integration with Class DMS: Load documents directly from Class DMS to Sorted Lite and save final workpaper files back to Class DMS. Maintain document tags between Cloudoffis and Class effortlessly.
  • Working with Multiple Auditors: Connect with multiple auditors and submit funds to them hassle-free.
  • Sorted Lite Dashboard Options: Enjoy new options on the Cloudoffis Sorted Lite dashboard, including viewing documents, status in audit and queries and updating the latest financial data.
  • Easy Switching Between Different Businesses: Switch between different businesses in Class effortlessly, simplifying fund management for multi-business firms.

For a more information, check out the Class Help Doc. For a detailed walkthrough, check out our Demo Video.

New Feature: Historical records captured

Many of our customers turn to us for support with their compliance needs. That’s why this month we’re thrilled to announce this new feature for auditors that will simplify the way your team works.

Now, auditors using SMSF Auditomation will have a historical record of when and who prepared, reviewed, audited or approved paperwork at each stage of the process.

We’ll also ensure your organisation is well-prepared in the event of an ATO audit by helping you maintain digital records of your team’s work, conveniently accessible in one easy-to-navigate location.

Find out more

Update: Organised Documents enhancement in SMSF Sorted Pro

Every little detail is important to us to help you claw time back in your day, that’s why we have enhanced the way you classify your documents in the new organised documents screen.

Now, all unclassified documents will be available in the organised documents screen, ready for bookmarking, without having to leave the screen you’re on. Once you have organised the document, you can roll it forward from the document workflow. The classification of documents can be sorted quickly and bookmarked in multiple file locations as necessary.

Cloudoffis, reimagined

Have you noticed things are a little different at Cloudoffis? We’ve recently unveiled our reinvigorated brand at events and launched our updated website. Whether you’re looking for more information on how SMSF Auditomation or SMSF Sorted work, who we integrate with or you’re looking for to stay updated on industry events and Cloudoffis product developments, our new website is here to support.

Go to homepage




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Introducing the
growing Cloudoffis team

We’d like to give a warm welcome to two team members who have recently joined the Cloudoffis team.

Kresant is the Head of Sales and is responsible for helping new businesses understand how Cloudoffis can solve their vision for simplification, growth and compliance.

Dilnar is a Senior Manager responsible for our Customers Success and ensures our new and lifelong customers are getting the most from their Cloudoffis experience every day, introducing new features or providing helpful hints and tricks to save your team time.

If you think there’s room to optimise your practice, enhance operational efficiency, or elevate customer experiences this year, now may be an opportune time to connect with Kresant or Dilnar.

Highlights since joining Cloudoffis

We asked both Kresant and Dilnar to share some highlights since joining the team:

Kresant Mahilall,
Head of Sales,

Book a demo with Kresant

“Since joining Cloudoffis, I’ve had the privilege of engaging with some of Australia’s leading SMSF Auditors and Accountants to understand some of the challenges the industry is facing.In my discussions, several common challenges have emerged industry-wide, including:

  • The need to streamline processes for improved ROI
  • Heightened concerns surrounding compliance and customer data security
  • The burning need for off the shelf cloud technology solutions

Many businesses have revisited Cloudoffis and have been pleasantly surprised by the significant advancements we have made within our platform to address these challenges which gets me excited about the number of new businesses we can help in 2024”.

Dilnar Tangri,
Senior Customer Success Manager

Book a consultation with Dilnar

“Spending time reconnecting with many friends and colleagues in the industry has been a highlight for me, coupled with the opportunity to get a better understanding of the burning need that many of them have for a platform that is as advanced as Cloudoffis. The fact that we solve day to day problems for both Accountants and Auditors was an important factor for me joining the team and I’m proud of the solutions we’re delivering for the industry”.

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The Cloudoffis Bulletin - February Edition

Welcome to 2024!  We hope the year has started well for you and your team.

This marks our first newsletter of the year, and we’re looking forward to sharing monthly updates on industry trends, new product features, and upcoming events for us to connect at.

If you’re attending the SMSF Association’s National Event in Brisbane later this month, don’t forget to come and say hi at our booth. Our team will be there to assist with your SMSF Accounting and Auditing needs. You’ll find more information on how to find us below.

 

Current Trends:

Compliance

At Cloudoffis, we’re noticing a growing trend of industry leaders reaching out to discuss their compliance requirements. This observation comes as no surprise, especially with ASIC recently taking action against 9 more SMSF Auditors for non-compliance.

Across the industry, there’s a growing demand for a structured approach to managing day-to-day tasks, coupled with a desire for peace of mind that compliance processes are up-to-date. Businesses are increasingly seeking solutions that not only support them in running their processes but maintaining historical records whilst also ensuring readiness for potential audits by ASIC or the ATO to guarantee uninterrupted business operations.

If you’re seeking ways to safeguard your business and bolster your team’s reputation, we encourage you to get in touch with us today for a conversation.

Whether you’re already leveraging Cloudoffis and aiming to maximise your experience or exploring our platform for the first time, we’re here to assist with your compliance needs.

Get in touch

 

Product update:

Data security

At Cloudoffis, data security is paramount in all aspects of our operations. We recognise the critical importance of safeguarding both your data and that of your customers to uphold your reputation.

To highlight our commitment to this topic, we have recently published our data security measures. We trust the attached document will provide clarity on our unwavering commitment to protecting your valuable information.

Read in detail

 

Unlock operational excellence

Looking for a way to improve your businesses profitability this year? Our team of experts have shared their 3 hot tips to help you improve operational excellence across your team in 2024.

Get your tips

 

Upcoming events:

SMSF Association

The countdown is on! Not long now until we hit Brisbane for the SMSF Association’s National Conference.

We will have both our customer success and sales team attending, so put us on your radar to come and say hi on Day 1 at Booth No. 42!

 

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5 trends that piqued our interest in 2023 and our forecast for 2024

Recapping 2023

A year in review

It’s been a dynamic year for the SMSF Audit industry, and as we enter the festive season, at Cloudoffis we’ve been reflecting on the pivotal trends that have shaped the landscape throughout 2023.

Read on to see 5 trends that piqued our interest this year and our forecast for what 2024 will bring the industry.

Pricing is no longer a point of difference

Across the industry, auditors are grappling with an increasing challenge to distinguish their value proposition amidst stiff competition. Earlier in the year, we saw this lead to a heightened focus on price as the primary differentiator. However, the reliance on discounting posed a risk to profit margins, and we’ve since seen a strong trend in audit businesses approaching us who are conducting a reassessment of their current operational models to maintain their competitive edge. Leading businesses are differentiating themselves by offering more valuable services to their clients, such as easier ways to collaborate, better insights and faster turnaround times.

Technology Supporting Profitability

The industry has experienced a reduction in the number of auditors compared to 2022, influenced by natural attrition, ASIC’s stringent measures, and the impact of inflation and rising wage costs. Navigating these challenges has made it a demanding year for auditors seeking to maintain a profitable practice. These macro impacts have led to a spike in the number of auditors and accountants who are embracing forward-thinking strategies such as adopting technology to sustain profitability.

Data security

In 2023, Australians grappled with a surge in data breaches, impacting individuals and businesses nationwide. The consequences of data breaches on brand trustworthiness have been significant, leading to a rise in digital mistrust. Incidents from large institutions have prompted businesses to question the usage and protection of their clients’ data and we’re seeing a trend across the SMSF industry to pay more attention to how clients data is stored, shared and what level of access individuals within an auditing firm have to client information.

A Spotlight on Compliance

ASIC’s crackdown on compliance has reverberated through the industry, particularly after a period of no SMSF audits during the COVID-19 pandemic. Notably, ASIC cancelled 364 SMSF auditors licences in January for failure to lodge annual statements. Recent actions against firms for breaches of auditing standards, independence requirements, and registration conditions underscore the intensified regulatory scrutiny in turn, leading auditors are turning to technology for compliance support. We’re noticing an increase in the need for businesses to have a digital record at their fingertips to enable them to react quickly to audit requests and tighter ATO deadlines linked to SMSF processes.

Accountants Seeking Growth Partners

A noteworthy trend is the emergence of accountants adopting a growth mindset, actively seeking ways to expand capacity to meet increasing client demands. Given the accounting industry’s cloud-first orientation, many accountants are on the lookout for partners aligning with their current cloud-based processes and practices. We’re witnessing a shift towards stronger collaboration through technology between like-minded accountants and auditors to service the industry more effectively.

Outlook for 2024

As we approach 2024, auditors face an unprecedented requirement to safeguard their businesses against compliance risks and streamline operational processes for enhanced efficiency.

The evolving landscape demands a proactive approach to stay resilient in the face of challenges and capitalise on emerging opportunities. Luckily, with the advancement of technology aligned to a constantly changing environment, SMSF auditors who adopt technology and prioritise operational efficiencies across their workflows will be supported to deliver more audits faster, with more confidence, than ever before.

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Import & Export documents seamlessly between SMSF Sorted & FYI

At Cloudoffis, we are constantly innovating to enhance your SMSF workpaper experience. Document management is a time consuming, yet important job to get right, which is why we’re thrilled to announce our latest integration between SMSF Sorted and FYI.  This exciting integration with FYI, a leading Document Management System (DMS), will revolutionise the way you work by saving you time and reducing effort, whilst keeping your important client documents secure.

“With the FYI integration, SMSF Sorted expands the Accountant’s ecosystem, empowering you to manage documents seamlessly. Together, we’ve unlocked the potential of document management.” – Manish Sheladia, Founder, Cloudoffis

Let’s dive into the details and discover how this integration will benefit you.

  • Import docs securely from FYI into Sorted
    To save you more time and reduce the risk of error, you have the option to select the default FYI cabinet to upload files to SMSF Sorted ensuring the correct documents are stored in the same, selected cabinet every time. You can also filter the results by year, and cabinet and search for the document name from the Search Bar while uploading any document from your existing FYI Cabinet.
  • Tag line items with ease
    Organising your line items just got easier. Our integration allows you to tag-line items against the documents you retrieve from FYI. So you can say goodbye to manual tracking and hello to an effortless organisation.
  • Upload final workpapers back into FYI
    Gone are the days of bouncing between platforms and having to download and upload final documents. Now, once your workpapers are generated, you can effortlessly save them back into your preferred cabinet in FYI, all from with with your SMSF Sorted portal.
  • Make sure you’re on Sorted Pro to enjoy the benefits
    If you are currently using SMSF Sorted Basic, you’ll need to upgrade to SMSF Sorted Pro to take full advantage of the FYI and Cloudoffis integration. To witness the full potential of the FYI and SMSF Sorted integration, we invite you to schedule a demo with us. Our team will guide you through the integration to demonstrate how it can transform your workflow.

Make sure you’re on Sorted Pro to enjoy the benefits

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