Category: Industry Update

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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How pandemic breakout affected the business & brought a breakthrough

It’s a trying time for businesses. The global economy is reeling from the effects of Coronavirus, impacting the livelihood of people worldwide. In Australia, auditing and accounting businesses walk a tightrope—on one side, remote work has become a safety challenge-on the other, there’s no margin for error in SMSF accuracy and compliance. With the help of Cloudoffis, SMSF business leaders-like hmh Advisory’s Sarah Molinaro-have been able to innovate amidst adversity. Cloudoffis was built for SMSF to be ready for tomorrow-so hmh Advisory used it to stay in front of the remote work revolution. For over a decade Sarah ran the SMSF department at hmh Advisory-in their physical offices of course. “When lockdown hit, we had to adapt fast,” she says. “From one day to the next, our entire SMSF team was confined to home. Our paper-based accounting audit system was great—but it wasn’t going to cut it during the pandemic.”

Poised for paperless.

As a specialist, Sarah came to hmh Advisory to run the SMSF department. She’d re-designed and re-built their paper-based systems for very high standardisation. Sarah supervises a team of 3 to 4 staff and personally reviews every fund before it goes to audit. She’d been looking at going paperless—but was wary of risking quality, and wary of the initial admin investment. “We have over 240 funds, from $100k to $15M—with about half of our clients using our financial planning services. There’s high complexity around member balances, pensions, investments such property and options trading”. “We’d seen Cloudoffis at the SMSF Association conference in the Gold Coast”, says Sarah. “We knew from using their SMSF Auditomation product that they offer great support—but we feared the admin burden, and had some older staff who were unsure about the technology side”.

Pandemic plug and play.

Then lockdown hit—and software was a non-negotiable. Remote work was suddenly required. After APES-110 industry changes, hmh found auditors using Cloudoffis SMSF Auditomation, and made the jump to using Cloudoffis SMSF Sorted for the accounting side. Fears of too much admin were soon blown away. “We were up and running in a matter of weeks,” says Sarah, “The tools worked seamlessly with Class and our existing software, and the onboarding process was smooth—even for hesitant members of our team.” It helps that the Cloudoffis team is based in Australia—giving businesses access to all the local support and guidance they need to succeed. We also run on Amazon Australia servers covered by Australian security law and protocol. “No other provider came close to giving us the reassurance we got from Cloudoffis,” says Sarah, “Having support—and our data—here in Australia was priceless.”

Remote and flexible with the cloud.

For Sarah and her team, opting for cloud SMSF software meant they could continue to service their clients even while working from home-at the same standard and quality they’d built their reputation on. “We have team members  working in different locations. With a secure digital ecosystem, we can confidently deliver anywhere and anytime.” says Sarah, “Working remotely has been a big success.” Digital transformation might be a necessity during the remote revolution. But the future of SMSF isn’t just about today. At Cloudoffis, it’s about getting ready for tomorrow. Our SMSF tools leverage technology to transform underlying processes and supercharge SMSF businesses. “Cloudoffis technology reduces time spent on routine, repetitive tasks, resulting in a much more efficient end of year process,” Sarah says, “It improves profitability, efficiency and allows the team to better leverage their value elsewhere.”

Ready for tomorrow.

The pandemic has changed the way we all do business. For Sarah and the hmh Advisory team, it’s shown them the way of the future. “We can work from anywhere. We’re saving hours per fund. There’s no double handling. And we have an excellent workpaper system that’s easy to use,” says Sarah. There’s also a buzz about what’s possible with the new Cloudoffis AI features. “We use BT Panorama for financial planning clients —we’re keen to try the new features like AI driven, automated platform statement reconciliations—they could be a gamechanger for our efficiency”, says Sarah. Cloudoffis features have helped hmh go paperless, optimise processes and enjoy an end-to-end workflow. It’s transformed their ecosystem into a streamlined, automated, well-oiled machine—all in the midst of a pandemic. Sarah’s advice to SMSF accountants and administrators poised to go paperless with Cloudoffis? “Just do it,” says Sarah. “More and more  of our clients are sending documents electronically, -it’s the new normal and Cloudoffis helps you get ready for it”. The future knocks on every door—at Cloudoffis we’re here to help you answer.

Book your live demo today. In 15-mins, our support team will show you how to get your SMSF business ready for tomorrow..

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Cloudoffis has joined the Accounting Business Expo for the 3rd time

Cloudoffis joins Australia’s premier virtual exhibition and conference for the Accounting industry for the third time around, happening on 16-17 November 2020! This year, the Accounting Business Expo will go LIVE online, and will be bringing together business owners, managers, finance decision makers, and accountancy and bookkeeping professionals, to learn, network, and explore the latest tools and innovations for business and career advancement. On 16th November 2020 at 15.30, Clint Estavilla, Cloudoffis’ Head of SMSF Sorted, will be presenting SMSF Outsourcing vs Automation – Advantages, Challenges, and Best Practices. During this session, the following will be covered to help firms make more informed decisions about SMSF processing:

  • Understand which solution is most efficient and best aligns with your firm’s strategy
  • Learn about the benefits and pitfalls of outsourcing versus automation
  • Find out the opportunity gap automation fills with workflow and efficiency in your SMSF process
  • Various use cases and workflows that technology supports in light of recent independence and firm structure changes

Cloudoffis will also be running two separate Tech Talk’s to make sure you entire SMSF workflow is covered end-to-end, look out for:

  1. An Integrated And Automated SMSF Workflow–No Matter Your Process
  2. Plug & Play your SMSF –The Power Of Cloudoffis Integration

Admission for this virtual expo is FREE, and one ticket will grant you access to all the webinars. Get your ticket through this link.

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Cloudoffis & Heffron’s Super Intensive Day joined as Gold Partners

Cloudoffis continues to make cloud-based SMSF Preparation and Audit Automation solutions accessible to more accountants and professionals through meaningful partnerships with other key players in the market. This includes information dissemination and education to improve the lives of many professionals. Next month, Cloudoffis gears up to join Heffron’s Super Intensive Day as Gold Partners, happening virtually on the 5th November 2020. During the event, Cloudoffis will be sponsoring the “Ethics In Practice” session happening from 10.30-11.30. This Q&A formatted session will be covering ethics requirements for both Accountants and Advisers through an SMSF lens with practical examples that many attendees will be able to relate to.

With all the recent Auditor Independence (APES110) changes, ethics plays a very important role. Cloudoffis is proud to strengthen an already very close working relationship with Heffron and further support this topic; by providing a very structured yet flexible process that allows for high quality SMSF workflows, no matter your internal or external structure. Admission for the whole-day Super Intensive event is $540. This includes access to the event platform for two months after the event for those who are unable to attend every session on the day, and other post-event Q&A webinars that will be announced. This event provides up to 14.75 hours CPD from all FASEA categories, not just technical competence — ideal for SMSF auditors, accountants and advisers alike. For more information or to register, visit https://www.heffron.com.au/events/super-intensive-day. And to see how Cloudoffis is supporting ethics in SMSF practice, schedule a private demo today.

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A premier event where Cloudoffis and BGL are together at RegTech 2020!

As one of the leading providers in Australia of cloud-based SMSF Preparation and Audit Automation solutions, Cloudoffis fully supports other key players in the industry, geared towards helping businesses supercharge their digital transformations for better customer experiences. This year, BGL’s premier event, RegTech 2020, is taking to digital space with a focus on ‘ENGAGE’. Cloudoffis returns for a fourth consecutive year as proud Platinum Sponsors to join in on a day of learning and inspirational experience, to encourage professionals to turn big ideas into even bigger actions.

This event gives Accounting businesses the tools and knowledge needed to go to the next level while strengthening connections within the community; from small to big firms–from company professionals to SMSF experts. Not to be missed in lead up to the event on 28 October 2020, 2 PM AEST, Cloudoffis will be talking about its industry-first integration with BGL Workpapers–and how SMSF professionals can maximize enhanced features to streamline SMSF processes and improve the ways they engage with clients, people, and technology.

The Cloudoffis and BGL Workpapers integration fulfills the vision of further streamlining the SMSF process from engagement through to completion. BGL RegTech 2020 is a free event.

Registrations are available via this link.

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