Category: SMSF Auditing

Unlock efficiency: Save up to an Hour per Fund with Cloudoffis Auditomation

At Cloudoffis, we make it our mission to help Auditors scale, reduce risk and help improve their own customers’ success. That’s why we invested in simplifying the process of manual fund uploads, an industry first, which allows auditors to seamlessly upload manual funds into Auditomation.

In an industry where over 25% of funds are still processed manually, we recognised the urgent need for change to help our Auditing customers to service this segment of the market. We heard from our Auditing customers that they consistently faced challenges receiving & organising clients data when it was delivered to them in various formats including PDF, CSV and XLS. Translating this data into SMSF Auditing Software often led to intricate, error-prone procedures, turning a necessary task into a time-consuming, low-value chore.

Simplify data upload and management

With the launch of the manual funds feature, Cloudoffis is now able to convert any type of manual file, including PDF, Excel and CSV within seconds and make it presentable for auditors to start auditing.

“We have delivered on our vision of hassle-free data upload and management whilst providing flexibility and ease for Auditors irrespective of how they receive information from their clients” said Manish Sheladia, Co-Founder of Cloudoffis. 

The integration of AI has been pivotal to process improvement. Cloudoffis smart technology reads and extracts data from trial balances, effortlessly mapping it to its required destination. This minimises errors and ensures consistently reliable data whilst enabling teams to preview and update trial balances before taking any action.

Automation for efficiency: Save up to 1 hour per fund

Our commitment to efficiency has led us to automate the mapping of individual and bulk transactions to their respective buckets. The innovation significantly accelerates the processing of auditing and financial data, saving auditors up to one hour of admin time per fund.

Over time, the feature becomes more intelligent,  memorising mapping rules for years to come, carrying forward any manual adjustments for the following year and reducing manual effort for recurring line items in the future.

Experience the future of Auditing today

Join auditors who have embraced a simplified auditing process with Cloudoffis. Try this new feature today and revolutionise the way you handle manual fund uploads, whilst expanding your network of clients you run audits for. Unlock efficiency, save time and gain valuable insights with ease.

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Save time and get paid faster with Auditomation Billing

At Cloudoffis, we’re always looking for ways to improve processes for our SMSF Auditing community, so you save time, deliver a better customer experience and improve your bottom line.
When we started to talk to our customers about how much time was spent on billing-related admin processes, we could see this area was ripe for improvement.  Our customers agreed, they needed support automating the process and speeding up the time it takes to get an invoice to a client, so they could get paid faster.

Introducing Auditomation Billing by Cloudoffis

With our new billing add-on, you can save up to 15 minutes of admin time for each invoice your team prepares. For firms auditing 1000 funds, that’s an incredible 250 hours saved per year and around $7,500 in admin costs that can be reinvested back into your business. The new Billing add-on also helps your business get paid faster, which is critical for business cash flow. Xero cites six important tips to speed up payments including emailing your invoices as soon as possible. When talking to Cloudoffis audit customers, we heard that a key reason for their accounting clients to delay their invoice payments included supporting job documentation not being attached to the invoice or the final invoice amount being incorrect. By automating the billing process inside of Auditomation, Cloudoffis helps you to mitigate these breakpoints. We also help increase your team’s productivity by reducing the time spent on invoicing queries. Once the audit is complete, your team’s attention can be turned to new customers to generate new revenue, instead of chasing late payments.

Here are some of the key features of the new Auditomation Billing add-on that will make your admin tasks seamless:

  • Set up billing rules for clients at a global or individual firm level so you have a single source of truth for pricing to ensure consistency across all your clients’ jobs, whilst reducing errors & double handling.
  • Once an audit job is complete, the nominated administrator can add the billing information, including base costs and additional services, to the job and raise the invoice instantly.  The invoice information can be sent from Auditomation to Xero so the invoice is raised immediately.  If you’re not using Xero, the invoice can be raised directly from Auditomation.
  • Once the invoice is raised, it will automatically be attached to the relevant job within Auditomation and can be viewed again with the click of a button at any point.
  • If you need to make changes to the invoice after it’s been raised, you can manage this from your Auditomation account, and if you’re using Xero, the updated invoice information will appear in both Xero and Auditomation automatically, ensuring real-time access to billing information.
  • If your accounting client is using Sorted by Cloudoffis, you can share the invoice and relevant reports directly from Auditomation into Sorted, so you don’t have to bounce between different platforms. You also have the option to download the invoice and reports if you prefer to attach them to your own email.

Over the coming months, we will continue to invest in the Auditomation Billing add-on including adding permissions into the process to ensure your existing stakeholder sign-off processes for customer invoices remain consistent. This feature is free to our existing customers, if you’d like to share your feedback on this new feature, please get in touch via support@cloudoffis.com.au

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Auditomation and beyond: How a family audit business got its time back

SMSF is about choosing today what gets you ready for tomorrow. For Daniel Surjenko of award-winning SMSF auditors Superannuation Audit Services, moving to the cloud was about creating a better future—for the firm. “In moving to the cloud, we knew we’d reap the benefits of modernisation—including speeding up our process, sharpening accuracy and creating uniformity”, says Daniel. “What we didn’t realise is that moving to the cloud would create a better future—for our family.” In reducing errors, creating flexibility and reducing stress, Cloudoffis gave Daniel and the team more time for living. “We have more time to be a family,” says Daniel.

Writing on the wall.

Superannuation Audit Services was founded in 1996 by Denise Surjenko—Daniel’s wife—to provide independent SMSF auditing services to public practitioners. Since then, the business has built a reputation based on continued excellence and a personalised, on-shore service. They’ve also seen the industry change drastically. “Audit legislation is an ever-changing game,” says Daniel, “Staying ahead of changes is critical—it’s what clients have always relied on us to do.” It’s one of the reasons Superannuation Audit Services performs over 1200 audits annually and has retained foundation clients for over a quarter of a century. “When it came to going paperless, the writing was already on the wall,” says Daniel, “Well before COVID, we’d noticed the digitisation of our industry—we knew we needed to act or face getting left behind.” For Daniel and the team, improving efficiencies was critical—staying paper-based was restricting their growth. “In addition, our clients were going cloud-based,” says Daniel, “We didn’t want to be the bottleneck—we had to integrate or wave goodbye.”

Choosing the right software.

Moving to the cloud was not something Daniel took lightly. “We had reservations about automation in general,” says Daniel, “Our process and filing system was watertight and built to last—we needed absolute confidence that our software could match that.” Initially, Daniel considered building their own software. “While on the face of it, it seemed like the better route would be to build software in-house, giving us complete ownership over it,” says Daniel, “But we quickly realised the costs and risks involved.” According to analytics firm Gallup, custom IT projects overrun by 27% on average and ‘one in six projects had a cost overrun of 200% on average and a schedule overrun of almost 70%.’ ” “We understood how damaging inaccurate cost estimations and project overruns can be”, says Daniel, “The ease, security and transparency we’d get from choosing to buy vs. build made the decision a no-brainer for us.”

Choosing the right partner.

Having decided to buy, it was time to find the right partner. Daniel interviewed multiple SMSF software providers, even flying to Sydney to personally meet with them. “Choosing to work with Cloudoffis was a very considered decision,” says Daniel, “They had the best value to service combination, a second-to-none user interface and user experience, and enterprise-grade security.” “We also had access to their key staff and we trusted them. The exceptional training they provided for our staff meant no one was left behind.” The future doesn’t wait—Cloudoffis’ plug-and-play solution took Superannuation Audit Services from on-boarded to auditing in a matter of weeks. Like Superannuation Audit Services, the Cloudoffis team is based in Australia. It means businesses and their clients can access personal support from an expert local team—on-demand. “We went paperless—without the learning curve,” says Daniel, “Everyone’s loved it.”

Prepped ahead of a pandemic.

With young kids at home, Daniel and Denise often worked remotely—and encouraged their staff to do the same. “Before Cloudoffis, we were still running around with stacks of paperwork,” says Daniel, “Once we moved to the cloud, we could do everything securely online—from document organisation to receiving files, reviewing work, sharing jobs and populating reports. We were well ahead of the technology curve.” When COVID hit—and competitors scrambled to stay afloat amid world-wide lockdowns—Superannuation Audit Services didn’t miss a beat. “We had clients messaging ‘are you still around,’ ” says Daniel, “and we were like ‘nothing’s changed here!’ ”. In fact, Daniel and the team were helping their clients get on the cloud too. “Cloudoffis offers training for clients in how to use their portals,” says Daniel, “Going that extra mile has kept us highly competitive.”

More time for living.

Going paperless has shown Superannuation Audit Services the way of the future. “We can standardise every job—no matter the source. We have uniformity across all staff members—making reviewing easier. We’re freed up to do marketing because we’re not drowning. And we’re quicker—with a faster audit process there’s just more time for everything,” says Daniel. That includes being a family. “We’re less stressed and have a better lifestyle. Despite lockdown, we’re able to stay fit—we go to the park at lunchtime with the kids and have time to help them with school and assignments,” says Daniel. “With SMSF Auditomation we got our time back, achieved growth and are closer than ever as a family.” There’s also excitement about what’s possible with new Cloudoffis AI features in SMSF Sorted for Accountants—which will make the workflow for Auditors even more efficient.. “We’ve seen Cloudoffis evolve—they’re consistently reducing pain points and we couldn’t be happier,” says Daniel, “Compliance review still has a manual, human side—so we’re excited about the possibilities from new releases on the administration and transfer to audit side, like AI-driven data matching, which could transform our efficiency.”

Consistent, compliant and automated, SMSF Auditomation leverages tech to free you from the grunt work—leaving more time for what counts. Book your live demo today or call 1300-979-457.

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The Emerging Auditor: Finally, we could scale an independent auditor

Auditor independence has rocked the way our sector does SMSF. Small auditors face a stark choice—exit or grow. So scaling SMSF audits matters more than ever—especially doing it accurately, sustainably and profitably. That’s just what Platinum Audits CEO Matthew Williams has done. Platinum Audits has gone from 85% paper-based to 100% paperless. Along the way he’s positioned Platinum audits perfectly for the audit growth opportunity knocking after APES-110. As SMSF develops there are winners and losers—we talked with Matthew about how Platinum Audits is ready for tomorrow.

From Little Things

Matthew started as an employee at Platinum, then took ownership in 2011. After a key client left with two-thirds of Platinum’s funds-Matthew learnt the value of resilience. “It was clear that scale mattered—we needed to diversify and grow” he says. Platinum recovered and diversified, growing its customer base from 4 to 14 clients, with 800 funds. Originally Brisbane-focused, Platinum Audits now works across Australia, and plans to grow to 2000 funds by the end of the year. It’s an expansion only possible with the right software, says Matthew. “Cloudoffis automates 40% of our workload—and that’s really just the beginning of how it helps”.  

Goodbye Paper-Hello Cloud

Four years ago, 85% of Matthew’s Platinum Audits business involved paper-based audits. Today, it’s 100% paperless and 100% on the cloud with Cloudoffis. Change can be hard and SMSF is a very moveable feast. Matthew knew that unlocking his team’s collaboration meant getting everything in one place but he expected it to be a tough ask. “As an auditor, I expected overpromising and underdelivering. But Cloudoffis gave me the opposite”, he says. “The support was phenomenal on the phone, online the more we engaged the easier it became.”  

Offshore Without the Exposure

For Platinum audits, moving to Cloudoffis created the systems that Matthew used to hire and train new staff—including the offshore talent that makes margins resilient while growth skyrockets. And in SMSF, offshore hiring is no mean feat. With SMSF unique to Australia it’s a challenge to find trained talent overseas. But at Platinum Audits, Matthew’s met the challenge. With Cloudoffis I’ve been able to standardise systems and make training videos—with most of our training on video I can hire and train faster than I’d imagined possible”. “We bring someone on, and they’re doing audits at an 80% level in literally days—then in just months they’re working at 98% level, and it’s just myself as signing partner doing that crucial 2%”, he says.  With seven of his nine employees working offshore, Matthew uses Cloudoffis to make sure skills remain relevant as SMSF systems evolve. “Individual training modules can quickly be updated as rules and regulations mature which Cloudoffis is brilliant at keeping up with”. “Now I can pick up 5000 new funds, and I know I can hire ten people, maintain quality and keep risk low,” says Matthew. “Otherwise, I’d be up all night worrying about it.”  

Automation as Evolution

So how did Matthew find the time to make those videos on newly standardised processes? Automation was the bedrock of that evolution. Platinum automated 40% of the previously manual checking-so everyone could focus on higher value tasks. It can be hard to trust automation but Cloudoffis is built for repetition. “As an auditor, I trust nothing”, says Matthew. “For the first few months I’d manually check the system. But I never found an error. And I realised—I could rely on Cloudoffis for accuracy. Seeing how it kept up with changes, I realised I could rely on Cloudoffis to stay abreast of compliance changes”. That reliance and trust follows through to the engagement with the Australian-based Cloudoffis support team. “They’re overdelivering on support—there’s a generosity. They’ll call outside hours, they fix any bugs quickly and easily. It’s like having an audit business partner-I can call them and have a conversation about interpretation”, says Matthew.

Your SMSF Audit Future Knocks

“The challenges to scaling an audit business are real” says Matthew. “There’s a fear factor—what will happen to our reputation? There’s a fear of not knowing. But with the systems, processes and people in place—it’s all so possible”. Matthew sees Cloudoffis as a trustworthy partner on the journey. “I assumed their promise of 40% time savings really meant 20%. Actually it’s been 40-50%. Sometimes 60%”. With trust comes opportunity. “It adds up to growth.  By the end of the calendar year, Platinum Audits plan to grow from 800 to 2000 files”, says Matthew. “And because Cloudoffis cover the accounting side with Sorted, we know we have a competitive edge as more accountants come on board”. Auditor independence means more competition. The ‘pure-play’ auditors that scale in the ecosystem will win. With Cloudoffis auditing software as a partner, your business can evolve—and thrive. At Cloudoffis we’re optimistic about the future of SMSF, and we’re ready to listen to your needs. We believe the SMSF software you choose today should prepare you for tomorrow and the years to come. The future knocks on every door – we’re here to help you answer. Auditor, administrator or accountant? Cloudoffis has a solution tailored for you.

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Exciting & new features developed for Auditomation (Release 4.11)

What’s new with Auditomation?

Cloudoffis, one of Australia’s cloud-based providers of SMSF preparation and audit automation technology, has released SMSF Auditomation 4.11. Auditomation Release 4.11 includes 2 more API updates for BGL 360 observations and reports, it also includes our first additional module offer. Our new worksheet module (to be purchased separately) offers additional functionality for spreadsheets as well as accepting additional formats.

Additional BGL Reports

The BGL360 API integration with Cloudoffis has been further enhanced to include:

  • Investment Income Comparison
  • Member Statement

Both these reports will run automatically in Observations and be available under the Financial Reports section of the Auditomation portal. The seamless integration with BGL is reducing the need for manual processes, providing further efficiency gains and all the while making collaboration with Accountants even easier. Spreadsheet Module (purchased separately) This module will allow users to open, edit and save Excel files in the Cloudoffis without having to leave the portal.  (This module is not included in the standard subscription and is available to be purchased separately.)

To find out more regarding structure, pricing and functionality. Please call or email our sales team. To our clients, thanks again for your support—for getting your SMSF together and for making Cloudoffis a staple part of your SMSF workflow processes. We have many more exciting releases planned, some of which will provide the biggest ever efficiency gains! Cloudoffis has revolutionised what’s possible for SMSF Accountants and Auditors alike. Combining 20 years SMSF expertise and industry-first automation technology, the systems halve your processing time and completely manage your workflow. See how Cloudoffis is a staple part of better SMSF workflow processes. Book a Demo Today.

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Make auditing experience better with SMSF new feature release 2019

A new month and a new release, 2019 has already seen some tremendous enhancements, and here are some more!

The below enhancements are a direct result of client feedback (with a little help from the ATO), please keep them coming.

  • Multi-Factor Authentication
  • Addition of read-only mode
  • SuperMate API Integration

Multi-Factor Authentication

Cloudoffis now has 3 types of Multi-Factor Authentication (MFA). This provides additional levels of security for all users across multiple platforms and devices, such as email, mobile phones, and applications. These settings can be accessed by any user from their profile, once open the MFA page is on the right as per below.

Keeping everyone’s data secure is our top priority.

Read Only Mode

We have created a read-only functionality to enable quick reference to the previous year’s audits without the risk of creating invalid timestamps.

  • Ability to quickly refer to the previous year’s audit
  • Ability to compare in a new tab (different screen if available)
  • Read only removes the risk of updating the wrong year
  • Ability to provide access for review or training without the risk of updating.

These are instantly accessible from the Fund Dashboard or Completed Audit Queue -allowing easy reference between both & providing greatly improved efficiency and usability.

SuperMate API Integration

To build on our successful integrations with BGL & Class, SuperMate data will now flow instantly via API. With help from the SuperMate team, we have now enabled SuperMate data to be imported via the cloud. This will automatically import fund details, trial balance & general ledger into Cloudoffis. You’ll no longer have to manually create clients and upload these reports! Save time and be more efficient with even more ‘automation’.

If you’re an existing user and would like further instructions on these new enhancements, please visit your Support Portal or reach out to our Support team.

SEE THESE UPDATES IN ACTION

Schedule Your Personalized Preview of Cloudoffis

If you’re interested in Cloudoffis – we’re all about providing an automated audit technology that drastically reduces inefficiencies, saves you hours, and boosts your bottom line. We hold the promise of new experiences and challenge you to try them. Schedule a live demo today! Use the form below.

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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.

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A Guide to Transfer Balance Account Reports for accountants & auditors

Auditors and accountants have to adapt to the new legislation on SMSF reporting. There have been significant changes in SMSF processing, and it’s crucial to keep up with them. In July 2018, a new framework for SMSFs was introduced which requires certain events to be reported to the Australian Taxation Office (ATO). Event-based reporting is a new obligation SMSFs need to fulfill. SMSF annual returns are still mandatory.

However, this new reporting style aims to capture information about other events as they occur. In certain cases, SMSFs have to file transfer balance account reports (or TBARs). There is now an increased need for real-time accounting. TBARs may need to be filed at any time during the financial year. Additionally, there’s a strict time limit on TBAR reporting.

Hence, the SMSF industry is going to have to make some fundamental changes. Accounting and auditing will have to become faster and more cost-efficient. In many cases, you’ll lodge within 28 days of the end of the quarter. Some TBARs need lodging sooner, whereas you only need to lodge others annually.

What about auditing? TBARs give auditors a new set of challenges. They’re still invaluable to the process, but the use of TBARs means they have to adapt to a new environment. Let’s overview the top facts about TBARs, as well as the ways that auditors will have to update their practices.

What Is a T BAR?

The ATO introduced TBARs to help them with a specific issue. Previously, the ATO had to wait for extended periods to receive data about how much people have allocated across the various phases in their superannuation funds. In some cases, they have to wait for almost 11 months to receive data about SMSFs. T BAR allows the ATO to track a member’s significant events and key transactions during the retirement phase. The ATO has applied a transfer balance cap of $1.6 million to this retirement phase.

TBARs allows you to track a transfer balance account to work out if there’s space for further activity. It also highlights if you’ve exceeded the cap through recent activity. TBARs allow the government to track large transfers. SMSF members now have their total superannuation balance monitored too. This is the sum of all their accumulation and retirement phase superannuation interests across all their accounts and funds. If it goes over $1 million, the SMSF has to lodge more frequently.

Which Events Require TBARs?

It’s crucial for accountants to keep track of each SMSF member’s transfers and superannuation balance. Accountants must report key events that alter an SMSF member’s transfer balance. Check the ATO’s guide here. A short summary follows:

  • The Type and Value of Pre-Existing Income Streams Details of pre-existing income streams being received on 30 June 2017 that will continue to be paid or will remain in the retirement phase on or after 1 July 2017. It’s not necessary to file a TBAR when the interest from an income stream has been exhausted.
  • The Type and Value of Death Benefit Income Streams and New Retirement Phase Income Streams Reversionary death benefit income streams should be filed starting from the date of death. Note that it’s not necessary to file a report upon the death of an SMSF member
  • New or Re-Financed Limited Recourse Borrowing Arrangement (LRBA) Payments ‘New’ refers to borrowing arrangements entered into on or after 1 July 2017 and the payment results in an increase in the value of the member’s interest that supports their retirement phase income stream.
  • Personal Injury Contributions
  • Commutations of Retirement Phase Income Streams that occur on or after 1 July 2017 or Compliance with a Commutation Authority

There are some exclusions to consider in the reporting too. For example, accountants don’t have to worry about filing a member’s APRA fund interests as the funds will report these. Information filed directly via a Transfer balance event notification form (NAT 74919) also doesn’t need to be included in the T BAR.

How Does TBAR’s Introduction Change the Compliance Process?

It was necessary to file all information about pre-existing streams by 1 July 2018. After this date, TBARs cover new events. If every SMSF member has a total superannuation balance lower than $1 million, the TBARs aren’t urgent. They can simply be filed once a year along with the Annual Return. But this changes if any member has a total superannuation balance of over $1 million. In this case, the SMSF has a new obligation. When an event occurs, they have to file a TBAR within 28 days after the end of the quarter. Events apply to all members, including members whose total superannuation balance is under $1 million. Let’s overview the main points.

  • The ATO will notify you in the event that you exceed the $1.6 million cap. It will ask you to rectify the event.
  • There is no legal limitation on the superannuation balance of SMSF members. But if anyone’s total superannuation balance goes over $1 million, a TBAR must be filed.
  • The ATO now has more insight into all SMSF income streams.
  • When you file depends on the fund’s composition and each member’s total super balance. As mentioned previously, you’ll often file within four weeks of an event. However, there are plenty of exceptions. For example, in the case of commutations, the SMSF may have only ten days after the end of the month to file a TBAR.

This is a new piece of legislation, so we may see changes made over time, particularly in regard to caps. For example, the $1 million superannuation criterion might be re-evaluated over time. Furthermore, the Treasury has a new proposal to change the audit cycle from one year to three years. If the measure passes, it will commence on 1 July 2019. However, the idea is still under much debate. Interestingly, this proposal sits at odds with the value and oversight that event-based reporting provides. With longer audit cycles, the ATO’s level of oversight would decrease. This might undo some of the positives that come with TBARs.

Your Responsibilities

When the July 2018 deadline came around, many SMSFs failed to comply with the new legislation. In most cases, the failure came from a muddled understanding of the rules. Some SMSF accountants didn’t understand the proper treatment of income streams under the new legislation. Some of the clients failed to comply with the transfer balance cap. This often happened because they failed to inform their accountant about their other super fund balances. People simply didn’t know which data was relevant. Since July, various SMSFs struggled with sending up-to-date TBARs. Many accountants had to get used to the new software in order to generate these reports and have had to change their practices to ensure data is up-to-date and accessible. As an auditor, ensuring you have a solid understanding of TBAR reporting is one of your responsibilities. This means you have to have clear oversight over all of your client’s income streams, other key events and any breaches of the transfer balance cap.

What Does This Change?

With these changes, the accounting and auditing process has to become more proactive and access to up-to-date data is imperative. SMSF professionals have more data to go over and processing frequency will need to increase. However, your main task lies in understanding the compliance and data requirements that will allow you to support the fund under this new framework. Many auditors hesitate to rely on data feeds. But if you find feeds that have a reliable source and structure, you won’t compromise the quality of your work. Data feeds can be secure and almost entirely error-free. At the same time, auditors will need to have a more active relationship with their clients. Being able to source reliable data and communicate regularly with clients can make it easier to keep on top of your requirements, identify areas of focus, and help to better support the SMSF with the new compliance regime.

The Final Word

TBARs whilst complex, have made a positive contribution to the industry in providing more visibility and transparency of key information. Clients and their SMSF professionals are still in an adjustment period. But the reporting process should soon become routine. It’s impossible to keep up with these changes without altering your process. Becoming well-versed in data feeds and understanding what online access to data and reporting you can receive is one of the ways that can assist Automation enables you to more easily and cost-effectively identify areas for focus. But there are many other ways to improve your processes. At Cloudoffis, we offer a variety of industry-specific innovations. To learn more, get in touch with us any time.

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A Game Changer has been released with new features – January 2019

Release 3.2 Now Available

We’re excited to share release 3.2 with you as it is a GAME CHANGER! These new features and additions are a culmination of 12 months of feedback addressing some of the most popular suggestions and improvements. This release includes significant enhancements to the below and is direct result of client feedback.

  • NEW PDF VIEWER!
  • Addition of ASIC Searches
  • Addition of Title Searches
  • New Date Picker and options
  • New Subscription Module
  • BGL Integration Enhanced
 

NEW PDF Viewer

We have redeveloped our PDF Viewer to include NEW! features and additional functionalities as suggested by our clients. You can view, tag, highlight, comment & bookmark documents faster, with enhanced reliability, such as;
  • Additional options for navigating to correct results. Thumbnail View and view all pages inclusive of searched text.
  • Additional Zoom options with one click fit to page options (Zoom and display settings no longer affect the placement or the ability to see the tag or comment)
  • Multiple additions to panes with option to expand or collapse
  • NEW! the ability to highlight text with the option to alter colours
  • Improved Comment function with the newly added ability to edit, delete, customise and expand/collapse
  • NEW! Pre existing PDF bookmarks that existed prior to Cloudoffis upload will now display with hyperlinks to each.
  • NEW! Search options. Whole word only, Case sensitive and Wilcard search.
There is a summary PDF available and a comprehensive support document and video are currently being produced. We welcome your request to preview this. 

Addition of ASIC Searches

Your corporate trustee ASIC searches can now be requested through our InfoTrack integration, and will be automatically stored for quick access. Instantly order and attach ASIC Extracts from within Cloudoffis directly to your audit. This is available from the Member Entitlements page within the process and s.17A within the SIS Checklist.
 
Once selected from either area you will receive a pop up with clear instructions and pricing displayed, the moment the order is placed the document appears as an attachment. All ordered documents and pricing is tracked within your subscription page/Documents Billing.
 

Select Order ASIC Extract

Pop Up Screen to Place Order

 

Subscription/Documents Billing view. Orders will be settled monthly or weekly dependent on quantity.

 

Addition of Title Searches

Instantly order a Title Search with the click of a button directly within Cloudoffis (thanks to our integration with InfoTrack); the document then automatically attaches from within Cloudoffis directly to your audit. This is available from the Real Property page within the process.
 
 
 

Pop Up Screen to Place Order – Prices vary dependent on state (NSW, VIC or QLD) and will be clearly quoted once state is selected prior to ordering.

Subscription/Documents Billing view. Orders will be settled weekly.

NEW Date Picker and options

We have introduced a new Date Picker, entering dates in Cloudoffis has never been faster! Once selected you will have the option to scroll through years quickly, select month and then day. 
 

Scroll to Year and select Month

Select Day – Will default to current date

 
OR

Enter Date Manually

This is a huge improvement for our clients creating funds from non cloud based software’s.
 
Dates can now be manually entered using the format DD/MM/YYYY
 
 

NEW Subscription Module

Adding more funds is now simple, transparent & streamlined with a new slider to easily calculate your top-ups. This will allow clients to top up their files and renew to a new term instantly online. 

Subscription View

Cart View

Each of these new features and enhancements will have a dedicated support page covering the steps comprehensively with a helpful video in the coming days.

BGL Integration Enhanced

New APIs for our integration with BGL have been released so you no longer need to manually upload the following reports:
  • Operating Statement
  • Financial Statement
  • Investment Summary

Efficiency win!

SEE THESE UPDATES IN ACTION

Schedule Your Personalised Preview of Cloudoffis

We provide an automated audit technology that drastically reduces inefficiencies, saves you hours and boosts your bottom line. We hold the promise of new experiences and challenge you to try them. Schedule a live demo today! Use the form below.

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Year of the audit “2019” – What you think on future of SMSF auditing?

Hey there,

What do you believe is the future of SMSF auditing?
At Cloudoffis, we hold out the promise of new experiences and challenge you to try them.
We believe SMSF workflows and current practices can be free from inaccurate and time-consuming paperwork.
We believe in a user-friendly experience that enhances collaboration and success.
We believe in business intelligence that enables flexibility without compromising power.
We believe in an integrated platform, but we don’t believe in silo-ed solutions that require referencing history.
At Cloudoffis, we provide automated cloud technology

that drastically reduces inefficiencies and empowers the SMSF auditing industry.
So I challenge you to leave the known for what could be, innovate with an adventurous spirit, and be a trailblazer with us.
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