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

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

Accuracy

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

Enhanced security

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

Cost savings

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

Collaboration

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

No more maintenance headaches

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

Scalability

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

Efficiency

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

Real time financial management

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

Flexibility

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

Added value

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

Robust Data Management System

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

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

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5 Emerging trends in SMSF industry in 2017 – Good time to take stock

With the substantial changes to superannuation rules in action since July 2017, it’s a good time to take stock of the emerging trends in the SMSF industry.

Trend #1 Catering to a unique population

The superannuation population now consists of a really interesting and challenging age mix. The Baby Boomers, Generation Y and the Millennials. An aging and increasingly diverse community along with the current technological advances are bound to reshape the superannuation sector. Super funds will increasingly tailor their offerings to this new reality.

The millennial investors are more digitally savvy and happy to embrace automated investment advice compared with aged investors (60+). Studies also show that millennial investors are strong adopters of mobile apps and cloud-based technologies.

Trend #2 The age of Automation

Yet another emerging trend is the advent of automated processes and tools. Like any another industry, automation is bringing in significant change and efficiency in the way SMSFs are managed. Cloud-based technologies are automating a variety of cumbersome day-to-day processes.

Live reporting and greater visibility offer better decision making for trustees. Automated audit platforms are revolutionizing the way in which SMSF audits are conducted. These tools are saving auditors a significant amount of time and helping create high quality audits. Automation ensures a high level of accuracy, improves client experience and allows firms to improve their scalability.

Trend #3 The need for events-based reporting

The ATO is asking firms to notify them of some events 28 days after the month in which they happened and to notify them of other things 10 days after the end of the month in which they occurred. Increased events-based reporting means firms will need to have automated processes in place. Surprisingly, in a recent poll on the SMSF Adviser, only 23% of the accounting firms said that they were ready for ATO’s events-based reporting requirements.

Trend #4 The swing towards managed funds

The investor market seems to have an appetite for managed funds. Studies show that investors tend to have more faith in managed funds, as they provide more stability and confidence in a volatile world. While SMSF trustees are interested in investing in a diverse portfolio of funds, they don’t have enough time to select and research their SMSF.

The new Super reforms from July 1st limit the role of accountants – they can no longer provide SMSF advice to their investors without obtaining a license. This means, Advisers specializing in Managed Funds will benefit significantly. The SMSF space will also see new licensing requirements for accountants who want to provide more holistic advice to their SMSF clients.

Trend #5 Greater innovations for the future

With increased life expectancy, trustees look for a better control over their financial future. They are on the lookout for innovative strategies for the future. Real-time tools that offer personalized interaction with members through portable devices; the ability to make instant decision making strategies on a personal level; and a clear forecast on the returns. Trustees are also interested in innovative strategies/tools that spread awareness and demand engagement from an early age.

Some of the examples being cradle-to-grave products. In the age of information revolution, smart phones, cloud-based technologies and social media, 2017 will look for newer ways to bring in efficiency in SMSF investments, administration and audit – not just in the face of regulation but to meet consumer expectations for the future.

References:
1. BNP Paribas article March 2015 ‘2025: What will the superannuation industry look like in a decade?
2. Top 10 trends in the Australian wealth management industry
3. Investment Trends Survey Highlights

Disclaimer: The content provided on this blog is for information only. Cloudoffis cannot be held responsible for any loss incurred as a result of using information on this blog. Persons accessing this information are strongly encouraged to obtain appropriate professional advice before making any investment or financial decision.

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

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

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

1. Improve accuracy and create error-free audits

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

2. Save time and improve efficiency

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

3. Discover the power of a single window interface

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

4. Intuitive and easy to use

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

5. Store and share documents securely

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

6. Powerful search function

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

7. Collaborate in real time

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

8. Monitor the progress of jobs easily

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

9. Increase scalability

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

10. Increase your firm’s profitability

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

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

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How Cloudoffis raise red flag that needs close attention from auditors

Check out how Cloudoffis intuitively raises Red Flags for items that need closer attention. SMSF auditors play a key role in examining the accuracy of an individual fund’s accounting records. To achieve this, an auditor has to go through reams and reams of data to investigate if there’s been a breach on any financial or compliance issue. This can be a rather time-consuming and dreadful task. Cloudoffis introduces a brand new way of conducting SMSF audits. Powered by Auditomation technology, Cloudoffis offers auditors, accountants and audit firms intuitive and intelligent tools to conduct high quality SMSF audits.

Introducing Red Flags

Red flag is a powerful feature in Cloudoffis that’s built to speed up the audit process significantly. This advanced feature intuitively spots issues that need closer intervention and auto-generates red flags. The auditor simply needs to examine the red flagged items. He or she can then raise any points for internal review depending on their findings and take further action quickly and move on to other aspects of the audit. The Cloudoffis platform can auto-generate Red Flags for a number of items. Never miss out on

  • Negative Balance
  • Reverse Balance
  • Income Comparison
  • Pension Limit
  • Contribution Cap
  • Work Test
  • Market Value

With the Red flag feature, an auditor won’t have to look for the above items manually. This eliminates any chance of error in this area and increases overall efficiency. Thus ensuring errorfree and high-quality SMSF audits. To find out how Cloudoffis can redefine the way you conducted SMSF audits, call us on 1300 9 7 9457 or to request a demo, click here.

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Generating reports are never easy but it’s possible at click of button

Paper-based audits are soon becoming a thing of the past. In fact, with the current SMSF landscape and the changing ATO regulations, having a cloud-based system appears to be more crucial than ever before. Cloudoffis offers a brand new way of conducting SMSF audits. It is developed with Auditomation – a unique technology built with the help of auditors for auditors. Cloudoffis is packed with intelligent and intuitive tools that are designed to save time, increase accuracy and improve efficiency at every step of the audit process.

Generating audit reports was never so easy

At Cloudoffis, we’ve made generating audit reports a lot simpler, at the click of a button, to be precise! Simply click the ‘Generate Report’ button and all the client details such as name of trustee, fund, age, birthdate, etc. are automatically populated in the audit report. So you don’t need to type or spend ages looking for the relevant details.

Customize audit reports

You can easily edit any part of the report without leaving Cloudoffis, and also create custom templates. Generate error-free audit reports and save a significant amount of time with one-click audit reporting functionality! To find out how Cloudoffis can redefine the way you conduct SMSF audits, call us on 1300 9 7 9457 or to request a demo, click here.

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Unique technology to connect with CLASS / BGL & import data in seconds

At Cloudoffis, we are transforming the way SMSF audits are conducted. It is powered with Auditomation – a unique technology developed with the help of auditors for auditors. The sole purpose of Cloudoffis is to enable audit firms to be at the top of their game. With a truly comprehensive approach, the Cloudoffis platform ensures efficiency and improved accuracy the moment you start an audit.

Import data straight from external software

With the Automation technology in Cloudoffis, you can set up your audit files within seconds. Cloudoffis enables you to import data from softwares such as BGL or Class seamlessly and effortlessly. When we import the data we get all the data from

Auto-segregation of data

What’s more interesting is that Auditomation facilitates auto-segregation of the data. This means that all the fund details, client details and the financial data get saved to the right buckets automatically. By harnessing the power of Auditomation, this smart platform saves enormous amounts of time and ensures accuracy throughout the audit process. To find out how Cloudoffis can redefine the way you conduct SMSF audits, call us on 1300 9 7 9457 or to request a demo, click here.

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Cloudoffis is introducing a brand new way of conducting SMSF Audit

The Cloudoffis platform is developed with Auditomation – a unique technology developed with the help of auditors for auditors. Automation in Cloudoffis, not only automates SMSF audit process but also provides highly intuitive and intelligent tools to enhance auditors’ ability to conduct critical analysis and make judgments.

We believe that the perfect blend of auditors’ skills and software assisted automation together result in high-quality and error-free audits. Auditomation: “Audit process automation technology that truly enhances an auditor’s decision-making process.”

The power of Auditomation

With the Auditomation in Cloudoffis, you can easily import fund data from external softwares such as BGL or Class straight through the software. Cloudoffis intelligently saves every single detail and auto-segregates the data to the right buckets. By harnessing the power of the cloud, this smart platform offers auditors the accuracy they need in terms of fund details and documents. This unique technology analyzes the scope of the audit as soon as the data is imported. This means that the account is created based on what’s within the client’s data and only relevant checklists are populated based on the context. Not only that, the system automatically raises red flags for a number of issues such as negative or reverse balance entries, interbank entries, etc. This means that auditors no longer have to go through the dreadful task of sifting through months of bank statements or worry about missing an entry. Thus, auto red-flagging helps auditors reconcile issues quicker, saves a significant amount of effort and ensures error-proof auditing.

Collaborative

When an auditor has any queries or needs any documents from the client, he/she no longer has to waste time making calls or writing emails. The Cloudoffis platform offers collaborative features that allow auditors to connect with colleagues and clients in real time – saving a huge amount of time for everyone.

Comprehensive

The ability to connect to external data sources, conduct an audit in a single window from start to finish and even collaborate within the software offers a considerable reduction in the auditing time. Imagine the efficiency and productivity a practice can gain by freeing up so much of an auditor’s time.

An auditor’s judgment is crucial

The main objective of Cloudoffis is to simplify and speed up the audit process. The professional judgment and analytical skills acquired over the years by an auditor are irreplaceable. Cloudoffis is in fact freeing up an auditor’s invaluable time from tedious repetitive tasks, so they can focus on the more crucial aspects of the audit. At Cloudoffis, we believe that a combination of auditors’ skills and software-assisted automation together could result in high-quality and error-free audits. Plus, it also helps increase efficiency, productivity and hence the profitability of a practice.

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