Top 10 benefits of automating your SMSF audit process

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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