Cloud-based provider of SMSF preparation and audit automation software Cloudoffis has released the latest comprehensive automated financial workpapers solution for its accounting and administration software, SMSF Sorted, with Release v2.6, and further automations to its audit software, SMSF Automation, with Release v4.13.
“Cloudoffis revolves around automation and helping accountants, administrators and auditors automate tedious tasks so they can focus on meaningful client conversations and advisory. Our reimagined workpapers and audit automation releases are only the beginning though,” Viral Kanabar, Cloudoffis founder, said.
“We have been working on some incredibly exciting WRAP AI — artificial intelligence capability which will initially be used to help reconcile Wrap accounts and the associated distributions — that will be launched over the coming months, too. We’re providing the industry with evolutionary software today that will prepare everyone for tomorrow and years to come.”
Cloudoffis said the SMSF Sorted Release v2.6 aims to step into the next evolution of workpaper preparation, and following the initial release of property, tax and GST reconciliation workpapers to support the preparation of financial statements, this latest update includes a further five workpapers.
This includes the new unlisted and in-house assets workpaper which runs through a number of relevant questions to assist with keeping on top of possible in-house assets, and the LRBA workpaper which will assist with documenting the loan details for acquired properties, in particular, if the loan is from a related party.
The contributions workpaper will provide an independent check of data from an SMSF’s administration software to verify any contribution issues or opportunities for members of the fund, and the pensions workpaper will review the year being prepared as well as the following year to assist with compliance of minimum and maximum pension drawdowns.
Meanwhile, Cloudoffis said its new TBAR workpaper will also allow document details affecting members’ transfer balance accounts.
“The new workpaper function brings in data automatically, centralises preparation, removes the previously disjointed external processes, reduces risk and provides huge time savings — as our clients are saying, once you see it, you’ll love it,” Mr Kanabar stated.
“Cloudoffis will be evolving its automated workpapers and sharing some groundbreaking new AI-powered automations around WRAP, ATO and ASIC documentation and more with SMSF Sorted very soon.”
For auditors, Mr Kanabar said Cloudoffis has made what is quite possibly the biggest release for Auditomation from Cloudoffis to date and “definitely one of the most beneficial to enhancing larger workflows as well as adding further efficiencies”.
Cloudoffis said the latest release of SMSF Auditomation, v4.13, comes with some very unique capabilities and enhancements, such as the Automated OCR Function which provides huge efficiency gains through increased speed and reduced confusion with an automatically processed OCR converter as the default setting.
The job labels function will provide a completely flexible way to tag, label and track funds and better index audit jobs with custom labels, from Simple to Complex to Urgent. This also allows for easier workflow, team allocation, qualification, filtering and reporting hierarchy.
The automated comments feature can standardise language and suggested comments for repetitive checklist items provide further time savings.
“These predefined comments make it very quick and easy to publish feedback and review points for each job,” Cloudoffis said.
The new remap function will also easily rectify manually mapped and undefined calculations with the reimport and remap functionality, which provides continual flexibility when changes are required.
Meanwhile, as per APES 305 requirements, Cloudoffis has also added a third-party disclosure to engagement letter templates.
“Cloudoffis is doing everything to make sure this new approach to SMSF administration and audit processes is robust and flexible, to ensure SMSF businesses are ready for tomorrow,” Cloudoffis said.
