Accounting technology firm Class has joined forces with auditing software provider Cloudoffis to provide a workpaper solution for SMSFs to help streamline their financial year-end processes.
The new service has been made available from today and has been rolled out to accountants and administrators with two available options from which to choose.
The first is a service provided free of charge and includes a document management system, workpapers collation and file generation, seamless referencing and one-click audit transfer and portal.
The alternative is a premium service with additional features such as an artificial intelligence engine for next-generation accounting practices, access to a workflow management and review portal, and automated referencing of Class reports.
ASAE 3402 assurance through the Audit and Assurance Standards Board has been achieved as has compliance with ISO 27001, the internationally recognised standard for managing data security, in order to guarantee data integrity.
Integration with the Cloudoffis SMSF Sorted-Lite and SMSF Sorted-Professional solutions has made possible the new functionality, which has been predicted to result in an 80 per cent reduction in document handling through document uploads for bookmarking and optical character recognition for referencing, and a 90 per cent reduction in collation and correction time by auto-compiling Class financials and documents.
Eliminating repetitive work through auto-referencing and streamlining document sign-off and external workflow are other benefits the new service is aiming to provide users.
“As we continue to develop automation solutions for the wealth accounting ecosystem, we are excited to join forces with our partners to deliver even more functionality and innovation for our customers,” Class chief executive Andrew Russell said.
“We know that processing end-of-year paperwork can be time consuming, so our workpapers solution in partnership with Cloudoffis will help create valuable time savings for our customers.”
Cloudoffis co-founder and director Viral Kanabar noted this type of functionality is what his organisation was built for.
“This integration is about reducing time spent on routine, repetitive tasks, resulting in a much more efficient end-of-year process. We’re excited to help customers improve profitability and efficiency while allowing their teams to better leverage their value,” Kanabar said.