Australian wealth accounting technology business Class Limited (ASX:CL1) has announced that it is launching a workpapers solution with Cloudoffis to streamline end-of-year preparation and audit work.
Workpapers are the end-of-year compliance check accountants complete as part of the review process for a client. The completed checklist and collated documents provide the evidence for auditors to make their determination on a set of accounts.
Class customers will be able to activate this new solution for free, with a premium package also available for users who require more functionality. The solution, powered by Cloudoffis, supports Class accountants and administrators in end-of-year preparation in the cloud, and increases efficiencies for businesses.
The free service will include a document management system, workpapers collation and file generation, seamless referencing, and one-click audit transfer and portal. The premium version will add: an AI engine for next-gen accounting; access to a portal for efficient workflow management and review; automated referencing of Class reports; and additional document management system features. Class ensures audit and data integrity with additional measures, including achieving ASAE 3402 assurance through the Audit and Assurance Standards Board, and ISO 27001 compliance, the internationally recognised standard for managing data security.
The new functionality is enabled through the integration with the Cloudoffis SMSF Sorted-Lite and SMSF Sorted-Professional solutions. The integration will achieve several key efficiencies, including:
- Reducing up to 80% of document handling by uploading documents for bookmarking and running optical character recognition (OCR) to search, tag and reference
- Reducing collation and correction time by 93% by auto-compiling Class financials and documents, and generating and reworking PDF files with a single click
- Preventing repetitive work with automated referencing, including automatically hyperlinking documents to accounts, and enabling simple OCR search of documents for closing balance
- Organising external workflow and document sign-off by seamlessly transferring to auditors with Cloudoffis and using a dashboard for auditor queries.
“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 CEO and managing director 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 was built for SMSFs to be ready for tomorrow; for SMSF professionals to use it to stay in front of the digital work revolution. Our partnership with Class makes this ever more possible for the SMSF industry and wider accounting and auditor community,” Cloudoffis co-founder and director Viral Kanabar said. “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.”
The workpapers solutions will be available to all Class customers from Oct 28.