Cloudoffis said this introduces an exciting new financial workpapers solution for the industry. It explained the SMSF Sorted v2.5–Workpapers is an addition that heavily compliments Cloudoffis’ solution for auditors, SMSF Auditomation, but more importantly, provides a dramatic leap in efficiency from the way workpapers are traditionally prepared.

“SMSFs are all about choosing today what gets you ready for tomorrow. At Cloudoffis, we believe SMSF software should do the same,” Cloudoffis co-founder and director Viral Kanabar said.

“We’ve reinvented workpapers because we’ve done it the old way for so long, and it was time to create a new, better, far more efficient solution.”

Cloudoffis said SMSF Sorted’s Workpapers is not an Excel workbook but that these automated workpapers are aiming to reimagine the way accountants and administrators approach workpaper preparation, allowing them to preserve integrity and enjoy automated totals, with the added benefit of flexible control.

"This new software feature drastically minimises the historically very time consuming code & post methods, glorified excel workpapers, manual data entry, and refreshing and rekeying data. Workpapers by
Cloudoffis provides an automated workpaper solution direct from the source and all in one application," Cloudoffis said.

The firm noted that the SMSF Sorted, Release v2.5–Workpapers’ top-line benefits will include data attached and populated straight from the original source in Class, automatic calculation, and tagging against line items and updated on re-import.

It will also include new changes in control and customisation, with flexibility to add additional fields or manual data, annual changes automatically updated and applied and everything in one system that fits into the overall SMSF administration process, along with better workflow collaboration and transfer from the preparation team to auditors.

“We’ve listened to SMSF accountants, auditors and administrators. We’ve seen the opportunity to stop smart people doing dumb work. That’s why we built Cloudoffis to connect the dots on all your SMSF software. So, you’re not just on the cloud — you’re in an ecosystem that keeps your SMSF business healthy and ready for tomorrow,” Mr Kanabar added.

As part of this initial release, Workpapers will be available for property, GST reconciliation and tax reconciliation, with six more to follow in the next release only weeks away.

“With Cloudoffis’ SMSF Sorted latest release 2.5–Workpapers, SMSF accountants and administrators will step into the next evolution of workpaper preparation. This new software feature drastically minimises the historically very time-consuming code and post methods, glorified Excel workpapers, manual data entry and refreshing and rekeying data," Cloudoffis said.