New Financial Workpaper and Collaboration Technology for Both Businesses and Accountancy Practices
Sydney, 30 May 2016 – MyWorkpapers (www.myworkpapers.com), a leading financial and audit software company headquartered in Queensland, has launched new cloud-based technology which improves collaboration between accountants, business advisors, bookkeepers, finance professionals and business.
The new MyWorkpapers Connect technology enables Australian accountants to manage their monthly client work and build up a year-end file, or use specifically for year-end compliance. At the same time, it helps business owners focus on systemising their business to make money, with the collaboration and support from their advisors.
Accountancy practices, bookkeepers and businesses will benefit from faster and more accurate work-paper generation and financial verification, significant administrative time-savings and access to actionable business intelligence that will increase overall profitability.
Anton Donde, Executive Director, MyWorkpapers, said, “MyWorkpapers Connect further builds on our existing product set to help accountancy practices not only systemise their workload and become more competitive but also provides them and their clients with content, methodology, technology and innovation to improve productivity, compliance and, most importantly, collaboration.
“Clients quite simply save time with our new Connect platform whether an accountant, bookkeeper or an individual business has shared and easy access to financial records, workflow and day-to-day task management that makes sense of the monthly numbers. Whether it’s chasing debtors, managing cash-flow or having the insight to make critical decisions on future strategy, finance professionals now have the tools to help their businesses perform better.”
MyWorkpapers Connect bridges most business bookkeeping software to the software used in an accountant’s practice and is software agnostic. It includes a workflow and queries management dashboard as well as a client portal.
A unique feature of Connect is that it empowers the advisor to work with in-house finance teams, bookkeepers and business owners to improve processes. By creating and monitoring to-do lists for monthly weekly or daily tasks advisors can ensure their clients are doing the right things at the right time in their business. For example setting up weekly routines for cash control or when to process bank feeds.
Having best practices solutions and processes in place is vital for advisors to grow their fee base. By introducing a virtual software platform that both they and their clients can access and collaborate on, advisors can increase client stickiness as they increase the appreciation of the knowledge and value that their accountant can bring to the table.
At the same time, by reviewing figures, managing queries and assigning tasks on a daily basis, year-end becomes a breeze both for the accountant and the client.
“Whilst automation of the likes of payroll, monthly reporting or Business Activity Statement returns saves time, what many modern book-keeping tools still lack is analysis and verification of the numbers, the ability to create relevant work papers and supporting documents, assign queries and manage related tasks.
If not managed correctly, it can be a bit like giving a Learner Driver a P plate and the keys to the Porsche, they believe they have the wisdom of an accountant because they can easily navigate the bookkeeping software and reconcile the bank. However, a simple intuitive tool does not guarantee financial data accuracy and in many cases businesses are driving in the dark without their lights on,” says Donde.
With pricing starting from $US9 per user per month, MyWorkpapers Connect is delivered on a SaaS model with no upfront capital expenditure and produces a swift return on investment in the form of time-savings and increased profitability.
MyWorkpapers Connect complements the existing MyWorkpapers Audit solution, a simple and automated paperless cloud-based system for tracking and managing different types of audits which enables audit managers to minimise the risks of non-compliance, spend less time on administration and more time on more valuable activities.
Customer data shows that MyWorkpapers’ solutions improve the accuracy of financial records, meet compliance and save between 30-50 per cent on labour costs.
With offices in Australia and the United Kingdom, MyWorkpapers (previously known as Auditflow) is an award winning web-based software developer providing affordable, compliant, easy to use software applications and products for Business owners, Bookkeepers, Accountants and Auditors, Government and Corporates. The product/service offerings are developed by business owners and practitioners for business owners, practitioners, corporates and governments to improve the overall quality of financial records and provide software tools to systemise and improve processes in their workplace. Its range of software applications are sold as a Software as a Service (SAAS) model, in an innovative way that has gained national and international market acceptance and momentum.
For further information, visit: http://www.myworkpapers.com
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