London, 11th May 2016 – MyWorkpapers, a leading financial and audit software company has launched in the UK with a range of cloud-based technology aimed at accountancy practices, bookkeepers and businesses who 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.
CEO at MyWorkpapers, Rich Neal commented, “We are providing accounting firms and their clients with content, methodology, technology and innovation to improve productivity, compliance and most importantly collaboration. Our clients quite simply save time with our new Connect platform, everyone, 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. So 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.”
Accountancy practices – “the honeymoon is over…you need to make clients more sticky”
Rich Neal, explains why its products are a game-changer for accounting firms, “Cloud accounting software has been picked up and adopted by thousands of businesses in the last few years because of the data feeds and intuitive use. Accountants are also promoting it to their clients, and assisting with implementation and rollout. The consequence, however, is that the ‘honeymoon’ is soon over because the client becomes educated and think they don’t need their accountant as much. We have seen this in New Zealand and Australia. Businesses become more independent and choose to do more themselves, and are less reliant on their accountant for processing and checking of the numbers.
What our products do is to help accountancy practices not only systemise their workload and become more competitive but also maintain and often re-ignite communications with their client base.
A unique feature of our Connect product is that the accountant can work with in-house finance teams, bookkeepers and business owners to create to-do lists for weekly or daily tasks that they should be doing in their business, for example setting up weekly routines for cash control or when to process bank feeds. By introducing a virtual software platform that both themselves and their clients can access and liaise on makes clients more sticky and appreciative of the knowledge and value that their accountant can bring to the table. In turn, with the right systems procedures, processes and best practices they can grow their fee base. By reviewing figures, managing queries and assigning tasks on a daily basis, year-end becomes a breeze both for the accountant and the client. Our Connect product effectively provides a bridge between the two parties, both in collaboration and between software they both use.”
Businesses meet compliance and 30-50% labour-savings
MyWorkpapers’ Connect product can be used by accountancy practices, in-house finance professionals, bookkeepers or business owners. Whilst automation of the likes of payroll, monthly reporting or VAT returns saves time, what many modern book-keeping tools still lack is verification of the numbers, analysis and the ability to assign queries, manage related tasks and create relevant work papers and supporting documents.
Rich Neal comments “if not managed correctly, it can be a bit like giving a Learner Driver an Open Licence 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”.
MyWorkpapers’ Connect solution was driven out of the frustration of MyWorkpapers CEO when managing his own business. Rich Neal said “each month we produce profit and loss, balance sheet, debtors and creditors reports and compare to budget. But there were always issues – I could see these by just looking at the numbers. So I’d print the reports, highlight the issues and send out a barrage of emails asking for explanations or more information. By the time I got responses, another month had passed. Nothing was available to the business market – whether small or large – to collaborate on financial information, let alone extract the information I wanted within seconds straight from the bookkeeping software.
I conceptualised with our team how we could pull information from any bookkeeping software like Xero, Quickbooks and Kashflow, then make notes, make comments, create workpapers with supporting documents, and assign queries to internal personnel, our CFO or our accountant. When speaking to my colleagues in business, they had the same frustration. So we spent three years building a solution and close to two years market beta testing – MyWorkpapers Connect. But the product goes further – it can be used by an accounting practice, or a bookkeeper or the business owner or all of them in collaboration”.
Using MyWorkpapers’ solutions businesses can improve the accuracy of financial records, meet compliance and also save between 30-50% on labour costs.
UK presence & support from vendors such as Xero, Intuit and Kashflow
The company has opened a UK office in Richmond, London and will sell its solutions direct. It is also working closely with software vendors / integration partners like IRIS, Intuit Quickbooks, Xero, Thompson Reuters, Sage, MYOB, Forbes and others. With Cloud software providers Xero and Intuit, Connect will be able to be bought through their App stores.
Since 2013, Auditflow (recently re-branded as MyWorkpapers) has sold its Audit software exclusively through Iris. The exclusivity ceased recently but the companies are working closely on integration and future product roadmaps.
MyWorkpapers Product Range – Audit, Connect & Exempt
The MyWorkpapers product range includes:
Connect – the first cloud workpaper product that is book-keeping software agnostic to improve collaboration between accountants, business advisors, bookkeepers, finance professionals and business. Connect enables the accountant to manage their monthly client work and build up a year-end file, or use specially for year-end compliance. It includes a workflow and queries management dashboard, client portal and will bridge most business bookkeeping software to the software used in an accountant’s practice. Significant time saving has been evidenced in testing with beta clients over two years.
Connect will also help business owners focus on systemising their business to make money, with the collaboration and support from their advisors.
The platform is used by the business management, bookkeepers, advisors and their accountant.
Audit – a simple and automated paperless cloud-based system for tracking and managing different types of audits, enabling audit managers to minimise the risks of non-compliance, spend less time on administration and more time on more valuable activities. The product will eliminate overauditing and only audit what you need to using standard audit content templates and methodology.
At Accountex the company is launching a new integration and dynamic workpaper index, lead schedule and workpaper builder.
Exempt – Dynamic building Workpapers, client engagement management and collaboration for companies that do not require an audit but still need to file Exempt accounts. A fast and compliant workpaper solution for accounting practices.
Meeting industry standards and best practice
The Audit solution integrates industry standard audit content templates and methodology including the likes of Mercia, GAAP Consulting and others.
Affordability – Connect – Cloud-based model from £5 per user per month
With pricing starting from £5 per user per month, MyWorkpapers’ solutions are delivered on a SAAS model with no upfront capital expenditure and produce a swift ROI in the form of time-savings and increased profitability.
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