Mclowd Practitioner Update November 2017

Welcome to the Mclowd Practitioner Update.

Introduction

More than 400 firms and sole practitioners have now signed up for Mclowd, and there are dozens of active users within this segment of the Community.

Their participation (and in some cases investment) is now driving improvements in the software at a much higher rate than ever before.

Centralised Transactions Screen

Users who have upgraded to the Practitioner Edition have visibility to the Centralised Transactions Screen, which is designed to deliver the workflow efficiencies practitioners have come to expect from cloud-based accounting software.

In its current form (version 1.2), it provides the following benefits:

  • Visibility to all imported transactions on one screen
  • The ability to sort, filter and search
  • Drill down to individual accounts
  • Improved navigation to related screens

Version 2.0 is under construction, and is due for release in late March. It will include:

  • Transaction splitting
  • Bulk coding
  • Data matching
  • Allocation rules
  • Keyboard shortcuts

(Version 3.0 will include improved support for GST).

Managed Funds / Direct Equities

We have begun work on further improvements to these asset classes, including:

  • The addition of end-of-day unit prices for managed funds
  • Automated population of dividend/distribution & franking credit percentages
  • Reconciliation between dividend/distribution paid versus dividend/distribution expected
  • Asset allocation reporting against fund investment strategy

Like the Centralised Transactions Screen, this functionality will only be available in the paid version of the software (albeit at the $30 price point previously advised).

Chart of Accounts

The ability to edit the chart of accounts will also be available in the New Year.

User Interface

We are very much aware of the fact that the current user interface does not represent best practice, and we are engaging with a digital agency around a full refresh in order to support the continued growth of the Community.

Conclusion

Registered users of Mclowd can upgrade to the Practitioner Edition at the click of a button, and as previously advised there is no charge for up to five Funds through to the end of FY19.

This approach is designed to encourage practitioners to conduct due diligence in the coming months.

As always please keep the feedback coming.

Regards

Graeme McGuire
Product Manager
Mclowd Pty Ltd

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