Mclowd Practitioner Update October 2018
While emerging trends such as open banking and artificial intelligence are creating powerful tailwinds for the Mclowd Community, we are conscious that thousands of active users require that we continue to focus our efforts on improving the core functionality each and every day.
The content of this Practitioner Update reflects those efforts, which are closely aligned to your ongoing feedback.
SMSF professionals can now generate a year end Reports Pack which incorporates not just the relevant Fund reports, but also related documentation (such as the compilation report, notes to the financial statements along with relevant declarations / resolutions).
This has been one of the biggest gaps holding back large scale migration to the Community, and we are pleased that users of Mclowd can now:
- Manage transactional data throughout the year
- Generate a year end Reports Pack
- Lodge the tax return online
all for just $33 per annum (GST inc).
Commenting on this release, Paul Fox from Super Factory had this to say:
“I have kept an eye on the progress of Mclowd over the last couple of years, and the ability to generate year end reports in the format required by practitioners is clearly a turning point. I can now confidently plan to migrate away from BGL Desktop for FY20.”
Other recent improvements include:
- Support for the Westfield demerger
- Template documents (minutes, etc) are also now available under Settings
In addition, users can now view a suite of video tutorials from within the Help Centre, and we will continue to build upon this initial content, based on the various queries being received by the Support Team.
With the Reports Pack under our belt the focus will now shift to the upgrade of the Transactions Screen, which will enable:
- Improved editability
- Transactions splitting
- Bulk coding
- Improved support for GST
- Allocation rules
As per the most recent Newsletter, in the New Year users will also begin to see further automation options, driven by our deployment of machine learning. (I am personally overseeing the AI journey at Mclowd, and users will be able to keep track of our progress via a dedicated blog).
Over the next few years the financial services landscape will be reconstituted.
Royal commissions (not to mention class action lawsuits) will no longer be required, because transparency and consumer sovereignty will have prevailed, and the full deflationary impact of new technologies will have been unleashed.
The Mclowd Community will be at the forefront of that process.
As always, please keep the feedback coming.
Mclowd Pty Ltd