Finance Platform to Conduct Audits of SMSF Funds
Challenge
When the customer turned to HQSoftware, it already had a legacy solution to maintain SMSF audits. However, the underlying technology stack—based on Microsoft Silverlight—was significantly outdated and can no longer ensure faultless performance or allow for extending functionality.
So, the company engaged with HQSoftware to migrate the system to a new technology stack, add new functionality, and improve usability through a re-designed interface.
In the course of the project, the development team had to cope with the following challenges:
- as long as there was no documentation or functional specification available for the legacy system, our developers had to investigate the platform via the video materials shot by the customer.
- the customer insisted on preserving data storage of the legacy system, which imposed certain difficulties while migrating 500 GB of data files and ensuring no data is lost under tight deadlines.
- Azure Multi-Factor Authentication had to be implemented in the short term before the new law came into effect. According to ATO Requirements for Software Companies, if the product or service is hosted by the DSP (cloud, browser-based, DSP hosted, accessible from any device type), then the 2FA is mandatory.
- bulk PDF generation had to be developed by the team, as well as Big Data operation to generate annual reports with a huge amount of data.
When the customer turned to HQSoftware, it already had a legacy solution to maintain SMSF audits. However, the underlying technology stack—based on Microsoft Silverlight—was significantly outdated and can no longer ensure faultless performance or allow for extending functionality.
So, the company engaged with HQSoftware to migrate the system to a new technology stack, add new functionality, and improve usability through a re-designed interface.
In the course of the project, the development team had to cope with the following challenges:
- as long as there was no documentation or functional specification available for the legacy system, our developers had to investigate the platform via the video materials shot by the customer.
- the customer insisted on preserving data storage of the legacy system, which imposed certain difficulties while migrating 500 GB of data files and ensuring no data is lost under tight deadlines.
- Azure Multi-Factor Authentication had to be implemented in the short term before the new law came into effect. According to ATO Requirements for Software Companies, if the product or service is hosted by the DSP (cloud, browser-based, DSP hosted, accessible from any device type), then the 2FA is mandatory.
- bulk PDF generation had to be developed by the team, as well as Big Data operation to generate annual reports with a huge amount of data.
Solution
To meet users’ needs, the system is conditionally divided into two parts: Black and White.
White is a totally automated, white-label solution that improves the efficiency and productivity of audits as well as ensuring their compliance. The system is used by organizations for audit requests. By completely replacing manual data collection, the White module keeps the cost of audits down. The solution boasts a so-called “audit by exception” approach that prompts the user to pay attention to key areas.
Black is a full-fledged audit management solution for SMSF that is used by Evolv auditors to conduct check-ups. This module handles audit processes from start to finish. This solution eliminates traditionally laborious auditing processes, ensures that all tasks are completed on time, and is fully compliant with customers’ requirements.
To meet users’ needs, the system is conditionally divided into two parts: Black and White.
White is a totally automated, white-label solution that improves the efficiency and productivity of audits as well as ensuring their compliance. The system is used by organizations for audit requests. By completely replacing manual data collection, the White module keeps the cost of audits down. The solution boasts a so-called “audit by exception” approach that prompts the user to pay attention to key areas.
Black is a full-fledged audit management solution for SMSF that is used by Evolv auditors to conduct check-ups. This module handles audit processes from start to finish. This solution eliminates traditionally laborious auditing processes, ensures that all tasks are completed on time, and is fully compliant with customers’ requirements.
Results
Partnering with HQSoftware, the customer significantly improved the performance of its legacy solution for self-managed super funds (SMSF) audits by migrating to a new technology stack with no data loss.
As a result, audit processes that previously took more than 2 weeks to finish now take around 2–4 days.
With extended functionality, the platform is used to maintain audits for more than 20,000 pension funds across Australia, making the customer an industry leader.
Furthermore, HQSoftware improved the usability of the Black module so that the customer is even able to sell a white-label solution to other companies – this is how a White module was developed. Thus, the customer has an additional revenue channel.
Partnering with HQSoftware, the customer significantly improved the performance of its legacy solution for self-managed super funds (SMSF) audits by migrating to a new technology stack with no data loss.
As a result, audit processes that previously took more than 2 weeks to finish now take around 2–4 days.
With extended functionality, the platform is used to maintain audits for more than 20,000 pension funds across Australia, making the customer an industry leader.
Furthermore, HQSoftware improved the usability of the Black module so that the customer is even able to sell a white-label solution to other companies – this is how a White module was developed. Thus, the customer has an additional revenue channel.
