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Integrating information

Auderli targets MTD opportunity with ‘life audit’ tool


With a growing need for individuals to organise their information, one UK startup is seeking to fill the gap and present an opportunity for accountants to start client conversations through a new life management tool.

18th May 2022
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Created by Crunch Accounting founder Steve Crouch, Auderli is designed to be a one-stop repository for clients to store and access their personal finance information.

The Brighton-based startup describes the new product as an online life management tool. It brings together key financial information from areas such as bank accounts, mortgages, investments and pensions normally held by multiple advisers.

Users can upload relevant documents to the Auderli portal and view their net worth via a web app at the touch of a button. They can then share this information by giving access to professionals such as accountants and solicitors or chosen individuals.

Auderli screenshot
Auderli screenshot

“When I’m advising my clients, I usually only ever have part of someone’s full information,” said tax specialist Crouch. “Sometimes I don’t hold sufficient information and then have to spend a good deal of time to assimilate, which can lead to unnecessary delays.” 

Common issues flagged by the Auderli team include missing key documents for crucial deadlines such as self assessment or mortgage applications, or accountants being unaware of clients inheriting assets that may lead to tax return omissions and being unable to offer advice ahead of time.

“I realised that I would be able to give better advice, more quickly, if I had all the information together, in one place,” continued Crouch. With Auderli’s ability to share access to its portfolio, this would then allow users to choose the best adviser for a particular question, whether it be legal, tax or financial planning.

Rob Searle, Auderli’s head of partnerships, added that the upcoming extension of Making Tax Digital (MTD) into the realm of income tax self assessment presented an opportunity for accountants to serve a potential 4m taxpayers who may be brought into the regime. “The need for self-employed, freelancers or landlords to organise their information is steadily becoming more important. With quarterly submissions and final year declarations required, this not only requires easy access to key information but also adds more client touchpoints and potentially opens up conversations and opportunities to add more services to the client package.”

Roadmap and partnership

Built in-house in the UK and in development for 15 months, the product has gone live to market with a “lite” version that is free of charge for people to add assets and liabilities and features document storage of up to 25 items and portfolio sharing.

The company will continue to develop features and in the future plans to launch a premium version for those who want to connect via open banking integrations to banks and accounting software. 

Auderli also plans to build smart notifications to remind users about key deadlines such as self assessment or insurance renewals. It will also include pension integrations to allow for better financial planning, connect with stocks and shares platforms, and integrate with accounting software, the Land Registry and property platforms such as Zoopla for live valuations.

For the professional market, Auderli has built a partnerships network for UK businesses and accountants, along with solicitors, financial advisers, banks, building societies and others.

“It’s been designed by accountants and tax specialists with other professionals in mind,” said Searle. “It gives a touchpoint with clients who can share their details with accountants, and it will help accounting firms with customer satisfaction and retention.”

Searle added that businesses or firms could also add Auderli to their list of perks to offer employees or clients.

AccountingWEB view

As the MTD for income tax self assessment (ITSA) 2024 mandation date rolls into view, bringing with it quarterly submissions and the need for more frequent access to information, for many accountancy firms the requirement for better-organised sources of client data is becoming ever more pressing. At the moment such information is often scattered across spreadsheets, paper, emails or external drives. 

For those seeking the fabled “one source of truth”, Australian personal wealth tool myprosperity generated a lot of interest from accountants a few years ago. It may have been slightly ahead of its time and its departure from the UK market leaves a gap. Auderli is confident that with further development its tool will fit the bill, and will also help form the basis for potential new conversations and service lines with clients.

However, there remain a number of hurdles for any operator in this arena to overcome. First and foremost, getting a critical mass of clients to adopt such tools is a tough task, whether you have the time or resources to help them or not, and this is an argument you could expand to wider tech tools touted to help with MTD ITSA. 

A further difficulty for accountants is how they can communicate the value of such a tool to clients, and potentially even monetise it for their own business.

And will it appeal to accountants who don’t have close relationships to IFAs? Or will firms feel comfortable crossing into what could be perceived as that territory? However Auderli would argue that the ability to share access to the portal among a number of professionals goes some way to combating this argument.

Replies (3)

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By Hugo Fair
18th May 2022 23:15

Isn't this just a simplified (personal) Assets Register?
If so, who is the target market as it doesn't have obvious relevance to accounts preparation?

Thanks (2)
By indomitable
19th May 2022 15:04

Haven't read the article have no idea what the product is but the name 'life audit' tool has put me off this product for life.

Change the name!

Thanks (1)
paddle steamer
24th May 2022 10:54

If I am to list all our assets , pensions etc it will , as always, be done about April time and listed on the back of a used envelope, in biro, and then paperclipped to the copies of our wills in our filing cabinet where our personal financial papers are retained.

Why I would place notes of all our assets in one place on the internet is beyond me, if someone gets them it gives a pretty decent clue as to whether we are worth defrauding.

If someone wants that data (like the chap on Sunday with our washing machine refund) they are going to have to break into the house and run the risk I catch them with a nine iron (whilst I no longer play I do keep my golf bag near to hand in our bedroom)

Thanks (0)