”‘It’s not magic!’ but one could certainly be forgiven for thinking there has to be a bit of it happening behind the scenes!
Simple Fund 360 New Features Webinar recap with BGL Product Advocate, Alissa Haralambopoulos!
In the latest Simple Fund 360 New Features Webinar, Matt Crofts, our wonderful head of Simple Fund 360, ran us through what’s new, what’s been added, and what’s to come, and let me tell you, implementing even one of these new features is sure to add back time to your day!
From the introduction of having more control over digital signing with the addition of priority groups, yes, now you can elect that trustees/members sign first, ensuring tax agents or auditors don’t receive any notifications until it’s their turn, to the addition of the ability to add Direct comparatives for those often-occurring interim accounts. This release sure covers a lot.
The emphasis on using the account view, basically makes the need to run general ledger reports to gain a running balance, redundant. The detail in which this account view is now able to drill down is worth checking out, my personal favourite is the bank accounts, or the PAYG Instalments, which now shows which year each instalment relates too.
Another great addition is the ability to create % splits within the transaction rule screen, think of those monthly life insurance premiums, that historically had to be split manually, you can now simply set up a percentage rule of say 40% to be allocated to one member, and 60% to the other, and going forward this will now pick up this split. Also, great to be used in the instance where you have fortnightly or monthly rent payments that are split between Rent Income, Agent Fees, Property expenses, simply click ‘Review before Applying’, and any adjustments that need to be made can be done to the transaction, without needing to add the accounts in every time.
There’s also been an update to the corporate actions available for the 2021 financial year, for those of you processing on a regular basis. Also, in the investment space, the addition of a security description for those ASX listed securities that start to get a bit messy, think preference shares, convertible notes etc.
The new Feed Management License report also provides users with a great way to export and view their subscription usage in excel, both overall as a firm, and then drilling down into each fund.
Last but not least on the Simple Fund 360 front (note this feature is also available in Simple Invest 360), and this is truly where I think the magic is, is the update to the CGT/Smart Docs report function. Think of those funds you receive from another firm, after the initial excitement of winning a new client wears off, the realisation of having to recreate opening balances kicks in, and when this involves a vast investment portfolio, and receiving a huge unrealised capital gains report with multiple parcel purchases, a slight sense of dread is understandable.
“Not anymore! Simply upload the Unrealised CGT report into the CGT – Smart Docs screen, and the ‘magic’ of smart docs will read the report and input into the information into the software… historical data.. DONE!”
Not to be forgotten is also the extensive amount of work the team have put in, in developing our newest kid on the block, Simple Invest 360, the magic of Simple Fund 360, is now available for Trust, Company and Individuals.
The most noteworthy update in this latest release is the Tax Reconciliation screen, and distribution allocation functionality. Making working out your Taxable and Accounting Profit, and where it’s all going a breeze. If ever you found yourself as an SMSF processor, wishing for the ability to achieve the kind of efficiency you were getting with super funds with your trusts and companies, Simple Invest 360, is the answer. If you’re interested, jump onto our website, search for Simple Invest 360 and register for our Beta phase.
Looking forward to the next release and will definitely be keeping an eye on what’s to come, particularly in the historical and external contributions space, as well as the greatly anticipated workflow management screen.
All in all, a wonderful release of some great functions, features and well quite frankly magic! A big well done to the Matt Crofts, Andrew Paszko and both the Simple Fund 360 & Simple Invest 360 teams.
In case you missed it, you can watch the Simple Fund 360 New Features webinar recording below!