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Monthly Archives

April 2021

Price vs Cost: What to think about when considering your options?

By BGL Update, In the Media, Industry, No Drama with TrammaNo Comments

Price vs Cost: An interesting point of consideration and discussion

On a daily basis, we are confronted with choices about price. As ingrained in all of us, when looking at a product or software to perform a function, we are often drawn to the cheaper option. Let’s admit it: We all love a good deal and price point!

However, should price be the determining factor when making a decision?

I am from the accounting software world. I love software that makes my life easy. I love software apps that save me time, effort and ultimately money. While I focus on what to look for and consider in making software decisions, some of these considerations can be used across a broad range of decisions and choices we make every day.

Knowing what problem you need to be solved is a great place to start and it will provide you with a clear understanding of exactly what is required to deliver optimal outcomes. Understand the issue at hand, the outcomes, and ultimately, the end customer experience you want to deliver.

Here’s my list of what to think about when considering your options:

1

Features:

Do your due diligence and thoroughly compare features. Line the products against each other. Be clear on your must-haves, don’t need and the nice to have. Features differences can end up costing you a lot of money later down the road.
2

Support:

What help is available and how readily available the help is. When it comes to learning and using software, we at all times will come across questions. Having access to the right resources and support can save you a lot of downtime, reduce write-offs and can help reduce WIP.
3

Updates:

Great software companies are continually updating, improving and adding new features to further delight their clients and the experience. A lack of updates is a red flag on many fronts including, but not limited to, a lack of commitment to the product, the state of the underlying technology, potentially the wrong people leading products, culture, or lack of focus. Do your research!
4

Processing Times:

Great technology reduces the manual time required to complete tasks. Run products in parallel and compare what it takes to achieve the same outcomes. Remember, time saved equals a reduction in costs that is often far, far greater than price differentials.
5

Tasks replaced:

Technology should replace repetitive, predictable and mundane tasks. You do not need people doing these. Great technology will free your people up to focus on value-added services and relationship building which we know are so important in today's space.
6

Integrations:

Beware of software companies that claim to do it all. Great software companies are focused on their core competency. They focus on their strengths and integrate well with other products and services that you may need to fully complete required tasks. The strength of a software company and product is closely aligned to who they play well with.
7

Brand:

An extremely important consideration. Look at their reputation, trust, track record, longevity of employees and leaders. Develop an understanding of the Why they exist and ensure that it aligns with your values and how you want to position your business and services.
8

Customer Experience:

Great software delivers a great internal and external customer experience. Internally, software can equip and empower employees to better perform their tasks while at the same time embracing and learning great technology. Externally, great software will deliver to your clients an experience that generates a greater appetite for engagement, which promotes client longevity and loyalty.

Wow! That’s an extensive list and hopefully it provides you with a little more direction when making purchases.

Yes, price is a factor but just because something is priced less, it does not mean that it costs you less!

At BGL, we have never designed our products to be the cheapest. Our products are designed to drive value and reduce inputs that allow users to deliver superior outcomes and maximise the return for their efforts and investment. At BGL, we love clients who engage with us for who we are, what we represent, and the value we deliver to our clients. That my friends, is foundational to a longstanding and loyal customer base.

CAS 360 launches in Singapore!

By BGL Update, CAS 360, In the Media, Industry, News, TechnologyNo Comments

BGL is proud to announce the launch of the CAS 360 Company Compliance Solution in Singapore!

“The CAS 360 team has been working tirelessly to build CAS 360 Singapore”, said Ron Lesh, BGL’s Managing Director. “I’m excited to announce the BETA version is now available for our Singapore clients. CAS 360 Company Compliance and Trust Management software will help Singapore company compliance professionals streamline their processes with innovative and unique technology. It will save them heaps of time so they can focus on their many, many other responsibilities.”

“BGL is the first business approved by Singapore’s Accounting and Corporate Regulatory Authority (ACRA) to lodge Company Annual Returns electronically in Singapore” added Lesh. “Our CAS 360 Team has worked tirelessly with ACRA to help make the Singapore electronic filing system work for software providers. The first stage is Annual Returns and company data downloads with the electronic lodgement of company change documents available later in 2021.”

“CAS 360 Singapore supports the preparation of the forms and documents required for Company Address, Company Officers and Company Shareholder changes in Singapore” noted Lesh. “CAS 360 also supports the Singapore XBRL for the preparation and lodgement of XBRL Financial Statements with ACRA. CAS 360 is the complete package and will provide the same incredible efficiencies for our Singapore clients as we do for 500,000+ companies in Australia”.

BGL has been operating in Singapore for over 20 years and has over 400 businesses using our market-leading CAS Desktop Singapore software. “CAS 360 is the natural progression for our clients” says Lesh

“As a trusted company with over 30 years of experience and innovation in Regtech, BGL can guarantee our clients will always be compliant with ACRA’s requirements”.

GuestTrack connects to the VIC Government COVID-19 Check-in System

By BGL Update, In the Media, Industry, News, TechnologyNo Comments

BGL Corporate Solutions proudly announce that GuestTrack, our QR code-driven and browser-based COVID-19 check-in solution, is now connected to the Victorian DHHS via Victorian Government Visitation API!

Built using BGL’s multi-award winning BGL SmartDocs technology, GuestTrack was launched in mid-2020 as a free QR code check-in app for businesses. Since then, almost 20,000 businesses throughout Australia and overseas have implemented GuestTrack as their check-in solution. 

From the end of April 2021, all Victorian businesses and organisations using electronic record-keeping must only use QR Code providers who are connected to the Victorian Government Visitation API, and GuestTrack is 1 of 3 approved applications. “I’m so proud of the team! They’re continually working to further develop this amazing app for the community”, said Ron Lesh, BGL’s Managing Director.

“GuestTrack connecting with VIC DHHS Visitation API will allow contact tracers to request check-in data directly from GuestTrack system in case of a COVID-19 outbreak. Visitors’ names, contact numbers, check-in dates and times are extracted from GuestTrack to help contact tracers” noted Lesh.

“What started out as an initiative to help our clients’ clients, has turned out to be a spectacular tool. Apps like GuestTrack will be a necessity for all organisations for years to come” says Lesh.

Since its release in 2020, GuestTrack now supports over 18,000 organisations across 183 countries with a satisfaction rate of 99.88% and over 21 million guest check-ins.

“This has been a great opportunity for BGL to give back to the community” added Lesh. “From an idea at Saturday brunch to 21 million check-ins in 9 months is a fantastic achievement by the BGL Team.”

To find out more about GuestTrack, go to guesttrack.com.au 

ASIC finally admits SMSF fact sheet was – WRONG!

By Homepage, In the Media, Industry, UncategorisedNo Comments

I have said many times that ASIC’s “Are SMSFs for you?” fact sheet was wrong. The use of ATO data to produce a document that was clearly misleading my view was ridiculous.

Well finally the ASIC Chair has now admitted to the House of Representatives Standing Committee on Economics that it failed when this so called fact (I would call it factless) sheet was published.

BGL has been saying based on data for over 200,000 SMSFs the cost of running an SMSF is somewhere between $2,000 and $3,000. It can be higher and it can be lower – it depends – but it is certainly it is NOT the $13,900 published in ASIC’s factless sheet.

I could say “I told you so” but I won’t!

Check out the article below for more info.

https://www.smsfadviser.com/news/19866-asic-admits-failures-in-smsf-operating-costs-fact-sheet

PS: Love Tim Wilson’s comments….