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April 2022

SIS compliance the next big step for AI, says BGL

By In the Media, News, SMSF AdviserNo Comments

Published by SMSF Adviser, powered by MOMENTUM MEDIA
Written by Miranda Brownlee on 21 April 2022
Click here to read on SMSF Adviser website

SIS compliance the next big step for AI, says BGL

Identifying where funds have broken major SIS rules will likely be the next big focus with artificial intelligence in the SMSF sector, said the managing director of BGL.

Speaking at a recent event, BGL managing director Ron Lesh said that while his firm has been doing a lot of work around the use of artificial intelligence over the last four or five years, there is a number of areas with SMSF administration and compliance where it can be further extended.

“All of our transaction posting is AI-based rather than rules-based and has been for a while, and there’s a review function that will tell you whether transactions have been posted to the right place using AI,” said Mr Lesh, speaking at a panel discussion at the SMSF Association National Conference.

Mr Lesh said there has also been a lot of development with the use of AI for reading documents.

“Not just reading things based on a template but reading any document of any type and a training system to train for any document of any type, we think that’s the future,” he explained.

“We think that may be the solution in the short term for tax distribution statements, but it already is for bank statements. We’ve already got hundreds of thousands of bank statements now being processed that way.”

One of the big areas that both software and audit firms are now looking at, said Mr Lesh, is using AI to help review the compliance of the fund.

“One of the things that I’m very keen to see added to what we’re already doing is a fund review that uses AI to determine whether we think the fund has broken any of the major SIS rules. I think that’s pretty important, and some of the audit firms are already trying to do that,” he stated.

While Mr Lesh said building AI models isn’t an easy process, the expansion of open banking would help development in this area.

“The ability to get a lot more data out of open banking is going to give us the ability to mine that data and really use AI to help clients understand what’s coming through better,” he said.

Mr Lesh also predicts the SMSF sector may even see one click administration five to seven years down the track as artificial intelligence becomes increasingly advanced.

BGL launches CAS 360 in Singapore

By BGL Update, CAS 360No Comments

BGL launches CAS 360 in Singapore

BGL is proud to announce the highly anticipated commercial release of its company secretarial software solution in Singapore, CAS 360. 

“This is a huge milestone for BGL and I’m extremely proud of the CAS 360 team” said Ron Lesh, BGL’s Managing Director. “The team has been working tirelessly over the past 5 years to develop CAS 360 Singapore and we’re excited to be able to release a sensational product to the Singapore market”. 

BGL has had a presence in Singapore for over 20 years, with over 400 businesses using its market-leading Corporate Affairs System (CAS) desktop software. CAS 360 is the natural progression for our clients, and we’ve already had a great deal of interest with over 31,000 active companies added to the BETA since April 2021. 

“CAS 360 will help accounting firms and corporate service providers in Singapore efficiently manage their company compliance for Singapore entities with its innovative technology and superior automation” continued Lesh. “CAS 360 prepares all the forms, minutes / resolutions, registers and other documents required for the Annual Return and common changes made by Singapore companies. CAS 360 also supports the Singapore XBRL for the preparation and automated electronic lodgement of XBRL Financial Statements”. 

“BGL worked with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) to help make the Singapore electronic filing system work for software providers,” added Lesh. “BGL is proud to be the first company secretarial software provider approved by ACRA to lodge Company Annual Returns electronically in Singapore.”

CAS 360 is the complete package and will provide the same incredible efficiencies for our Singapore clients as it does for 650,000+ companies in Australia and New Zealand. CAS 360, Hong Kong is due for release to BETA in Quarter 3, 2022. 

For more information, please visit www.bglcorp.com.sg 

Simple Fund 360 and Simple Invest 360 Product Update – April 2022

By BGL Update, Simple Fund 360, Simple Invest 360No Comments

We are excited to announce another eggcellent Simple Fund 360 and Simple Invest 360 update! You can learn what’s new at our New Features Webinar on Tuesday, 24 May 2022 at 11:00 AEST.  Register Now >>> 

The full release notes can be found on the BGL Community >>>

What's New?

Data Feeds: A new broker data feed has been added to the BGL Share Data Pack for Wentworth Securities. Plus, the HUB24 data feed has been upgraded to significantly improve support for HUB24 foreign share markets trades.

Reporting: 8 new mail merge fields have been added to custom reports and letters including tax breakdowns, pension minimums, and middle names.  

Google Addresses Integration: Support for Google addresses has been added to Entity Details, Contacts and Trust Tax Return screens.

Corporate Actions: The following Corporate Actions have been added for various Mergers and Takeovers:

  • MEP – 09 March 2022
  • SYD – 09 March 2022
  • ABR – 10 March 2022
  • AVN – 14 March 2022
  • OTW – 16 March 2022
  • PAF – 28 March 2022
  • API – 01 April 2022

Exclusive to Simple Invest 360

Trust Reporting: Enhancements have been made to Trust reporting, with multiple client wishlist items added. Including: 

  • Improvements to Unit Valuation Reports for unit classes and increased decimal places. 
  • Statement of Financial Position reports rounding improved
  • Additional manual adjustments added to the Trust Taxable Income screen

Plus, many more features and improvements. Don’t forget to check out the full release notes on the BGL Community >>>

Previous month release notes can be found:


The BGL Team