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Trading Hobbyist: Accounting trap or goldmine?

By Homepage, In the Media, IndustryNo Comments

Trading Hobbyist: accounting trap or goldmine?

Never before has there been such a perfect storm leading to potentially either a goldmine or a nightmare for accountants. In this post, I will attempt to explain why accountants need to be prepared, how we got here and how you can turn a possible disaster into a goldmine for your firm.

It has been written and talked about ad nauseam – the world has changed. Ever since March 2020 we were told to go home: it’ll only be a few weeks and then we can all go back to normal. As weeks turned into months and the months into years and the situation spiralled out of control, many of us struggled with what to do with all this extra time we had on our hands. We were no longer distracted by social activities, ferrying kids around to various sports or being forced to go on holidays.

It was finally here. This was our chance. We were home when not eyeing people off suspiciously at the supermarket, or trying to hold in a cough at the chemist (just a dry throat, I swear). And then the storm hit. The formula looked something like this:

Increased time at home + technology at our fingertips + low brokerage fees = we could all be the Wolf of Wall Street.

Finally living the dream. Sitting around in pyjamas, a bowl of corn chips resting on our enlarged bellies, phone in one hand while keeping an eye on whatever it was Netflix told me everyone else was watching so why aren’t you. And within the phone the power to trade across time zones, across markets, derivatives, options, CFDs, crypto… Endless opportunities to make your millions, or quietly realise a loss that would never be spoken about.

This scenario may sound familiar or chances are you know someone that went down this path. Some people were just passing the time with a flutter, others legitimately trying to build wealth. Either way, we know that a lot of Australians did this.

According to SelfWealth’s (a flat fee retail share trading platform) Annual Report, active traders on their books increased by 105% during FY21 and the total number of trades increased by 147% for the same period¹. The reduced costs associated with working from home and lack of alternatives meant people had a surplus of cash and now that cash became seed capital for their own private hedge fund.

While the popularity of ETFs is growing, only 15% of investors choose this investment type compared to 58% of investors directly holding Australian shares (ASX, 2020)². A key area to watch is the number of investors dipping their toes (and sometimes up to their neck) in the ever-expanding galaxy of cryptocurrencies. According to the AFR, 1 in 5 Australians is likely to buy cryptocurrency in the next 12 months³.

We are now seeing investors using multiple brokers and exchanges to take advantage of sign up offers and referral programs. This may make sense for the investor looking to capture the highest return possible, but it does mean that they may end up with poor records and difficulty in tracking their investments.

Throw into the mix buybacks, stock splits, DRPs, demergers as well as the even more complex world of crypto yield farming and come tax time there will be either underreporting (non-compliance) or a heap of work for someone to reconcile the data and make sense of all the transactions.

While excel has been one of the greatest fintech solutions since Lotus 1-2-3, it does have limitations. Excel formulas can be error-prone, time must be invested for compliance changes and reconciliation back to any data source is limited or non-existent.

Luckily for today’s accountants there exists a whole new world of automation: an ecosystem of data feeds, AI and automated processing that will drastically reduce the amount of time required to keep track of CGT records, produce financials and arrive at a reliable tax optimised position.

The perfect storm has enabled trading and wealth creation for a whole new generation and now this generation needs your help to make sure they do not give it all back with poor tax planning and compliance issues.

References:

  1. SelfWealth Limited Annual Report (2021, June 30)  https://www.selfwealth.com.au/investor-centre/
  2. ASX Australian Investor Study (2020) https://www2.asx.com.au/blog/australian-investor-study
  3. AFR (2021, June 8) Four million Aussies set to buy into crypto https://www.afr.com/companies/financial-services/four-million-aussies-set-to-buy-into-crypto-20210608-p57z2g
September 20, 2021
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CAS 360 Product Update Release – September 2021

By CAS 360, Product UpdatesNo Comments

Hello all and welcome to Spring! We have another BIG CAS 360 update for you!

Don’t forget to join the conversation about this release and so much more on the BGL Community >>>

What's New in CAS 360?

Company Incorporations

Let’s kick off with Company Incorporations. Now you can start using CAS 360 for Company Incorporations, the previously required digital certificate has been removed, all that is required now is a direct debit account with ASIC. 

All company incorporations from CAS 360 are done for the ASIC fee only. It has never been faster or easier to incorporate companies. 

While CAS 360 does not currently have a constitution, we will soon, keep your eyes open.

Minutes and Resolutions

Next, we have made some big improvements to our minutes and resolutions. Share and Unit transactions now show more information about each transaction, including effective dates. We have also added thousands separator commas to all Director, Trustee, Member and Unit holder minutes / resolutions. Share and Unit certificates have also been improved. 

File Upload Security

Security is an important part of all software applications these days and CAS 360 is no exception, we have now added system wide file scanning on all uploaded documents. From this update, every uploaded file will be virus scanned, and you will be notified if the document is marked suspicious.

Report Improvements

Reports have been updated with the People group report now showing more trust relationship information, the Address Usage report now showing all addresses, with the ability to filter the new address types. The Companies Listing report options are now dynamic to your firm’s data (i.e options that are not relevant won’t be shown)

User Interface Improvements

Last and certainly not least we have made a number of interface changes to improve how CAS 360 works. 

Now all screens that have a table (Company, Documents, Annual Reviews etc.) have a sticky header. This means that as we scroll down the page, the headings will stay visible, this is a great improvement. 

We have also redesigned the company notes screens in company selection with a new modern look, and also the SMS messages conversation box has been updated with a fresh new look.

September 16, 2021
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CX is Far from a Fad!

By Bec Loves CX, Homepage, In the Media, Industry3 Comments

You may have heard word on the street that Client Experience (CX) is the new industry fad and that if you don’t embrace it, your business is setting itself up for failure. This is a controversial opinion among critics however, only one part of this is true and I can say with confidence, CX is far from a fad!

CX has been around for decades however, it has commonly been mistaken for customer service and pumping valuable dollars into the latest and greatest technology. Although these are contributors to CX, it’s just the tip of the iceberg. The expectations from our clients to deliver on CX is growing day by day. 

CXPA refers to Client Experience as “the perception that customers have of an organisation – one that is formed based on interactions across all touchpoints, people and technology over time”. 

I interpret this as an emotional connection you form with a business based on your experiences with them on all levels. It’s that heart-fluttering nostalgia you get when Mr Whippy drives by playing music, in the middle of summer – Doesn’t that take you back to some fun memories? And Mr Whippy generally drove a beat-up old van and his ice cream machine was probably older than your parents, but the experiences and memories that it gave you evoke a fuzzy feeling every time.

The first question to ask yourself is this: How do our clients perceive our business? 

Many of us have been guilty of drawing off assumptions however, the key to CX is facing the hard facts of what clients really do perceive or feel when they think of your business. The biggest mistake business owners make is assuming their business is perceived a certain way and implementing changes based on this. This is self-sabotage!

Hearing and seeing hard facts or data on this matter can be a hard pill to swallow for some but if you have a genuine understanding of your client’s perception, you’re already on the path to CX success and can start implementing meaningful change.

I could go on about CX for hours and hours and don’t worry, I will! But before I flood you with what I have learnt about the six competencies of Client Experience (and work to convert you into a CX superstar!), I’d like you to think about the following points:

  • Mr Whippy was delivering Client Experience to children decades ago, it’s not a fad that will fade away and it doesn’t mean you need the latest and greatest of everything. 
  • There are two types of business owners in the world, the ones that have already embraced CX and the ones that will be forced to embrace it in order to survive. Which one do you want to be?
  • Client Experience is a genuine feeling and perception of your business.

Let’s make a start on this journey together and pick one point from this post that you can apply in your everyday life. It will make a world of difference and allow you to get a feel for what it is to live CX.

August 30, 2021
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Thanks a million – CAS 360 hit 1,000,000 Annual Reviews!

By CAS 360, Homepage, Industry, NewsNo Comments

Thanks a Million!

Last week CAS 360 passed a major milestone, there has now been more than 1 million ASIC Annual Reviews processed in CAS 360!

This is a massive milestone, and we are so thankful to our clients who use CAS 360 every day to complete their corporate compliance work. Without the faith and trust, you have put into the product we would not have come close to this number, we are forever grateful.  

We built CAS 360 with the intention to streamline and automate as much of the corporate compliance job as possible, the Annual Review was always the centerpiece of this. 

CAS 360 has now over a million times automatically downloaded Annual Reviews from ASIC, automatically alerted the user via the Annual Review Alert, automatically compared the data in CAS 360 to ASIC, and after a few clicks generated the Annual Review document pack, email delivered that pack to the company directors, and automatically marked up for digital signing. 

We hope for all of the CAS 360 clients, we have been able to streamline your processes and allow you to spend more time on other meaningful work. Also, we hope that businesses are receiving their documents earlier and signing them easier than ever before. 

We are also so proud to play a part in generating revenue for our clients. If our clients are charging $250 as a service fee for completing the Annual Review, that means… Oh right,  you’re probably an accountant… You know how much has been generated by firms.

Of course, in 2021 we have made this process even more streamlined with the release of Multi Annual Reviews, allowing users to complete their Annual Reviews for the day/week in one simple process. 

However, we are not done with it yet, we have one of our biggest and best innovations yet to come later in 2021, focused on streamlining one more area of the Annual Review process… Stay tuned!

August 16, 2021
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BGL launches integration with digital signing tool

By In the Media, News, SMSF AdviserNo Comments

Published by SMSF Adviser, powered by MOMENTUM MEDIA
Written by Tony Zhang on 16 August 2021
Click here to read on SMSF Adviser website

The SMSF technology provider has launched a new integration with a digital signing service.

BGL Corporate Solutions, supplier of SMSF administration and ASIC corporate compliance and investment portfolio solutions, has announced that CAS 360, Simple Fund 360 and Simple Invest 360 are now integrated with digital signing tool FuseSign by FuseWorks.

“It’s great to add FuseSign to the BGL ecosystem,” Ron Lesh, BGL’s managing director, said.

“FuseSign creates a seamless workflow for BGL clients so that all company, trust, individual and SMSF documents can be digitally signed, speeding up the compliance process and reducing signing times to minutes rather than days for the price of a stamp.”

Melissa Voss, co-founder and head of clients and partners at FuseWorks, said that the firm is thrilled with this partnership and to be able to offer BGL clients with the digital signing tool straight from their platform.

“I am passionate about automation and helping accountants to simplify the day-to-day, removing inefficiencies through the power of automation so they can focus on more human tasks, and that is exactly what FuseSign does — it gives your clients a better experience with your brand, saves your business time and money, and it empowers your team to focus on tasks they really enjoy,” Ms Voss said.

Made for accountants by accountants, FuseSign is an affordable, intuitive and easy-to-use digital signing tool and can be used for all company, trust, individual and SMSF documents prepared by CAS 360, Simple Fund 360 and Simple Invest 360. Recent legislative changes have now made it possible to sign more document types digitally than ever before.

The FuseSign process in BGL applications provides a seamless workflow for clients, with the firm noting that recent evaluations of digital signing solutions have proven documents are signed quicker, easier and with much less friction when digital signing solutions are used.

August 16, 2021
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BGL launches integration with FuseSign

By In the Media, News, XU MagazineNo Comments

Published by XU Magazine
Click here to read on XU Magazine website

BGL launches integration with FuseSign

BGL Corporate Solutions, Australia’s leading supplier of SMSF administration, ASIC corporatecompliance and investment portfolio solutions, is proud to announce CAS 360, Simple Fund 360and Simple Invest 360 are now integrated with digital signing tool FuseSign by FuseWorks.

“It’s great to add FuseSign to the BGL Ecosystem” said Ron Lesh, BGL’s Managing Director.“FuseSign creates a seamless workflow for BGL clients so that all company, trust, individual andSMSF documents can be digitally signed, speeding up the compliance process and reducingsigning times to minutes rather than days for the price of a stamp.

Melissa Voss, Co-Founder and Head of Clients and Partners at FuseWorks, said: “We’re thrilledwith this partnership and to be able to offer BGL clients with our Digital Signing tool straight fromtheir platform. I am passionate about automation and helping Accountants to simplify theday-to-day, removing inefficiencies through the power of automation so they can focus on morehuman tasks, and that is exactly what FuseSign does, it gives your clients a better experiencewith your brand, saves your business time and money, and it empowers your team to focus on tasks they really enjoy.”

Made for accountants by accountants, FuseSign is an affordable, intuitive and easy to useDigital Signature tool and can be used for all company, trust, individual and SMSF documentsprepared by CAS 360, Simple Fund 360 and Simple Invest 360. Recent legislative changeshave now made it possible to sign more document types digitally than ever before. TheFuseSign process in BGL applications provides a seamless workflow for clients. And recentevaluations of digital signing solutions have proven documents are signed quicker, easier andwith much less friction when digital solutions are used.

BGL currently has over 350 partners in our Ecosystem and it is great to be able to addFuseSign to the list.

For more information about this sensational integration, visit https://www.fusesign.com/bgl/

August 16, 2021
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BGL launches integration with FuseSign

By Australian FinTech, In the Media, NewsNo Comments

Published by Australian FinTech
Click here to read on Australian FinTech website

BGL launches integration with FuseSign

BGL Corporate Solutions, Australia’s leading supplier of SMSF administration, ASIC corporate compliance and investment portfolio solutions, announces CAS 360, Simple Fund 360 and Simple Invest 360 are now integrated with digital signing tool FuseSign by FuseWorks.

“It’s great to add FuseSign to the BGL Ecosystem,” said Ron Lesh, BGL’s Managing Director.

“FuseSign creates a seamless workflow for BGL clients so that all company, trust, individual and SMSF documents can be digitally signed, speeding up the compliance process and reducing signing times to minutes rather than days for the price of a stamp.

Melissa Voss, Co-Founder and Head of Clients and Partners at FuseWorks, said, “We’re thrilled with this partnership and to be able to offer BGL clients with our Digital Signing tool straight from their platform. I am passionate about automation and helping Accountants to simplify the day-to-day, removing inefficiencies through the power of automation so they can focus on more human tasks, and that is exactly what FuseSign does, it gives your clients a better experience with your brand, saves your business time and money, and it empowers your team to focus on tasks they really enjoy.”

Made for accountants by accountants, FuseSign is an affordable, intuitive and easy to use Digital Signature tool and can be used for all company, trust, individual and SMSF documents prepared by CAS 360, Simple Fund 360 and Simple Invest 360. Recent legislative changes have now made it possible to sign more document types digitally than ever before. The FuseSign process in BGL applications provides a seamless workflow for clients. And recent evaluations of digital signing solutions have proven documents are signed quicker, easier and with much less friction when digital solutions are used.

BGL currently has over 350 partners in our Ecosystem and it is great to be able to add FuseSign to the list.

August 16, 2021
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BGL launches integration with digital signing tool FuseSign!

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

Digital Signing, Electronic Signing, Electronic Signature, Company Compliance, Corporate Compliance, Companies, Trust Administration, Trust Management, Trusts, Self-managed Superannuation Fund, Self Managed Super, SMSF, SMSFs, Investment Portfolios

BGL Corporate Solutions, Australia's leading supplier of SMSF administration, ASIC corporate compliance and investment portfolio solutions, is proud to announce CAS 360, Simple Fund 360 and Simple Invest 360 are now integrated with digital signing tool FuseSign by FuseWorks.

“It’s great to add FuseSign to the BGL Ecosystem” said Ron Lesh, BGL’s Managing Director. “FuseSign creates a seamless workflow for BGL clients so that all company, trust, individual and SMSF documents can be digitally signed, speeding up the compliance process and reducing signing times to minutes rather than days for the price of a stamp.

Melissa Voss, Co-Founder and Head of Clients and Partners at FuseWorks, said: “We’re thrilled with this partnership and to be able to offer BGL clients with our Digital Signing tool straight from their platform. I am passionate about automation and helping Accountants to simplify the day-to-day, removing inefficiencies through the power of automation so they can focus on more human tasks, and that is exactly what FuseSign does, it gives your clients a better experience with your brand, saves your business time and money, and it empowers your team to focus on tasks they really enjoy.”

Made for accountants by accountants, FuseSign is an affordable, intuitive and easy to use Digital Signing tool and can be used for all company, trust, individual and SMSF documents prepared by CAS 360, Simple Fund 360 and Simple Invest 360. Recent legislative changes have now made it possible to sign more document types digitally than ever before. The FuseSign process in BGL applications provides a seamless workflow for clients. And recent evaluations of digital signing solutions have proven documents are signed quicker, easier and with much less friction when digital signing solutions are used.

BGL currently has over 350 partners in our Ecosystem and it is great to be able to add FuseSign to the list.

For more information about this sensational integration, visit www.fusesign.com/bgl 

About FuseSign

FuseSign is a digital signing platform like no other. Made by accountants for accountants, it is an elegant solution that simplifies complex tasks, resulting in faster turnarounds, significant cost savings, improved client experience and higher staff engagement.

Digital Signing, Electronic Signing, Electronic Signature, Company Compliance, Corporate Compliance, Companies, Trust Administration, Trust Management, Trusts, Self-managed Superannuation Fund, Self Managed Super, SMSF, SMSFs, Investment Portfolios

August 12, 2021
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