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BGL integrates with Acumentis to simplify SMSF property valuations

By In the Media, Industry, SMSF AdviserNo Comments

Written by Keeli Cambourne
Published by SMSF Adviser on 09 October 2023
Click here to read on the SMSF Adviser website

A new corporate partnership will help SMSFs with assets in property meet compliance standards as well as deliver cost-effective valuation and assessment reports.

BGL Corporate Solutions (BGL), a provider of company compliance, investment management and AI powered paper-to-data solutions, has integrated with national property valuation company, Acumentis, to simplify SMSF property valuations.

BGL’s managing director, Ron Lesh, said the integration will provide BGL’s Simple Fund 360 and Simple Invest 360 clients with access to compliant SMSF property valuations and tax depreciation schedules for a wide range of property types, including residential, commercial and agribusiness.

“Acumentis’ registered valuers are equipped to deliver cost-effective valuation and assessment reports with their extensive expertise, local and asset-specific knowledge and invaluable market insights,” he said.

Acumentis SMSF assessments are completed using methodology and data to ensure ATO compliance, providing clients with the information and confidence required for SMSF reporting.

Nathan King, National Director Advisory at Acumentis, said, SMSF trustees and administrators struggle with gaining access to relevant market data to substantiate the market value of SMSF property assets which often leads to auditor queries or valuation reworks.

An Acumentis SMSF property assessment provides an audit-compliant market value in a cost-effective and timely manner.

He said the integration means that BGL clients can now order a fixed price commercial or residential property assessment online and receive an ATO-compliant property assessment within five working days.

Mr Lesh added, under the ATO’s Valuation Guidelines, there is a limited range of professionals who can provide valuations, and with the rapidly changing property market, obtaining an independent property valuation ensures trustees, SMSF professionals and auditors have a correct valuation of SMSF assets and that the valuation is based on objective and supportable data.

BGL ranked AFR’s 4th Most Innovative Technology Company

By Australian FinTech, In the Media, IndustryNo Comments

BGL ranked AFR’s 4th Most Innovative Technology Company

BGL Corporate Solutions has announced it was ranked 4th Most Innovative Technology Company in Australia and New Zealand on the 2023 Financial Review BOSS Most Innovative Companies list.

Now in its 12th year, the Most Innovative Companies list assesses the innovation prowess of Australian and New Zealand organisations, with the final result judged by a panel of experts and assessed by Inventium specialists. This year, the list attracted more than 700 nominations.

“We are thrilled to be ranked the 4th Most Innovative Technology Company in Australia and New Zealand on the 2023 Financial Review BOSS Most Innovative Companies list. This is an enormous achievement and I am extremely proud of each and every member of the BGL Team,” said BGL’s Managing Director Ron Lesh. “This is the 3rd time in 5 years BGL has been named in the top 10 list of Most Innovative Technology Companies, having ranked 5th in 2019 and 9th in 2020.”

“BGL’s submission for the 2023 Most Innovative Companies list highlighted the latest addition to the BGL cloud product suite, BGL SmartDocs 360,” continued Lesh. “Currently in BETA, BGL SmartDocs 360 is an AI-powered paper-to-data solution that helps businesses unlock their full potential by transforming paper documents into smart digital data.”

“What makes BGL SmartDocs 360 so exciting and innovative is its use of artificial intelligence and advanced deep learning algorithms for document processing. Unlike other solutions that require the creation of templates for each document layout, BGL SmartDocs 360 learns from documents submitted through its unique training engine. Once learned, it will permanently process the document type, even if the layout of the document changes. The document can be either a PDF or an image.”

“The solution provides both Retail and Developer versions, meaning it can be integrated into any software solution or used by any business to convert paper into data,” added Lesh.

James Luo, Head of Development at BGL, said, “Recognising the transformative power of automated document processing, BGL helps eliminate the burden of manual data entry. Our Development team’s commitment to innovation, supported by BGL’s leadership and our partnership with AWS, fills me with pride.”

BGL integrates with Acumentis to simplify SMSF property valuations

By Australian FinTech, In the Media, IndustryNo Comments

BGL integrates with Acumentis to simplify SMSF property valuations

BGL Corporate Solutions have announced the release of its integration with national property valuation company Acumentis, to simplify SMSF property valuations.

“We are excited to add Acumentis to the BGL Ecosystem,” said BGL’s Managing Director Ron Lesh. “This integration will provide BGL’s Simple Fund 360 and Simple Invest 360 clients with seamless access to compliant SMSF property valuations and tax depreciation schedules for a wide range of property types, including residential, commercial and agribusiness, spanning the entire nation.”

Acumentis’ registered valuers are uniquely equipped to deliver cost-effective valuation and assessment reports with their extensive expertise, local and asset-specific knowledge and invaluable market insights. Acumentis SMSF assessments are completed using methodology and data to ensure ATO compliance, providing clients with the information and confidence required for SMSF reporting.

Nathan King, National Director Advisory at Acumentis, said, “SMSF trustees and administrators struggle with gaining access to relevant market data to substantiate the market value of SMSF property assets. This often leads to auditor queries or valuation reworks. An Acumentis SMSF property assessment provides an audit compliant market value in a cost effective and timely manner. BGL clients can now easily order a fixed price commercial or residential property assessment online and receive an ATO compliant property assessment within five working days.”

Jeevan Tokhi, Head of Simple Fund 360 at BGL, said, “The partnership simplifies the landscape for SMSF property assessments, providing BGL’s clients with seamless access to compliant SMSF property valuations and tax depreciation schedules for a wide range of property types. Under the ATO’s Valuation Guidelines, there is a limited range of professionals who can provide valuations, and with the rapidly changing property market, obtaining an independent property valuation ensures trustees, SMSF professionals and auditors have a correct valuation of SMSF assets and that the valuation is based on objective and supportable data.”

BGL’s SMSF administration and investment management software, Simple Fund 360 and Simple Invest 360, now support integration with 4 property valuers. “BGL is committed to providing our clients with choice and flexibility through our growing ecosystem,” added Lesh. “This gives our clients the freedom to choose which service provider they connect to in their BGL software.”

BGL’s free and open API is used extensively across the industry with 350+ data feed and integration partners in the BGL Ecosystem, delivering a holistic experience to BGL clients.

BGL launches CAS 360 Certification Program

By In the Media, Industry, XU MagazineNo Comments

BGL launches CAS 360 Certification Program

BGL Corporate Solutions (BGL), Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF), investment management and AI powered paper-to-data solutions, is proud to announce the launch of its CAS 360 Certification Program. The Certification will recognise CAS 360 clients who have successfully completed all the CAS 360 Training Courses.

“The launch of the CAS 360 Certification Program is the result of months of dedication and hard work from our team. I am incredibly proud of everyone involved in the creation of this certification,” said BGL’s Managing Director Ron Lesh. “This certification not only equips BGL clients with the tools to get the most from their CAS 360 software but also offers well-deserved recognition for their skills.”

The CAS 360 Certification Program empowers clients to showcase their proficiency in BGL’s complete company, trust and AML management software, CAS 360 and gain recognition for their expertise from employers, clients and peers.

Norman Michael, Training and Documentation Manager at BGL, said: “Becoming CAS 360 Certified is available to all BGL clients through a series of on-demand product training courses and assessments. The program includes 4 online courses:

  • Company Secretary 101: A Beginner’s Guide,
  • CAS 360 Level 1,
  • CAS 360 Level 2, and
  • CAS 360 Certification.

The courses incorporate interactive videos, practical exercises and a short test. Participants will earn 2 CPD hours for completing each course and receive a certificate and badge to proudly display their expertise.”

“Clients already well-versed in CAS 360 have the flexibility to skip directly to the tests, quickly earning their certificate and badge to enhance their professional portfolio,” added Michael.

The CAS 360 Certification program is currently offered to BGL clients free of charge. It is available through the BGL Learning Channel – an exclusive, on-demand training platform for BGL clients.

“BGL is committed to enhancing the skill sets of our clients. We are currently working to extend this certification program to include Simple Fund 360 and Simple Invest 360 Professional Editions. Watch this space!” concluded Lesh.

‘Cherry-picking’ QAR recommendations dilutes impact

By In the Media, Industry, SMSF AdviserNo Comments

Written by Malavika Santhebennur
Published by SMSF Adviser on 26 September 2023
Click here to read on the SMSF Adviser website

The head of a fintech firm says implementing only some of the Quality of Advice Review recommendations could potentially dilute its effectiveness.

Ahead of the SMSF Adviser Technical Strategy Day 2023, platinum partner accountantsGPS CEO George Haramis noted that the government has been “cherry-picking” Quality of Advice Review (QAR) recommendations.

The federal government accepted (in full or in principle) 14 out of the 22 QAR recommendations for the overhaul of financial advice recommendations.

In its written response to the QAR, the government laid out its priorities for reform, which include increasing the pool of qualified advisers, streamlining documentation requirements, and expanding access to retirement advice by enabling superannuation funds to provide more information to consumers.

Mr Haramis said he used the term “cherry-picking” to describe the government’s response because they have not implemented all the recommendations.

“The QAR recommendations were crafted in such a way that it is a package to ensure that we can deliver more affordable advice to individuals who need it the most,” he told SMSF Adviser.

“Splitting these up could potentially dilute the effectiveness of the recommendations as crafted by [head of review] Michelle Levy. I think there’s consensus that in doing that, it prolongs the implementation of all the recommendations if they are accepted by the government.”

Mr Haramis is in the process of moving ahead with establishing the Australian Digital Advice Association (ADAA), along with fund manager abrdn and fintech firms Ignition Advice, moneyGPS, and Advice Intelligence.

He said if the QAR recommendations are implemented as a package, it could accelerate the timeframe in which digital advice is viewed as a “mainstream player”.

Mr Haramis added that the purpose of the digital advice association is to ensure that everyone who delivers digital advice is using the right type of technology that qualifies as digital advice.

He said moneyGPS delivers a fully client-led journey by undertaking a strategic review of the client’s situation covering best interests duty and product recommendations while delivering a personalised, tailored statement of advice that is compliant with the product recommendations.

“I’ve seen several groups who claim they deliver digital advice when they don’t,” he said.

“That muddies the water and confuses the discussion. It lends itself to concern and hesitation in using digital advice providers because clients may be unsure about who’s delivering the genuine product.”

Haramis echoes stance on accountants

The final QAR report also said there is “little merit” in holding a limited AFSL but opted against recommending changes to the advice accountants can give.

While Ms Levy acknowledged the accountant’s role in assisting clients with their financial needs, she said that did not mean that they should be given an exemption from the framework that regulates the provision of financial advice.

“They have expertise in tax matters. Tax is a critically important aspect of superannuation, but the matters that are relevant to a decision to establish and maintain a SMSF and to rollover superannuation into a SMSF are much broader than those relating to tax,” Ms Levy said.

“Advice on superannuation products, including interests in SMSFs, is financial product advice. It should be regulated as financial product advice. I do not see any reason for making an exception.”

Mr Haramis echoed these sentiments, stating that while accountants are proficient in delivering tax advice to clients in relation to their SMSF or superannuation, strategy recommendations differ significantly from tax advice.

“I would hesitate to give a full exemption to accountants because of that very reason,” he said.

Extending tech to SMSFs

Mr Haramis also spoke about the accountantsGPS’s platinum partnership with this year’s SMSF Adviser Technical Strategy Day, where he will be presenting on the fintech firm’s advice technology capabilities for accountants who service clients with SMSFs.

Earlier this year, SMSF software provider BGL Corporate Solutions (BGL) added accountantsGPS to its suite to offer its clients an SMSF check-up report. This can provide an analysis of a fund’s compliance and financial situation to evaluate how the fund is progressing in key areas.

“What we’re trying to do is offer accountants the technology to enable them to have deeper and constructive discussions with their clients on how to better position their SMSFs to ensure they achieve their long-term financial objectives,” Mr Haramis explained.

He added that events like the upcoming technical strategy day are vital to provide the SMSF industry with the latest updates (given they are responsible for a quarter of all super fund assets) while accountants are key to providing tax advice and advice on how clients could maximise contribution strategies.

“SMSFs can’t be ignored as much as some areas of the financial services industry would like to,” he concluded.

To hear more from George Haramis on how technology could enhance an accountant’s ability to deliver tailored guidance to SMSF clients, come along to the SMSF Adviser Technical Strategy Day 2023.

It will be held at the following locations:

Tuesday 17 October at Four Seasons Hotel, Sydney

Wednesday 18 October at Rydges Southbank, Brisbane

Wednesday 25 October at the Grand Hyatt, Melbourne

Click here to book your tickets so don’t miss out!

For more information, including agenda and speakers, click here.

BGL launches CAS 360 Certification Program

By Australian FinTech, In the Media, IndustryNo Comments

BGL launches CAS 360 Certification Program

BGL Corporate Solutions (BGL), Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF), investment management and AI powered paper-to-data solutions, has announced the launch of its CAS 360 Certification Program.

The Certification will recognise CAS 360 clients who have successfully completed all the CAS 360 Training Courses.

“The launch of the CAS 360 Certification Program is the result of months of dedication and hard work from our team. I am incredibly proud of everyone involved in the creation of this certification,” said BGL’s Managing Director Ron Lesh. “This certification not only equips BGL clients with the tools to get the most from their CAS 360 software but also offers well-deserved recognition for their skills.”

The CAS 360 Certification Program empowers clients to showcase their proficiency in BGL’s complete company, trust and AML management software, CAS 360 and gain recognition for their expertise from employers, clients and peers.

Norman Michael, Training and Documentation Manager at BGL, said, “Becoming CAS 360 Certified is available to all BGL clients through a series of on-demand product training courses and assessments.”

The program includes 4 online courses:

  • Company Secretary 101: A Beginner’s Guide,
  • CAS 360 Level 1,
  • CAS 360 Level 2, and
  • CAS 360 Certification.

“The courses incorporate interactive videos, practical exercises and a short test. Participants will earn 2 CPD hours for completing each course and receive a certificate and badge to proudly display their expertise.

“Clients already well-versed in CAS 360 have the flexibility to skip directly to the tests, quickly earning their certificate and badge to enhance their professional portfolio,” added Michael.

The CAS 360 Certification program is currently offered to BGL clients free of charge. It is available through the BGL Learning Channel – an exclusive, on-demand training platform for BGL clients.

“BGL is committed to enhancing the skill sets of our clients. We are currently working to extend this certification program to include Simple Fund 360 and Simple Invest 360 Professional Editions. Watch this space!” concluded Lesh.

BGL wins 2023 ABA100® Business Innovation Award

By In the Media, Industry, XU MagazineNo Comments

BGL wins 2023 ABA100® Business Innovation Award

BGL Corporate Solutions (BGL), Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF), investment management and AI powered paper-to-data solutions, is proud to announce it has been recognised as an ABA100® Winner for Business Innovation in the Australian Business Awards 2023 for its AI-powered paper-to-data solution, BGL SmartDocs 360.

The Australian Business Awards are an annual comprehensive awards program that recognises organisations demonstrating the core values of business innovation, product innovation, technological achievement and employee engagement via established business and product award categories.

“This is a  truly remarkable achievement and a testament to the extraordinary efforts and dedication of our product development teams,” said BGL’s Managing Director Ron Lesh. “I couldn’t be prouder of their hard work developing our unique, innovative paper-to-data solution.”

BGL SmartDocs 360 is a multi-award winning, AI-powered paper-to-data solution that helps businesses unlock their full potential by transforming paper documents into smart digital data. The solution provides both Retail and Developer versions (currently in beta), meaning it can be integrated into any software solution or used by any business to convert paper into data.

“Unlike other solutions that require the creation of templates for each document layout, BGL SmartDocs 360 learns from documents submitted through its unique training engine,” added Lesh. “Once BGL SmartDocs 360 has learned the document type (it takes approximately 10 documents of the same type), it will permanently process the document type even if the layout of the document changes. The document can be either a PDF or an image.”

As a flagship product, BGL SmartDocs 360 positions BGL to expand its global reach by delivering a paper-to-data solution to organisations across the globe and industries seeking to streamline operations and improve efficiency.

BGL wins 2023 ABA100 Business Innovation Award

By Australian FinTech, In the Media, IndustryNo Comments

BGL wins 2023 ABA100 Business Innovation Award

BGL Corporate Solutions has been recognised as an ABA100® Winner for Business Innovation in the Australian Business Awards 2023 for its AI-powered paper-to-data solution, BGL SmartDocs 360.

The Australian Business Awards are an annual comprehensive awards program that recognises organisations demonstrating the core values of business innovation, product innovation, technological achievement and employee engagement via established business and product award categories.

“This is a truly remarkable achievement and a testament to the extraordinary efforts and dedication of our product development teams,” said BGL’s Managing Director Ron Lesh. “I couldn’t be prouder of their hard work developing our unique, innovative paper-to-data solution.”

BGL SmartDocs 360 is a multi-award winning, AI-powered paper-to-data solution that helps businesses unlock their full potential by transforming paper documents into smart digital data.

The solution provides both Retail and Developer versions (currently in beta), meaning it can be integrated into any software solution or used by any business to convert paper into data.

“Unlike other solutions that require the creation of templates for each document layout, BGL SmartDocs 360 learns from documents submitted through its unique training engine,” added Lesh. “Once BGL SmartDocs 360 has learned the document type (it takes approximately 10 documents of the same type), it will permanently process the document type even if the layout of the document changes. The document can be either a PDF or an image.”

As a flagship product, BGL SmartDocs 360 positions BGL to expand its global reach by delivering a paper-to-data solution to organisations across the globe and industries seeking to streamline operations and improve efficiency.

BGL updates integration with MYOB GreatSoft

By Australian FinTech, In the Media, IndustryNo Comments

BGL updates integration with MYOB GreatSoft

BGL Corporate Solutions has announced the release of its enhanced integration with leading business management platform MYOB GreatSoft practice management.

“We are excited to roll out our new and improved two-way practice management integration with GreatSoft,” said BGL‘s Managing Director Ron Lesh. “This integration streamlines the management of company, SMSF, trust, and individual client and contact data across four apps in a single database. This eliminates the need for manual and duplicated data entry, freeing up valuable time and resources for clients.”

Valantis Vais, Head of Product – Enterprise for MYOB, said, “Accounting Practices are struggling with an industry-wide shortage of Accountants, so reducing the amount of precious time wasted keeping data in sync between BGL’s suite of products and MYOB GreatSoft with a seamless 2-way workflow will help reduce pressure on the existing teams. Plus, this integration demonstrates our commitment to creating an Open Business Management Platform for Accountants.”

The new and improved two-way BGL Practice Management Integration (Version 2) connects MYOB’s GreatSoft practice management software with the BGL Suite, which includes company, trust and AML management software, CAS 360, SMSF administration software, Simple Fund 360 and accounting, investment and tax software, Simple Invest 360.

“The integration features client and contact level synchronisation, prompts to review a client/contact before syncing to an app and provides notifications for duplicate clients/contacts,” continued Lesh. “It also includes the ability to add clients/contacts in bulk, view client/contact relationships and change history. All clients/contacts can be searched and filtered in the Client List screen.”

“So, if a client’s details change in the BGL Suite (CAS 360, Simple Fund 360 and Simple Invest 360), this change is automatically updated in GreatSoft,” added Lesh. “Also, when client or contact details change in any app, our company compliance software, CAS 360, will prompt clients to prepare all the relevant ASIC compliance documents.”

BGL plans to extend this integration to other practice management partners.

BGL’s free and open API is used extensively across the industry with 350+ data feed and integration partners in the BGL Ecosystem, delivering a holistic experience to BGL clients.

BGL releases world first Annual Tax Statement automation

By In the Media, Industry, XU MagazineNo Comments

BGL releases world first Annual Tax Statement automation

BGL Corporate Solutions has announced the release of Annual Tax Statement automation using BGL SmartDocs in Simple Fund 360 and Simple Invest 360.

BGL SmartDocs is a multi-award-winning, AI-powered paper-to-data solution fully integrated with BGL’s SMSF administration and investment management software, Simple Fund 360 and Simple Invest 360.

“This release is a huge achievement by our Big Data, Simple Fund 360 and Simple Invest 360 Product Teams and I’m extremely proud of everyone involved,” said Ron Lesh, BGL’s Managing Director. “This amazing new feature will free up valuable time for our Simple Fund 360 and Simple Invest 360 clients by eliminating the need for manual data input or the hassle of deciphering tax statements from Managed Funds, ETFs and Trusts.”

“BGL clients can simply upload or email Annual Tax Statements (image or PDF files) directly to their Simple Fund 360 or Simple Invest 360 software,” continued Lesh. “The built-in BGL SmartDocs feature will read the statement, extract the data and calculate the distribution tax components pre-filling the relevant fields in Simple Fund 360 or Simple Invest 360. The BGL SmartDocs feature displays the statement alongside the calculations providing a simple reconciliation process.”

Jeevan Tokhi, Head of Simple Fund 360 at BGL, said, “BGL continues to innovate and remove manual data entry for clients. In 2019, we released a tool that automated tax data processing by calculating the amount of each tax component and applying this to distributions received during the year. We extended in 2021 by automatically creating year-end accrual transactions and warnings in our built-in workpapers. Now, we have the incredible feature of extracting the tax components from the Annual Tax Statement PDF. This release is yet another step forward in the evolution of our zero-touch technology.”

BGL SmartDocs is currently reading two million pages per month and loading the extracted data into Simple Fund 360 and Simple Invest 360.