Skip to main content
Category

Industry

The benefits of transitioning to Simple Fund 360 are invaluable! – Bedford story

By Case Study, Homepage, Industry, Simple Fund 360No Comments

The intuitive and easy to use interface has led to processing efficiency. Especially for complex funds with lots of transactions, the processing time has reduced by more than half, which is incredible.

About Bedford

Bedford CA is a highly skilled and proactive firm of professional accountants and business advisors with over 70 years of history behind them.

The team at Bedford CA pride themselves on their proactive, personalised service to their clients. They partner with their clients to set goals and develop strategies to achieve them, from start up to retirement, as well as managing their client’s compliance requirements effectively every year.

About Diana Porta

Diana Porta, client manager at Bedford, is an experienced, knowledgeable, pro-active and engaging accountant with proven skills in Tax Preparation, SelfManaged Superannuation Funds, Auditing and Business Process Improvement.

Diana holds a Bachelor of Business and Commerce from University of Western Sydney, where she was awarded the 2010 Dean’s Medal. She is also a Chartered Accountant through the Chartered Accountants Australia and New Zealand, and is currently working towards her Masters in Economics and Finance through Sydney University.

The Challenge

Inefficient and difficult to use software

Prior to making the transition to Simple Fund 360, Bedford CA legacy systems were hard to manage – everything from digital usability to simple fund processing was difficult.

“Our previous super fund software was not very intuitive and after investing a considerable amount of time and money, there were still inefficiencies in processing super funds across the firm.”

The team at Bedford CA knew they needed a much simpler solution– and they found that in Simple Fund 360.

Why Simple Fund 360

Intuitive, innovative software that adds value to our firm and clients

“We really wanted to move to a leading software provider that demonstrates a commitment to continuous improvements to their product. Other key considerations included: If the software features were intuitive and easy to use? If the reports were easy to understand? And most importantly, if the new software would add value to our firm and our clients?”

The Solution

An intelligent, automated solution - Simple Fund 360

“We were a bit worried about the transition to Simple Fund 360, but the process was very easy. The BGL team imported all the data from our previous software and generated all the documents to set up bank and broker feeds”.

“Now, with the bank and broker feeds up and running, we are able to obtain a lot of information from directly within the software, which has considerably reduced the volume of queries to clients”.

“Processing transactions and year-end adjustments is also really easy and BGL’s Online Help is a great resource for information on processing corporate actions and matching transactions”.

Using Simple Fund 360’s Matching Rules Screen, Bedford’s CA team can now easily view, create and manage funds’ transaction matching rules – which determines the logic Simple Fund 360 uses to automatically code transactions that feed into funds through bank feeds, CSV or other file uploads.

“My favourite time saving features in Simple Fund 360 are the “Drag and Drop” file import feature and the “Transaction Matching – Create New Rule’’ feature. I love being able to “Drag and Drop” csv files into the file import feature and by “Creating Rules” in the Matching Rules Screen, most of the work is done for the current and future years”.

“Finally, the BGL Support Team has been quick and responsive to any issues we have faced so far, and the Simple Fund 360 Product Development Team is continually adding new helpful features”. 

The Results

Our processing time has reduced by more than half and now we can focus on what really matters - our clients!

“The benefits of transitioning to Simple Fund 360 are invaluable.”

“As we continue to automate as much as we can, not only are we saving time on processing, but we’re also streamlining other internal procedures. This helps us to keep a competitive price structure for our clients.”

“Now we can focus on what really matters – our relationships with our clients and assisting them with their compliance.”

BGL recognised as the 6th best technology workplace in Australia & New Zealand

By BGL Update, Culture, In the Media, Industry, NewsNo Comments

BGL Corporate Solutions, developer of Australia’s leading SMSF administration and ASIC Company Compliance software solutions, is proud to announce it has been recognised on 2021 AFR BOSS Best Places to Work List as the 6th best technology workplace in Australia & New Zealand.

“We are honoured to rank #6 on the technology list from nearly 700 nominated organisations across Australia and New Zealand” says Ron Lesh, BGL’s Managing Director. “The assessment, conducted by Inventium, requires a written submission from BGL and a Team survey, with questions relating to policies, practices, and programs at BGL. The methodology is underpinned by Inventium’s Workplaces of the Future framework, which identifies ten key factors critical to employees feeling motivated and engaged at work”.

“This is an absolutely fabulous achievement by the BGL Team and especially our People and Culture Team”, added Lesh. “Over the past 30 years BGL has grown to become the leading provider of SMSF administration and ASIC company compliance software solutions in Australia and we would not be here without our amazing team of 170+ committed professionals. We believe great goals can only be achieved with inspired and passionate people! This award recognises our efforts and practices to provide our staff with a safe, flexible, inclusive, and friendly work environment, where they feel inspired, motivated and produce amazing results for our clients”. 

“Inventium is proud to announce the 2021 Best Places to Work list in conjunction with the Australian Financial Review. We have undertaken extensive research into what truly makes a brilliant workplace and we are thrilled to recognise many organisations who are leading the way with innovative practices that drive key elements such as flexibility, wellbeing, and equality”, Inventium said.

ABOUT THE AFR BOSS BEST PLACES TO WORK LIST 

The AFR BOSS Best Places to Work list recognises and ranks the best places to work in Australia and New Zealand, by industry, and is the premier list of its kind. The list is judged and compiled by Inventium – Australia’s leading behavioural science consultancy, using unique research-based methodology. In 2020, the list comprised ten industry lists, compiled from nearly 700 nominations. More info

ABOUT THE AUSTRALIAN FINANCIAL REVIEW 

For more than 50 years The Australian Financial Review has been the authority on business, finance and investment news in Australia. It has a reputation for independent, award-winning journalism and is essential reading for Australia’s business and investor community. The Australian Financial Review is owned by Fairfax Media Limited [ASX:FXJ], a leading multi-platform media company in Australasia. More info

ABOUT INVENTIUM 

Inventium is Australia’s leading behavioural science and innovation consultancy. Inventium applies the latest findings from science to help organisations unlock growth through innovation and to create brilliant workplaces that get the very best out of their people. Inventium is the official methodology partner of the AFR Boss Best Places to Work List and the AFR Boss Most Innovative Companies list. More info

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….

Digital Signing with BGL’s COO Daniel Tramontana

By BGL Update, CAS 360, Industry, New Zealand, Simple Fund 360, Simple Invest 360, TechnologyNo Comments

Browsing through various platforms, it has been great to see the discussions around digital signing.

Digital signing in my view, is a must for any organisation where client signatures are required and where the law permits.

As a software provider, it is important to build into the software design and experience a quality engagement piece that brings to surface the true value of Digital Signing.

At BGL Corporate Solutions, we currently integrate CAS 360 (Australia), CAS 360 (New Zealand), Simple Fund 360 and Simple Invest 360 with DocuSign and Adobe Sign and soon to be released, FuseSign by FuseWorks and PleaseSign.

What differentiates these integrations is that they are built directly into the software.

Well, what does this mean? Simple.

We deeply embed the digital signing solution into the software. We mark up the documents and forms, so that when you deliver a set of documents to your clients, they are ready for digital signing. We allow for easy selection of signing and tracking so users can monitor the status

When complete, we notify you and then store the document as required by the governing bodies and make it easy for you to retrieve.

When it comes to Digital Signing solutions, the end-to-end experience is so important and that is what we make great!

BGL very concerned about Total Balance Cap indexation

By BGL Update, Homepage, Industry, NewsNo Comments

BGL is very concerned about the practical implementation of the indexation of the Total Balance Cap.

“It’s simply too complicated” said BGL’s Managing Director, Ron Lesh. “Indexing the $1.6m cap to $1.7m is not the problem – it’s the partial indexation where a person has already commenced a pension that is crazy.”

“There are 2 real problems with partial indexation.

1. Potentially every person can now have a different total balance cap, and
2. Access to ATO total balance cap data is not readily available.

This makes these changes a nightmare for SMSF advisers” says Lesh. “The ATO and Treasury have known for 2 + years that this will be a problem but have done nothing about it. BGL and many others have been asking for API access to ATO total balance cap data, but our requests have been ignored – it’s simply not good enough.”

“Something needs to be done – and fast”

“The Government needs to find a solution to this – fast” added Lesh. “The simplest is to remove partial indexation and increase the total balance cap for everyone to $1.7m. This removes the complexity and is fairer than some of the other solutions. Why should the date a person commences a pension determine how much that pension should be? Clearly this is unfair”

“BGL needs to implement these changes in our market leading Simple Fund 360 SMSF admin software by 1 July 2021. Implementing partial indexation without access to ATO total balance cap data is going to result in many errors” noted Lesh. “Something needs to be done – and fast”.

BGL has over 6,000 clients representing over 200,000 SMSFs using it’s multi award winning Simple Fund 360 SMSF admin software. “It would be really nice if the government took into account the practical implementation issues of the legislation and made changes to help accountants who have already beared the brunt of the work around JobKeeper of the past 12 months” Lesh said.