Industry

Published by Australian Fintech on 05 April 2023
Click here to read on the Australian Fintech website

BGL Corporate Solutions (BGL), Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF) and investment portfolio management software, has announced its multi-award-winning SMSF administration software, Simple Fund 360, now integrates with the Fintech platform, accountantsGPS, to provide its clients with a new digital SMSF Check-Up Report.

“We are thrilled to add Melbourne-based Fintech, accountantsGPS, to the BGL Ecosystem,” said BGL’s Managing Director Ron Lesh. “This integration allows Simple Fund 360 clients to produce a new SMSF Check-Up Report using accountantsGPS’ proprietary technology – a first for the SMSF market and available exclusively to BGL clients.”

“The digital SMSF Check-Up Report provides a comprehensive analysis of a fund’s complianceand financial situation to evaluate how a fund is progressing in many key areas,” continued Lesh. “The report includes SMSF documentation, investment performance, investment policy development, contribution strategies, investment property performance (including debt position), insurance and estate planning. The report will help Simple Fund 360 clients to determine whether the Trustees and Members of a fund will meet their compliance obligations as well as their longer-term investment and retirement goals.”

George Haramis, CEO and Co-Founder of the Fiduciary Group and accountantsGPS, said, “As one of Australia’s leading digital providers of personal financial advice, we are absolutely thrilled to have progressed our digital technology capabilities to develop the SMSF Check-Up Report. It is particularly exciting for our business to partner exclusively with BGL and offer this unique and valuable service to their accounting clients. Accountants can now undertake a comprehensive analysis of their clients’ SMSF across a number of key areas adding additional value to Trustees and Members and eliminating the time, cost and angst of trying to create a report manually, if achievable at all. It is a long-awaited development for the SMSF sector that has finally arrived.”

Jeevan Tokhi, Head of  Simple Fund 360 at BGL, said, “The integration allows BGL clients to log in to the accountantsGPS platform using their Simple Fund 360 credentials. Clients can then authorise Simple Fund 360 to pass information relating to all or a select number of their SMSFs to the accountantsGPS platform. BGL’s API will pre-fill 95+% of the information required to complete the SMSF Check-Up Report, making this a simple streamlined process that takes just a few minutes per fund. Importantly, it means clients can provide the report for their SMSFs without requiring an Australian Financial Services (AFS) licence.”

BGL’s free and open API is used extensively across the industry. Over 350 data feed and integration partners in the BGL Ecosystem deliver a holistic experience to our clients.

Published by Australian Fintech on 03 April 2023
Click here to read on the Australian Fintech website

BGL Corporate Solutions (BGL), Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF) and investment portfolio management software, has announced its Simple Fund 360 and Simple Invest 360 solutions are now integrated with Australian cryptocurrency tax software, Syla, to automate cryptocurrency transaction data for SMSF, company, individual and trust portfolios. “We are excited to add Syla to the BGL Ecosystem,” said Ron Lesh, BGL’s Managing Director.

“The integration allows BGL clients to easily sync their clients’ crypto transaction data from any digital currency exchange connected to their Syla account directly into their Simple Fund 360 and Simple Invest 360 software.”

“With 1 in 4 Australians investing in crypto, it’s becoming more challenging for accountants to get the compliance work done, particularly when investors could be using any crypto exchange,” added Lesh. “A single portfolio could have hundreds or even thousands of crypto trades. Integrating Syla will automate the journal entry process for every crypto purchase and sale, saving BGL’s Simple Fund 360 and Simple Invest 360 clients significant time and effort.”

Nick Christie, Co-Founder of Syla, said, “A portfolio with crypto investments could be a bit of a trauma-inducing experience in the past, particularly when it came to compliance work. The tedious entry of manual journals for every crypto purchase and sale surely sent many accountants close to madness. With the launch of this integration between Syla and BGL, we’ve really flipped the experience entirely around. Manual journals are out, and instant sync is in.

BGL clients can now sync all crypto trades, income and other transaction data from any crypto exchange into their Simple Fund 360 and Simple Invest 360 software, ensuring the compliance work can be easily sorted.”

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

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Published by Australian Fintech on 14 March 2023
Click here to read on the Australian Fintech website

BGL Corporate Solutions, Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF) and investment portfolio management software, announced the release of Email to Fund – a unique new feature of its AI-powered document-to-data solution, BGL SmartDocs. BGL SmartDocs is fully integrated with BGL’s multi-award-winning SMSF administration and portfolio management solutions, Simple Fund 360 and Simple Invest 360.

“This release is a unique achievement by our Big Data and Simple Fund 360 Product Teams, who have dedicated more than 2 years to the project,” said Ron Lesh, BGL’s Managing Director.

“Clients can now email documents directly into their Simple Fund 360 and Simple Invest 360 software where BGL SmartDocs will extract the data, automatically code and attach the source document to the transaction. No other SMSF administration or accounting software offers this exceptional technology.”

As part of BGL’s Simple Fund 360 and Simple Invest 360 software, BGL SmartDocs is a document reader that uses AI technology with optical character recognition (OCR) and advanced deep learning algorithms to extract information from many document types including bank statements, contract notes, dividend and distribution advices, rental statements and invoices. It converts the document into digital data, streamlining the workflow process.

Jeevan Tokhi, Head of Simple Fund 360 at BGL, said, “With the new BGL SmartDocs features, each SMSF, trust, company and individual portfolio in Simple Fund 360 and Simple Invest 360 will have a unique email address for accountants, advisers, administrators or trustees to send documents. The documents can also be uploaded via the software, Engage by BGL (our mobile app) or via the BGL API. Documents are then automatically added to Document Management in the software.”

“When BGL SmartDocs extracts the document data, it will automatically search for the corresponding transaction within the entity (SMSF, trust, company or individual) and attach the source document to it,” explained Tokhi. “The most exciting feature, however, is that the data auto-fills transaction details in the Smart Matching screen for uncoded bank transactions, eliminating the need for clients to create data rules.”

“This release is the next step in the evolution of our zero-touch technology,” added Ron Lesh FCA. “It will eliminate the administrative burden of analysing, checking and storing hundreds of documents annually for SMSFs and investment portfolios. It also bolsters the existing transaction matching and AI-powered Smart Matching in Simple Fund 360 and Simple Invest 360.”

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

BGL will be at Accountex in Sydney this week. Visit the BGL booth A32 to watch a live demonstration of this new BGL SmartDocs Email to Fund feature!