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Simple Fund 360

Simple Fund 360 New Features Webinar recap with BGL Product Advocate, Alissa Haralambopoulos!

By Homepage, In the Media, Product Updates, Simple Fund 360, TechnologyNo Comments

‘It’s not magic!’ but one could certainly be forgiven for thinking there has to be a bit of it happening behind the scenes!

Simple Fund 360 New Features Webinar recap with BGL Product Advocate, Alissa Haralambopoulos!

In the latest Simple Fund 360 New Features Webinar, Matt Crofts, our wonderful head of Simple Fund 360, ran us through what’s new, what’s been added, and what’s to come, and let me tell you, implementing even one of these new features is sure to add back time to your day!

From the introduction of having more control over digital signing with the addition of priority groups, yes, now you can elect that trustees/members sign first, ensuring tax agents or auditors don’t receive any notifications until it’s their turn, to the addition of the ability to add Direct comparatives for those often-occurring interim accounts. This release sure covers a lot.

The emphasis on using the account view, basically makes the need to run general ledger reports to gain a running balance, redundant. The detail in which this account view is now able to drill down is worth checking out, my personal favourite is the bank accounts, or the PAYG Instalments, which now shows which year each instalment relates too.

Another great addition is the ability to create % splits within the transaction rule screen, think of those monthly life insurance premiums, that historically had to be split manually, you can now simply set up a percentage rule of say 40% to be allocated to one member, and 60% to the other, and going forward this will now pick up this split. Also, great to be used in the instance where you have fortnightly or monthly rent payments that are split between Rent Income, Agent Fees, Property expenses, simply click ‘Review before Applying’, and any adjustments that need to be made can be done to the transaction, without needing to add the accounts in every time.

There’s also been an update to the corporate actions available for the 2021 financial year, for those of you processing on a regular basis. Also, in the investment space, the addition of a security description for those ASX listed securities that start to get a bit messy, think preference shares, convertible notes etc.

The new Feed Management License report also provides users with a great way to export and view their subscription usage in excel, both overall as a firm, and then drilling down into each fund.

Last but not least on the Simple Fund 360 front (note this feature is also available in Simple Invest 360), and this is truly where I think the magic is, is the update to the CGT/Smart Docs report function. Think of those funds you receive from another firm, after the initial excitement of winning a new client wears off, the realisation of having to recreate opening balances kicks in, and when this involves a vast investment portfolio, and receiving a huge unrealised capital gains report with multiple parcel purchases, a slight sense of dread is understandable.

“Not anymore! Simply upload the Unrealised CGT report into the CGT – Smart Docs screen, and the ‘magic’ of smart docs will read the report and input into the information into the software… historical data.. DONE!”

Not to be forgotten is also the extensive amount of work the team have put in, in developing our newest kid on the block, Simple Invest 360, the magic of Simple Fund 360, is now available for Trust, Company and Individuals.

The most noteworthy update in this latest release is the Tax Reconciliation screen, and distribution allocation functionality. Making working out your Taxable and Accounting Profit, and where it’s all going a breeze. If ever you found yourself as an SMSF processor, wishing for the ability to achieve the kind of efficiency you were getting with super funds with your trusts and companies, Simple Invest 360, is the answer. If you’re interested, jump onto our website, search for Simple Invest 360 and register for our Beta phase.

Looking forward to the next release and will definitely be keeping an eye on what’s to come, particularly in the historical and external contributions space, as well as the greatly anticipated workflow management screen.

All in all, a wonderful release of some great functions, features and well quite frankly magic! A big well done to the Matt Crofts, Andrew Paszko and both the Simple Fund 360 & Simple Invest 360 teams.

In case you missed it, you can watch the Simple Fund 360 New Features webinar recording below!

Simple Fund 360 Software Update Release October 2020

By BGL Update, Homepage, Product Updates, Simple Fund 360, Simple Invest 360No Comments

The Simple Fund 360 and Simple Invest 360 teams have delivered their first release for October 2020 with some exciting new features and client wish list items ticked off! Check out the full release notes on the BGL Community >>>

Learn what’s new direct from our product team by attending our New Features Webinar on 13 October at 11:30 AEDT. Register Now >>>

Digital End to End

The team continues its focus on removing paper and improving the digital experience for clients. This October, we have added a new Upload Authority Form feature to make the bank feed authority setup process faster and more secure for clients. We have also made it simpler for clients to upload any CSV files they may have received from clients and keep track of these in our Feed Management screen.

We have simplified the 2020 tax reporting season by providing you with digital distribution tax statement data for over 530 commonly held investments. This update supports:

  • All Vanguard ETFs and popular Vanguard managed investments
  • All BetaShare ETFs
  • All ETFSecurity ETFs

Continuing the digital theme, we have added a Compilation Report and Engagement Letter to the growing list of documents that can now be digitally signed using both Adobe Sign and DocuSign.

For Financial Planning focused firms, we are excited to announce a new Time Weighted Performance page that has been modified from our mobile interface to take advantage of the larger screen real estate. This MOBILE first approach allows both you and your clients to VIEW the same performance data, without the need to switch to a separate Client View application. This is available for both our Simple Fund 360 and Simple Invest 360 Beta Clients.

Client Wish lists

We have managed to tick off several clients wish lists. Users can now view a contact’s mobile and email address directly from the Fund Relationships screen. Plus, the CGT Register Detailed Report when exported to excel now includes the description of CGT transaction.

Order Documents

The Smarter SMSF Order Document page has a fresh new look! In addition, 3 new documents can now be completed, including;

  • Add or Remove a Fund Member
  • Lost Trust Deed
  • Lost Pension Deed (Affirmation and Confirmation)

Simple Invest 360 (Closed Beta)

We have added several new features to Simple Invest 360:

  • Added support for individual investors. Simple Invest 360 now supports all investor types – Individuals, Trusts and Companies.
  • A new Appropriation Statement report now available for Trusts and Companies.
  • A new Tax Reconciliation report now available for Trusts.

Plus, digital signing solutions Adobe Sign and DocuSign are now available for the following documents in Simple Invest 360:

  • Compilation Report Company
  • Compilation Report Trust
  • Trustee Minute – Family Trust
  • Trustee Minute – Unit Trust
  • Trustee Resolution – Family Trust
  • Trustee Resolution – Unit trust
  • Trustee Declaration
  • Directors Declaration

If you are interested in shaping the Early Release of Simple Invest 360, click here to register your interest for closed beta >>>

Don’t forget to register for BGL REGTECH 2020 to see get a sneak peek at Stage 2 of our AI-Powered BGL Smart Docs feature and a look at Simple Invest 360 – the next evolution in automating your Investments for Trusts, Companies and Individuals.

What’s new in your BGL Data Services?

By BGL Update, Homepage, Product Updates, Simple Fund 360No Comments

The BGL Data Services Team have recently released some exciting new features and enhancements in Simple Fund 360 and we would love to share these with you.

New Features and Feeds

What’s in the Pipeline?

The Product Team are currently working on a new signed authority forms upload. This feature will streamline the authority form process and enhance security for you and your clients. Keep an eye out on the BGL Community for further announcements! In the meantime, please continue to email your authority forms to [email protected].

The BGL Client Experience Team are working closely with the BGL Data Services Team to improve your experience with us. If you have any feedback, please email us at [email protected].

ANZ Authority Forms

We have been experiencing delays in processing ANZ authority forms. The BGL Data Services Team are actively working with ANZ to rectify these problems. To help clients in dealing with these processing delays, we are working with ANZ to provide clients with up to TWO YEARS HISTORICAL DATA!

We sincerely apologise for these delays and appreciate your patience with us.

Bankwest Managed Investments

The Bankwest Cash Management Account product was closed on 31 August 2020. BGL is working to update our systems to reflect this change. For further information, please refer to the BWAMI website.

Please Note: If you have any BWAMI accounts registered with BGL’s Bank Data Service, these accounts will be updated to ‘Account Closed’.

We look forward to sharing more with you soon!

BGL cleans up 2020 SMSF awards

By BGL Update, Homepage, Simple Fund 360One Comment

BGL was today announced the winner of the 2020 CoreData SMSF Software award.

This is a clean sweep. First BGL achieved highest overall satisfaction among accountants using SMSF software providers in the 2020 Investment Trends SMSF Accountant Report.

Second BGL was recognised by Momentum Media as the 2020 SMSF Software Provider of the year –  for the third year in a row!

And then today, BGL is announced as winner of the 2020 CoreData SMSF Software award.

This confirms it. BGL and Simple Fund 360 are the #1 SMSF software solution in Australia. No buts. The results are in and they are very clear.

BGL won these awards because of the work of our amazing team. The software is sensational – a great job by the Simple Fund 360 Team led by Matt Crofts and supported by our team managers James Luo, Jeevan Tokhi, Anthony Fernandez, Joanne Ng and Brad Wilkinson and of course all our business analysts, developers and testers. You guys have done and amazing job and you should be very proud of yourselves!

But great software is only part of the story. Its is the work of the account managers and sales team, the admin team, the API / integrations team, the client success team, the data services team, the devops team, the IT team, the marketing team, the people and culture team and the support team that helps make BGL #1.

We also can’t forget of course that Simple Fund 360 is only 1 part of the BGL story. Without CAS 360 kicking goals and the upcoming release of Simple Invest 360 and the work of these teams, BGL would not be where it is today.

It is the fully integrated product suite and our extensive ecosystem that makes BGL THE supplier of choice for SMSF admin, corporate and trust compliance.

This post is huge shout out to the team. Great teams with awards. Even greater teams win multiple award. But only the best teams clean up winning ALL the awards in one year. So guys – give yourselves a huge round of applause – you deserve it.

My challenge to the teams: back to back and then let’s head for the 3peat. Let’s do it again in 2021!

BGL passes 750,000 entities in the cloud…

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

Many people think business is all about numbers. But it’s not.

Business is really about people. Business is about building a great team and supporting that team through thick or thin.

BGL has great people who have built absolutely extraordinary computer software products. CAS 360 and Simple Fund 360 are sensational software solutions and are clearly #1 in their classes. Let me repeat that: Clearly #1.

They are #1 when it comes to numbers but they are not #1 because of the numbers.

They are #1 because they solve many problems for our clients in innovative ways and with software that is of exceptional quality. They are #1 because we listen to our clients and we put into our software what our clients want.

And because we look for new ways to help our clients be more efficient. Accounting workpapers, BGL SmartDocs and digital signing in Simple Fund 360 are examples of unique features only available in our software solutions. Automation, reliability and ASIC compliance are exceptional features in CAS 360.

Passing 750,000 entities in the cloud is a fantastic achievement. My team should be incredibly proud of what they have achieved over the past 6 years. BGL set its BHAG of connecting 1,000,000 people to our products by 2020 in 2014. This was a big hairy audacious goal when at the time we had maybe 10,000 connections. We would never have thought in our wildest dreams that we would reach this target – and reach it 1 year early – but we did. We did because of the contribution of every current and past member of the BGL Team.

Our new BHAG is even more audacious. But I am confident that working together with the right people in the right seats on the bus, the right culture and the right focus we will achieve this too.

The past 6 months have been pretty depressing in Victoria. And I hope by now our team realised they have done nothing wrong. They have not caused this mess. They have done the right thing all the way through this government caused disaster.

I am really proud of what we have achieved working together so far this year. We have won many awards for our software and the national Australian Achiever award for our customer service. Providing first class customer service has always been a priority at BGL so it is fantastic see a 99%+ CSAT (Customer Satisfaction) score across our support services.

But none of this happens without leadership. I am really proud of how the BGL leadership has worked together through this time to ensure our team are happy, healthy, safe and productive.

We will get out of this mess soon. And we will come out stronger for the experience. I have always been an optimist. It is a shame my optimism does not extend to our politicians – what a sad and (not) sorry bunch they are. I am confident about BGL, our business and our country eventually getting out of this mess caused by a plethora of incompetent politicians and public servants. These people are simply out of their depth.

To my Team, a HUGE thank you. You are a great bunch of people and you thoroughly deserve all the success and rewards that have come and will come your way.

And guys, please do check out our 750,000 entities commemorative video on YouTube

 

 

 

 

 

BGL has won the award for SMSF software provider for the third time in a row!

By BGL Update, Homepage, Simple Fund 360No Comments

Software SMSF Adviser Logo

Published by SMSF Adviser, powered by MOMENTUM MEDIA

BGL has won the award for SMSF software provider for the third time in a row!

It has been another tumultuous year for the SMSF sector, with the COVID-19 pandemic and the resulting economic downturn impacting everything from investment to compliance. The ATO and the SMSF sector in general has worked tirelessly to address some of the unforeseen issues arising from the current environment. As always, SMSF professionals and their clients have relied heavily on SMSF service providers to guide them through this period of change. Partnering with firms that are adaptable and agile is critical at the moment and has a direct impact on the confidence and satisfaction of clients.

Now in its seventh year, the SMSF Awards recognise the excellence and innovation of the best performing operators servicing SMSF professionals. The winners are based on a survey which was distributed to SMSF Adviser’s database of SMSF professionals. The results were collated and determined by an independent analyst.

With the impact of COVID-19 requiring reviews of investments and changes to strategies, having access to timely information on assets and balances and being able to execute changes quickly is essential. SMSF software plays a critical role in this for SMSF professionals. With the advancement of SMSF software in recent years removing more and more manual processing, it has also given advisers and accountants more time to assist their SMSF clients with critical decisions in this volatile environment. This year’s winner, BGL, has made significant leaps in the areas of artificial intelligence and deep learning.

From BGL’s Founder and Managing Director, Ron Lesh

“We’re thrilled of being recognised by Momentum Media as the SMSF Software Provider of the year – for the third year in a row! This is recognition for all the effort put in by each member of the BGL Team and the continued support of our clients – we’re immensely grateful for each and every one of you.

Established in 1983 as a consulting firm to assist accountants and small businesses to gain more value from their computer systems, BGL has evolved to become Australia’s #1 provider of SMSF administration and ASIC corporate compliance management software solutions – CAS 360 and Simple Fund 360 – providing remarkable customer experience to over 8,000 clients in 15 countries.

We believe the key to success relies on commitment, focus, team and technology. With clients at the forefront of our business strategy, we are committed in combining a unique first-class customer experience with innovative technology solutions to help our clients automate processes and succeed.

Clients today are looking for Zero Touch SMSF processing so they can focus on what really matters – their clients. BGL is getting closer and closer each day to this level of automation through the use of Artificial Intelligence and Deep Learning. We developed the world’s first AI processing assistant and the first Deep Learning transaction review/matching process for the SMSF software industry. As a result, our clients can work faster, smarter and with more accuracy! Recently, we have released BGL SmartDocs, an intelligent document reader able to quickly turn paper documents into data in seconds! And our innovations don’t stop there. With a significant number of proprietary technologies, our applications are by far the most technically advanced in the industry.

We see the future as a world of opportunities. Our focus will always be on improving automation, supporting our clients, providing an excellent customer experience and expanding the BGL Ecosystem.”

BGL announces integration with GreatSoft

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

BGL announces a two-way integration with GreatSoft.

The company has recently announced a two-way integration with GreatSoft. This two-way integration will allow any changes made to client details in GreatSoft Practice Manager to automatically update the CAS 360 and Simple Fund 360 database. Plus, in CAS 360, the user is prompted to prepare all the relevant ASIC compliance documents. Furthermore, if the contact details are changed in either Simple Fund 360 or CAS 360, this change is automatically updated in GreatSoft Practice Manager.

“This is a huge achievement for the API team”, said Ron Lesh, BGL’s Managing Director. “It will help many clients using both software solutions as mutual GreatSoft Practice Manager and BGL Simple Fund 360 / CAS 360 clients are now able to have just a single database – the ultimate goal of any professional firm.” Added Lesh.

“The challenge for firms is to improve the quality and accuracy of their data by eliminating data silos and reducing the number of out of sync databases that have been created as a result of lack of integration across suppliers”, said CEO of GreatSoft, Brian Armstrong.

“Accurate and easy access to client and compliance information is important to any accounting firm, and our integration with BGL provides the industry with a scalable cloud-based practice management and compliance solution, which delivers a 360° view of the client and a single source of truth. This gives practices the freedom and flexibility to create a truly integrated cloud practice ecosystem built on an open platform” added Armstrong.

“When software talks seamlessly to each other, it is a win-win for BGL, GreatSoft and our clients”, stated Lesh. CAS 360 and Simple Fund 360 now support over 350 integration partners including banks, brokers, wraps, platforms, registries, practice management solutions, actuaries, document providers and many more.

About GreatSoft

GreatSoft addresses the gap that exists in the market for a scalable, integrated cloud practice management solution that meets the needs of progressive accounting firms, including mid-tier and large firms.

GreatSoft is a proven solution that is used by over 1000 accounting firms in 15 countries. We work with some of the leading Accounting & Auditing firms in Australia and New Zealand to connect their practice ecosystems and use APIs to build a 360° unified view of the client and a single source of truth.