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Simple Fund 360 New Features Webinar recap with Alissa Haralambopoulos!

By In the Media, Product Updates, Simple Fund 360, Simple Invest 360No Comments

Overall a massive update, ensuring the software is well and truly ready to assist you with processing your 2021 financials and returns.

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

We start this Simple Fund 360 new features webinar with two screens that have received facelifts after many years…

The first is the Fund Dashboard screen, this new screen gives a great overview of the selected fund including details such as ABN, TFN, Superstream Status, deed uploaded, how many unmatched transactions you have, workpapers left to complete, data feed reconciliation status and client queries. The dashboard also gives an overview of the funds’ investments and performance, as well as allowing for notes to be displayed on this main page so that they are easily accessible.

The other dashboard which has received a makeover is the reports screen. You still have access to all the reports you’ve come to know and love, the big difference is that now you can not only see the report categories, but you can also see a list of all reports which can be filtered A-Z or new-old. The new reports screen also allows you to add tags to reports, meaning you can now filter by these too, think ‘GST’ or ‘Pension’ tags. You will still be able to access your report packs, and create additional report packs if necessary. You can also now preview reports with a single click. 

The 2021 tax return is now available for lodgement with the ATO for those super-speed processors! The audit workpaper reports have also been rolled forward and updated for the 2021 financial year. Along with this, we are working on adding the 2021 Distribution Tax Data, if you find an Annual Tax Statement that is not currently available in the software, please send it through so that we can look to add the data for you.

Another new arrival can be found on the Property Dashboard, where you are now able to generate a fund level or global level Property Summary Report, this report can show you the property type, valuation and the last valuation date. Great for checking the status of all the properties in all the funds you manage. This report can also be generated from the reports screen. 

Are you currently using digital signing? If it’s an idea you’ve been toying with, be sure to check out our latest digital signing integration partner, FuseSign. An Australian based business, offering fantastic pricing for BGL clients, it’s definitely worth looking into. This integration is also available across all BGL products. 

The pension reduction has been applied in the software for the 2021 financial year for the 50% reduction. This update can be seen on the pension dashboard, and various pension reports. Also updated for this year is the NCC Bring forward extended to age 66, this can be seen on the Contribution Dashboard and Contribution Breakdown Report.

Finally, there was a new broker added, Soundbridge Financial Services, so if this is a provider that your client is using, you will now be able to set up data feeds for this.

Overall a massive update, ensuring the software is well and truly ready to assist you with processing your 2021 financials and returns.

Looking forward to the next release and will definitely be keeping an eye on what’s to come!

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

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

Simple Fund 360 and Simple Invest 360 Update Release July 2021

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

We are excited to announce a huge update to Simple Fund 360 and Simple Invest 360 including integration with our new digital signing partner, FuseSign! This means we now support 3 digital signing solutions in our product suite.

You can learn what’s new in Simple Fund 360 and Simple Invest 360 from our product teams at our New Features Webinar on Tuesday 10 August at 10:30 AEST.
Register Now >>>

Check out the full release notes in the BGL Community >>>

What's New?

Simple Fund 360 and Simple Invest 360 digital signing with FuseSign now available!

We are thrilled to announce FuseSign has joined the BGL ecosystem as our latest integration partner! Made for accountants by accountants, FuseSign is an affordable, intuitive and easy to use Digital Signature solution. Learn More >>>

Special BGL & FuseSign offer!

Sign up for a FuseSign Business Lite plan (or above) and pay only 1 credit per document pack for all your BGL documents (unlimited signees, unlimited number of users from as little as $0.90 per signee and no lock-in contract). To find out more, visit www.fusesign.com/bgl/ and start your 14-day FREE trial.

Stay tuned! CAS 360 integration with FuseSign will be released in the coming weeks.

Exclusive to Simple Fund 360

Fund Dashboard: Significant improvements have been made to the SMSF Dashboard allowing users to quickly add notes, review client queries, view a snapshot of fund investments and view members balances.

New Report Screen: As the most frequently visited screen in Simple Fund 360, BGL has listened to your feedback and delivered a new and improved report screen! The new screen includes enhanced filters, improved search and visibility plus the ability to tag reports and use tag filters!

SMSF Auditors Panel: BGL launched the SMSF Auditors Panel on 14 July 2021. The BGL SMSF Auditors Panel is a list of BGL client firms and specialist SMSF auditors who either use the BGL API to access Simple Fund 360 data or who log into Simple Fund 360 to complete audits. The BGL Auditors Panel can be found on the BGL website or via the Fund Dashboard and Help menu in Simple Fund 360.

Compliance Change: The Simple Fund 360 Contributions Dashboard and Contributions Breakdown Report now account for the legislative change extending the Non Concessional Contribution Bring Forward age to 65, 66 for Non-Concessional Contributions made from 1st July 2020 (effective 1st July 2021).

Exclusive to Simple Invest 360

New Dashboards: New Dashboards for trust, companies and individuals allow users to quickly add notes, review client queries, view a snapshot of fund investments and review key relationships.

To learn all about Simple Invest 360 and how it can benefit you, we invite you to attend our free, live webinar series! 

Can’t make it to the live webinars? Register anyway to get the recordings.

Why did BGL develop
Simple Invest 360?

Presented by BGL’s Founder and Managing Director Ron Lesh and the Head of Simple Fund 360, Matt Crofts.

Monday 26th July at 10:30 AEST

Register Now

Simple Invest 360 accounting
and tax features

Presented by Simple Invest 360 Product Manager Andrew Paszko alongside Simple Invest 360 Business Analyst, Andrew Perera.

Wednesday 11th August at 11.30 AEST

Register Now

Simple Invest 360 for
accountants and planners

Presented by Simple Invest 360 Product Manager Andrew Paszko and the Head of Simple Fund 360, Matt Crofts.

Wednesday 25th August at 10.30 AEST

Register Now

BGL Launches SMSF Auditor Panel

By BGL Update, Simple Fund 360No Comments

BGL is proud to announce the launch of the BGL SMSF Auditors Panel.

The BGL SMSF Auditors Panel will feature BGL client firms and specialist SMSF Auditors who either use the BGL API to access Simple Fund 360 data or who log into Simple Fund 360 to complete audits. The BGL Auditors Panel can be found on the BGL website or through links within Simple Fund 360.

We often get requests for recommendations of SMSF Auditors who are integrated with Simple Fund 360. So, we have decided to relaunch and rebrand our Auditors List as the BGL SMSF Auditors Panel.” says BGL Managing Director Ron Lesh. “We invite all our clients who perform SMSF audits to join!”

“Most importantly – being listed and accessing the list is FREE!” add Lesh. “That’s right, BGL is providing this list FREE for auditors to list and FREE for clients to access“.

Over the next few weeks, our clients will also see enhanced functionality for the “Send to Audit” function in Simple Fund 360. This too will be available FREE to all firms listed on the BGL Auditors Panel.  

For more information on the SMSF Auditors Panel or to be included in our list, visit www.bglcorp.com/marketplace/auditors-list

End of an era – Simple Fund Desktop team releases final tax update

By BGL Update, Simple Fund 360No Comments

On 8 July 2021, the BGL Team released the last tax update for Simple Fund Desktop. While no date for the end of Simple Fund Desktop software support has been set, this signals the upcoming end of product life for Simple Fund Desktop.

“It’s the end of an era at BGL” said BGL’s Managing Director, Ron Lesh. “Simple Fund Desktop was the market leading product for its time and even today has some sensational features many years ahead of their time.”

Launched in 1997, Simple Fund Desktop changed the game when it came to SMSF administration, offering an alternative to completing calculations in Excel and very manual and cumbersome processing and report generation through general ledger software.

However, with a number of significant changes to superannuation law in 2021, BGL made the difficult decision not to implement these changes in Simple Fund Desktop. Instead, focusing its resources and development on its award-winning cloud solution, Simple Fund 360.

“I want to thank the hundreds of people who have worked on Simple Fund Desktop at BGL over the past 24 years” says Lesh. “We should all be very proud of our achievements in paving the way for today’s SMSF administration software.”

“I also want to take this opportunity to thank the thousands of clients that put their trust in us and allowed us to come on their SMSF administration journey. We hope that we made your lives just a little bit easier and we hope we can continue to do so with Simple Fund 360” added Lesh.

BGL currently has large numbers of Simple Fund Desktop clients making the transition to Simple Fund 360 with great results. The process is simple, automated and complete ensuring all your valuable data and documents move to Simple Fund 360.

To learn about the benefits of Simple Fund 360 or find out just how easy it is to migrate from Simple Fund Desktop, reach out to your Account Manager today.

You can also check out the below resources:

Bank Data Automation with Simple Fund 360

By Industry, Simple Fund 360No Comments

Looking to get more out of your Simple Fund 360 software but not sure where to start?

From my experience, the most important step is to have a plan, and break it down into stages of automation (Bank, share, wrap). Also, be mindful that adding on Bank or Share data is not necessary for every client. 

Start with a plan

Ensure you have account details in the software – these will have transferred across from Simple Fund Desktop if they were input there, if not, they can be input in Simple Fund 360. By entering them in, you can see if the account is supported, and also track to keep an eye on if/when this status changes. 

Decide if feeds are needed

Once account details are in the software and you are able to determine whether or not the feed is supported. The next step is to decide if the fund needs to have bank feeds set up. 

If you know it’s a fund that has one or two monthly transactions, let’s say interest or rental payment, feeds probably aren’t a necessary addition. 

The feeds are great when you have multiple transactions occurring throughout the year, even multiple bank accounts (keep in mind a bank data pack, when added to a fund, allows unlimited accounts to be set up using one pack). In no time at all, you will also notice that when a client does a lot of interbank transactions, these will start to match off against each other automatically. 

Another great benefit of having the bank feeds is the ability to generate an info request at the start of a compliance job, that covers everything that has occurred in the fund for the year rather than having to potentially ask for bank statements, then process those only to have to go back to the client and request invoices, or further details on deposits/withdrawals, etc. With the bank feed, you have visibility over this information before you have even made contact with them. 

As an accountant, I found that I was generally able to complete 75-95% of the processing of a compliance job before we had even sent an info request out the door. 

How to set up

Once you have determined that a fund needs bank feeds, you will need to generate an authority form. This will need to be signed by the client and then returned to you to provide to BGL. Having had experience with this process, I can’t recommend enough, providing this to the client when you are either meeting with them face to face, or when you are providing them with other documents for signing. The rate of return we had when including this authority form with a collation pack was much higher than when it was sent as a stand-alone email. 

Now, with Westpac accounts, you will need the client to log in and authorise the feed, there is no form. However, if you align this with a client meeting, you can step them through this process. 

Another method to consider if you are not getting the client ‘buy in’ that you had hoped for is to outline in the client engagement/fee quote that additional fees may need to be charged for data entry. This was another tool we used to discuss with clients the reason we were implementing this change. 

Once the bank feeds were set up for the funds we looked after, the ability to review and provide current information to clients became a breeze, also as I mentioned earlier, the completeness in which an info request could be sent at the start of a compliance job was far, far more efficient – as we only had to go to the client once for the required information, rather than drafting the initial info request blind and hoping that everything was included.  

So from here, the first step is to review your funds, ensure you have bank account details set up in the software to check to see if the account is supported, then look to see which funds are suitable for feeds. Once this has been determined, consider the timing on when you will send out your forms. This could be a project to look at before we tick over to the next financial year, which would mean a full year of data in the fund. 

Remember you can check your usage levels for Bank Data packs either in the Feed Management Screen or using MyBGL if you have access. If you do need to purchase Bank Data packs or add additional packs, this can be done via MyBGL.

If you didn’t get the chance to catch the Bank Data Feeds Automation with Simple Fund 360 webinar, check it out.

Make your Tax Planning time less stressful and more efficient with Simple Fund 360!

By Industry, Simple Fund 360No Comments

Simple Fund 360 makes your Tax Planning less stressful and more efficient - enabling you to wow your clients!

As another financial year draws to a close, thoughts of lodgement due dates drift away (hopefully), and focus shifts to Tax Planning time. Ensuring your clients have maximised contributions, meet their minimum pension requirements and end the financial year in the best possible tax position is front of mind. 

Simple Fund 360 is the perfect tool to assist with making sure you have their SMSF covered during this process. 

The first notable feature is the filter options on the Entity Workflow screen. These can be used to really filter through your funds, whether that be by Member ages, TSB, Concessional Cap status, NCC status, Pension or Non-Pension Funds, and Pension Status. 

Next, we move onto transaction data! If you find yourself looking at a fund with no data in it (as you have no bank feeds set up), and you’re needing to get those transactions in and allocated to gain a clear picture, look no further than Smart Docs. Once you have obtained copies of the bank statements from the client, whether that be in PDF or paper form, simply scan them or take a photo of them and upload them into the software. Ta-da! Transactions in! From here, the use of the Smart Matching rules can help quickly sort through contribution or pension transactions and allow you to match multiple transactions at a time. 

Once transactions are allocated, you can view fund by fund visuals using the dashboards to check contribution and pension status’. With the contribution dashboard, you can now also include contributions that may have been made to an external fund, whether it be in the current year or previous years, potentially impacting bring-forward rules. The Pension Dashboard can also be used to check if minimum pensions have been withdrawn from the fund. The reduction in the minimum pension due to Covid has also been built into the software, so it will take this into account when looking at the minimum. 

Whilst going through this process, you might also want to create a specific tax planning report pack, ensuring you have supporting documentation saved for any details you are providing to your clients. This can easily be done from the reports screen by following the steps: Clear any current selections and create a new report pack by dragging and dropping the required reports – Contributions Summary, Contribution Breakdown, SuperStream Contribution Data and Minimum Pension reports are good ones to keep a copy of on file when preparing and providing any advice. Once selected, simply hit save new report pack on the bottom, and you will be able to generate the report pack for any fund that you have selected. 

You are also able to create Custom Reports. These could be used to potentially put together a cover letter in order to present your client with their current fund stats. Think merge fields that pull member names, current contribution or pension data from the software! The easiest way to implement one of these is to take your standard email/letter template that you would ordinarily send to the client and download the document template from Simple Fund 360 that contains all the merge fields from the software. You can find this template in the Reports tab, under the ‘Custom Reports’ heading. Then you want to select the relevant merge fields to replace your data with, things like Member Name, Total Superannuation Balance, Contributions received to date are good ones to include. 

Starting with your own already existing document will mean that you have any of your firm’s disclaimers included or any standard paragraphs used by the firm. 

The above are just a couple of tricks that Simple Fund 360 has in order to make your tax planning time less stressful, more efficient, and ultimately enabling you to really be able to wow your clients!

For more tips and tricks, check out our Tax Planning webinar recording >>>

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.”