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Simple Invest 360 is a ‘game-changer’

By Case Study, Simple Invest 360No Comments

Simple Invest 360 is a ‘game-changer’ in terms of time-saving, cost efficiencies and overall administrative cohesion across both of our core divisions

About Lantana Private Wealth

Lantana Private Wealth is a high functioning, multi-disciplined firm located in Malvern, Melbourne. With both a public practice taxation division operating in cohesion with a fully self-licenced financial planning and wealth management service offering, clients are provided with a genuinely bespoke ‘one stop shop’. With the firm priding itself on maintaining a highly personalised client experience and results-driven advice process, the firm has grown into an award-winning and highly respected professional services group.

The Challenge

Efficiently implementing a software package that could be used for both ATO reporting plus client-facing performance and valuation reports

As the Director of both our taxation and wealth management division, Brett was looking for a software package that could be used for both ATO tax reporting and client-facing performance and valuation reports. Some of the initial challenges included the time in having to set up equities and cash account data feeds, particularly given as he wanted to proceed with a bulk set-up of non-SMSF entity types.

“These concerns were quickly overcome, with BGL always providing me with support from a senior product manager with a rapid response every time, invariably in less than a few hours!”

Brett was also concerned about client take-up considering how time poor many are. He found, however, that with the intuitive self-guided initial setup (including secure MFA), “…the delivery of Simple Invest 360 has been both seamless and critically enjoyed by clients.”

Why Simple Invest 360

A ‘game-changer’ in terms of time-saving, cost efficiencies and overall administrative cohesion across both of our core divisions

“We had previously been using BGL’s software offering for SMSF preparation (Simple Fund 360) and were already well aware of BGL’s abilities in this space. Being able to extend the taxation works for non-SMSF entity types, while simultaneously eliminating the then duplicated client reporting software, was a ‘game-changer’ in terms of time-saving, cost efficiencies and overall administrative cohesion across both of our core divisions.”

The Solution

The speed with which a new entity can be set up plus complete data feed configuration were integral

When looking for a technology stack solution, Brett and the team at Lantana Private Wealth focused on cost; speed of implementation; ease of implementation; reliability; support and overall, both internal and client user experience.

The speed with which a new entity can be set up plus complete data feed configuration were integral to the decision to use Simple Invest 360. “The last thing our office wants to be doing, nor our clients’ spending their time on, is having to fiddle around with clunky back-end processes and then having to test the veracity of these.”

The Results

Ever-desired transparency and assurance across the entire spectrum; more time to provide higher value work for clients

“Clients now have the ability to view their investment entities in fully APESB quality, ‘24/7’ via the web and/or via BGL’s secure mobile application (Engage by BGL). This has further increased clients’ transparency over their investments, particularly by our many HNW clients, understandably demanding higher than ever visibility over their FUM.

The fact that the taxation team, wealth management team and client are working off or viewing the same data file has saved a vast amount of time and cost in managing a secondary system, otherwise required for client reporting purposes. This is especially relevant for our firm as our wealth management division is and always has been off-platform, designed to reduce as many client-costs as possible.”

The fact that both our accounting and wealth management divisions are viewing the same data file, in tandem with clients, promotes ever-desired transparency and assurance across the entire spectrum.

With the efficiencies gained from using Simple Invest 360, Brett and the team now have more time to spend providing higher value work for their clients, without having to manage multiple systems. This includes being able to spend more time speaking with clients face-to-face or virtually, if preferred.

About Brett

After gaining experience at Deloitte and with a series of boutique advisory practices, Brett founded Lantana Private Wealth with a sole focus on individual, family groups and SME client types. Brett holds undergraduate and postgraduate qualifications from Monash University, where he was also a resident lecturer and Scholarly Teaching Fellow for four years. Brett is a registered Financial Adviser, Tax (Financial) Adviser, SMSF & direct securities specialist; and Responsible Manager of the Group’s AFSL. In Brett’s spare time, he enjoys photography, learning different languages and travelling back to Gippsland where he grew up.

It is impossible not to save time using Simple Invest 360

It is impossible not to save time using Simple Invest 360

By Case Study, Simple Invest 360No Comments

We are very excited to be able to present a double entry accounting system with full investment register capabilities to our clients. It will save processing time and allow us to take on more clients. The investment reports are first class and continually improving.

About Clarke & Brownrigg

Clarke & Brownrigg is a full service Chartered Accounting firm specialising in family businesses, professionals and wealth administration for clients, with two partners who have been in partnership for over 20 years. The original practice (prior to the retirement of an initial founding partner) had been in business for a further 20 years. They have family groups who have been with the firm for up to 40 years. During that time Clarke & Brownrigg have provided professional, high quality work to a vast client base. The firm has a proud history of staff stability and can boast staff members employed for up to 25 years.

The Challenge

Getting useful share history information out of old software to enable setup in Simple Invest 360

Prior to Simple Invest 360, the team at Clarke & Brownrigg used a very basic Investment Register System that had received limited updates over 20 years. As a member of the Simple Invest 360 beta testing program, the Clarke & Brownrigg team found it challenging getting useful information out of their old system to export into Simple Invest 360, but Simple Invest’s new features are making it much easier.

Why Simple Invest 360

It is impossible not to save time using Simple Invest 360

“The BGL SmartDocs software enables AI conversion of some reports directly into the software, plus there is a very efficient data entry screen which also uses AI to read the data and make intelligent decisions on investment account codes to add unit quantities and include the appropriate acquisition dates.

The input of source information has many different options you can use. It is impossible not to save time. It is possible to scan bank statements which the BGL SmartDocs AI technology can read, import CSV files and the best practice going forward will be a direct bank feed into the software. The Corporate Actions function is so simple and almost does everything for you. Compared to our previous manual system for accounting for demergers and company reconstructions, it is fantastic!

Machine Learning is making the most of the many transactions it “sees” and will continue to improve. The tax reporting is now developed, and the year-end processing functions are state of the art. With trusts, Simple Invest allows for automation of distributions, including streaming of classes of income and preparation of tax reconciliations out of the accounting system, with user editable adjustments for tax purposes. The input of managed fund data is so much easier than it has ever been prior to BGL. They are even producing beneficiary distribution statements for trust clients when you need to provide information to external beneficiaries. All of the above information would previously have been done manually using Excel spreadsheets or Word documents, which are prone to error and need much more user interaction.”

The Solution

Ease of use and seamless integration - A complete accounting solution

“When considering a technology stack, we look for ease of use and seamless integration. BGL is a very innovative software company, and we highly value their training and updates to assess what should be in our technology stack. The BGL ecosystem of bank feeds, wraps, client financial statement accounting software, minutes and workpapers is a complete accounting solution.”

The Results

Save processing time to take on more clients

“Our clients are very keen to utilise the investment reporting, including time weighting of investments and the unrealised gains by parcel reporting to make specific investment decisions, which was not available in our previous Investment Register Software without manual intervention. Having daily market prices is very valuable. We will be encouraging use of the mobile app (Engage by BGL) and trustee/client access to help them engage more with us. Simple Invest 360 will be an important part of enabling our clients to track their wealth outside of the SMSF space.

We are very excited to be able to present a double entry accounting system with full investment register capabilities to our clients. It will save processing time and allow us to take on more clients. The investment reports are first class and continually improving. It is also important to us that the presentation of reports can be consistent across all entity types. For the small outlay per client it is very easily recoverable in time saved.”

About Linda

Linda is a Senior Accountant at Clarke & Brownrigg and has been with the firm since 1999. She has a special interest in Self-Managed Superannuation Funds, but also has extensive experience with investment and business entities. Linda prides herself on personal service, including prompt responses to client communication and building long term client/accountant relationships. She is excited to see where the future of technology can take the accounting profession.

Simple Invest 360 Success Study with Clarke & Brownrigg

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

Simple Invest 360 free, live webinar series!

By BGL Update, Simple Invest 360No Comments

Last month BGL launched Simple Invest 360, an intelligent cloud-based software to help accountants streamline CGT compliance administration for Trusts, Companies and Individuals. 

One of the primary drivers behind the decision to develop Simple Invest 360 came from BGL clients; those who were looking for a non-super investment solution which provides the same level of automation and artificial intelligence as our cloud SMSF administration software, Simple Fund 360. 

Simple Invest 360 provides a comprehensive portfolio solution with smart CGT to handle all different investment asset types in one unified solution. Be it listed or unlisted securities, ETFs, property trusts, wrap accounts, crypto currencies or direct property, Simple Invest 360 can handle it all. The software automates all tedious CGT record-keeping as well as providing simple and financial and tax reporting saving time and money no matter what the tax structure – trusts, companies or partnerships or individuals. 

All existing BGL clients have been provided the opportunity to trial 5 entities on Simple Invest 360 for free until 31 August 2021. 

To access the free trial, Simple Fund 360 clients can simply login to their Simple Fund 360 software and select “Add New Entity” from the Entity Workflow screen (click here to learn more). For all other existing BGL clients, please contact your BGL Account Manager. 

Attend our free, live webinar series!

To learn more about Simple Invest 360, follow the links below to register for our free, live webinars.

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

Simple Invest 360, our investment portfolio platform, is now available!

By News, Product Updates, Simple Invest 360No Comments

Today we announce the launch of Simple Invest 360, our intelligent cloud-based software to help accountants streamline CGT compliance administration for Trusts, Companies and Individuals.

This exciting NEW product wraps several disparate investments and CGT based tools under one unified solution. We are automating the tedious process of CGT record-keeping and Financial Reporting. In layman’s terms, Simple Invest 360 saves an accountant time no matter what the tax structure: Trust, Company, or Sole Proprietor. Simple Invest 360 uses the same proven and award-winning smart engine that powers Simple Fund 360, the No. 1 SMSF solution.

Simple Invest 360 achieves time savings by leveraging automated corporate actions, smart machine learning categorisation and integrated accounting work papers.

Many clients go to their accountants for tax advice only to find out that they may have already made a mistake with major investment decisions. Primarily, this happens because people did not keep or could not explain to the accountant their multiple asset classes and tax structures. Simple Invest 360 solves this problem, with the Client, Accountant, and Planner, now working entirely in the cloud on daily automated wealth positions.

Simple Invest 360 transpires into spending less time on the preparation and thereby reducing costs. Accountants can spend more time on other matters & increase fees, as when your clients are making better investment decisions, they will value the advice. With more value delivered, clients are less likely to switch accountants. Reduced preparation and switching costs enable more time to acquire new customers for those looking to expand their services.

Early on we knew that we had to move fast while really listening to what the client’s end goal was. Having open and honest communication not only between ourselves but also with our beta clients meant that we were able to understand at a deeper level how to solve the issue of not only providing the client with a robust CGT engine for tracking their investments, but also a seamless year end workflow which makes allocating accounting profit and tax to beneficiaries a breeze.

Andrew Paszko - Simple Invest 360 Product Manager

But don’t take my word, here’s what our beta clients are telling us about why they love using Simple Invest 360:

Makes it easy to track shares and dividends, especially when clients may not supply all of the documentation you can reconstruct history. Quickly do CGT calcs and reports.

Amber Williams, Trident Business Group

Easy to use cloud base software with smart transactions matching, great for keeping CGT records. "Live" portfolio reports and review function to keep you up to date with your current investments, projected CGT and tax planning.

Olga Petrovskaya, Sinclair Wilson

The Simple Invest 360 team led by Andrew Paszko started with just a single developer: Yang Huang, and a software tester: Mario Blagejovic. From the get-go, the small group were laser-focused on only combining value-added features while staying close to the customer.

Once the plans were drawn up and a challenging roadmap set by myself and Ron Lesh, the Simple Invest 360 team combined forces with the larger Simple Fund 360 team to working collectively through 2020 & 2021 on the new project. Critically, the Simple Fund 360 teams provided valuable advice and experience to the younger team. The additional resources were needed to decouple some of the SMSF related functions and deal with the complexity of multiple tax structures to support Trusts, Companies, and Sole Proprietors.

The newer Simple Invest 360 team had the added challenges of Melbourne 2020 and 2021 lockdowns and needed to form good bonds as a second Software Developer, Nathan Mitchell, and new Business Analyst, Andrew Perera, completed the team. While the Simple Fund 360 team still had to deliver major compliance changes including TBAR, Superstream and COVID early release. Despite the added challenges, both teams hit every milestone. In many cases, earlier than planned.

With the early Beta Launch of Simple Invest 360 last October, valuable feedback from our beta clients was delivered into today’s successful product launch two weeks ahead of schedule.

Now the good news. All current Simple Fund 360 clients from today have free access to 5 entities until the 31st of August 2021. No catches, no drawn-out signup process. Simply login using your existing Simple Fund 360 credentials and add a New Entity. Choose from a Trust, Company or Individual and get started today. For all other BGL clients or new to BGL clients, contact your account manager on 1300 654 401 or navigate our website and enjoy the same free trial.

Learn more about Simple Invest 360 >>>