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BGL celebrates 25 years of Simple Fund

By BGL Update, Simple Fund 360, TechnologyNo Comments

BGL is proud to celebrate the 25th anniversary of its pioneering SMSF administration solution, Simple Fund.

“This is a huge milestone and I’m extremely proud of the BGL teams’ countless achievements over this time” said Ron Lesh, BGL’s Managing Director. “Simple Fund was launched on the Windows operating system in April 1997, at a time when people were still learning how to browse the internet, send emails and text messages. It’s quite remarkable to think that BGL has been part of the accounting software industry for over 30 years”.

BGL delivered many industry firsts within Simple Fund, including SMSF data feeds with BankLink, integration with share registries, the Audit Workpapers Module (co-developed with TAG Financial Services) and the first internet-enabled reporting tool, FundWeb. 

BGL’s continued investment in research and development together with its experienced team lead to the evolution of Simple Fund from desktop to cloud, with Simple Fund 360 now the leading cloud-based SMSF administration solution with sophisticated AI-powered technologies for smart data capture, categorisation and review.

“The software industry is one of the most competitive and innovative industries in the world with only a handful of companies that have stood the test of time, such as Microsoft (1975), IBM (1911), HP (1938) and Apple (1976),” added Lesh. “It’s a tribute to the team’s passion, innovation and perseverance that we remain Australia’s leading provider of SMSF, investment portfolio and company compliance management software, even after 30 years”.

BGL recognised as Best RegTech Solution

By BGL Update, TechnologyNo Comments

BGL is proud to announce it has been recognised as Best RegTech Solution in the FinTech Breakthrough Awards 2022.

“This is a sensational achievement by the BGL team. I could not be prouder of each and every one of them.” said Ron Lesh, BGL’s Managing Director. “In just over 3 months, BGL has received industry recognition from FinTech Breakthrough Awards 2022 for Best RegTech Solution, Australian Enterprise Awards 2022 for Best Accounting Software Manufacturer, Lawyer International (Legal 100) 2022 for Compliance Software Innovator of the Year – Australia and from the Global Excellence Awards 2022 for Best Fund Administration Software Provider – Australia, among many others”.

“The team has worked tirelessly to ensure our clients have the best solutions to meet their needs and these awards are a tribute to their hard work,” added Lesh. “For over 30 years BGL has been the leading provider of SMSF administration, portfolio administration and ASIC corporate compliance solutions in Australia and we would not be here without our amazing team of 180+ sensational committed professionals”. 

Coincidentally, the recognition as Best RegTech Solution comes just after BGL concluded the industry’s first major face-to-face event in almost two years, BGL REGTECH 2022. The events in Sydney (01/03), Adelaide (09/03) and Melbourne (16/03) were a huge success with over 300 clients and 21 exhibitors in attendance across the three locations, with events in Brisbane, Tasmania and maybe even Perth in the near future. 

BGL hosts major face-to-face event BGL REGTECH 2022

By BGL Update, TechnologyNo Comments

BGL hosts major face-to-face event BGL REGTECH 2022

BGL is hosting the industry’s first major face-to-face event in almost two years, BGL REGTECH 2022

“It’s been fantastic bringing our community back together after so long apart” said Ron Lesh, BGL’s Managing Director. “We felt it was really important to run BGL REGTECH 2022 in person and our clients and partners have relished the opportunity to reconnect face-to-face”. 

“Our events in Sydney (01/03) and Adelaide (09/03) have been a huge success with over 200 clients and 18 exhibitors in attendance across the two locations” added Lesh. “We expect our Melbourne event to be the biggest yet, with over 300 delegates already registered. Add to this our live-stream attendees in Queensland, Western Australia, New Zealand and Singapore, we will have over 600 people attending”. 

The BGL REGTECH 2022 line-up boasts industry experts David Boyar FCA – CEO of ChangeGPS, Aly Garrett FCA – Founder and Principal of All In Advisory and Rebecca Mihalic – Director of businessDEPOT as well as its own gurus to add their expertise to the program exploring the evolution of the accounting industry. One session also gives clients a preview of some of the new features coming to CAS 360, Simple Fund 360 and Simple Invest 360 in the near future.

BGL REGTECH 2022 will be held at the Melbourne Convention and Exhibition Centre on Wednesday 16 March. Tickets are available at www.bglregtech.com

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Cryptocurrency War Blog

How fighting against cryptocurrency is an unwinnable war

By BGL Update, TechnologyNo Comments

Despite the best efforts of financial regulators and threatened centralised institutions, the war on cryptocurrency seems to be unwinnable.

While cryptocurrencies may have come off the boil recently, there have been a few key events that have presented themselves that would imply they are not going to disappear completely from public view – and definitely not from investor portfolios.

Is it all a Ponzi scheme? Is it enabling criminal activity? Despite the best efforts of financial regulators and threatened centralised institutions, the war on cryptocurrency seems to be unwinnable.

In November 2021 the RBA’s head of payments, Tony Richards, was quoted in an AFR article with the usual concerns raised by institutions that are threatened by the decentralised finance movement. These were shots fired in a war against the perceived evil empire of cryptocurrency.

I too was a non-believer, silently snickering in early 2018 as Bitcoin lost almost half of its value. Since then I started small, and in more recent times there have been some key events that have made me double down on what I believe is a real area of opportunity.

Three stories that may change your mind about cryptocurrency

The CEO of Bitcoin

It must have been during a ‘snap reopening’ we had in Victoria in 2021, around August, when my daughter came home from school and told me that her friend’s mum was the CEO of Bitcoin. Wow, I thought, while Nakamoto Satoshi’s true identity is still up for debate, let’s have a look on Linkedin.

As tends to happen with news from the playground, there was some truth and some over-simplification. It turned out that the parent was a Financial Controller of a publicly listed payment and compliance company that specialised in digital assets.

Why was this significant to me? This was significant because this person had a family, a mortgage, bills to pay, and their livelihood was dependent on digital assets (cryptocurrencies) being the real deal.

Senator Jane Hume tells it how it is

During her address to the Australian Financial Review Super & Wealth Summit (Nov21), Jane Hume was direct and very clear about people who were either ignoring or trying to kill off innovation in decentralised finance – just don’t:

“Don’t be the person who thought the iPhone would never take off because people would prefer to have their music and telephone on separate devices. Don’t be the person who was still doing their financial models by hand in 2001, rather than using Excel.
Don’t be the person in 1995 who said the internet was just a place for geeks and criminals and would never become mainstream.
And don’t be the person who argued that email was a passing fad.”

~ Senator Jane HumeMinister for Women’s Economic Security, Minister for Superannuation, Financial Services and the Digital Economy.

This showed to me that at least some government officials get it and are willing to stand up for what they see as an inevitable area of innovation.

The great rotation

In December 2021 a New York Times article provided evidence of a rotation that was taking place in Silicon Valley. No longer were the prestigious roles at big tech companies such as Google, Amazon and Apple exciting or rewarding enough for the tech workforce.

The entrepreneurial spirit is real, and these visionaries were moving on to where they saw the biggest area of opportunity: blockchain technology:

“There is a giant sucking sound coming from crypto,” said Sridhar Ramaswamy, chief executive of search engine start-up Neeva and a former Google executive, who competes with crypto companies for talent. “It feels a bit like the 1990s and the birth of the internet all over again. It’s that early, that chaotic and that much full of opportunity.”

The keyword being ‘chaotic’ – with many aspects of the new world of decentralised finance (DeFi) and cryptocurrency resembling the wild west where anything goes and with great opportunity also comes great (calculated) risk.

Despite the risks, the percentage of Australians that own some form of cryptocurrency continues to increase and the industry itself locally is expanding.

Ultimately everyone needs to come to their own conclusions. Personally, I hope that we can consider the possibilities of what is new, and not just be scared by it due to it threatening ‘how things have always been done’ – after all, who among us would want to admit that we thought email was just a fad?

BGL recognised as Most Innovative Fintech Company

By BGL Update, TechnologyNo Comments

BGL is proud to announce it has been recognised as Australia’s Most Innovative Fintech Company as part of the International Investor Business Awards 2021. 

“This is a great achievement by the BGL Team to be recognised as Australia’s Most Innovative Fintech Company” said Ron Lesh, BGL’s Managing Director. “Our team has worked tirelessly through 2020/21 producing heaps of sensational software for our clients and this award is a tribute to their hard work”.

BGL has received several other industry awards in 2021 including the Core Data SMSF Software Award for Simple Fund 360, AFR Australia’s 6th Best Technology Place to Work Award and an Australian Achiever Award for Excellence in Customer Service. 

“BGL won these awards as a result of the amazing work by our 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 180+ sensational committed professionals”.

BGL achieves industry leading results for Customer Support!

By BGL Update, Culture, In the Media, TechnologyNo Comments

BGL is 14.7 hours faster at first support replies and 54 hours faster at providing a full resolution!

BGL introduced Zendesk as its technology solution for client support in mid-2018. Since that time, the BGL Team has worked to implement Zendesk in all areas of the BGL business, replacing old help databases, telephone support systems and, giving BGL the ability to add chat support.

Zendesk recently provided BGL with performance comparisons. The data showed BGL was 14.7 hours faster at first support replies and 54 hours faster at providing a full resolution to client problems than those in similar industries. 

“These results are amazing and were achieved through the skills and expertise of our Support, Client Success, Account Management and Data Services Teams” said Ron Lesh, BGL’s Managing Director. “I am really proud of our teams and their commitment to providing clients with excellent customer service”.

“I am also really impressed with the work of our Documentation Team” added Lesh. “27.74% of our clients took a first look at our documentation to try to resolve their queries – this is 21.71% higher than the industry benchmark of just 6.03%”.

“This is one of the reasons BGL won the 2020 National Australian Achiever for Excellence in Customer Service” noted Lesh. “We understand it does not matter how good a software is if customer service is bad. At BGL, our focus has always been on providing the best software and remarkable client experiences.

Zendesk Support is integrated with BGL’s software platforms CAS 360, Simple Fund 360, and Simple Invest 360, giving users access to Live Chat with a member of our team and the ability to log a  telephone support call without leaving our applications helps to provide our clients with a seamless support experience.

Find out more about BGL’s omnichannel customer support: bglcorp.com/hub/support/

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”.