BGL has released the first SMSF administration software that automatically reconciles listed security holding balance with the share registries.
This new service is available today with Link Market Services.
“Automating the reconciling of holding balances with share registries, the single source of truth, provides our clients with significant efficiencies and benefits. And the fact we have been able to automate this process without the need for a complicated signup or registration system, is a fantastic achievement by our Team,” says BGL’s Managing Director Ron Lesh.
Simple Fund 360 will use registry data to ensure SMSF holding balances are reconciled on a quarterly basis or any other time required by the SMSF as part of a compliance check. The reconciliation process, like all other matching processes in Simple Fund 360, happens automatically overnight. “This fantastic new service will remove the need for an SMSF administrator or auditor to get paper holding statements or to individually confirm each holding balance on the Link website” concluded Lesh.
“BGL and Link have worked together to provide this service using the SMSF Holder Identification Numbers to provide the point of connection” noted Lesh. “This makes the connection simple for our clients to set up and requires no ongoing maintenance”.
In the past, accountants, SMSF administrators and auditors have confirmed SMSF holding balances from Holding Statements or a Share Registry website. “These days are gone for Simple Fund 360 clients” said Lesh.
“This is the next step towards zero touch processing in Simple Fund 360” added Lesh. “Simple Fund 360 is already the most automated SMSF administration solution available today with over 180 data feeds from banks, brokers, wraps and platforms. Confirmation of holding balances and other data with the share registries is the next step”.
Integration with Link Market Services is available now for Simple Fund 360 clients. Other registries will follow in the coming months.
