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BGL partners Syla to automate crypto transaction data

By In the Media, NewsNo Comments

Published by The Paypers on 04 April 2023
Click here to read on The Paypers website

BGL partners Syla to automate crypto transaction data

Australia-based BGL Corporate Solutions has partnered with Australia-based cryptocurrency tax software Syla to automate crypto transaction data.

Through this partnership, BGL’s Simple Fund 360 and Simple Invest 360 solutions have become integrated with cryptocurrency tax software Syla to support the automation of cryptocurrency transaction data for SMSF, company, individual, and trust portfolios. In essence, BGL clients can sync their clients’ crypto transaction data from any digital currency exchange connected to their Syla account into their Simple Fund 360 and Simple Invest 360 software.

According to australianfintech.com.au, BGL’s free and open API is being used extensively across the industry, with more than 350 data feed and integration partners in the BGL Ecosystem working to provide a comprehensive experience to BGL clients.

BGL officials cited by the same source revealed that 1 in 4 Australians are investing in crypto, a trend that poses new challenges to accountants when it comes to compliance work, as a single portfolio can sometimes include hundreds or even thousands of crypto trades. With Syla, accountants can automate the journal entry process for every crypto purchase and sale thus saving time and effort.

Syla representatives also highlighted how tedious it can be to enter manual journals for every crypto purchase. They also talked about the partnership with BGL and how it can help clients to sync all crypto trades, income and other transaction data from any crypto exchange into their Simple Fund 360 and Simple Invest 360 software.

Cryptocurrency tax in Australia

According to koinly.io, crypto is legal in Australia and is taxed as property. Furthermore, cryptocurrency exchanges operating in Australia need to register with AUSTRAC as a financial service provider. In the eyes of the Australian government, cryptocurrencies are classified as properties and represent an asset for Capital Gains Tax (CGT) purposes.

This includes cryptocurrency coins, tokens, NFTs, and stablecoins. However, depending on the specific transaction, these digital assets may also be viewed as additional income and taxed as Income Tax. The way Australian citizens are taxed depends on the circumstance and the specifics of the transaction.

Crypto investors in Australia are subjected to a Capital Gains Tax (CGT) whenever they dispose of their assets either by selling them for AUD or another fiat currency, swapping crypto for crypto, gifting crypto, or spending it on goods and services. Holding crypto for at least a year before disposing of it makes the holder eligible for a 50% discount on any capital gain.

April 4, 2023
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BGL provides automated crypto data with Syla

By Accountants Daily, In the Media, NewsNo Comments

Written by Josh Needs
Published by Accountants Daily on 04 April 2023
Click here to read on Accountants Daily website

The integration will make it easier for accountants facing increased crypto compliance measures as digital currency increases in popularity, says the firm.

BGL customers can now automatically sync cryptocurrency data to their accounts thanks to integration with Australian cryptocurrency tax software Syla.

BGL’s managing director Ron Lesh said he was pleased to bring the Syla integration to the firm’s customers.

“We are excited to add Syla to the BGL ecosystem,” said Mr Lesh.

“The integration allows BGL clients to easily sync their clients’ crypto transaction data from any digital currency exchange connected to their Syla account directly into their Simple Fund 360 and Simple Invest 360 software.”

Mr Lesh said software needed to accommodate greater tracking of cryptocurrency data as accountants tried to meet its compliance demands.

“With one in four Australians investing in crypto, it’s becoming more challenging for accountants to get the compliance work done, particularly when investors could be using any crypto exchange,” he said.

“A single portfolio could have hundreds or even thousands of crypto trades.”

“Integrating Syla will automate the journal entry process for every crypto purchase and sale, saving BGL’s Simple Fund 360 and Simple Invest 360 clients significant time and effort.”

Syla co-founder Nick Christie agreed with Mr Lesh and said the integration would make meeting compliance obligations easier when it came to cryptocurrency.

“A portfolio with crypto investments could be a bit of a trauma-inducing experience in the past, particularly when it came to compliance work,” said Mr Christie.

“The tedious entry of manual journals for every crypto purchase and sale surely sent many accountants close to madness. With the launch of this integration between Syla and BGL, we’ve really flipped the experience entirely around.”

“Manual journals are out, and instant sync is in. BGL clients can now sync all crypto trades, income and other transaction data from any crypto exchange into their Simple Fund 360 and Simple Invest 360 software, ensuring the compliance work can be easily sorted.”

Founded in 2018, Syla was developed by Australian accountants to make it simpler to deal with crypto and blockchain tax compliance. The firm says its automation software equips investors, traders and businesses with certainty and accuracy when dealing with their crypto investments.

Founded in 1983, BGL Corporate Solutions has grown to become one of the largest developers of compliance software in the world, with more than 180 employees globally.

April 4, 2023
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BGL integrates with Syla to automate crypto transaction data

By Australian FinTech, In the Media, IndustryNo Comments

Published by Australian Fintech on 03 April 2023
Click here to read on the Australian Fintech website

BGL integrates with Syla to automate crypto transaction data

BGL Corporate Solutions (BGL), Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF) and investment portfolio management software, has announced its Simple Fund 360 and Simple Invest 360 solutions are now integrated with Australian cryptocurrency tax software, Syla, to automate cryptocurrency transaction data for SMSF, company, individual and trust portfolios. “We are excited to add Syla to the BGL Ecosystem,” said Ron Lesh, BGL’s Managing Director.

“The integration allows BGL clients to easily sync their clients’ crypto transaction data from any digital currency exchange connected to their Syla account directly into their Simple Fund 360 and Simple Invest 360 software.”

“With 1 in 4 Australians investing in crypto, it’s becoming more challenging for accountants to get the compliance work done, particularly when investors could be using any crypto exchange,” added Lesh. “A single portfolio could have hundreds or even thousands of crypto trades. Integrating Syla will automate the journal entry process for every crypto purchase and sale, saving BGL’s Simple Fund 360 and Simple Invest 360 clients significant time and effort.”

Nick Christie, Co-Founder of Syla, said, “A portfolio with crypto investments could be a bit of a trauma-inducing experience in the past, particularly when it came to compliance work. The tedious entry of manual journals for every crypto purchase and sale surely sent many accountants close to madness. With the launch of this integration between Syla and BGL, we’ve really flipped the experience entirely around. Manual journals are out, and instant sync is in.

BGL clients can now sync all crypto trades, income and other transaction data from any crypto exchange into their Simple Fund 360 and Simple Invest 360 software, ensuring the compliance work can be easily sorted.”

BGL’s free and open API is highly regarded and used extensively across the industry, with 350+ data feed and integration partners in the BGL Ecosystem delivering a holistic experience to BGL clients.

For more information, please visit here.

April 3, 2023
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BGL integrates with Syla to automate crypto transaction data

By In the Media, Industry, XU MagazineNo Comments

Published by XU Magazine on 03 April 2023
Click here to read on the XU Magazine website

BGL integrates with Syla to automate crypto transaction data

BGL Corporate Solutions (BGL), Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF) and investment portfolio management software, has announced its Simple Fund 360 and Simple Invest 360 solutions are now integrated with Australian cryptocurrency tax software, Syla, to automate cryptocurrency transaction data for SMSF, company, individual and trust portfolios. “We are excited to add Syla to the BGL Ecosystem,” said Ron Lesh, BGL’s Managing Director.

“The integration allows BGL clients to easily sync their clients’ crypto transaction data from any digital currency exchange connected to their Syla account directly into their Simple Fund 360 and Simple Invest 360 software.”

“With 1 in 4 Australians investing in crypto, it’s becoming more challenging for accountants to get the compliance work done, particularly when investors could be using any crypto exchange,” added Lesh. “A single portfolio could have hundreds or even thousands of crypto trades. Integrating Syla will automate the journal entry process for every crypto purchase and sale, saving BGL’s Simple Fund 360 and Simple Invest 360 clients significant time and effort.”

Nick Christie, Co-Founder of Syla, said, “A portfolio with crypto investments could be a bit of a trauma-inducing experience in the past, particularly when it came to compliance work. The tedious entry of manual journals for every crypto purchase and sale surely sent many accountants close to madness. With the launch of this integration between Syla and BGL, we’ve really flipped the experience entirely around. Manual journals are out, and instant sync is in.

BGL clients can now sync all crypto trades, income and other transaction data from any crypto exchange into their Simple Fund 360 and Simple Invest 360 software, ensuring the compliance work can be easily sorted.”

BGL’s free and open API is highly regarded and used extensively across the industry, with 350+ data feed and integration partners in the BGL Ecosystem delivering a holistic experience to BGL clients.

For more information, please visit here.

April 3, 2023
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BGL releases AI-powered document-to-data feature

By Accountants Daily, In the Media, NewsNo Comments

Written by Josh Needs
Published by Accountants Daily on 15 March 2023
Click here to read on Accountants Daily website

The SmartDocs Email to Fund software will automatically search and match transactions and attach the source document, says BGL.

BGL Corporate Solutions has added a feature to its SmartDocs software, Email to Fund, that uses AI to send documents and their data to corresponding BGL software.

Managing director Ron Lesh said the product was a result of hard work and dedication from the firm’s software development team.

“This release is a unique achievement by our big data and Simple Fund 360 product teams, who have dedicated more than two years to the project,” said Mr Lesh.

“Clients can now email documents directly into their Simple Fund 360 and Simple Invest 360 software where BGL SmartDocs will extract the data, automatically code and attach the source document to the transaction.

“No other SMSF administration or accounting software offers this exceptional technology.”

The firm said its SmartDocs document reader used AI technology with optical character recognition to extract information from bank statements, contract notes, dividend and distribution notices, rental statements and invoices.

Head of Simple Fund 360 Jeevan Tokhi said the added SmartDocs features would make it much easier for those running portfolios through the software.

“With the new BGL SmartDocs features each SMSF, trust, company and individual portfolio in Simple Fund 360 and Simple Invest 360 will have a unique email address for accountants, advisers, administrators or trustees to send documents,” said Mr Tokhi.

“When BGL SmartDocs extracts the document data, it will automatically search for the corresponding transaction within the entity (SMSF, trust, company or individual) and attach the source document to it.”

“The most exciting feature, however, is that the data auto-fills transaction details in the smart matching screen for uncoded bank transactions, eliminating the need for clients to create data rules.”

Mr Lesh said the release was the next step in the firm’s goal of developing zero-touch technology.

“It will eliminate the administrative burden of analysing, checking and storing hundreds of documents annually for SMSFs and investment portfolios,” he said.

“It also bolsters the existing transaction matching and AI-powered smart matching in Simple Fund 360 and Simple Invest 360.”

The firm will demonstrate the feature at Accountex in Sydney this week.

BGL provides services to over 9,500 businesses across Australia, New Zealand, Hong Kong and the UK with clients ranging from major accounting firms to individual trustees.

March 15, 2023
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BGL unveils BGL SmartDocs Email to Fund technology

By Australian FinTech, In the Media, IndustryNo Comments

Published by Australian Fintech on 14 March 2023
Click here to read on the Australian Fintech website

BGL unveils BGL SmartDocs Email to Fund technology

BGL Corporate Solutions, Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF) and investment portfolio management software, announced the release of Email to Fund – a unique new feature of its AI-powered document-to-data solution, BGL SmartDocs. BGL SmartDocs is fully integrated with BGL’s multi-award-winning SMSF administration and portfolio management solutions, Simple Fund 360 and Simple Invest 360.

“This release is a unique achievement by our Big Data and Simple Fund 360 Product Teams, who have dedicated more than 2 years to the project,” said Ron Lesh, BGL’s Managing Director.

“Clients can now email documents directly into their Simple Fund 360 and Simple Invest 360 software where BGL SmartDocs will extract the data, automatically code and attach the source document to the transaction. No other SMSF administration or accounting software offers this exceptional technology.”

As part of BGL’s Simple Fund 360 and Simple Invest 360 software, BGL SmartDocs is a document reader that uses AI technology with optical character recognition (OCR) and advanced deep learning algorithms to extract information from many document types including bank statements, contract notes, dividend and distribution advices, rental statements and invoices. It converts the document into digital data, streamlining the workflow process.

Jeevan Tokhi, Head of Simple Fund 360 at BGL, said, “With the new BGL SmartDocs features, each SMSF, trust, company and individual portfolio in Simple Fund 360 and Simple Invest 360 will have a unique email address for accountants, advisers, administrators or trustees to send documents. The documents can also be uploaded via the software, Engage by BGL (our mobile app) or via the BGL API. Documents are then automatically added to Document Management in the software.”

“When BGL SmartDocs extracts the document data, it will automatically search for the corresponding transaction within the entity (SMSF, trust, company or individual) and attach the source document to it,” explained Tokhi. “The most exciting feature, however, is that the data auto-fills transaction details in the Smart Matching screen for uncoded bank transactions, eliminating the need for clients to create data rules.”

“This release is the next step in the evolution of our zero-touch technology,” added Ron Lesh FCA. “It will eliminate the administrative burden of analysing, checking and storing hundreds of documents annually for SMSFs and investment portfolios. It also bolsters the existing transaction matching and AI-powered Smart Matching in Simple Fund 360 and Simple Invest 360.”

BGL SmartDocs is currently reading two million pages per month and loading the extracted data into Simple Fund 360 and Simple Invest 360.

BGL will be at Accountex in Sydney this week. Visit the BGL booth A32 to watch a live demonstration of this new BGL SmartDocs Email to Fund feature!

March 14, 2023
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