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Innovation starts by listening to your customers

By BGL UpdateNo Comments

Foundstone Conversations Podcast

Real-world strategy conversations with organisation & industry leaders about their latest challenges, learnings & insights.

Innovation starts by listening to your customers with Ron Lesh

In this episode of Foundstone Conversations, host Andrew Bird talks to Ron Lesh, Founder and Managing Director of BGL Corporate Solutions, about why listening to our customers is important for any business.

Having decades of experience under his belt, Ron also shares about common mistakes made by young businesses as well as other insights he’s observed over the years.

Tune into this episode to learn about how customer feedback is key to better innovation and customer relationships!

YouTube: https://bit.ly/3o1bLsd
Spotify: https://spoti.fi/3rmliwc
Apple Podcasts: https://apple.co/3p97AKp

December 1, 2021
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Are SMSF software companies looking for a new way to charge clients ?

By BGL UpdateNo Comments

There have been a lot of changes in the SMSF software industry over the past couple of years.

With no new entrants to the market, some of the existing businesses think they are in a powerful pricing position. And we are seeing this already with 2 software providers charging for (or intending to charge for) API access and 1 adding a cut down external service in an upgrade and pay play. The upgrade, of course, leads to increased revenue to the software company through commissions. With the upgrade and recent charges introduced to API access (most of which will be passed on to clients), their price per fund will be almost $350 per fund per annum + GST.

But what I find more interesting is the suggestion SMSF software suppliers may start charging on the basis of funds under management.

Most of you would be aware, 1 SMSF software supplier has recently been purchased by a financial services platform. The other is already owned by a financial services institution. These businesses already earn much of their revenue from fees based on funds under management – so is this the future for their SMSF software businesses? I recently read an article in The Sentiment newsletter where an increase in clients and funds under management was being touted as a reason for the purchase of a SMSF software business. That financial software business already charges fees based on the funds under management  I do not think it is a bridge too far to suggest this business may ben considering charging SMSF software clients fees based on funds under management.

Those of us who have been in the SMSF software industry for a while know SMSF software providers have no control over the funds under management of their SMSF software clients.  One provider had to specifically exclude the distribution of their financial products through their SMSF software and through their SMSF administration network from their service agreements.

But maybe times are changing. So maybe in the future this will change,

BGL is not a financial services business and is not owned by a financial service business. While it would be great if we could charge subscription fees based on funds under management (our FUM is around $425b), we have no plans to do so. Nor do we think SMSF software providers should be changing for API access or providing products where forced upgrades are required.

Our pricing strategy is clear and simple. As we add new features and enhancements to our products and services providing our clients with greater efficiencies, we will look to increase our prices. We will never charge on the basis of funds under management – we operate on a subscription fee for service model.

Over time, as our costs increase, so will our product prices. When or how much is determined by us when the time is right.

But I am not so sure of the others.

Only time will tell!

November 25, 2021
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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”.

November 25, 2021
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Director IDs: How can CAS 360 help?

Streamline Director IDs with CAS 360

By BGL Update, CAS 360, IndustryNo Comments

CAS 360 is helping ASIC registered agents manage and streamline Director IDs for their clients!

CAS 360 is Australia’s leading cloud solution for the management of companies and trusts.

The recent introduction of Director IDs means Australian company directors are required to identify themselves with the ABRS via MyGovID between now and November 30, 2022.

ASIC Registered Agents help businesses handle the compliance requirements of the vast majority of Australian companies, so the job to ensure every company director has a Director ID will ultimately fall on their shoulders…

That’s where CAS 360 can help!

To help manage and streamline the administration of these new requirements for ASIC Registered Agents, BGL released a suite of Director ID features in CAS 360. We have not just “added a field” to record the Director’s ID. We have provided a suite of features to help you through the process. Click here to skip ahead to our video >>>

Director ID Alert

The Director ID alert will show CAS 360 users the company directors that have completed their Director’s ID.

Director IDs: How can CAS 360 help?

Director ID Screen

The Director ID screen provides CAS 360 users with the ability to:

  • Send a customisable email to all company directors about the new Director ID requirements,
  • Send email reminders to company directors when the Director ID deadline is approaching,
  • View which company directors have not completed their Director ID requirements,
  • See if a contact is a director in multiple companies,
  • Add a director’s email address, and
  • Add a director’s ID number once the director has completed registration.
Director IDs: How can CAS 360 help?

See CAS 360’s Director ID features in action!

Watch our video to hear from BGL’s Head of CAS 360, Warren Renden and see a live demonstration of the Director ID features available now!

If you would like to learn more about CAS 360 and how it can benefit your business, contact the BGL sales team on 1300 654 401 or email sales@bglcorp.com.au.

November 9, 2021
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BGL launches integration with Colonial First State’s FirstWrap platform

By BGL Update, Simple Fund 360No Comments

BGL is proud to announce Simple Fund 360 is now integrated with Colonial First State’s FirstWrap platform.

“It’s great to have Colonial First State as part of the BGL Ecosystem,” said Ron Lesh, BGL’s Managing Director. “FirstWrap is a full service wrap platform, providing comprehensive investment choice, convenience and great flexibility. This new integration means FirstWrap now has a seamless integration with Simple Fund 360 with bank, investment and income transactions automatically loaded”.

“Simple Fund 360 will then automatically map the required accounts and tax data to drive further efficiencies for your firm.”

Colonial First State’s Chief Distribution Officer, Bryce Quirk, said: “We’re excited to partner with BGL and provide the benefits of Simple Fund 360 to our members and advisers. Adding to the comprehensive tax reporting features of FirstWrap, the welcome addition of Simple Fund 360 integration will further enhance the value and efficiencies for our joint customers.”

BGL currently has over 350 partners in our Ecosystem and it is great to be able to add FirstWrap to the list.

Click here to learn more about this Simple Fund 360’s integration with Colonial First State’s FirstWrap platform >>>

November 8, 2021
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BGL commits to supporting mental health and wellbeing

By BGL Update, CultureNo Comments

BGL is proud to announce 25 members of its leadership team are now accredited Mental Health First Aiders.

“I am incredibly proud of the team” said Ron Lesh, BGL’s Managing Director. “With the help of Joel Clapham, Founder and Chief Mental Health Champ at Hearten Up, all 25 members of the BGL leadership team are now accredited Mental Health First Aiders. This equates to 1 trained Mental Health First Aider for every 7 BGL team members.”

“Our team has worked tirelessly through 2020/21 to produce sensational, award-winning software for our clients. Supporting their mental health and wellbeing now and into the future has never been more important” continued Lesh. “Providing our leaders with the opportunity to become accredited Mental Health First Aiders is just one of the many initiatives we have implemented over the past 2 years to better support our team.” 

Since December 2019, BGL has provided all team members and their immediate families with a complimentary Employee Assistance Program (EAP) through Relationship Matters, a not-for-profit organisation with highly trained professional counsellors who are there to help our people deal with whatever issues are impacting on their lives.

“Supporting our people’s mental health and wellbeing isn’t just a nice thing to have in brochures and policies – it is essential for any business who truly cares about their people,” said Lesh. 

In recognition of the hard work and resilience of the team over the past months, BGL will be closed for a team Thank You Day on Monday 1 November 2021. No live services will be available on this day.

If you would like to join the BGL Team, check us out at www.bglcorp.com/careers.

BGL has been recognised on the 2021 AFR BOSS Best Places to Work List as the 6th best technology workplace in Australia & New Zealand!

October 27, 2021
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Where we are at! From BGL’s Managing Director

By BGL Update2 Comments

There has been so much going on in the SMSF marketplace recently and it has probably been a little while since I have written clients, so I thought it was time for an update.

You will have seen a lot of M & A activity in the SMSF and corporate compliance market – first the purchase of a document provider by one of our competitors, followed by the purchase of the competitor itself and thirdly the purchase of an actuarial certificate provider. Wow! Not bad for a short couple of months.

As I am sure you can imagine, BGL also receives many advances for us to sell our business. But unlike others, we are not looking to cash in. We love what we do, and we love our clients. We see our role is to serve you, not sell you!

So, forget any rumours you have heard, BGL is NOT for sale and we have absolutely no plans to sell the BGL business.

Now, let me talk a little about the 2020/21 financial year.

BGL achieved record revenue in 2020/21 of $35.6m, up 13.44% from $31.4m in 2019/20. We also had good growth in client numbers to 8,315 up from 7,832. In what has been a pretty tough year, I am very proud of what our team has achieved. And I am very thankful to you, our clients, for sticking with us and helping us grow.

In the same period, we invested a record amount of $10.6m in Research and Development. We continue to invest heavily in our products with many software releases of CAS 360 including New Zealand and Singapore, Simple Fund 360 with workpapers and SmartDocs and the release in mid-June 2021 of Simple Invest 360. Our team has worked tirelessly through 2020/21 to produce sensational award winning software for you.

At the same time, we have invested in our account management, client success and support teams to ensure we are well resourced, so our clients receive and continue to receive remarkable service. This is the priority for us.

BGL is here to stay. We see huge potential for our business to continue to grow without acquisition. We expect 2021/22 to be a bumper year.

Before I finish, let me also thank our Ecosystem partners. You guys too are an essential part of our business and we love each and every one of you.

So, thank you again for your support. We know we would not be where we are today without you, our clients.

October 26, 2021
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BGL is SuperStream ready. Are you?

By BGL Update, Simple Fund 360No Comments

BGL is proud to announce our Simple Fund 360 software was SuperStream Rollover compliant on 1 October 2021. On this date, SuperStream became mandatory for all member balance rollovers to SMSFs. The ATO advised all SMSF SuperStream must now be completed with SuperStream.

“I am incredibly proud of the Team” said Ron Lesh, BGL’s Managing Director. This was a huge task for BGL as not only did we need to develop the convoluted SuperStream rollover process with a new data provider, but we also needed to create a new BGL Electronic Service Address (ESA) for clients”.

Since 28 September 2021, BGL Simple Fund 360 clients have had access to a major software update that includes the SuperStream changes. This was the fourth Simple Fund 360 update since 30 June 2021. The new software allows clients to initiate and receive member balance rollovers and process release authorities with the new BGL ESA.

BGL has also developed a number of SuperStream resources for BGL clients.

Simple Fund 360 Online Help: SuperStream FAQs
https://sf360.zendesk.com/hc/en-au/sections/360002499571-SuperStream 

Webinar Recording: SuperStream changes in Simple Fund 360
https://youtu.be/M8x5yXQFHUY 

BGL Website: Are You SuperStream Ready?
https://www.bglcorp.com/marketplace/superstream/ 

BGL clients who need help with these SuperStream changes can check out the links above or contact their BGL Account Manager on 1300 654 401 or by email at info@bglcorp.com.au.

October 21, 2021
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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

August 12, 2021
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