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BGL supplies simple SMSF reporting with accountantsGPS integration

By Accountants Daily, In the Media, NewsNo Comments

Written by Josh Needs
Published by Accountants Daily on 06 April 2023
Click here to read on Accountants Daily website

The collaboration will provide clients with a comprehensive analysis of a fund’s compliance and financial situation, says the firm.

BGL customers will be able to simplify their SMSF reporting thanks to the firm’s latest integration with Melbourne-based fintech accountantsGPS.

BGL managing director Ron Lesh said he was excited to bring the collaboration with accountantsGPS to his clients.

“This integration allows Simple Fund 360 clients to produce a new SMSF check-up report using accountantsGPS’s proprietary technology — a first for the SMSF market and available exclusively to BGL clients,” said Mr Lesh.

“The digital SMSF check-up report provides a comprehensive analysis of a fund’s compliance and financial situation to evaluate how a fund is progressing in many key areas.

“The report includes SMSF documentation, investment performance, investment policy development, contribution strategies, investment property performance (including debt position), insurance and estate planning.”

Mr Lesh said the report would also help Simple Fund 360 clients determine whether the trustees and members of a fund would meet their compliance obligations and longer-term investment and retirement goals.

Chief executive and co-founder of the Fiduciary Group and accountantsGPS, George Haramis, said the firm was thrilled by the capabilities it had provided in the SMSF check-up report and integrating with BGL.

“It is particularly exciting for our business to partner exclusively with BGL and offer this unique and valuable service to their accounting clients,” said Mr Haramis.

“Accountants can now undertake a comprehensive analysis of their clients’ SMSF across a number of key areas adding additional value to trustees and members and eliminating the time, cost and angst of trying to create a report manually, if achievable at all.

“It is a long-awaited development for the SMSF sector that has finally arrived.”

Head of Simple Fund 360 at BGL, Jeevan Tokhi, said the integration would streamline the creation of an SMSF report.

“The integration allows BGL clients to log in to the accountantsGPS platform using their Simple Fund 360 credentials,” said Mr Tokhi.

“Clients can then authorise Simple Fund 360 to pass information relating to all or a select number of their SMSFs to the accountantsGPS platform.

“BGL’s API will pre-fill 95 per cent of the information required to complete the SMSF check-up report, making this a simple streamlined process that takes just a few minutes per fund.”

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 6, 2023
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BGL integrates with accountantsGPS to streamline SMSF reporting

By In the Media, Industry, XU MagazineNo Comments

Published by XU Magazine on 05 April 2023
Click here to read on the XU Magazine website

BGL integrates with accountantsGPS to streamline SMSF reporting

SMSF software provider BGL Corporate Solutions (BGL) has added Mebourne-based company accountantsGPS to its suite to offer its clients an SMSF check-up report, which can provide a comprehensive analysis of a fund’s compliance and financial situation to evaluate how the fund is progressing in key areas.

BGL managing director Ron Lesh said the report includes SMSF documentation, investment performance, investment policy development, contribution strategies, investment property performance (including debt position), insurance and estate planning.

“The report will help Simple Fund 360 clients to determine whether the trustees and members of a fund will meet their compliance obligations as well as their longer-term investment and retirement goals,” he said.

George Haramis, chief executive and co-founder of the Fiduciary Group and accountantsGPS, said accountants can now undertake a comprehensive analysis of their clients’ SMSF across a number of key areas, adding additional value to trustees and members and eliminating the time, cost and angst of trying to create a report manually.

Jeevan Tokhi, head of Simple Fund 360 at BGL, said the integration allows BGL clients to log in to the accountantsGPS platform using their Simple Fund 360 credentials. Clients can then authorise Simple Fund 360 to pass information relating to all or a select number of their SMSFs to the accountantsGPS platform.

“BGL’s API will pre-fill 95 per cent of the information required to complete the SMSF check-up report, making this a simple, streamlined process that takes just a few minutes per fund. Importantly, it means clients can provide the report for their SMSFs without requiring an Australian Financial Services (AFS) Licence,” he said.

April 5, 2023
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BGL integrates with accountantsGPS to streamline SMSF reporting

By Australian FinTech, In the Media, IndustryNo Comments

Published by Australian Fintech on 05 April 2023
Click here to read on the Australian Fintech website

BGL integrates with accountantsGPS to streamline SMSF reporting

BGL Corporate Solutions (BGL), Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF) and investment portfolio management software, has announced its multi-award-winning SMSF administration software, Simple Fund 360, now integrates with the Fintech platform, accountantsGPS, to provide its clients with a new digital SMSF Check-Up Report.

“We are thrilled to add Melbourne-based Fintech, accountantsGPS, to the BGL Ecosystem,” said BGL’s Managing Director Ron Lesh. “This integration allows Simple Fund 360 clients to produce a new SMSF Check-Up Report using accountantsGPS’ proprietary technology – a first for the SMSF market and available exclusively to BGL clients.”

“The digital SMSF Check-Up Report provides a comprehensive analysis of a fund’s complianceand financial situation to evaluate how a fund is progressing in many key areas,” continued Lesh. “The report includes SMSF documentation, investment performance, investment policy development, contribution strategies, investment property performance (including debt position), insurance and estate planning. The report will help Simple Fund 360 clients to determine whether the Trustees and Members of a fund will meet their compliance obligations as well as their longer-term investment and retirement goals.”

George Haramis, CEO and Co-Founder of the Fiduciary Group and accountantsGPS, said, “As one of Australia’s leading digital providers of personal financial advice, we are absolutely thrilled to have progressed our digital technology capabilities to develop the SMSF Check-Up Report. It is particularly exciting for our business to partner exclusively with BGL and offer this unique and valuable service to their accounting clients. Accountants can now undertake a comprehensive analysis of their clients’ SMSF across a number of key areas adding additional value to Trustees and Members and eliminating the time, cost and angst of trying to create a report manually, if achievable at all. It is a long-awaited development for the SMSF sector that has finally arrived.”

Jeevan Tokhi, Head of  Simple Fund 360 at BGL, said, “The integration allows BGL clients to log in to the accountantsGPS platform using their Simple Fund 360 credentials. Clients can then authorise Simple Fund 360 to pass information relating to all or a select number of their SMSFs to the accountantsGPS platform. BGL’s API will pre-fill 95+% of the information required to complete the SMSF Check-Up Report, making this a simple streamlined process that takes just a few minutes per fund. Importantly, it means clients can provide the report for their SMSFs without requiring an Australian Financial Services (AFS) licence.”

BGL’s free and open API is used extensively across the industry. Over 350 data feed and integration partners in the BGL Ecosystem deliver a holistic experience to our clients.

April 5, 2023
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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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BGL unveils email to fund software feature

By In the Media, Industry, SMSF AdviserNo Comments

Published by SMSF Adviser on 13 March 2023
Click here to read on the SMSF Adviser website

BGL unveils email to fund software feature

A new feature within BGL SmartDocs will further streamline the process of analysing, checking and storing documents for SMSFs.

BGL has released a new email to fund feature called Email to Fund, as part of it AI-powered document-to-data solution, BGL SmartDocs.

BGL managing director Ron Lesh said clients will now be able to 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.

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, streaming the workflow process.

BGL head of Simple Fund 360, Jeevan Tokhi explained that 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,” 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, he explained.

“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,” he stated.

Mr Lesh said the release was the next step in the evolution of BGL’s zero-touch technology.

“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,” he said.

March 13, 2023
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