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Simple Invest 360

The amount of time saved with Simple Invest 360 ensures you won’t be disappointed

By BGL Update, Simple Invest 360No Comments

”If you have trusts, companies, and individuals with complex/detailed investment transactions, Simple Invest 360 is the product to use, and the amount of time saved ensures you won’t be disappointed.

About Lighthouse Super Solutions

Lighthouse Super Solutions, founded in 2008, is a leading provider of self-managed superannuation fund (SMSF) administration services in Australia. With a commitment to delivering independent, accurate, and comprehensive SMSF solutions, Lighthouse Super Solutions enables trustees to simplify their reporting and statutory obligations, allowing them to focus on effectively managing their SMSF. Based in Sydney, the firm serves clients across all states and territories.

The Challenge

Before adopting Simple Invest 360, Lighthouse Super encountered significant challenges

Before adopting Simple Invest 360, Lighthouse Super encountered significant challenges in managing their clients’ capital gains tax (CGT) records and tax components of distributions, particularly for non-SMSF entities. Damian described this as a “challenging and manual process”, often reliant on spreadsheets. The firm required a more efficient and accurate solution to handle these complex financial investments and tax-related tasks.

Why Simple Invest 360

Seeking a solution to address the firm’s challenges and streamline their workflow, Damian and his team turned to Simple Invest 360

Seeking a solution to address the firm’s challenges and streamline their workflow, Damian and his team turned to Simple Invest 360. Long-time user of BGL products, including Simple Fund 360, Damian had confidence that Simple Invest 360 would be a valuable addition to their business. He recognised that existing accounting programs needed help to accurately account for complex financial investments, CGT reporting, and dividend/distribution income reconciliations. Simple Invest 360 presented itself as a natural progression to meet these needs.

The Solution

Since implementing Simple Invest 360, Lighthouse Super has experienced a great transformation in their SMSF administration processes

Since implementing Simple Invest 360, Lighthouse Super has experienced a great transformation in their SMSF administration processes. Simple Invest 360 invaluable key aspects and benefits include:

  • Integration of data feeds: Simple Invest 360 offers data feeds from banks, brokers, and wraps, enabling seamless and accurate data synchronisation.
  • Historical tracking of CGT events: The software allows for the historical tracking of CGT events, ensuring comprehensive and accurate record-keeping.
  • Reconciliation reports: The solution generates reconciliation reports for dividends and distributions, providing confidence that all income is accurately accounted for and any discrepancies are readily identifiable.
  • Flexibility: Simple Invest 360 allows tailored usage to specific reporting requirements, both for Lighthouse Super’s own operations and their clients.

The Results

The adoption of Simple Invest 360 has delivered significant benefits to Lighthouse Super

The adoption of Simple Invest 360 has delivered significant benefits to Lighthouse Super, including:

  • Streamlined processes: The automation and data integration capabilities have streamlined their SMSF administration, reducing manual work and potential errors.
  • Enhanced accuracy: The historical tracking of CGT events and reconciliation reports has improved the accuracy of their financial reporting.
  • Time savings: Damian emphasised the substantial time savings achieved through the use of Simple Invest 360, allowing the team to focus on more strategic aspects of their work.

In comparison to other solutions Lighthouse Super used, Damian specifically highlighted the unparalleled automation provided by Simple Invest 360, particularly in terms of data feeds.

Damian’s advice to other businesses considering Simple Invest 360 is clear: “If you have trusts, companies, and individuals with complex/detailed investment transactions, it is the product to use, and the amount of time saved ensures you won’t be disappointed.” Simple Invest 360 has met and exceeded Lighthouse Super’s expectations, delivering a powerful solution for SMSF administration that has made a meaningful impact on their operations and client satisfaction.

About Damian

Damian Grech, a Fellow of CPA Australia, has had a distinguished career in accounting and financial services. He began as a cadet accountant and gained expertise in various areas, including business services, taxation, auditing, and superannuation. Damian’s passion for self-managed superannuation funds (SMSFs) led him to become an SMSF Specialist Advisor™ accredited with the SMSF Association. He currently heads the administration, compliance, and advice division of Lighthouse Super Solutions, providing clients across Australia with technical assistance on a range of SMSF matters.

November 29, 2023
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BGL adds integrated Workflow to Simple Fund 360 and Simple Invest 360

By BGL Update, Simple Fund 360, Simple Invest 360No Comments

BGL is proud to announce the launch of its Workflow module in its multi-award-winning SMSF administration and investment management solutions, Simple Fund 360 and Simple Invest 360.

“Managing all the tasks associated with a client’s monthly processing and annual accounts is a huge challenge for accountants and administrators,” said BGL’s Managing Director, Ron Lesh. “I’m excited to release our highly requested Workflow module that will streamline and automate this process for BGL clients.” 

The integrated Workflow module allows BGL Simple Fund 360 and Simple Invest 360 clients to quickly identify and track jobs for specific SMSFs and portfolios, including job status, pending jobs and recent completions. This feature also aids in team management by tracking deadlines and enabling task delegation.

Jeevan Tokhi, Head of Simple Fund 360 at BGL, said: “In my extensive interviews with BGL clients, it is evident that clients want more control over job status. Many clients continue to maintain workflow in Excel, often relying on this as their primary job-tracking tool or using it in tandem with software like Xero Practice Manager. Our objective is to encourage firms to eliminate the use of spreadsheets altogether.”

“BGL clients can now create custom workflows or use standard templates to align with their firm’s processes. They can leave comments, update tasks, track job completion and develop customised job templates for all entity types. Additionally, clients can reassign tasks in bulk if team members go on leave or depart the organisation. The Workflow module also provides an export of jobs to Excel for further customisation.”

“BGL has also automated the Workflow module based on events triggered within the software. For example, when an entity’s annual return is lodged, this will automatically update the status of the associated task. Leveraging its robust ecosystem, BGL plans to integrate the Workflow module with audit partners, document providers and practice management solutions via its free and open API,” concluded Tokhi. 

Learn more about Workflow
October 11, 2023
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BGL updates integration with MYOB GreatSoft

By BGL Update, CAS 360, Simple Fund 360, Simple Invest 360No Comments

BGL is proud to announce the release of its enhanced integration with leading business management platform MYOB GreatSoft practice management.

“We are excited to roll out our new and improved two-way practice management integration with GreatSoft,” said BGL’s Managing Director Ron Lesh. “This integration streamlines the management of company, SMSF, trust, and individual client and contact data across four apps in a single database. This eliminates the need for manual and duplicated data entry, freeing up valuable time and resources for clients.“

Valantis Vais, Head of Product – Enterprise for MYOB, said, “Accounting Practices are struggling with an industry-wide shortage of Accountants, so reducing the amount of precious time wasted keeping data in sync between BGL’s suite of products and MYOB GreatSoft with a seamless 2-way workflow will help reduce pressure on the existing teams. Plus, this integration demonstrates our commitment to creating an Open Business Management Platform for Accountants.”

The new and improved two-way BGL Practice Management Integration (Version 2) connects MYOB’s GreatSoft practice management software with the BGL Suite, which includes company, trust and AML management software, CAS 360, SMSF administration software, Simple Fund 360 and accounting, investment and tax software, Simple Invest 360.

“The integration features client and contact level synchronisation, prompts to review a client/contact before syncing to an app and provides notifications for duplicate clients/contacts,” continued Lesh. “It also includes the ability to add clients/contacts in bulk, view client/contact relationships and change history. All clients/contacts can be searched and filtered in the Client List screen”. 

“So, if a client’s details change in the BGL Suite (CAS 360, Simple Fund 360 and Simple Invest 360), this change is automatically updated in GreatSoft,” added Lesh. “Also, when client or contact details change in any app, our company compliance software, CAS 360, will prompt clients to prepare all the relevant ASIC compliance documents.” 

BGL plans to extend this integration to other practice management partners.

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

Learn more about the BGL + GreatSoft Integration

About MYOB

MYOB is a leading business management platform in Australia and New Zealand, providing solutions to streamline key business workflows, from finance and inventory management to employee onboarding and payroll. With a core purpose of helping more businesses with 0 to 1000 employees in Australia and New Zealand start, survive and succeed, MYOB offers a richly curated, integrated and flexible platform that enables a business to make better decisions, unlock its full potential and confidently grow. For more information visit myob.com or follow MYOB on LinkedIn. For more information about MYOB’s Greatsoft solution, please visit GreatSoft: A Cloud Practice Management Solution For Growing Accounting Firms (myob.com).

September 11, 2023
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