On the back of SuperStream's data automation focus, self-managed super fund (SMSF) software vendor, BGL, has announced a number of new services which it believes will revolutionise SMSF data processing.
Commenting on the automated SMSF solution, Ron Lesh, Managing Director of BGL, said the new service would destroy the myth that SMSF work could not be fully automated.
"Just imagine the efficiencies created if when you opened your SMSF software, all bank account transactions from all Australian banks and all broker transactions from all Australian brokers were automatically loaded into all of your funds," he said. "And, at the end of the financial year, you could reconcile all your holding balances with the registries, receive all your dividend and distribution statements and process all tax components of transactions automatically."
Lesh said that BGL's new processes were designed specifically for SMSF administrators, so that instead of having to log into each fund to check for unallocated data, a multifund processing system would allow them to allocate any unallocated transactions for all funds from a single screen.
"As industry leaders and automation experts, it is easy for BGL to provide our clients with unique functionality that provides huge efficiencies and time savings," he said. "And BGL will also introduce a new system to make it easier for administrators to control data feeds."
"This new system will allow administrators to view and sign up for some or all of these new data services through a single screen, and will provide automated status updates for each service," Lesh continued. "We want to ensure the administrator is always kept in the loop," he said.