Streamlining Success: How QuickBooks Empowers Australian Businesses and Accountants

For Australian accounting firms navigating the complexities of Self-Managed Superannuation Funds (SMSFs), leveraging the right technology is no longer a luxury, but a necessity. Efficient, compliant, and client-focused SMSF administration demands robust software solutions. This is where BGL Corporate Solutions (BGL) has established itself as a leading provider, offering a suite of products designed to simplify and automate the intricacies of SMSF accounting and compliance. At BlueCrest Accounting Solutions, we understand the power of these tools and are here to help you maximise their potential through our expert SMSF outsourcing services.

BGL has been a prominent name in the Australian accounting software landscape for over 30 years, continually innovating to meet the evolving needs of the profession. Their cloud-based solutions are particularly popular, offering flexibility, real-time data access, and enhanced collaboration. Let’s delve into some of BGL’s flagship products and explore how they can be a game-changer for your practice.

Simple Fund 360: The SMSF Administration Powerhouse

Arguably BGL’s most renowned offering for SMSF specialists, Simple Fund 360 is a comprehensive cloud-based SMSF administration software. It’s designed to streamline every aspect of SMSF accounting, from data entry and transaction processing to compliance checks and reporting.

• Key Benefits for Accountants: 

  • Automation: Simple Fund 360 automates many time-consuming tasks, including bank and broker data feeds, contribution tracking, and pension calculations. This significantly reduces manual data entry, minimising errors and freeing up valuable time for your team to focus on higher-value advisory services.
  • Compliance: The software is continuously updated to reflect the latest ATO regulations and superannuation laws, helping you ensure your clients’ SMSFs remain compliant. It features built-in checks and alerts for potential compliance breaches.
  • Real-time Reporting: Access up-to-date fund information, generate comprehensive financial statements, investment reports, and member statements with ease. This allows for proactive fund management and better client communication.
  • Integration: Simple Fund 360 integrates with a wide range of banks, brokers, and other third-party applications, creating a seamless workflow.

While Simple Fund 360 offers powerful automation, the day-to-day management, reconciliation, and intricate compliance aspects can still demand significant time. This is where Outsourced Accounting Solutions can step in. Our team of SMSF specialists is proficient in Simple Fund 360, and we can handle the operational tasks, allowing your firm to scale its SMSF services without increasing in-house overheads. Considering SMSF outsourcing? Contact BlueCrest Accounting Solutions today to learn how we can help you leverage Simple Fund 360 more effectively!

CAS 360: Mastering Corporate Compliance

Beyond SMSFs, many accounting firms also manage company secretarial duties for their clients. BGL’s CAS 360 is a cloud-based corporate compliance software designed to automate and simplify ASIC company compliance.

• Key Benefits for Accountants: 

  • Automated ASIC Lodgements: CAS 360 automates the preparation and electronic lodgement of ASIC forms, including annual statements and company changes.
  • Document Management: It provides a centralised platform for managing all company documents, with automated reminders for important deadlines.
  • Efficiency: By streamlining repetitive compliance tasks, CAS 360 helps reduce administrative burdens and improve overall practice efficiency.
  • Integration: CAS 360 integrates with Simple Fund 360, allowing for a more holistic view of client data where SMSFs hold corporate trustees.

Pricing for CAS 360 is typically based on the number of companies managed, with annual or monthly subscription options. For precise pricing, it’s best to visit the BGL website or contact their sales team.

Simple Invest 360: Expanding Your Service Offering

For accountants managing investment portfolios for trusts, companies, and individuals beyond SMSFs, BGL offers Simple Invest 360. This cloud-based software provides a comprehensive solution for investment accounting, reporting, and tax compliance for various entities.

• Key Benefits for Accountants: 

  • Unified Platform: Manage diverse investment portfolios for different client structures within a single, integrated system.
  • Automated Data Feeds: Similar to Simple Fund 360, it offers extensive data feeds for banks, brokers, and registries, automating the recording of investment transactions.
  • CGT Optimisation: Sophisticated Capital Gains Tax (CGT) tracking and calculation tools help in optimising tax outcomes for clients.
  • Comprehensive Reporting: Generate detailed investment performance reports, financial statements, and tax reports.

Simple Invest 360 pricing is generally per entity, per annum, with discounts available for larger volumes.

BGL SmartDocs: AI-Powered Data Capture

A newer innovation, BGL SmartDocs, is an AI-powered paper-to-data solution. It aims to further reduce manual data entry by intelligently extracting information from various documents and populating it into the relevant BGL software. This technology can significantly enhance efficiency across all BGL platforms.

Partnering with BlueCrest Accounting Solutions for Optimal Results

BGL’s suite of products offers powerful tools to enhance efficiency, accuracy, and compliance for Australian accounting firms. However, mastering these platforms and managing the ongoing processing and administration, especially for a growing SMSF client base, can be challenging.

This is where BlueCrest Accounting Solutions adds significant value. We provide specialised SMSF outsourcing solutions tailored to Australian accounting practices. Our team is highly experienced in using BGL software, including Simple Fund 360. By partnering with us, you can:

• Focus on Core Activities: Delegate the time-consuming SMSF processing tasks to us, allowing your in-house team to concentrate on client relationships, strategic advice, and business development.
• Scale Your SMSF Services: Expand your SMSF client portfolio without the need to hire and train additional in-house staff.
• Improve Turnaround Times: Our dedicated team ensures timely processing and reporting, enhancing your service delivery.
• Reduce Operational Costs: Benefit from our efficient processes and expertise, often at a more cost-effective rate than managing everything in-house.
• Ensure Quality and Compliance: We adhere to the highest standards of accuracy and stay updated with the latest SMSF regulations.

Ready to unlock the full potential of BGL software and streamline your SMSF audit support operations? Don’t let the administrative burden of SMSF management hold your practice back. Contact BlueCrest Accounting Solutions today for a confidential discussion about your SMSF outsourcing needs and discover how we can help your firm thrive. Let us handle the complexities, so you can focus on what you do best – providing exceptional service to your clients.