BGL Corporate Solutions has implemented its big data filters for the proposed superannuation changes in the 2016 federal budget, which will allow its Simple Fund 360 clients to filter, evaluate and extract critical data in seconds.
BGL opened up a big data search capability to its users in May, after estimating the non-concessional contributions (NCC) cap would affect at least 10 per cent of all SMSFs, that is, 56,000 SMSFs with 106,000 members at September 2015.
Using the latest big data analytics functionality, clients can now filter and report member accounts to which the proposed $1.6 million pension cap and $500,000 NCC cap apply.
“Being able to work with Amazon Elastic Search gives BGL and our clients a huge advantage,” BGL managing director Ron Lesh said last week.
“There is simply no other SMSF software that can instantly provide big data benefits to clients like Simple Fund 360.”
Lesh highlighted that BGL regarded big data analytics and filtering as the future for SMSF processing.
“Big data provides instant critical information to our Simple Fund 360 clients – running reports just doesn’t cut it in 2016. That’s how we did things in 1997,” he said.
“SMSF administrators need to be able to filter, analyse and extract critical data in seconds to provide the services their clients expect and Simple Fund 360 is the only SMSF platform that can do this.”
BGL had almost 1600 firms representing 90,000 SMSFs using Simple Fund 360, making it by far the most widely used web-based SMSF administration platform in Australia, he said.
“Clients are comforted to know that moving to Simple Fund 360 means all their data and documents are also migrated,” he noted.
“They understand they will not need to rely on third parties to get historical information about their funds.”
In August, the company released its cloud corporate compliance software, CAS 360, to beta, with almost 1500 companies now on the beta platform.
The firm has not yet set a commercial release date for CAS 360, but said it expected it to be announced soon.
