Business News

BGL exceeds 100,000 paid SMSFs

BGL Corporate Solutions last week announced it had passed 100,000 in paid SMSFs on Simple Fund 360.

During the September 2017 quarter, BGL added 23,402 funds and 503 clients to Simple Fund 360.

Overall, the SMSF administration software provider has more than 3200 clients representing 175,000 SMSFs using Simple Fund 360.

“It’s a migration number. On average it takes about six months for migration, depending on the clients, as accountants finish the 2017 year,” BGL managing director Ron Lesh told selfmanagedsuper.

“Clients transitioning from BGL desktop to cloud-based solutions have definitely contributed to this strong growth.

“However we estimate clients representing well over 200,000 SMSFs have yet to migrate from our desktop to our cloud solutions so really this is only the beginning of the work we need to do.”

Commenting on why clients were moving to Simple Fund 360, Lesh said it came down to efficiency and technology.

“Our cloud products are by far the most technically advanced in the industry, and with big data and Artificial Intelligence, we are providing incredible efficiencies for our clients,” he said.

“BGL recently released automated two-way data integration with Xero Practice Manager in Simple Fund 360, meaning clients only have to manage one database minimising discrepancies and having a huge amount of administrative work.”

Lesh added that a big part of the business’s success was in its commitment to its clients’ growth.

“Our team works hard to build features in our software to help our clients scale and grow their businesses,” he noted.

“Our culture of innovation and our ability to quickly adapt to change allows us to stay many steps ahead of our competitors.”

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