Addressing the BGL REGTECH conference in Sydney on Wednesday, BGL managing director Ron Lesh said the group was focused on improving automation and data use and moving to more modern versions of its SMSF and accounting platforms over the next 12 months.
“We’ve just released stage 3 of our AI (artificial intelligence) for Simple Fund 360, which gives us the ability not only to use the AI to find control accounts but also to find subsidiary accounts,” he said.
“We also released data feeds from Boardroom Registry, which gives us 98 per cent coverage of the share registries now that we’ve got Computershare, Boardroom and Link.”
In keeping with this, BGL had decided to shelve some older versions of both Simple Fund 360 and its CAS 360 accounting software due to increasing demand for mobile-focused services from clients.
“With Simple Fund desktop, we are getting rid of the 25 and 50 company version, so the minimum version will be 100 companies and everyone will pay a subscription at their next renewal for whatever that happens to be,” he said.
“A couple of our data suppliers on desktop are also discontinuing their services. SIS and Computershare have come to us to announce they won’t be delivering data to our desktop from the 31st of March next year, primarily because there aren’t enough people using it.”
Among the other new features expected to be released in the software over the coming year, Mr Lesh said BGL planned to make document purchases more efficient as well as make an SMSF-adjacent platform for accountants with high-net-worth clients.
“We are going to build more document integration, which is an opportunity for clients to buy documents on the basis of the numbers of documents you need — it’s a subscription model where you can pick whether you want 50 or 100 or 250 documents a year,” he said.
“We’re also going to start building a non-SMSF product, so you will be able to keep investment registers for trusts and companies as part of Simple Fund 360.”
The price difference between cloud and desktop is too much. $16 vs $200. Some fund with cash only, will suffer. My profit margin will suffer. You’d think with everything online things would get cheaper. But it’s not. I’m just waiting for them or Class to jack up the costs another 10% and blame it on CPI increases or IT costs. Too easy for BGL and Class to make profit while accountants do all the hard work.
I agree, the pricing is a huge disincentive.
50 fund package with ASX and bank feeds on Desktop = approx. $2500pa
50 fund package with ASX and bank feeds on 360 = $9000pa
No rip off there, I’m sure (not!).
BGL Desktop is like dial up internet, move with the times and jump up to “5G”!. I bet most of the desktop users out there also have a fax machine in the office and paper files 🙂
It has been a very good product. And I have used both. There are some limitations with 360. Everyone wants data-feeds to cut out the mundane part of our work, but picking up the tax adjustments still requires a lot of work. I am just annoyed you can only get 100 funds now. Where are the little people in BGL’s scheme of things. The answer is on the scrapheap with Desktop!
Guys, I hate to say the only people that think Simple Fund Desktop is the best SMSF admin pack are those that have not used [b]Class[/b] or 360.
I’m actually surprised that BGL has taken this long to stop supporting these legacy versions and go ‘all in’ on cloud.
Between Class and BGL its looking like supermate will be squeezed out (numbers dropping as reported by SMSF Adviser yesterday) and Mcclowd will pick up the spreadsheet warriors / hard core DIY trustees that have been using Trustee version of Desktop.
Stepping back, strong competition between the providers (as well as regulatory stability) is essential to ensure efficiency improvements (i.e. economic value) to users.
Guys, I hate t say the only people that think Simple Fund Desktop is the best SMSF admin pack are those that have not used Simple Fund 360. Data suppliers do not want to support desktop products. And PLS would simply be a waste of resources. Time to move on guys. Com along to REGTECH and see why
Even if no support is available, I would like to keep desktop running to be able to access historical data e.g. history of ownership for securities.
If the previous accountant gives me a “fund out” from desktop, then I can also use desktop to migrate to SF 360.
You can just send the file to BGL and they will do it for you. Have done this a few times now.
What a pity BGL constantly talks down their best product – Desktop.
I hope Desktop is supported going forward as we are reliant on this.
I fully agree Hein. BGL desktop remains the best SMSF software ever produced. Dialling down it’s capabilities is a move that will push users away from BGL…why not bring other bank data aggregators on board?..why not PLS lodgement capability?
Software providers and their linked suppliers can’t afford to support legacy products forever (let alone add new features) with a diminishing user base. Simple commercial sense.
Having made the move from Desktop to 360 two years ago, the analogy that springs to my mind is why use Windows 3.1 when Windows 10 is available?