In April this year, BGL Corporate Solutions announced stage one of its ‘Artificial Intelligence (AI) Assistant’ for Simple Fund 360, which utilises machine learning classification algorithms to review bank-reconciled transactions. The tool attempts to locate any possible user or rule based coding errors and presents potential code corrections.
BGL managing director Ron Lesh said BGL has now released the second stage of the assistant which includes the SmartPost III feature, which further builds on the deep learning AI algorithms in BGL Simple Fund 306 that determine, analyse and retain data patterns in SMSF data.
“This analysis is then used to provide Simple Fund 360 users a confidence level for where transactions should be posted in the general ledger based on over 480 million SMSF transactions in Simple Fund 360,” said Mr Lesh.
“Now that we can predict where transactions are to be posted in the Simple Fund 360 ledger, the opportunities are unlimited. The technology allows us to take bank transaction data or any manually input ledger data and determine with a single mouse click where this data should be posed in the ledger.”
Mr Lesh said the AI tools are aimed at reducing manual processing and processing errors.
Hopefully because I live in Jindabyne there might be some online training that I can take part in so that I am up to speed with A1.