SMSF software giant ups AI play
Following the initial launch of its artificial intelligence assistant earlier this year, BGL has now released the second stage, which provides general ledger data input and automated processing.
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.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.