BGL launches AI-powered document reader
SMSF software firm BGL has announced the release of a new AI-powered document reader as well as a new integration enabling accountants to generate business structure charts for clients.
BGL Corporate Solutions has now released SmartDocs, an AI-powered document reader that extracts data from images and PDFs, including scanned documents and photos, and converts the data into digital information.
The software firm said SmartDocs helps fill data-feed gaps, driving zero-touch processing and adding new efficiencies by linking source documents to BGL’s Accounting Workpapers.
BGL managing director Ron Lesh said turning paper into data has been a long-term problem for accountants and advisers, but SmartDocs now solves this problem.
“Users simply snap a photo or upload an image/PDF of a document and BGL SmartDocs’ AI-powered algorithms detect and extract the data,” Mr Lesh said.
“BGL SmartDocs then imports the data into the Simple Fund 360 or Simple Invest 360 smart transaction matching to be automatically coded. Bank statements, rental statements, tax statements and many other document types can be handled.”
The document reader tool uses the Textract service from Amazon Web Services.
“AWS has been a great partner in getting this service to a point where we can go live to all clients,” Mr Lesh said.
BGL has also announced an integration with Blueprint by ChangeGPS with CAS 360 and Simple Fund 360.
Blueprint is designed to help accountants provide structure advice to their clients by generating easy-to-understand and automated structure charts.
Mr Lesh said Blueprint provides tools designed to help automate day-to-day tasks for cloud-based accounting firms.
“The integration with BGL’s CAS 360 will save our mutual clients time and money, remove complicated data entry and time-consuming chart creation as well as provide efficiency gains. [It will] improve the communication with their respective clients by extracting CAS 360 data through our API to automatically generate smart, easy-to-understand and complete business structure charts,”Mr Lesh said.
Blueprint by ChangeGPS extracts data from BGL’s CAS 360 and creates a structure chart using relationship information, BGL explained.
“Traditionally, clients find it difficult to understand their business structure and a chart is great but can often take up to an hour to prepare. Using BGL’s API, Blueprint will extract company, trust, super fund, officer, shareholder, beneficiary, unitholder and other entity relationships,” the software firm said.
“Once the data is extracted, users will be easily be able to modify the chart to meet their needs and the needs of their clients. Blueprint is designed to help clients instantly understand the accountant’s advice, making it much easier for them to say ‘yes’ to structure advice.”
ChangeGPS chief executive David Boyar said the firm was thrilled to be able to boost its Blueprint structure advice with information from BGL’s corporate compliance data set.
“This will give accountants more time back while having powerful information to communicate structure advice to clients,” Mr Boyar said.
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 has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.