Simple Fund 360 will use registry data to ensure SMSF holding balances are reconciled on a quarterly basis or any other time required by the SMSF as part of a compliance check, with the reconciliation process occurring overnight.
BGL managing director Ron Lesh said in the past accountants, SMSF administrators and auditors had to confirm SMSF holding balances from holding statements or a share registry website.
“[This new] service will remove the need for an SMSF administrator or auditor to get paper holding statements or to individually confirm each holding balance on the Link website,” Mr Lesh said.
“BGL and Link have worked together to provide this service using the SMSF holder identification numbers to provide the point of connection.
“Automating the reconciling of holding balances with share registries, the single source of truth provides our clients with significant efficiencies and benefits. And the fact we have been able to automate this process without the need for a complicated sign-up or registration system is a fantastic achievement by our team.”
Mr Lesh said the next step for BGL would be to work towards zero touch processing, with the confirmation of holding balances and other data with the share registries.
WELL DONE RON LESH. TO MY RECOLLECTION THIS HAS TAKEN MORE THAN A COUPLE OF YEARS , BY CONTRAST WITH COMPUTERSHARE. THIS NOW COMPLETES THE DUO. AND WE LOOK FORWARD TO SEEING IT WORKING IN THE BGL 360 SIMPLE FUND SOFTWARE
Please do the same for computershare as most of my holdings are with this company. Please Please and one more please.