Software company BGL Corporate Solutions released its cloud program Simple Fund 360 for self-managed superannuation fund (SMSF) administrators into open beta last week.
BGL, which claimed 75 percent of the 500,000 SMSF funds in Australia used its desktop software, had clients with 50,000 funds had already moved to Simple Fund 360, which was available free of charge in the open beta.
The company promised single-click migration from Simple Fund Desktop and had signed up almost 40,000 client bank accounts and over 70,000 since Simple Fund 360’s development in April (the cloud app has been in closed beta testing since July).
Several services from Simple Fund Desktop to Simple Fund 360 including bank, contract note and registry data services. BGL had signed Australia Post to provide services based on the new SuperStream data standard which would begin in early 2014.
PDF contract notes and dividend statements were automatically attached to transactions and administrators could use BGL’s electronic signature service to reduce further the amount of paper.
“The days of administrators requiring heaps of paper for their SMSFs are over,” said managing director Ron Lesh in a press release.
BGL claimed its browser-based program was the first SMSF software that didn’t require users to download and install software on their desktop.
One of the great advantages of a “real” cloud application was that users could invite users, trustees, auditors or advisers with no assistance from BGL, Lesh said.
Simple Fund 360 would move from open beta to full commercial release in 2014, BGL said.