Australia’s BGL adds generative AI-powered financial analysis for SMSFs

Australia’s BGL adds generative AI-powered financial analysis for SMSFs

BGL Corporate Solutions, Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF), investment management, identity verification and AI-powered paper-to-data software solutions, have announced the integration of generative AI technology into its market-leading SMSF administration software, Simple Fund 360 and accounting, investment and tax software, Simple Invest 360.

BGL is using generative AI algorithms to provide clients with a simple financial analysis of their financial statements in Simple Fund 360 and Simple Invest 360. BGL has leveraged the power of generative AI to provide this financial analysis for SMSFs, trusts and companies.

“The implementation of generative AI in Simple Fund 360 and Simple Invest 360 marks a significant milestone in our mission to provide our clients with the most comprehensive and user-friendly financial management tools,” said BGL’s Chief Executive Officer, Daniel Tramontana. “This technology will transform how clients interact with financial data, enabling them to unlock unprecedented levels of analysis and insights regardless of their expertise.”

The integration employs powerful generative AI technology capabilities similar to those found in ChatGPT to analyse balance sheets, operating statements and cash flow statements, providing deeper insights and predictive analysis. This enhancement empowers accountants, administrators and advisors with cutting-edge tools to drive strategic decision-making and optimise financial performance for their clients. The result provides commentary, identifies trends, draws conclusions on financial strength, impacts on financial performance, concerns with cash flow and red flags.

Jeevan Tokhi, Head of Product at BGL, added, “Our team has worked tirelessly to harness the potential of AI for our clients. By incorporating generative AI in Simple Fund 360 and Simple Invest 360, we enhance our product’s capabilities and ensure our clients remain at the forefront of technological innovation when providing services to their clients. A byproduct of this latest AI release means clients can now use a document to create jobs on the Workflow screen directly from the Documents screen. BGL’s advanced AI will automatically create the suggested tasks for the job, helping clients ensure their processes are complete.”

“The rise of generative AI has been one of the most significant technological advancements in recent years,” continued Tokhi. “These AI systems can generate human-like text, perform complex analyses and provide insights based on vast amounts of data. BGL’s adoption of generative AI underscores its commitment to leveraging technological breakthroughs to benefit its clients while ensuring data privacy and security, with no data leaving BGL’s servers.”

BGL will showcase its award-winning compliance solutions at the SMSF Association National Conference 2024 in Brisbane from 21-23 February 2024. Visit us at booth 28 to discover how our market-leading innovations leverage cutting-edge generative AI technology to streamline processes, enhance accuracy and drive efficiency.