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The SmartDocs Email to Fund software will automatically search and match transactions and attach the source document, says BGL.
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BGL releases AI-powered document-to-data feature
15 March 2023
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9 minute read
BGL Corporate Solutions has added a feature to its SmartDocs software, Email to Fund, that uses AI to send documents and their data to corresponding BGL software.
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Managing director Ron Lesh said the product was a result of hard work and dedication from the firm’s software development team.
“This release is a unique achievement by our big data and Simple Fund 360 product teams, who have dedicated more than two years to the project,” said Mr Lesh.
“Clients can now email documents directly into their Simple Fund 360 and Simple Invest 360 software where BGL SmartDocs will extract the data, automatically code and attach the source document to the transaction.
“No other SMSF administration or accounting software offers this exceptional technology.”
The firm said its SmartDocs document reader used AI technology with optical character recognition to extract information from bank statements, contract notes, dividend and distribution notices, rental statements and invoices.
Head of Simple Fund 360 Jeevan Tokhi said the added SmartDocs features would make it much easier for those running portfolios through the software.
“With the new BGL SmartDocs features each SMSF, trust, company and individual portfolio in Simple Fund 360 and Simple Invest 360 will have a unique email address for accountants, advisers, administrators or trustees to send documents,” said Mr Tokhi.
“When BGL SmartDocs extracts the document data, it will automatically search for the corresponding transaction within the entity (SMSF, trust, company or individual) and attach the source document to it.”
“The most exciting feature, however, is that the data auto-fills transaction details in the smart matching screen for uncoded bank transactions, eliminating the need for clients to create data rules.”
Mr Lesh said the release was the next step in the firm’s goal of developing zero-touch technology.
“It will eliminate the administrative burden of analysing, checking and storing hundreds of documents annually for SMSFs and investment portfolios,” he said.
“It also bolsters the existing transaction matching and AI-powered smart matching in Simple Fund 360 and Simple Invest 360.”
The firm will demonstrate the feature at Accountex in Sydney this week.
BGL provides services to over 9,500 businesses across Australia, New Zealand, Hong Kong and the UK with clients ranging from major accounting firms to individual trustees.
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