BT Financial Group is enhancing its Panorama platform's SMSF solution through a partnership with a leading software provider.
By partnering with BGL Corporate Solutions, accountants and advisers now have access to two way data feeds from BT Panorama to BGL's Simple Fund 360. This provides a shared, automated daily update of investment data, data entry and processing of transactions in Simple Fund 360.
BT Financial Group's head of distribution Jo Moxey said the partnership is part of a strategy to make BT Panorama more accessible to accountants.
According to the 2017 Investment Trends SMSF Accountant Report, two-thirds of accountants want better accounting/planning software integration and collaboration tools to make it easier to work with advisers.
"We know that many accountants collaborate with advisers in managing their clients' SMSFs and they are looking for smarter ways to work together to best serve trustees," Moxey said.
In the past, managing SMSFs was often fragmented and accountants had to rely on manual or paper-based systems to get a holistic view of a client's financial situation, BLG managing director Ron Lesh said.
"Today accountants are increasingly looking to cloud based solutions to help drive efficiency and service their clients," he said.
The Australian Taxation Office estimates that about 250,000 of Australia's 590,000 SMSFs are already administered via the cloud, while BGL estimates 30% of its clients have moved to the cloud in the last three years.
"Along with giving accountants up-to-date client investment activity and being the only platform to offer two way data feeds to accounting software, BT Panorama gives accountants, advisers and investors easy SMSF establishment and over 2400 investment options," Moxey added.
"This latest enhancement ensures an even more comprehensive SMSF solution giving advisers, accountants and investors a whole of wealth view of the investments including external assets."