BGL managing director Ron Lesh said clients will now be able to 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.

BGL SmartDocs is a document reader that uses AI technology with optical character recognition (OCR) and advanced deep learning algorithms to extract information from many document types including bank statements, contract notes, dividend and distribution advices, rental statements and invoices. It converts the document into digital data, streaming the workflow process.

BGL head of Simple Fund 360, Jeevan Tokhi explained that 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.

“The documents can also be uploaded via the software, Engage by BGL (our mobile app) or via the BGL API. Documents are then automatically added to Document Management in the software,” 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, he explained.

"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,” he stated.

Mr Lesh said the release was the next step in the evolution of BGL’s zero-touch technology.

“It will eliminate the administrative burden of analysing, checking and storing hundreds of documents annually for SMSFs and investment portfolios. It also bolsters the existing transaction matching and AI-powered Smart Matching in Simple Fund 360 and Simple Invest 360,” he said.