BGL do not provide accounting or taxation advice. The following is designed to act as a guide for Simple Fund 360 users. It is not designed to be accounting or tax advice and should not be taken as a strict guideline. Other methods that are more suitable may be used instead of these steps.
A more common strategy to migration from clients is to migrate in batches. Initially batches are smaller and as the process develops, these batches (fund counts) will grow.
The initial batches are the “Automation Friendly Funds”.
These funds have either existing data feeds in Simple Fund Desktop or at the very least contain bank and broker accounts which are supported under the BGL Data Services. In addition to these funds internal client funds that bank data or CSV files that can be easily obtained are also automation friendly.
An example of a batch transition strategy is as follows:
- The initial 20% Batch of your fund count are the most automation friendly - Choose funds that have BGL data feeds (bank and broker) , Macquarie CMA feeds or Funds with easily obtainable CSV or MYOB BankLink XML files. The first 20% of funds will be migrated by your firm’s assigned Product Champion.
- The next batch of 20% can then be migrated. Based on client experience these are faster to migrate due to the passing of the initial learning curve. These funds will contain a combination of supported banks for automation and some for which CSV files can be retrieved. At this stage other team members can get involved with assistance and guidance from the Product Champion. By this point migration procedures will have been finalised by the Product Champion.
- After tackling the second batch, the third batch will be the largest batch of funds migrated and will involve all team members who have been assigned to assist in the transition process.
- The final batch of your fund count can be migrated, say 10%. This will include the hardest to automate funds with closely held unit trusts, majority property investments and the funds that generally take the longest to complete the year end procedures for.
- Also an important point, during this transition, any newly established funds should be created directly in Simple Fund 360.