Leading independently-owned dealer group GPS Wealth has launched a complete software package for accounting firms including a cloud-based version of its popular Statement of Advice (SOA) tool and a range of financial calculators, in a bid to help accountants deliver quality, compliant advice and run more efficient practices.
The launch of MoneyBowl for Accountants, which features an automated Personal Financial Management (PFM) tool, a debt recycling calculator, an investment property calculator and a gap analysis tool help accountants identify any deficiencies concerning insurances and estate planning, will help limited authority holders meet tougher obligations under the Australian Securities and Investment Commission’s new licensing regime. It follows the release of MoneyBowl for Advisers in July.
According to Paul Pavlic, GPS Wealth’s general manager, practice development and coaching, both solutions aim to give accountants and advisers easy access to all the advice tools they need with the added benefit of being cloud-based, meaning enhanced navigation, usability and accessibility; tighter data security; the potential to integrate with other software programs; and centralised, automatic software upgrades so users don’t have to worry about continuously uploading the latest version.
Both MoneyBowl for Accountants and MoneyBowl for Advisers were developed in partnership with Australia-based IT consulting firm YTML.
YTML’s proprietary Highlighter technology enabled GPS Wealth to migrate its Excel-based IP into the cloud to develop a more dynamic and user friendly solution.
“We came up with the concept of providing advisers and accountants with a virtual bowl which they could customise to contain all the calculators and tools they needed, such as the ability to produce SMSF strategy papers and generate automated SOAs,” Pavlic said.
“Originally we tried to outsource our IT development to India but we realised quickly that it wasn’t a viable long-term option, which is why we decided to partner with Australian company YTML.”
GPS Wealth director Greg Holman said MoneyBowl for Accountants was an innovative, comprehensive solution for practitioners who wanted to lift practice efficiency, productivity and compliance, and improve client engagement.
He added that since the launch of the original desktop SOA tool in April, accountants had been able to slash the time it took to produce a range of advice documents by around 80 per cent.
The tool produces clear, concise and compliant SoAs in five key areas: establishing a self- managed superannuation fund (SMSF); borrowing to invest in real estate under a Limited Recourse Borrowing Arrangement (LBRA); implementing a transition to retirement strategy; concessional and non-concessional super contribution strategies; and reserving strategies.
It also produces strategy papers for clients to sign, confirming that they understand and accept the advice they’ve been given.
“Our goal is to help advisers and accountants provide quality, client-centric advice and combat ongoing legislation change,” Holman said.
“Being cloud-based, our systems now can be quickly adapted from one centralised location to meet the changing needs of investors and advisers, and comply with any future regulatory or Centrelink changes.”
GPS Wealth will spend the next few months educating advisers and accountants about the features and benefits of the MoneyBowl solutions and training them on it. A number of training videos are also available.
