Planning and accounting software don’t talk to each other

The financial planning and accounting industry is lacking platforms and software that can integrate information between the two professions, which is problematic in view of the scrapping of the accountants' exemption.

Such is the view of William Buck director, wealth advisory, Adrian Frinsdorf, who said that while there had been discussions in the industry to fill this void, it had not yet occurred.

While some software offered limited automatic integration between the two databases, integrating information still involved substantial manual downloading, checking, and running multiple database systems because financial advice software did not have the capability to store tax records, and vice versa.

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"I know [with] our accounting software, we have to run separate accounting and financial advice software and we spend a lot of time integrating the two," Frinsdorf said.

"And I know that's the case with manual work across the entire industry."

While software systems like XPLAN offered proficient financial advice software that could produce portfolios and provide financial planning, Class Super offered superannuation software, and MYOB and APS offered accounting software, the offerings were truly one or the other at present.

"It's a bit of a pipe dream and it's a bugbear given the technology world we live in and how much technology has advanced and what we can do on apps for banking these days," Frinsdorf said.

"I can order UberEATS and have someone deliver my food but I can't get an integrated statement for financial planning and tax advice.

"We're waiting for an entrepreneur out there to fix the problem."

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"I can order UberEATS and have someone deliver my food but I can't get an integrated statement for financial planning and tax advice."

And you think that is a great analogy!? Comparing food delivery to storage of clients complex and confidential information protected under the Privacy Act is not what I would have expected from a Director of such a prestigious firm.

Yep I agree with the idea of integrating the software. At least make them talk to each other.....

Check out what BGL are doing with CAS 360 and Simple Fund 360. This will solve your problem

Hi Ron, I'm an FP within an accounting firm. The accountants are too busy to consider learning what any connectivity with BGL may have in terms of benefit to FP clients. And as an FP, I don't really work with the BGL system so can't make a case for what these benefits are. So, who in BGL comes out to train me, to propose to the accountants who can make it work. It's a problem, I know there are solutions but noone to help understand and implement.

Phil, if you / your firm would like to contact us, I am sure we can organise something for you.


At least there are technology options available now. When it was first legislated for financial planners to put out full Financial Plans then Statements of Advice on every recommendation before we had any software such as originally POP then Visiplan now XPlan as well as sophisticated platforms and client management systems and other programs to assist. The pioneer financial planners often spent their evenings or weekends doing all the behind the scenes work manually. There was no such thing as para planners or experienced administration staff to assist and little to copy from. We were in a new world and yes many experienced advisers left. 25 plus years later it is so much easier but Yes I agree it needs to keep improving. We are thinking that our next addition to our team will be a computer programmer.

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