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#1 Posted : Tuesday, November 13, 2007 1:40:07 PM(UTC)

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Our investment club has been using NAIC Online Club Accounting, but is Bivio better (or at least equivalent) ?

If so, it would make cents to make the switch.

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#2 Posted : Tuesday, November 13, 2007 1:55:01 PM(UTC)

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Ronald, IClub, who set up the StockCentral website you used for this question, also produce the Club Accounting Online which you are using under myiclub.com.   bivio is a similar club accounting product produced by another business.  BI/NAIC doesn't make software themselves, or have an onsite accounting program.  Below are my thoughts on the subject.   Financially, bivio is $99 a year including Tax Printer.   CAO from IClub is $59.99 for StockCentral members, and if five club members are paid StockCentral members, the Tax Printer is free.

Five reasons why I believe you will be a better treasurer for using Club Accounting Online, at myiclub.com, rather than using bivio club accounting online with AccountSynch:


1.     bivio does not utilize a saved monthly valuation. Instead, member entries default to the value on the transaction date unless the treasurer keeps alert that an official valuation date also needs to be entered on each member transaction.  Failing to use the correct valuation date results in incorrect unit values being credited, and incorrect withdrawals being computed.


2.      Over-reliance on AccountSynch entries in bivio leads to unspotted and uncorrected errors or omissions in your accounting data.  An inexperienced treasurer can be unaware of this happening, whereas making all your entries yourself challenges you to understand the principles behind what you are doing.  It also makes for a less cluttered looking journal, and eliminates incomprehensible ‘fees’ on reinvested dividends sometimes seen in bivio.


3.      CAO reports from myiclub.com are more concise, printer-friendly, understandable and useful than the bivio reports, in my opinion.


4.        While both programs offer privacy, all member access, file storage, and email communication, CAO also offers a Watch List, and instant connection to research links through StockCentral, even if you are not a member of StockCentral.  This includes quick access to ex-dividend dates.


5.      A new treasurer will reach a level of competence much quicker in CAO, due to personally being in charge of all the entries that go into the accounting data, without having to go behind automated entries to make corrections, additions, or appropriate member or expense allocations.


Gene Rooks,

Southern Women Investing Money

Space Coast Chapter

thanks 1 user thanked GeneBR for this useful post.
gerlach on 8/8/2022(UTC)
#3 Posted : Tuesday, November 13, 2007 2:19:08 PM(UTC)

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Thank you for detailed and well-documented advice. I had been leaning toward bivio, but now am leaning back toward CAO. I believe what I shall do is use the free trial period and run bivio simultaneously with CAO to give a fair comparison. I appreciate the list of hazards to watch out for.
#4 Posted : Monday, August 8, 2022 11:00:15 AM(UTC)

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Originally Posted by: rpark01 Go to Quoted Post
Our investment club has been using NAIC Online Club Accounting, but is Bivio better (or at least equivalent)?

Here are some of the key features any investment club should consider when choosing a tool for their investment club accounting and operations:

myICLUB.com was initially developed in the 1990sas a desktop program, and has since evolved to be the most popular tool used by investment clubs today for accounting , tax preparation, and bookkeeping. The site also supports other important investment club operation tasks, such as file storage, voting, calendar, communications, and robust portfolio analytics, and has the largest feature set of any investment club/investing partnership accounting program.

Edited by user Monday, August 8, 2022 11:03:26 AM(UTC)  | Reason: Not specified

#5 Posted : Monday, August 8, 2022 4:13:26 PM(UTC)

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Doug was being a little modest about myICLUB, I think. One big advantage using myICLUB, in my opinion, is the ability to e-file your Federal partnership tax return. Last I checked, you must go thru a third party to e-file when using bivio. Also, myICLUB offers e-filing for several state tax returns and is planning to add e-filing for additional states where there are enough clubs to justify the investment of resources. E-filing is included in the cost of your myICLUB tax printer.
I worked at EasyWare Software, the original developer of the computer based Club Accounting. When our first online club accounting product was developed for NAIC (now known as BetterInvesting) I believed it was a little lacking when compared to the bivio product that came out soon after. That is definitely not the case now. The depth of reports and graphs I believe are better in myICLUB. That is my slightly biased opinion. (See history below)
History - I worked at EasyWare Software from 1998-2002. During that time it merged with another company to become the current ICLUBcentral. In 2009, Doug Gerlach at ICLUBcentral contacted me about returning as a consultant. I agreed and have been enjoying helping out ever since.
Russell Malley

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