Family offices are growing in popularity. It used to be the domain of a relatively small number of wealthy families. As families continue to increase their wealth, family offices continue to grow and need to be able to organize and centralize the family’s business and personal financial affairs.
The management of a Family office can be complex as it generally involves the oversight of a broad range of service providers and entities in the pursuit of managing the family’s wealth. Maintaining accurate records across a diversified portfolio can be a considerable challenge in terms of compliance, transparency, and risk. Choosing the right accounting software is important.
For single and multiple family offices, governance is key to financial success and is an important element of your organizational structure. Financial governance allows your organization to meet compliance requirements, such as IFRS and GAAP updates, by having the right financial controls in place. Proper control allows your office to collect, calculate, and present financial data according to regulatory rules.
Investing in multiple asset classes and across multiple entities can be complex if the right systems aren’t in place. However, there are exceptional cloud accounting software programs that can take that complexity and make it simple. Software like Sage Intacct automates many of the manual accounting and finance functions and allows your team to focus on higher-value tasks.
With a cloud-based accounting solution such as Sage Intacct, your family office will benefit from a fully integrated multi-entity accounting software that can continuously consolidate multiple entities, improve your business intelligence, streamline financial planning processes and manage investments in real-time while ensuring GAAP compliant financial statements.
As your family office grows, you want to make sure your accounting solutions can grow with you and can scale to meet new needs, be it comprehensive automated asset management, rules, compliance for sales & use taxes, project accounting for project management, time and expense management, vendor payment services or inventory management.
With the right accounting solution in place, you can “right-size” your staffing. Automation allows you to streamline your accounting processes and minimize your staffing needs. All the data you need is captured in real-time for improved financial forecasting, reporting, and planning accuracy. Consolidations and allocations, typically prone to manual errors, are now done in minutes rather than days.
If your family office is ready for a comprehensive, scalable accounting solution. Contact us to learn more.
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