Family Office Accounting Solutions

Do you work with a single affluent family and their diverse portfolio of assets? Are you currently providing services to multiple families who need a better way of managing their interests? No matter the circumstances of your organization, you are sure to benefit from family office accounting solutions.

Not sure that it’s the right option for you?

We know that adopting new technology isn’t easy, but there are many reasons to consider updating your business practices with family office accounting software. There are currently several different solutions on the market, but few have the reputation that Sage brings to the table. Read on to find out more about what family office accounting systems are and how they can help your company grow.

What is Family Office Accounting?

A family office is defined as a privately held company responsible for investment wealth management for a family. In some cases, the office could handle assets for multiple families, but they typically have an ultra-high net worth, which means their assets are well over $100 million.

While family offices can manage a family’s lifestyle, legacy, insurance, and estate, much of their services revolve around finances. More specifically, wealthy families hire these companies to handle their family office accounting. In general, family office accounting solutions help with:

• Net Worth Tracking: With so many different portfolios and assets, it can be difficult to keep track of your net worth, but family office accounting simplifies this process.
• Bank And Credit Card Reconciliation: Accounting software performs automatic reconciliations, so you always know how much money you have in your accounts.
• Bill Payments: You never have to worry about missing a bill payment because family office accounting takes care of all of that for you.
• Invoicing: Do you have invoices you need to send out? If so, you can let your software auto-generate customized invoices to receive faster payments.
• Cash Management: When you utilize these professional accounting systems, you make it easier than ever to manage cash across the family.
• Payroll: Managing large family estates with employees requires payroll services to track expenses accurately.
• Budgeting: Family office accounting services create individual and family-wide budgets to manage all of your spending.

Reasons to Use Family Office Accounting Software

Sage Intacct currently leads the way in cloud financial management and accounting software, so it’s no surprise that they offer great resources for your managing and growing family investments. When you utilize their innovative technology, you can quickly see the unique benefits of family office accounting software.

Automated Multi-Entity Consolidations

When your family office has to manage financials across multiple entities, Sage Intacct takes care of a lot of heavy lifting. In fact, one of the biggest advantages you’ll notice right away is the continuous consolidation functions. No matter the type of funds, assets, currencies, or locations, Sage can make even the most complex consolidations much simpler.

Want to know the best part?

Sage currently helps a wide range of family offices manage over $1.3T in AUM (assets under management). Across those different offices, it’s been reported that the consolidation technology can dramatically increase your overall efficiency. Many reported saving more than 40 hours every month when they switched from manual to seamless, automated reporting.

Real-Time Updates on Financials

You never have to wonder about the status of your investment’s growth and profitability. More importantly, you never have to waste valuable time trying to compute these metrics. Instead, you can enjoy the real-time updates that Sage Intacct provides for family office accounting.

That’s not all.

You can save even more time and get accurate information right at your fingertips because of the software’s automation. Long gone are the days of trying to find the human error in your spreadsheets. Instead, you can rest assured that the software works to provide accurate data while keeping your GAAP compliant.

Customizable Dashboards for Deeper Insight

All families are different, so all family office accounting solutions should be too. Instead of relying on one-size-fits-all software, you can personalize your Sage Intacct products to fit each family’s needs. More specifically, you can customize the powerful dashboards to provide better insight for decision-making.

The following are just a few of the dashboard and metric options that you can choose from:

• Cash & Cash Equivalent
• Real Estate – US Commercial
• Real Estate – US Residential
• Revenue By Commercial Property
• Overall Asset Weighting
• Real Estate Fund Over Time
• All Portfolio Over Time

Seamless Integration Across All Systems

Finally, we know that you’re going to love the way that Sage Intacct seamlessly integrates with other applications and business systems. It’s never been easier to fill in all of the gaps in your finance and operations. Sage allows you to use all of your existing and new systems in one place so that you can keep everything in sync. For example, you can pair your family office accounting software with detailed expense management or payroll tools. 

Contact Kerr Consulting for More Information on Our Family Office Accounting Solutions

Whether you want to know more about the benefits or cost of family office accounting software, you don’t have to look far to find the answers to your questions. While there are several different business application administrators, Kerr Consulting has earned a reputation as a helpful and knowledgeable solutions provider.

What does that mean for you?

You can trust our consultants to point you in the right direction for your family accounting needs. We have experience with a wide range of business applications and cloud technology, so we can answer all of your questions and provide you with all of the information you need to make a decision.

We encourage you to contact us right away so that you can schedule a consultation with one of our experts. You can get in touch with our local office by phone or request an appointment through our simple contact form. We also have a convenient chat form that you can use to get in contact with live agents, so don’t hesitate to reach out to us today!