The Challenge in QuickBooks
Predictably, as your family office business grows and the number of systems used for accounting and investment reporting increases, the amount of manual work your staff must perform compounds. This causes costs to spiral in the form of increasing headcount. The problem is that there is no leverage in having employees working in QuickBooks and Excel; you merely continue to hire more people as the workload increases.
As we have seen in earlier chapters, the laborious manual work that QuickBooks requires for consolidating data demands additional assets. Finance resources are consumed with gathering, reconciling, aggregating, and cleansing data as spreadsheet bloat prevails. Ideally, the finance team should be focusing on analysis of data to uncover insights, and establishing KPIs that measure and communicate performance. How can we improve this situation and shift the focus of the finance team to more value-added activities?
Sage Intacct’s Solution
As a web-based, live, and real-time system, Sage Intacct greatly accelerates critical financial processes such as consolidations, reporting, and payment processing. The efficiencies and productivity gained from Sage Intacct allow your business to scale without additional headcount.
Leveraging a multi-dimensional general ledger, the finance department can add new entities in just minutes and automate intercompany transactions. By standardizing a shared Chart of Accounts by dimension (such as entity, investment, fund), it is possible to increase the number of entities in your portfolio significantly without adding more headcount to the finance team. Consolidation is now at your fingertips instead of a time-consuming task represented by a spreadsheet conglomeration.
Even as transaction volumes increase, automated processes can reduce the amount of data entry required through integration or simple data uploads. All of this leads to a shortened close process and greater visibility and insights into your financial data that allow for improved decision-making while keeping your finance team efficient.
For more about how Sage Intacct offers your family office the solutions you need, click the image below to download our guidebook Sage Intacct: Solving the Challenges Family Offices Face on QuickBooks