Family Office Challenges: Limited, Slow, Error-Prone Analysis and Reporting

The Challenge in QuickBooks

You need customizable reporting to highlight the impact your decisions, investments and spend has had. However, the length of time it takes to produce reports and reconcile data, and the accuracy of said reports, can be a constant struggle. Unfortunately, QuickBooks often falls short of a family office’s quick, accurate, and granular (oftentimes ad-hoc) reporting requirements.

Reporting in QuickBooks lacks the speed necessary to be a true differentiator in terms of cost and profitability as it relies on the manual creation of spreadsheets. The inherent inflexible reporting leads your team to resort to exporting data to Excel and parse through inconsistent tags in memo fields to try to make sense of it. Not only does this take time, but it also carries serious risks. You’re passing data around where there are many nested entities, investors, and pooled funds. There are no safeguards, so how do you ensure it’s accurate? How do you audit to certify that the data is reconciled?

Enhanced reporting reinforces the value-add to the client. Family offices need the flexibility to slice-and-dice information to meet the spectrum of reporting requirements different families have. Unfortunately, this type of ad-hoc reporting is limited in QuickBooks and many legacy solutions.


Sage Intacct’s Solution

Sage Intacct was uniquely designed to give you endless reporting flexibility thanks in part to its shared Chart of Accounts and additional dimensionality that enables you to break down your information to meet your needs (across funds, locations, or asset classes). You no longer need to spend countless hours on monthly reporting. Unlike QuickBooks, Sage Intacct enables you to track both financial and operational data in real-time, allowing you to make quick adjustments to your business depending on the situation and shorten the reporting cycle.

You can easily drill down from top-level results to the performance for a specific entity, then to individual transactions. Role-based dashboards provide instant shared access to analytics across entities that allow you to track financial data (P&L, budget vs. actual, cash) as well as key metrics (assets under management [AUM], fair-market value, internal rate of return [IRR], and cash-on-hand) over time. The opportunities for ad-hoc reporting to meet specific reporting requirements are nearly endless thanks to multiple custom reporting tools that can pull financial, operational, and statistical data.

A faster reporting cycle with ad-hoc reporting capabilities, and real-time access to dashboard analytics of key financial and operational information are also possible to achieve by switching to Sage Intacct.


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

Sage Intacct Family Office


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