Without the latest innovations in technology, CFOs, Controllers, and Chief Investment Officers are faced with consolidations that take dozens of hours including review of error-prone analytics dotted across numerous spreadsheets – with no GAAP compliance.
Intacct Cloud Accounting wants to streamline accounting for wealth management firms.
Let’s face it, most firms today are multi-entity in nature, managing multiple funds spanning multiple asset classes, often including real-estate. Most these firms are using outdated on-premises technology for accounting and limited reporting technology or Excel for consolidation and dashboards. Wealth management firms want to streamline operations, boost productivity and growth – and drive decisions with real-time analytics. They want to integrate data from different systems, calculate fair market value and net asset value, monitor cash-on-cash performance, consolidate results across multiple operating points and create timely, actionable reports.
eBook: Best Practices for Choosing the Right Accounting Software
Today’s wealth management firms are moving to cloud-based accounting systems for better investment management. There are three key reasons wealth management firms are migrating to cloud accounting practices.
- Continuous Consolidations: Cloud accounting helps reduce tens of hours to minutes, helping wealth management firms handle millions of dollars in real estate, equity investments and more with greater efficiency and real-time accuracy – 24/7.
- Dashboard Analytics: With cloud-based financial management dashboards, critical information can be instantly shared across multiple entities, with real-time metrics and tracking of financial data available for review.
- Collaborative Compliance: Lack of compliance with no audit trail? Tedious close processes? No real-time data to measure compliance? Cloud accounting software provides collaborative compliance with front-to-back audit trails of all transaction, accessible any time of the day or night. By leveraging the latest compliance strategies and auditing techniques, today’s cloud accounting software can minimize compliance risk exposure.
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Did You Know?
Intacct helps CFOs and CIOs become increasingly data-driven and transition away from outdated quarterly reporting to continuous consolidation and real-time reporting. Intacct provides best-in-class auditing of intercompany transactions with detailed transaction logs and an integrated collaborative compliance environment that’s consistent across the front and back office. You see not only what you did and when you did it, but also why you did it and how the transaction complies with GAAP rules.
CompuData: Accelerate your growth with the Intacct cloud-based financial platform.
Intacct is the leading multi-entity cloud accounting solution that helps wealth management and asset management firms manage over half a trillion dollars in Assets Under Management (AUM). Intacct, the only AICPA-endorsed cloud-accounting solution, provides best-in-class multi-currency accounting, continuous consolidation and drilldown across multi-entity funds to reduce rollup times from dozens of hours to minutes with full GAAP compliance.
CompuData can help your wealth management firm thrive with cloud accounting. Contact the Intacct experts at CompuData to get started today!