High-Impact Accounting at Wealth Management Firms

High-Impact Accounting at Wealth Management Firms

Wealth management firms stake their reputation on being the smart stewards of client’s money. Exceptional accounting capabilities are a key part of the equation – and a persistent obstacle at many firms.

With so many moving parts, accounting can become inconsistent and inefficient to the point where it compromises the success of a firm. Accountants may be spending hours each week consolidating data, trying to overcome an inconsistent chart of accounts, struggling to get updated figures, slogging through a laborious close process, and scrambling to prepare for a compliance audit. Additional staff would help, but qualified accounts are in short supply right now and command a substantial salary.

These issues typically start out as an annoyance. But as they compound on top of one another and a firm begins to mature, imperfect accounting exposes the operation to substantial risks: angry clients, regulatory non-compliance, and financial uncertainty to name just a few, any of which can lead to sluggish or stagnant growth.

Fortunately, none of these issues are insurmountable. In fact, high-impact accounting is relatively easy once a firm has the right financial management solution in place. Many software options claim to be suitable for wealth management firms, but only one qualifies at stellar: Sage Intacct.

A Complete Accounting Solution for Wealth Management Firms

Unlike accounting software built for the basic needs of small businesses or designed to complete highly-specialized tasks, Sage Intact provides a complete accounting solution for growth-oriented and mid-market businesses. That means it handles core, continuing, and complex accounting workflows with equal capability while serving as the custodian for all financial data. Put simply, it’s the tool for every accounting obligation – and the solution for every accounting obstacle.

Here are some of the pain points that Sage Intacct can solve:

  • Consolidations – A process that can take tens of hours each month and days of tedious data entry over the course of a year happens almost instantaneously with Sage Intacct. Automation enables firms to run a continuous close, meaning they always have the latest numbers without doing anything to acquire them.
  • Chart of Accounts – By relying on a dimensional chart of accounts – where accountants can “tag” transactions with signifiers like department, location, project etc. – Sage Intacct consolidates the number of entries from many thousands to several hundreds while improving visibility and accessibility.
  • Reporting – Users can generate customized, data-rich reports on their own without needing extensive training or assistance from IT. They can also rely on dashboards that update KPIs in real-time to reduce the need for reporting.
  • Compliance – Sage Intacct creates an unbreakable audit trail that extends to all corners of a wealth management firm. Compliance has never been so manageable or so

If your firm suffers from accounting issues, don’t underestimate the consequences or assume things will get better organically. Rely on Sage Intacct instead. Connect with Equation Technologies to explore your options.


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