Automate Consolidation with Wealth Management Accounting Software

If your current wealth management accounting software is not built to help you easily answer questions about all the assets under management, across multiple geographies, and regardless of asset type and currency, it may be time to take a look at how you can automate the consolidation process.The growing complexity of today’s environment for wealth management, single-family, multi-family, and private-equity firms is driving a financial shift resulting in a tangled mess of legal entities and structures to protect the assets. Too often, consolidations start after a period closes, and may take weeks or even months (very rarely measured in days). But what if manual consolidation could be eliminated?

Wealth Management SoftwareWealth management accounting software that’s purpose-built for the diverse strategy and entities of the investment industry is a critical differentiator over the traditional, on-premises solution driven by manual processes and spreadsheets you may be using today. Here are the ways you can leverage the leading cloud financial management software, Sage Intacct.

Scalable foundation facilitates automation
How long does it take you to add a new physical or virtual entity in your current accounting software? If you’re like most people, it’s a struggle. A recent study by Executives Research Foundation and Robert Half determined that 58% of companies surveyed are still manually reconciling accounts and that only 22% are using software to help.

Sage Intacct allows you to add new business units and entities with just a few clicks, which saves you hardware, software, IT, and accounting resources. With automation, you can scale your business faster by eliminating or reducing the need for additional headcount as your company grows because Sage Intacct’s cloud financial software automation is now doing the heavy lifting. 

Keep pace with corporate growth
It’s easy to ramp up a new entity in Sage Intacct. A shared, dimensional chart of accounts means you can easily adapt to localized reporting to meet the needs of your new business units. Sage Intacct wealth management accounting software makes it seamless to quickly configure your new accounts based on existing, similar entities so you save time.

With Sage Intacct, your corporate accounting group easily sets up and rolls up a new entity in minutes, including all the requisite reporting and valuable information to support the various decisions that inevitably occur at the beginning of an entity.

Get out of your email
The total number of emails and inquiries you send to gather data required for consolidations from your busy business unit colleagues takes a lot of time and causes measurable delay. And what happens when a late entry happens? And how much of a headache does this type of offline communication cause during audits?

Sage Intacct has onboard collaboration and documentation tools built in. Your corporate accounting staff and business unit teammates can chat, save rationales and decisions, and attach documents to your transactions so that it’s easy to recall and quick to audit.

View insights in real time
How long is the gap between the originating data and the data in your spreadsheet used to perform the consolidation? That time lag between your business activities occurrence and reporting may be inhibiting transparency and insight which will most likely result in missed opportunities to further invest or react to negative effects to avoid loss.

The Sage Intacct system integrates all your consolidation information in one system where it’s continuously consolidated. Your decision makers have real-time, consolidated information at the press of a button instead of waiting several weeks. With dynamic drill-down capabilities, you and your execs can see all the transactions driving your results from the consolidated perspective all the way down to the operating entity’s transactions. And Intacct makes it seamless to choose and pivot the reporting currency from the parent to the local currency of the subsidiary without requiring additional, manual consolidations.

Automating consolidations can increase the credibility of the finance function and helps your accounting team become a valuable, strategic source of information with the only AICPA-endorsed cloud financial management solution, Sage Intacct.




Contact us if you have questions about business care or need personalized support from our team of Sage Intacct technical experts.

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