The 2022 Family Office Software & Technology Solutions Roundup

Many family offices often turn to third-party service providers to handle their operations due to their complexities. While outsourcing can be effective, there is a better way to keep full control over your accounting services and still save money and time. By leveraging the right family office accounting software, offices can streamline their complex financial processes and retain complete oversight over their financial data with minimal to no IT intervention.

Businesses seeking a highly adaptable accounting solution that offers a precise and detailed overview of their finances. QuickBooks is a good choice for freelancers and small businesses that need a simple way to track expenses, organize receipts and log mileage. Beyond Sage Intacct, leverage the best-of-breed technology solutions for top-notch decision-making.

Our expert team of in-house client service professionals will set service-level agreements and stand up the Archway Platform to fit your organization. We’ll configure the tools you need, get your data flowing into the platform, train your team on the solution and support you every step of the way. We know how important it is to choose the right wealth platform for you and your clients. Start simplifying your back-office operations and delivering the right information to your end-clients through effective and accurate reporting straight out of the Archway Platform. Flexible reporting capabilities give you the power to quickly create customized reports that update in real time. Being able to integrate your accounting with other tools like investment bill payments and payroll, …

  1. Let us protect your blindspots and support your understanding of the vital data with key recommendations and technical support.
  2. The end result is crystal-clear transparency into your client’s true net worth, inclusive of their direct and indirect holdings.
  3. These providers offer the world’s best, specifically tailored services for family offices considering new solutions or additions to existing technology stacks either now or in the future.
  4. Family office insight & strategy company that empowers private wealth owners to use their capital to create a better tomorrow.
  5. Automation features include things such as creating journal entries and statement reconciliation.

We bring together your client’s accounts and investments, across custodians, managers, asset classes and currencies, for a true net worth picture. With their financial information conveniently aggregated under one roof, you can create dynamic, multi-dimensional reporting across a complete data set – and you can forget the days of supplemental spreadsheets and manual consolidations. No wonder that 73% of software providers surveyed stated they’ve hired more employees in the last year, with 40% establishing a presence in new regions, an expansion aimed to better meet the demanding needs of a growing family office market. The family office software and technology sector was no exception, and the industry has mirrored the patterns of growth and expansion driven by AI in other areas. According to Simple’s latest research an estimated 80% of technology providers already using AI or working on a plan to deploy it in their products and services.

Family offices want a seamless user experience to improve operational efficiency and with more exposure through the media and peer-to-peer networks, the awareness of solutions is growing. 73% noted the demand from family office clients for better integrations within their existing product suite. Along the technology journey toward automotive automation and self-driving cars, experts frequently talk about five levels of automation, ranging from no driving automation whatsoever (Level 1) to full driving automation (Level 5). Today’s family offices might think about a similar spectrum when considering where they are in harnessing the power of automation to improve the way they get from here to there.

Model the future with LemonEdge Canvas Technology

It offers cloud-based solutions, ensuring that businesses have access to their financial data wherever they are. Integrating financial management with inventory, HR, customer management and e-commerce, it consolidates disparate systems into one unified platform. By doing so, businesses can shift their focus from managing multiple software solutions to driving growth and innovation.

Financial management software can easily be restricted to operate with strict compliance with local tax regulations using user-defined parameters. They also come packaged with customisable reporting tools that can help detect anomalies and mitigate fraud to a large extent. Several mid-market accounting firms such as EisnerAmper, Marks Paneth, Anchin, UHY, have been making strong plays into fintech-powered service offerings. In 2023, family offices are focusing on doing things right rather than radically different. Forbes emphasizes the importance of professionalizing family wealth, implementing long-term compensation benchmarks, retaining talent, and decentralizing risk for success amid uncertainty.

The most important financial tools for managing complex wealth in a single place.

Instead of manually entering and approving bills, these solutions can handle large payments safely, while consolidating all relevant records and audit trails. The company is also particularly well-versed in dealing with family offices thanks to their specialised accounting and bill payment software solutions. Meanwhile, Plumb leads the way in outsourced accounting solutions and software services – removing the headache entirely for family offices.

Family Office Accounting Software & ERP

The dynamic statements feature allows businesses to craft balance sheets, cash flow statements and custom earnings reports that mirror their unique financial health. FreshBooks is a good choice for small business owners who want easy-to-use accounting software. The software is also a good fit for service-based businesses, such as consultants, web designers and photographers.

Our integrated data model breaks down data silos, fostering better collaboration and empowering your team to make informed decisions. Through purpose-built tools, family office accountants can systematically close, update and revert the books across all entities or a subset of entities. Most solutions choose to carve out their niche by providing their own unique take on what a product should look like and that could create the difference between fixed assets and current assets confusion or solutions that are difficult to compare to others. Rather than a unique value proposition, this could actually have to opposite effect on potential customers, not knowing what box to place a solution in. This year’s review follows a user-first approach, covering use-cases that presented themselves during Simple’s research process before delving into the software designed to meet the needs of each segment.

With less time spent on recurring tasks, data entry, and spreadsheets, employees can focus on the office’s priority – achieving the goals of the family it serves. The Archway Platform features intuitive budgeting and cash flow forecasting tools to create multiple budgets and cash flow estimates at the entity, account, sub-account or individual level. Move cash, manage intercompany transactions and transfer securities and equity through a suite of easy-to-use accounting tools designed for complex capital movements. The Archway Platform’s mobile client portal provides family members with on-demand access to their net worth information through interactive dashboards, configurable data views and a secure document sharing tool. The Archway Platform unifies comprehensive accounting and investment detail within a single platform.

Integrated General Ledger

The review explores these in-depth and identifies where opportunities for various role players and suppliers lie in this regard. Family offices plan to continue to move capital from cash and stocks into alternatives this year, according to the survey. Their favorite alternatives include private credit (with 45% planning to add to their holdings), followed by infrastructure (31%), private equity (28%) and commodities (18%).

Create greater transparency by centralizing the family office’s financial information in a single place. While finding ways to incorporate AI may be a shared objective, there were three areas that came up most frequently with regards to demands from family office clients. Heralded as significant as the internet itself, generative AI and particularly OpenAI’s ChatGPT immediately put every single software provider in a position where they’d be judged on how quickly and effectively they’d adopt this new technology.

Sage Business Cloud Accounting is a good choice for micro-businesses because it offers a variety of features and integrations, yet is still relatively affordable. The software starts at $10 per month for its Sage Accounting Start plan and includes basic features such as invoice creation, automatic bank reconciliation and you can track what you’re owed. Its Standard plan comes with even more support options, custom fields, reporting tags and bulk updates for $15 per organization per month, billed annually. Its Professional plan costs $40 per organization per month (billed annually), and includes bills, vendor credits, purchase approval, stock tracking and price lists. The Premium plan is $60 per organization per month (billed annually) and comes with a custom domain, vendor portal, budgeting and validation rules.

Accounting software can improve productivity by automating time-consuming tasks, such as invoicing and tracking payments. Plus, software can help keep your books in compliance, which can save you time and money in the long run. Despite these challenges, accounting software can be a valuable tool for businesses of all sizes. When choosing accounting software, it’s important to consider the needs of your business and compare different features to find the best fit. Neat is a good choice for self-employed entrepreneurs who need an easy-to-use accounting software to manage their business finances.

[+] investment management reporting, and expense management, can significantly minimise manual workload and save time. Family offices have different goals and resources, which is why we offer comprehensive service options to our clients. Choose the support you need, when you need it — investment support, general ledger assistance, investment management support, and more. Highly awarded and trusted by hundreds of wealthy families, SEI’s Archway Platform has a history of leading the way in wealth management technology. Streamline your family office’s bill payment and expense management functions using built-in check writing, ACH and wire payment methods, comprehensive expense reporting and sophisticated bill payment approval structures. Tailor a custom multi-currency chart of accounts across entities that aligns with your internal family office operations and reporting.