Written by Britiany Tompkins

While there are many items family offices should look for in technology solutions, one vital component is reporting capabilities. Transparency and visibility are particularly important for family members, and you simply cannot get there with tools like QuickBooks and spreadsheets. Or without a ton of work, time and risk of mistakes.

Five Advantages of Sage Intacct for Family Office Reporting

Family offices have unique financial and operational models from complex entity and ownership structures to managing multiple family members, each with individual investments, assets, staff, etc. to track. Each family member wants drilled down insight into the details they care about, while the family office as a whole must have rolled up visibility across the organization.

When our family office clients make the move to Sage Intacct, it is an exciting transformation to witness, because we are able to give them a level of visibility they never had before, and typically very quickly. And it is not just about faster, more accurate reports. The visual dashboards are phenomenal, the flexibility is unparalleled and the ability to share and view reports anywhere in the world is game changing.

Sage Intacct dashboards and reports make it easy to tailor insight to specific needs and stakeholders, with the advantages of:

1. Automatic Consolidations

Sage Intacct automatically consolidates entities behind the scenes, which is highly valuable for multi-entity family offices. In addition, we can consolidate multiple data sources—financial, operational, payroll, assets and more—in one shared database, so you can create comprehensive reports and make data-driven decisions.

2. Contextual Insights With Dimensions

A dimensional chart of accounts is a key advantage of Sage Intacct vs. QuickBooks. It simplifies accounting quite dramatically, and then enables you to create reports and dashboards in a contextual way. This can save you a lot of  time and frustration, as  you can slice and dice your data exactly how your family members want and need to see it.

3. Visual, Real-time Dashboards

Family members love the ability to visualize their performance with dashboards. You can create drag-and-drop dashboards and reports, securely share them, access them on any device and view critical information completely customized for each stakeholder of your family office from family members to investors and banks. You will soon see how superior this technology is in compared to spreadsheets.

4. Accelerated Financials

With Sage Intacct, BPM can help substantially slash monthly close times. Your family office can accelerate not just your financial reporting, but all your accounting processes from A/P and A/R automation, payroll processing, virtual bill payments, budgeting, taxes and audits.

5. Strategic Planning and Forecasting

Visibility is the foundation of strategic decisions. It empowers family members, and the family office, to make more profitable investments, prevent surprise tax and legal liabilities, ensure compliance with full traceability, plan around “what if” scenarios and so much more. Having one unified platform with visual dashboards means you can see what your future will look like.

Build Your Family Office Report Wish List

A great exercise is to compile a “wish list” of the types of information your family office and family members need. There may be reports you cannot currently create, because of the limitations of QuickBooks and spreadsheets. You may have reports for external stakeholders that are challenging to create and securely share. Or special requests that may seem unattainable but are likely possible.

Also download our infographic, Nine Ways BPM Can Take Your Family Office Further, Faster, to understand the full functionality you should expect from your technology solution and partner.

Bring us your wish list and our Sage Intacct team would be happy to review it all with you and help you make it a reality.


About BPM’s Sage Intacct Team

BPM’s Sage Intacct team works strategically with a wide range of clients to implement innovative technology within their existing accounting systems. Learn more about how we help provide maximum insights and enable real-time results on BPM’s Sage Intacct blog.

Related Insights