Implementing a new portfolio accounting system is never accomplished at the press of a button. The process of ‘implementing” the system requires genuine rigor to ensure nothing is lost in the hand-off. Balance sheets have expanded and increased in complexity to the point that the traditional patchwork of retail solutions is not up to the…
4 Key Benefits of Moving to the Cloud
Although not new, cloud computing has gained traction across all industries over the last several years due to its proven cost benefits and improved data security. Security in particular was a significant concern that had hindered early adoption by asset managers and other financial professionals handling sensitive financial information. According to PwC, “as significant as…
Bill Paying: It’s Only Boring Until Something Goes Wrong
It’s hard to get excited about cash management and the mundane task of bill paying. But, for any family office manager or controller that has issued a check from a wrong account, missed a critical payment, caused an overdraft, or erroneously paid a vendor twice, you know firsthand how time consuming it can be to…
How Much Should You Pay for New Software?
One unspoken question firms often have when buying new software is, “How much should we pay?” Invariably, the only reference points are the quoted costs from various software vendors for new software, which may not be an accurate gauge for assessing value. So how much should you pay? And how do you determine what really…
Client Service: Where the rubber meets the road
Client service is so integral to the DNA of some companies that they are renowned and revered for their service excellence. Online retailer Zappos, Nordstrom department store and sports outfitter REI come to mind, as does Rackspace, which has gone so far as to brand its “results-obsessed customer service” as Fanatical Support®. Yet, in most…
What Does Transparency Mean for Family Offices?
Increased regulatory oversight in the wake of the financial crisis and pressure from shareholders have compelled banks, brokers and other financial market participants to incorporate transparency into their operations. But what does transparency mean for a single or multi-family office? How is it achieved? And why is it so important? Transparency is the ability to…
Investment Accounting Needs More Than Excel
You probably use Excel a lot in your day-to-day work. You might even store all of the accounting data for your investments in Excel spreadsheets. After all, Excel is consistently voted one of the best spreadsheet programs around due to its flexibility, functionality and ease of use. But Excel isn’t an accounting program. There is…
