The best fund accounting software depends on your fund model and your close process. If you run private market structures, you may prioritize partnership accounting workflows like allocations, waterfalls, and capital calls. If you run multi-asset strategies with daily NAV needs, you may prioritize real-time portfolio accounting, P&L, and operational scalability.

This guide compares five platforms worth shortlisting in 2026, with a checklist and demo questions to help you pick the right fund accounting system for your team.

Best for X (quick shortlist)

Key takeaways

Quick comparison table: fund accounting software

*Accounting depth is an editorial shorthand for how “system-of-record” the platform is for accounting workflows (controls, periods, audit trail), not a technical certification.

What is fund accounting software?

Fund accounting software is the system used to process transactions, maintain the official books, and produce investor-ready outputs for one or more investment vehicles. In private markets, it typically includes partnership accounting mechanics (capital accounts, allocations, waterfalls). In multi-asset environments, it commonly includes portfolio accounting, NAV support, and investor accounting and reporting.

A typical fund accounting solution supports:

Why it matters in 2026

Fund complexity keeps rising, but close deadlines do not. More entities, more parallel structures, more bespoke investor requests, and higher expectations for traceability are pushing teams away from spreadsheet-centric workflows and toward repeatable systems with audit trail and controlled delivery.

Many modern platforms explicitly position themselves around automation and operational efficiency, for example:

Must-have features checklist for a fund accounting system

Use this checklist to structure your evaluation and to keep demos grounded in real workflows.

1) Core accounting engine

• Double-entry accounting with controlled periods and reliable audit trail
• Multi-entity and multi-currency support
• General ledger that can serve as a reporting anchor

2) Fund mechanics and partnership accounting

• Capital calls and distributions
• Allocations and waterfall logic
• Capital account statements and investor-level reporting

3) Reporting outputs that are repeatable

• Investor statements and quarterly packs generated from templates
• Traceability from a reported number back to underlying entries and approvals
• A workflow for approvals and version control

4) Investor communications and delivery

• Portal publishing or secure sharing
• Permissions and role-based access
• Bulk statement publishing for recurring cycles

5) Integration and extensibility

• Upstream ingest (custodians, admins, market data, banking)
• Downstream export (BI tools, data warehouse, auditors)
• APIs or integration patterns (especially important if you have multiple systems of record)

Top 5 fund accounting software options

FundCount

Quick verdict: FundCount is best when you want an integrated accounting platform that brings portfolio accounting, partnership accounting, and a real-time general ledger together, then connects reporting to investor delivery through a portal workflow.

Best for

• Fund managers and fund administrators who want multi-currency, multi-book general ledger accounting as the foundation for reporting.
• Teams that want partnership accounting outputs like allocations and waterfalls without rebuilding models in spreadsheets, plus statements and portal distribution tied to the same underlying data.

Standout fund accounting capabilities (as positioned)

• Multi-currency, multi-book general ledger designed to support both IFRS and GAAP, positioned as eliminating the need for multiple accounting/reporting cores.
• Portfolio accounting that integrates partnership, tax, investment, and real-time GL accounting in a single platform, and can connect directly to custodians and market data feeds.
• Partnership accounting positioning that highlights NAV, allocations, waterfalls, and producing capital statements from the same underlying data.
• Investor portal workflow where data flows from the accounting engine to investors, with bulk personalized statements supported via an Advanced Report Set.

Pros

• Strong books-to-reporting story because reporting and delivery are tied to the accounting engine and GL.
• Good fit for teams that want to reduce spreadsheet-based statement production while keeping investor delivery controlled and repeatable.

Cons

• Like any accounting-grade platform, success depends on getting your data model and governance right (chart of accounts, mappings, reporting templates, ownership).

Integrations

• FundCount highlights connecting directly to custodians and market data feeds as part of portfolio accounting positioning.
• Validate exports and API needs based on your administrator, auditor, and BI stack.

Pricing

• Quote-based (confirm module scope, entity counts, asset complexity, implementation support).

Demo questions to ask

• Show the full close: postings into GL, allocations/waterfalls (if applicable), and how NAV and investor statements are generated from the same source data.
• Demonstrate a “traceability” walkthrough: pick one figure in an investor statement and trace it back to the underlying entries and approvals.
• Show investor portal publishing: bulk statement generation, permissions, and how “latest version” control works.
• Show how custodian and market data connections work in practice for your providers.

Dynamo Software

Quick verdict: Dynamo is a strong option if you want fund accounting as part of an integrated alternative investment platform, especially when accounting workflows need to connect to investor relations and portal delivery. Dynamo’s materials position its accounting offering around capital calls, waterfalls, and Excel-powered reporting capabilities.

Best for

• Private equity, venture, real estate, and FoF teams that want accounting workflows integrated with CRM and IR modules.
• Accounting teams that want transparency and control through Excel-powered reporting workflows, rather than purely “black box” report generation.

Standout fund accounting capabilities (as positioned)

• Dynamo’s fund accounting page positions the product around simplifying capital calls and waterfalls and streamlining reporting using Excel-powered capabilities.
• Dynamo positions a modular suite that includes CRM & Fundraising, Investor Relations & Portal, and Fund & Investment Accounting, which can be adopted individually or together.
• Dynamo offers an Investor Portal product positioned for secure onboarding, organization, and engagement with investors.

Pros

• Integrated “IR + accounting + portal” story can reduce handoffs across teams compared to stitching separate tools together.
• Excel-forward reporting positioning can help adoption for finance teams that still rely on Excel as the final mile.

Cons

• Depth and fit can vary by configuration. Validate the accounting model, period controls, reporting templates, and audit trail against your exact fund structures and requirements.

Integrations

• Dynamo emphasizes integrating fund accounting within its platform; confirm how it ingests admin data, banking data, and exports to BI or auditors.

Pricing

• Quote-based.

Demo questions to ask

• Show a capital call workflow end-to-end and how investor allocations and statements update afterward.
• Show a waterfall scenario (simple and complex) and how changes are audited or controlled.
• Demonstrate the Excel-powered reporting flow: what is automated, what remains manual, and how templates are governed.
• Show portal publishing and permissions, including how investors get the correct version of a statement.

LemonEdge

Quick verdict: LemonEdge is a modern private markets fund accounting platform built around automation. It positions its core as a GL built for private markets, using event-driven transactions to automate multi-entry bookkeeping, with API-driven ingestion and a white-labelled investor portal.

Best for

• Private market firms that want to automate complex bookkeeping across linked structures (for example, multiple entities and parallel structures).
• Teams that want API-first ingestion so fund data can be pulled from multiple sources without building fragile spreadsheet chains.

Standout fund accounting capabilities (as positioned)

• Event-driven transactions that automate multi-entry bookkeeping through fund structures, with multi-ledger management highlighted in platform messaging.
• “Allocation Paths” technology positioned to automate complex bookkeeping processes and update multiple ledgers across linked fund structures.
• Comprehensive API messaging that emphasizes ingesting data from any source and including it in automations.
• White-labelled investor portal positioning for keeping investors informed.

Pros

• Strong automation positioning for complex structures where manual multi-entry bookkeeping is a major bottleneck.
• API posture helps if your accounting and reporting ecosystem includes multiple upstream and downstream systems.

Cons

• Validate reporting pack maturity, audit workflows, and how well the system matches your specific partnership agreements and allocation rules. “Automation-first” only works if governance is clear.

Integrations

• LemonEdge explicitly emphasizes a comprehensive API and an ingest-from-any-source approach.

Pricing

• Quote-based.

Demo questions to ask

• Show how Allocation Paths represent our exact structure (entities, parallel funds, feeders) and how postings flow through it.
• Show allocations and investor-level reporting for a complex scenario (fees, expenses, and special terms).
• Demonstrate API ingestion: what endpoints exist, what is supported out of the box, and how errors are handled.
• Show how the investor portal is published and branded, and how versions are controlled.

SS&C Advent Geneva

Quick verdict: Geneva is a market-known platform positioned around trading, real-time portfolio management and accounting, and investor accounting and reporting on a multi-currency foundation. It is often evaluated in multi-asset environments where daily NAV and real-time P&L and exposures matter.

Best for

• Multi-asset funds that need a platform positioned for multiple asset classes, multi-currency portfolios, and complex global fund structures.
• Teams that want investor accounting and reporting tied to real-time portfolio accounting workflows.

Standout fund accounting capabilities (as positioned)

• Investor accounting and reporting is explicitly called out as part of Geneva’s platform capabilities.
• SS&C states its fund accounting capabilities leverage the Geneva platform, with support for a full range of asset classes and fund structures, and transparency into real-time P&L and exposures, plus daily NAV calculations.
• Geneva brochure for asset managers describes “seamless integration” to market data providers, OMS, risk systems, and counterparties.

Pros

• Mature option when your definition of fund accounting includes multi-asset portfolio accounting, daily NAV workflows, and investor reporting.
• Integration posture is explicitly discussed in Geneva materials, which can reduce custom build work if it matches your stack.

Cons

• Portal-style investor delivery is not the primary headline for Geneva itself. Confirm how you will distribute investor reports (native workflow vs integrated portal layer).

Integrations

• Geneva materials reference integration with market data providers, OMS, risk systems, and counterparties.

Pricing

• Quote-based.

Demo questions to ask

• Show daily NAV workflow and how corrections or exceptions are handled, including audit trail.
• Demonstrate investor accounting and reporting outputs and how they reconcile to portfolio accounting views.
• Show how integrations work for your OMS, risk system, counterparties, and market data providers.
• Show a complex instrument in your strategy mix and how it is modeled, valued, and reported.

eFront

Quick verdict: eFront positions its suite around alternative fund administration and accounting software services covering multiple alternative asset classes, with investor reporting and portal solutions (including eFront Investment Café) aimed at improving secure information access for investors.

Best for

• Alternatives managers (PE, real estate, infrastructure, private debt) that want fund administration and accounting workflows within a broader platform.
• Teams that want investor reporting and a dedicated investor portal as part of the operating model.

Standout fund accounting capabilities (as positioned)

• eFront’s fund administration and accounting messaging emphasizes supporting alternative fund managers’ accounting, reporting, and regulatory obligations across alternative asset classes.
• Investor reporting messaging highlights frequent, high-quality reporting needs for private equity and real asset funds, tied to investor obligations and analysis.
• eFront Investment Café is positioned as a cloud-based investor portal for secure access to information and improving investor relationship management.

Pros

• Strong fit when you want an alternatives-focused platform approach that includes accounting plus reporting and investor communications.
• Clear portal positioning for secure investor access and report distribution workflows.

Cons

• Scope can be broad. Module selection matters, so validate exactly which accounting functions, reporting templates, and portal capabilities are included in your configuration.

Integrations

• Confirm how eFront ingests data from administrators and banks, and how it exports to your BI and audit workflows. (Varies by operating model and configuration.)

Pricing

• Quote-based.

Demo questions to ask

• Show the end-to-end accounting workflow for our specific fund type and structure, including period close controls.
• Demonstrate investor report generation and how investors access the latest version through the portal.
• Show how permissions are handled for different investor types and internal teams in the portal.
• Explain how the platform covers accounting, reporting, and regulatory obligations for our asset class mix.

How to choose the right fund accounting solution

Use this decision tree to narrow the category before you pick a vendor.

Are you primarily private markets partnership accounting, or multi-asset daily NAV accounting?

• Private markets partnership mechanics (allocations, waterfalls, capital calls): start with FundCount, Dynamo, LemonEdge, and eFront, then differentiate on automation, reporting, and portal publishing.
• Multi-asset daily workflows with real-time P&L and exposures: start with SS&C Advent Geneva and validate coverage for your strategy mix and integrations.

Do investor statements need portal delivery, or are exports acceptable?

• Portal is required: FundCount, Dynamo, LemonEdge, and eFront all position portal capabilities as part of the workflow.
• Exports are acceptable: you can prioritize accounting depth and reporting templates, then add the portal later.

Is automation your core requirement, or transparency/control?

• Automation-first: LemonEdge emphasizes event-driven automation and allocation paths.
• Excel-forward transparency: Dynamo explicitly emphasizes Excel-powered reporting capabilities.

What is your “source of truth” strategy?
Pick one accounting-grade system where numbers are official, then define what downstream tools display or distribute. FundCount explicitly positions a real-time GL as a core reporting anchor and ties portal distribution to the accounting engine.

FAQs

What is fund accounting software?

Fund accounting software is the system used to maintain the official books for one or more investment vehicles and to produce investor-ready outputs like statements and recurring packs. Depending on fund type, it may include partnership accounting mechanics (allocations, waterfalls) and/or multi-asset portfolio accounting workflows.

What is the difference between fund accounting and portfolio accounting?

Portfolio accounting focuses on positions, transactions, and investment-level accounting views. Fund accounting expands into the official books, investor allocations, and reporting outputs needed for investor statements and regulatory or audit workflows. Some platforms position themselves as covering both.

Can a fund accounting system replace Excel?

Often, it can replace most recurring close and statement production work, but many teams still use Excel for ad hoc analysis or final formatting. Some vendors explicitly embrace Excel as part of the workflow, for example, Dynamo’s “Excel-powered” reporting positioning.

What is the biggest implementation risk?

Governance. If you do not standardize entity structures, chart of accounts mappings, template ownership, and approvals, you can end up with reports that are generated automatically but not trusted.

Do I still need an investor portal?

If investors expect self-service access to statements and documents, a portal can reduce manual distribution and improve version control. Several tools in this list position portals as a core capability (FundCount, Dynamo, LemonEdge, eFront).

What should vendors demonstrate in a live demo?

Ask for a full cycle: ingest or post transactions, run allocations or NAV (as applicable), close or lock a period, generate investor statements, trace a reported number back to its underlying entries, then publish through the portal or delivery workflow.

Methodology and last updated

Last updated: February 9, 2026.

This list is not exhaustive. It compares five platforms that represent common buying paths for fund accounting software in 2026: an integrated accounting and reporting platform with portal delivery (FundCount), an alternatives platform that integrates fund accounting with IR workflows and Excel-forward reporting (Dynamo), an automation-first private markets accounting engine (LemonEdge), a multi-asset portfolio accounting platform with investor accounting and reporting (SS&C Advent Geneva), and an alternatives platform approach combining administration and accounting with investor reporting and portals (eFront).