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Elevated management of intricate needs using advanced multi-currency features

Founded in 1995, Beacon Fund Services (Bermuda) Ltd. has been a beacon of comprehensive administration and financial reporting for a plethora of offshore and domestic investment entities. However, by 2008, as the company managed a growing number of funds, the limitations of their existing accounting systems and spreadsheets became evident. The challenge was to find a solution that could seamlessly support the intricate demands of their burgeoning fund administration business.

Objectives

  • Transition from disparate accounting systems and spreadsheets to a more integrated solution.
  • Implement a flexible multi-currency accounting solution capable of calculating net asset values for both onshore and offshore funds.
  • Ensure the solution can handle a variety of investment structures, including master-feeder, trusts, and partnerships.
  • Offer fully customizable financial reporting and facilitate the distribution of investor notifications.

Roadmap to objectives

Recognize the challenge

Understand the limitations of existing systems and the need for a more comprehensive solution.

Evaluate potential solutions

Explore software options that can cater to the unique requirements of the fund administration business.

Adopt the right tool

Choose FundCount for its versatility in handling different reporting requirements and its integrated multi-currency general ledger.

Integration & expansion

Implement FundCount across multiple hedge funds and some private equity funds, leveraging its vast capabilities.

Key results

Dynamic handling of data in various formats, including Excel, ensuring flexibility in feeding customized templates.
Enhanced reporting functionality with a vast selection of standard reports available, eliminating the need to create reports from scratch.
Introduction of the FundCount Online Portal, offering clients immediate online access to reports and documents.
Strengthened client relationships and enriched service offerings through the online portal, catering to the tech-savvy expectations of modern clients.

"Our clients are more technology savvy than ever before and expect immediate access to reports and documents. FundCount Online Portal is just one example of how FundCount continues to stay one step ahead of our needs."

Vishal Shah, Director of Accounting and Valuations at Beacon Fund Services
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