In the early days of any wealth management organization, spreadsheets weren’t so much a deliberate choice as they were the only available option. When you’re starting out, there isn’t always the time, budget, or need to invest in a fully fledged back-office system. Instead, problems get solved as they come up, with quick fixes and stopgap measures filling the gaps. Spreadsheets naturally became part of that patchwork solution—accessible, flexible, and good enough for the job at hand.

But as operations grow and data becomes more complex, these ad hoc systems start to show their limits. What once worked fine for tracking transactions or managing basic reports now struggles under the weight of increasing demands. Formulas break, files crash, and the effort to keep everything running smoothly starts to eat away at time that could be spent on higher-value tasks.

Below, we take a look at problems wealth management organizations such as family offices and fund administrations often encounter with their spreadsheet-based back office systems as they experience growth.

Why do my Excel formulas keep breaking in large datasets?

The frustration of broken formulas often comes down to scale. As datasets grow, small mistakes—like hardcoded cell references or unstructured data—turn into big problems. I’ve seen wealth managers deal with formula chains so complex that a single adjustment can cascade into errors across multiple sheets. This happens because Excel wasn’t built to handle the kind of interconnected, high-volume data many financial professionals now rely on.

Managing a growing organization means recognizing when your ad hoc systems are no longer enough. For many wealth managers, the next step is investing in a fully operational back office—a system purpose-built to handle the scale and complexity of their operations. Unlike pieced-together spreadsheets, a fully operational back office provides a structured, reliable framework that eliminates inefficiencies and reduces the risk of errors.

At the core of many advanced back-office systems is a unified general ledger. This is not just an accounting tool—it’s a foundational system where all financial data flows into a single, integrated ledger. This means no more reconciling numbers across multiple spreadsheets or ledgers, as the system keeps everything aligned in real time. For wealth managers juggling multiple entities, a unified general ledger simplifies reporting by automatically consolidating data, removing the manual effort that often leads to formula errors and mismatched information. Instead of patching broken spreadsheets, the data is always accurate and accessible, no matter how complex the portfolio.

Another critical feature of a fully operational back office is continuous accounting. Traditional accounting systems rely on periodic reporting, meaning that many decisions are based on outdated data until the books are closed. Continuous accounting solves this by allowing data to update in real time. This means that you can generate reports at any moment, even mid-cycle, with confidence that the numbers reflect the most current information. For organizations relying on spreadsheets, this real-time capability is a game-changer—it removes the bottleneck of waiting for updates and dramatically reduces the risk of relying on incomplete or stale data.

For wealth managers handling alternative assets, a strong back-office system is designed to meet the unique requirements of each asset class. For example, crypto often requires extended decimal precision, which spreadsheets may not adequately handle, leading to inaccuracies in performance reporting. A purpose-built system accounts for these nuances, ensuring every detail is captured correctly and reflected in the reports.

Ultimately, transitioning to a fully operational back office addresses the pain points caused by spreadsheet dependency. It’s not just about fixing broken formulas or avoiding file crashes—it’s about creating a scalable, integrated foundation that supports the growth of your organization. By streamlining processes and providing accurate, real-time data, a strong back-office system allows wealth managers to focus less on troubleshooting and more on delivering value to their clients.

How to track multiple financial entities without separate spreadsheets

When managing multiple entities—be it trusts, funds, or family offices—it’s tempting to organize them in separate spreadsheets. After all, it feels manageable at first, with each spreadsheet reflecting its own set of numbers. But as operations grow, this method becomes increasingly impractical. Updates get overlooked, errors creep in, and consolidating data for a comprehensive view becomes a time-consuming process.

The real issue isn’t the number of spreadsheets but the lack of a system that can handle multi-entity management efficiently. A centralized platform that supports multiple entities under one framework eliminates the need to juggle separate files. Such a system ensures that data for each entity remains distinct while still allowing you to consolidate reports seamlessly. For example, instead of manually merging numbers across ten spreadsheets, a centralized system can generate an organization-wide report with the click of a button.

This approach also simplifies inter-entity transactions, a common source of frustration when using spreadsheets. With an integrated back office, transfers or allocations between entities are recorded automatically, ensuring that every transaction aligns across accounts. Not only does this save time, but it also provides clear audit trails for compliance and reporting purposes.

Ultimately, managing multiple entities without separate spreadsheets isn’t just about saving time—it’s about building a process that’s scalable, transparent, and reliable. A centralized, integrated system addresses the inefficiencies of a spreadsheet-based approach, providing the clarity and control needed to manage complex operations with confidence.

Spreadsheet crashing with too much financial data—what to do?

If your spreadsheet has ever crashed mid-report, you know the sinking feeling of losing work—or worse, questioning whether your file can even be recovered. This happens because spreadsheets aren’t built to handle the demands of large datasets or the complex formulas required in wealth management. Originally designed for individual use, they strain under the weight of enterprise-level tasks, especially when dealing with thousands of transactions or intricate calculations.

One major issue with large spreadsheets is their lack of scalability. As data grows, so does the file size, slowing down processes and increasing the risk of corruption or crashes. But the solution isn’t to trim down your data—doing so just creates inefficiencies elsewhere. Instead, transitioning to a system designed for high-volume data processing is key.

A more robust platform that integrates real-time data management can handle transactions without compromising stability. For example, instead of overloading a spreadsheet with a year’s worth of activity, such a system processes and stores data centrally, allowing you to generate reports on demand without straining capacity. This also means no more waiting for updates or worrying about losing data mid-task.

Another advantage of scalable platforms is that they eliminate the file fragmentation issue. In spreadsheet-based workflows, large datasets are often split into multiple files to “lighten the load,” which then creates the need for error-prone manual consolidations. An integrated solution bypasses this entirely, keeping everything in one place while ensuring performance and reliability—even as data volumes grow.

By adopting a system that’s built for your organization’s needs, you eliminate the frustration of crashing files and unlock a process that’s stable, efficient, and future-proof. It’s a step away from reactive workarounds and toward a system that supports long-term growth.

How to merge multiple Excel files for financial reporting

On the surface, merging spreadsheets for financial reporting seems straightforward. You gather data from different teams, paste it into a master sheet, and voilà—your report is ready. But anyone who’s actually done this knows the reality is far messier. It’s all too easy to find mismatched formats, outdated files, or errors that ripple through the final report.

The core problem is that spreadsheets aren’t built to function as a unified system. Each file operates in isolation, requiring manual intervention to pull everything together. Even when teams work diligently, version control issues or misaligned formulas can create significant inefficiencies. For one organization I encountered, a quarterly report required hours of consolidating files from various departments, only to discover late in the process that one sheet hadn’t been updated since the previous period.

To solve this, consider adopting an integrated system that consolidates data at its source. Instead of manually importing and reconciling spreadsheets, these platforms automatically connect to your financial data, ensuring reports reflect the latest and most accurate information. This means no more juggling dozens of files or double-checking numbers across sheets.

An integrated solution also addresses formatting inconsistencies. For instance, spreadsheets often vary in how they categorize data, requiring manual adjustments before merging. By centralizing your data in one system, you eliminate these discrepancies, allowing for seamless real-time reporting.

Ultimately, moving away from spreadsheet-based merges isn’t just about saving time. It’s about reducing errors, improving transparency, and creating a reporting process that scales with your organization. Whether your team is preparing an internal summary or a client-facing report, a unified platform ensures the process is smoother, faster, and more reliable.

Best alternatives to Excel for portfolio management

Spreadsheets can handle a lot, but managing portfolios across multiple asset classes and entities is where they often fall short. The manual input, reconciliation, and frequent updates required in Excel not only slow down reporting but also increase the risk of errors. One wealth manager I worked with described using spreadsheets to track dozens of accounts as “a never-ending balancing act,” with countless tabs and files constantly in flux.

The problem lies in how spreadsheets handle data. They lack the real-time integration and automation necessary for tracking dynamic portfolios. For instance, if a portfolio spans equities, alternative assets, and crypto, each with unique characteristics and data feeds, reconciling these in Excel becomes a logistical nightmare. A simple oversight—like failing to update one tab—can ripple through performance calculations, leading to inaccurate reporting.

An integrated portfolio management system eliminates these inefficiencies. These systems automate data collection and reconciliation, pulling information directly from custodians, exchanges, and other sources. Real-time updates ensure that performance tracking and reporting are always accurate and up to date. Instead of spending hours manually calculating returns or verifying data, managers can focus on strategic decision-making and client-facing activities.

The shift to a dedicated system isn’t just about efficiency—it’s about building confidence in your processes. With spreadsheets, there’s always a lingering doubt about whether every calculation has been double-checked. With an integrated platform, that worry is replaced with the assurance of automated accuracy. For wealth managers looking to scale, this transition provides a foundation that grows with your portfolio, no matter how complex it becomes.

Is there software that’s better than spreadsheets for fund accounting?

For fund accounting, spreadsheets often fall short because they weren’t designed to handle the complexity of today’s financial operations. They operate in silos, requiring manual updates to reconcile data across multiple entities or intercompany transactions. When I worked with a family office last year, their team had an elaborate web of spreadsheets for tracking investments, but small discrepancies between files would snowball into hours of troubleshooting every month-end. It was clear that their system wasn’t keeping up with their growing needs.

This is where a unified general ledger becomes transformative. Unlike spreadsheets, a unified ledger integrates all financial data into a single system. Every transaction is logged centrally, so updates automatically flow across connected accounts. This eliminates the need to reconcile separate spreadsheets manually and significantly reduces errors. For instance, if a transaction affects multiple entities, the ledger automatically balances those relationships without requiring human intervention.

FundCount takes this approach further with features designed specifically for fund accounting. Its unified ledger supports multi-entity operations, allowing wealth managers to maintain clear distinctions between accounts while consolidating reports seamlessly. This structure also integrates continuous accounting, which processes data in real time. Instead of waiting for end-of-month reconciliations, reports are always up to date, giving managers an accurate view of their financial position at any moment.

What stands out about FundCount’s design is how it handles alternative assets and other complex investments. Whether it’s tracking the extended decimal precision required for crypto or generating detailed tax reports, the system addresses the nuances spreadsheets often miss. The automated reconciliations alone save countless hours, freeing up teams to focus on higher-value tasks.

For anyone moving beyond spreadsheets, the goal isn’t just to replace them—it’s to adopt a solution that makes managing funds easier, faster, and more reliable. FundCount’s approach does just that by combining automation, accuracy, and a structure built for the intricacies of fund accounting. It’s a system that works with you, not against you.