As family offices build wealth and operations become more complex, QuickBooks may no longer be sufficient. The ideal technology infrastructure should be secure, scalable, and flexible to the specific needs of the family, which is why Sage Intacct is the go-to integrated financial management system for more and more family offices – and the only platform recommended by the AICPA.
From cutting close time by 50% to improving financial efficiency by 60%, Sage Intacct offers family offices transitioning off QuickBooks the functionality they need to generate maximum return for clients.
In a recent presentation from CrossCountry Consulting’s Sage Intacct implementation team, Kevin Alvezi and Anne Costello discussed the move from QuickBooks to Sage Intacct. View the video below for key insights.
Key Challenges of QuickBooks for Family Offices
- Limited scalability: QuickBooks struggles to handle the increasing volume and complexity of transactions as a family office grows.
- Disparate data management: Managing multiple entities and accounts across separate QuickBooks files is time-consuming and error-prone.
- Inconsistent reporting: Creating custom reports and consolidating data from various sources can be challenging with QuickBooks.
- Limited integrations: QuickBooks lacks robust integrations with other financial systems used by family offices, such as investment management platforms and payroll providers. Data must be imported manually or through spreadsheets.
How Sage Intacct Benefits Family Offices
- Scalability and flexibility: As a cloud-based solution that can scale to meet the growing needs of a family office, Sage Intacct offers modern infrastructure for the demands of today and tomorrow.
- Centralized management: A single login provides easy access to data for all family office entities and standardizes chart of accounts management through the creation and maintenance of new accounts at a top level.
- Enhanced reporting: Sage Intacct allows for the creation of custom reports and dashboards, providing greater visibility into the family’s financial landscape.
- Streamlined integrations: Seamless integration with more than 300 third-party systems, including investment platforms, payroll providers, and HR solutions, makes Sage Intacct a critical hub for all financial and operational activity. Leveraging Sage Intacct’s open API platform, users can automate data flows and reduce manual data entry, improving the accuracy and efficiency of core tasks.
- Tax reporting: Sage Intacct offers robust tax functionality, including generating custom reports for investment analysis and capital call reporting. It can also consolidate data from various wealth management platforms to simplify supporting details for tax preparation.
- Advanced ownership consolidation: For family offices with complex legal structures, Sage Intacct automates the consolidation of entities with partial ownership stakes, saving significant time and effort.
Considering making the switch to Sage Intacct? View the full video above for more information or contact CrossCountry Consulting today for best-in-class family office financial management.