Is your current financial system holding your family office business back?

Driving financial and accounting excellence with digital transformation

Single and multi-family offices need scalable financial management tools that meet ever evolving wealth portfolio goals and diverse business requirements. An integrated financial management system with AI-driven automation to transform operations, can take productivity and efficiency to a new level. Finance leaders in family businesses are discovering the benefits of digital transformation with productivity improvements helping them drive down costs and make better, faster insights-driven business decisions. Akuna Solutions specialises in implementing financial management systems that integrate seamlessly with existing treasury and investment management systems to provide efficiency, flexibility and scalability.

Is your current financial system holding your family office business back?

The family office needs to manage complex financial operations in a rapidly changing market, while facing new and competing pressures, and managing compliance in a fluid regulatory environment. For multiple entity structures, seeking to innovate around purpose, priorities and legacy, growth often puts even more pressure on business operations and financial management systems when they are not built to scale. Established organisations may outgrow systems that were suitable at an earlier stage of business size but struggle to keep up as the organisation grows. As new applications and systems are added to manage specific functional requirements, data can become siloed. This forces the creation of manual workflows and processes to consolidate information for financial management and reporting, which can lead to errors and inaccurate financial information.

Organisations that have diversified investments often need to manage entities that use disparate systems for a variety of business functions from asset maintenance to accounting and finance. Sharing information and creating consolidated group reports becomes a difficult and time-consuming process that relies on spreadsheets and manual processes. This severely limits efforts to gain efficiencies of scale in back-office operations which in turn extends the time to payback of the investment in the acquisition.

As anyone who has managed a large organisation knows, business growth is rarely linear or smooth. Typically, there are growth spurts that can put pressure on business systems and cause headaches right across the organisation. This is especially true for the finance team who need to be able to extract critical financial information in a timely manner to meet reporting requirements and inform business decisions.

For a family office’s finance team, seamless automation significantly enhances efficiency and productivity while reducing room for human error. When you integrate purpose-built workflows with an ecosystem of accounting, banking and treasury platforms, you eliminate the need for manual data entry and reconciliation, allowing operational staff to shift their focus towards high-value tasks.

Through automation your team can complete the month end finance workflows with optimal efficiency and simplify the process of consolidating data from multiple sources, reducing the risk of error, while becoming the single source of truth for accurate and timely reporting. The good news is, Akuna Solutions can configure and implement an integrated, cloud-based financial management system that features clever use of automation and promises streamlined operations and the ability to easily scale as the organisation grows.

Are you stuck in the middle with your financial management system?

Accounting and financial management is a critical system for any organisation. Finance systems such as Xero and MYOB are often the choice of start-ups through to small and medium organisations and generally work well. Until they don’t. Growing organisations make do with the system their teams and people are used to, though at some point these systems are not fit for purpose as the organisation and complexity of operations grow. On the flipside, large, enterprise-grade financial management systems such as Oracle and SAP are very expensive to both buy and implement, taking many months or years to be rolled out.

To effectively manage family offices that have grown and have multiple financial systems requires a new financial system that easily supports multiple entities within one environment, allowing each site to be managed individually while also providing consolidated enterprise management and data views.

Our family office customer Morris Group simplifies multi-industry complexity

Morris Group is a large Australian-owned family business that operates a range of disparate businesses across numerous industries, including tourism, hospitality, technology, property and aviation. The family office structure sits across multiple sectors, and each sector includes a number of distinct businesses that generate revenue and costs, often across multiple countries, currencies and tax regimes, creating complexity in consolidation and reporting for the finance and accounting teams. Akuna Solutions recently implemented Sage Intacct across the entire organisation, to make consolidation and reporting easier, provide automation of finance and accounting functions, reduce manual integrations across systems, and leverage advanced out-of-the-box functionality.

“A major win with Sage Intacct for us is the consistency and greater efficiency for reporting across entities.”

Kirstie Jenkin, Business Systems Manager, Morris Group

 

A strategic choice for the family office

Growing family enterprises need a powerful financial platform to meet the demands of their complex organisations. Some of the most critical features of a finance system for the family office include:

• Multi-entity environment with a single login and flexible user rights management.
• Support for multiple geographies and base currencies, together with multi-country tax and accounting standards compliance.
• Best-in-class dimension structure to mirror your organisation and analysis needs.
• Shared chart of accounts, customers, vendors, items, projects, contracts and more.
• Inter-entity transactions, collaboration, checklists, workflows and approval processes.
• Powerful, automated consolidations, reporting, dashboards and data visualisations.
• Accrual and cash accounting.
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Please download the whitepaper below to read more.

Take financial management to the cloud with Sage Intacct

Find out how the Sage Intacct cloud financial management solution streamlines operations. As an accredited and awarded Sage Intacct reseller, we view our clients’ success as our own and are dedicated to helping them find their way forward. Offering ongoing support, training, and resources ensures that our clients maximise the benefits of Sage Intacct and stay abreast of the ever-evolving business landscape. Chat with us to find out how we can help you to position your organisation for successful growth. You can arrange a time by sending us an email or calling us on 1300 258 621