See How Legacy ERP Was Holding Back Family Office Growth and Agility — and Why Sage Intacct Provided the Solution
Running a family office can be a challenge. Most typically manage a diverse and complex investment portfolio that includes alternative assets, direct investments, and cross-border holdings. Gathering and analyzing performance data across multiple sources can be time-consuming and difficult enough. However, when economic volatility, fluctuating interest rates, and geopolitical uncertainty increase risk, successful family offices must stay agile through informed decision-making.
But, as one large family office discovered, when you’re relying on an aging, legacy ERP like Microsoft Dynamics GP to handle financials, “agility” may be easier said than done.
Scaling Up Without the Growing Pains
With more than 80 domestic and international companies in their portfolio, the family office was ready to grow more. However, they knew that increased growth would lead to increased complexity and more time spent — unless they first tightened up a few frustrating inefficiencies.
The accounting department would especially benefit from addressing slow manual reporting, streamlining , and avoiding the consolidation headaches they faced due to their size.
Unifying 80+ Entities with Push-Button Consolidation
After a thorough discovery process, the SWK Technologies team determined that Sage Intacct Financial Management would be the right solution to support the family office’s efficient growth.
Not only did Sage Intacct provide seamless global consolidation capabilities and effortless multi-currency support to the family office, it also gave them the freedom to finally unify all the companies in their portfolio under a single, powerful solution.
As SWK demonstrated, unifying the portfolio with Sage Intacct would result in significant time savings, thanks to Sage’s that finish in minutes rather than days.
But those efficiency gains were only the beginning.
Cloud Power: Automation and Insights for Smarter Decisions
As a cloud-native solution, Sage Intacct Financial Management was built to handle the family office’s scalability goals with ease, offering entity tiers to support up to 200 entities.
The solution’s cloud architecture would also support critical, time-saving that the accounting department had been unable to set up in their aging, on-premises Microsoft Dynamics GP solution.
One such example was Sage’s AI-driven continuous accounting, which helps ensure the books are close-ready after every transaction. Automation would also speed up and streamline their bank reconciliation, even across multiple currencies.
Sage’s would be especially useful, as family offices often struggle to determine the best course of action for new investments. Sage’s reporting flexibility enabled all authorized decision-makers in the family office to quickly, easily, and intuitively slice and dice data to gain rapid, accurate insight into individual or consolidated entities.
Ready for the Future with Expert Support at Every Step
With scalability and time-saving automation handled by their new Sage Intacct Financial Management solution, the family office’s accounting department is now ready to tackle their growth goals with confidence.
Plus, the family office knows that any time they need help with their solution, the award-winning Sage Intacct experts at SWK Technologies will be right there to support them.
Let’s Find a Solution Together
By partnering with SWK, you’re creating opportunities for your company’s continued IT success. Contact us today and learn how we commit to enabling success for every one of our clients.