Family office accounting is often a time-consuming process that involves reconciling data across multiple platforms and spreadsheets. Most times, reporting cannot even be completed until weeks after a period closes — and that data is often error-prone, to boot. The entire process is complicated and inefficient, and its meaningfulness to clients is often impacted by its inaccuracies or delays.
One SFO found itself mired in siloed processes reliant on multiple spreadsheets and the use of QuickBooks. When a new generation of family members began seeking more robust services and transparency, the SFO turned to AtlasFive® for an all-in-one solution.
With the implementation of AtlasFive®, all data and transactions were unified, and all silos were removed. Inconsistencies were reduced, and staff have a more balanced workload throughout the month. Greater data security has also been enacted, with less operational and security risk. and the younger clients are happy with the daily insight they now have into portfolio performance, no longer forced to wait for monthly or quarterly reports to get a snapshot of their accounts.