How does it work?
Family office accounting software helps affluent families manage their wealth. It helps to track investments, streamline financial reporting, and ensure compliance with tax regulations. It often provides the following features:
Multi-currency and multi-asset class support: The best family office accounting software supports various asset types, including equities, real estate, and private equity. It includes multi-currency capabilities to manage global investments. For example, the FundCount platform provides real-time, multi-currency accounting and reporting. It is used by firms worldwide, including some of the world’s leading hedge funds, private equity firms, and family offices.
Client and advisor collaboration: Since most investment decisions are in collaboration with principal family members. The right software facilitates communication between family members, advisors, and other stakeholders. Sage Intacct, one of the household names in family office accounting software available today, eliminates endless emails and allows stakeholders to communicate directly inside the platform.
Scalability and integration: Family office accounting systems use APIs to integrate with other financial tools and software used by the family office, such as financial planning software, CRM systems, and data providers. A company that does this well is Softledger, which allows offices to scale as their wealth and financial complexity grow. And the platform enables offices to build custom connections to other software through REST API easily.