This article was originally published in Forbes.
As within any business, accounting and bill payment are two of the most critical responsibilities of a family office. And under the umbrella of ‘accounting’, there is a wide scope of operations beyond just what we initially associate with the term. Depending on the size, structure, investment vehicles and needs of the family office, accounting services can include investment management and analysis, general ledger accounting and other back-office processes, as well as the many logistics surrounding bill payment. Even for those with a solid grasp on accounting and its many, many, forms, the goalposts can continue to shift within a family office context – as seen in investment and fund accounting. Suffice it to say, accounting is not for the faint-hearted, but as the family office industry continues to evolve and professionalise, there’s light at the end of the tunnel for managing these key operations – thanks to some innovative service providers.