For your family to trust an accounting firm to manage its wealth, the firm and its accounting manager must deliver the highest quality of service. And this includes the software it uses.
Historically, such an accounting office would be at the beck and call of their clients. They would address anything financial, from purchasing a new vehicle, keeping the family’s taxes updated, organizing charitable giving, succession planning, and even handling transactions for a kidnapping. But they were also in charge of other administrative tasks. For instance, handling personal appointments, or booking travel for the family.
Basically, they needed a keen understanding of the family business and how it relates to the family’s personal finances. They also need knowledge of accounting, tax and legal matters. Thankfully, the right software can do all this and more.
The Role of Accounting Software
The right accounting software helps accounting professionals provide tailored services accurately and promptly. But not all software is created equally. In fact, choosing the right software for each client is another aspect of an accountant’s duties. And there are several aspects to consider:
Security
Your family works hard to build and protect its wealth. And the last thing you need is for your accounting software to put you and your finances at risk from cyber security breaches and data leaks.
As such, whatever software you choose requires stringent password protection and multi-factor authentication. It should also offer consolidated reporting, governance, and data aggregation.
Customization
No two businesses are the same, so why should their software be? With this in mind, it’s important to select software that can be tailored to the unique needs of your family office, from how reports are displayed, to what kind of third-party programs and platforms can be integrated to it.
Ease of use
Family office accounting software must be easy to use. It should ultimately save time, while improving accounting efficiency. Look for automation capabilities, advanced reporting options, and features to ensure tax compliance.
Support
No accounting manager should struggle with their software. The ideal platform must feature support for any issues or troubleshooting. Consider software that can be linked to reputable partners to help with training and maintenance.
Thankfully, all these features and many more can be found in software like QuickBooks and NetSuite.
How We Can Help
Fusion CPA is home to a team of specialized family office accountants. Our team is experienced in choosing and integrating accounting software, tax planning, and CFO advisory. We know what is needed to help make a success of your family’s finances.
Schedule a Discovery Call with our team to learn more about the services we offer. We look forward to discussing your family’s financial future with you.
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.
