Family offices managing diverse investment portfolios, intricate entity structures, and the sensitive dynamics of generational wealth are limited by traditional, spreadsheet-heavy accounting methods. Every manual process takes time and resources away from strategic decision-making and creates unnecessary risk.
That’s why family offices are modernizing their financial tech stack, moving from outdated systems like QuickBooks to robust platforms like Sage Intacct. CrossCountry Consulting’s Megan Smith recently joined leaders from Sage Intacct, Spyglass Capital, and Scott Holdings to discuss how family offices are approaching this transition and the value they’re generating along the way.
View the on-demand webinar here:
Navigate Complexity With Confidence
Sage Intacct empowers family offices with real-time visibility, automated consolidations, and key systems integrations. This enables investors and managers to transform the finance function from reactive cost center to proactive strategic partner, providing clarity in a world of complexity.
The true power of Sage Intacct lies in its ability to handle complicated ownership structures and sophisticated reporting requirements.
As a multi-entity, cloud-based accounting solution that scales with organizational growth, Sage Intacct offers dimensional reporting, which allows for granular analysis across various metrics, family members, and trusts. This flexibility is crucial for family offices that often manage dozens, or even hundreds, of entities.
“We actually have 151 entities on the platform today,” noted Keith Varney, CFO at Scott Holdings, on transitioning to Sage Intacct. “We have saved so much time in this process of being able to come up with an allocation method to take the complex ownership structures that are in place and get these results each month, and we’ve cut down significantly our time in our closing process.”
Handling this volume in a system like QuickBooks involves tedious, error-prone manual work. With Sage Intacct, the process is streamlined into a single login, providing access to all entities and automating intercompany transactions.
Modernizing Your Financial Tech Stack
Implementing a solution like Sage Intacct is more than a software upgrade; it’s a fundamental transformation of financial operations. The benefits are immediate and far-reaching, enabling a new level of strategic insight and operational efficiency.
Gain Real-Time Visibility
The most significant advantage of a modern financial platform is access to real-time data. Dashboards in Sage Intacct can be customized to provide key stakeholders – from the CEO to trustees – with instant visibility into the metrics that matter most.
Kristen Brugos, Director of Accounting and Finance at Spyglass Capital, highlights this benefit: “Our CEO actually logs into Sage and looks at the different dashboards. I’ve also created a profits interest dashboard. Previously, that was all done in Excel.” This shift empowers leadership with the confidence that they’re making decisions based on accurate, up-to-the-minute information.
Automate Complex Consolidations
Family offices often deal with layered ownership structures that make consolidations a nightmare in spreadsheets. Sage Intacct’s Advanced Ownership Consolidations and Dynamic Allocations modules are purpose-built to automate these complex processes. This automation saves time and significantly improves the accuracy of financial reporting, which is critical to fulfilling fiduciary responsibilities.
Create an Integrated Technology Ecosystem
An effective financial tech stack operates as a connected ecosystem, not a collection of siloed applications. Sage Intacct is built with an open API, allowing seamless integration with other critical systems like investment management software (e.g., Addepar), bill pay solutions (e.g., Bill.com), and document management platforms (e.g., SharePoint).
This integration eliminates redundant data entry and creates a single source of truth for financial data. The result is a more efficient workflow and more reliable reporting, which enhances collaboration with external partners like auditors and tax providers.
The Path to Financial Clarity
Modernizing your family office’s financial operations with Sage Intacct provides the tools necessary to manage complexity, drive efficiency, and deliver strategic value. The ability to automate processes, gain real-time visibility, and create a connected tech stack transforms the finance function, allowing you to focus on growth and strategy rather than manual data entry.
With a dedicated practice of Sage Intacct implementation experts, CrossCountry Consulting helps family offices maximize the value of their investment and achieve strategic objectives. To get started, contact us today.