With their networks of investments and entities, family offices often grapple with the complexities of managing vast amounts of financial data. This can lead to inefficiencies, errors, and delayed decision-making.
However, Sage Intacct dimensions offer a powerful solution. In a recent presentation from CrossCountry Consulting’s Sage Intacct implementation team, Anne Costello and Jared Hand discussed how dimensions streamline family office operations and provide valuable decision-making insights. View the video for key takeaways and use cases.
Making Dimensions Work for Family Offices
Sage Intacct dimensions provide a framework to categorize and analyze financial data, transforming it into actionable intelligence. By tagging transactions with specific dimensions, family offices can gain a deeper understanding of their investments and operations.
This includes tracking family members, trusts, foundations, assets, investments, expenses, and more. Other advantages include:
- Flexibility and customization: Dimensions are highly customizable, allowing family offices to tailor their financial reporting to their unique needs. Whether tracking investments, expenses, or family members, the system can be configured to provide the desired level of detail.
- Real-time insights: Dimensions enable real-time reporting, providing family offices with up-to-date information on their financial performance. This empowers them to make informed decisions and identify potential issues promptly.
- Improved efficiency: By automating data entry and analysis, Sage Intacct dimensions can significantly reduce the time and effort required for financial reporting. This frees up resources for more strategic activities.
- Enhanced decision-making: With access to accurate and timely data, family offices can make more informed decisions about investments, risk management, and overall financial health.
Specific Use Cases
There are several practical examples of how Sage Intacct dimensions can be used in family offices:
- Tracking investments: Dimensions can be used to categorize investments by asset class, investment type, or fund manager, providing a comprehensive overview of the portfolio.
- Analyzing expenses: By tracking expenses by category, location, or entity, family offices can identify areas for cost savings and optimize their spending.
- Monitoring performance: Dimensions can be used to track KPIs and compare actual results against budgets or historical data.
- Custom reporting: Sage Intacct’s flexibility allows for the creation of custom reports tailored to specific needs, such as private equity roll-forwards or family member-specific financial statements.
Ready to maximize Sage Intacct value? View the full video above for more information or contact CrossCountry Consulting today for best-in-class family office financial management.