Leverage cloud technology to streamline your financial processes
Wealth management organizations of all sizes face unique challenges when it comes to financial management. You have to balance corporate growth expectations with client demands, all while navigating an increasingly complex global market. The constantly shifting regulatory landscape makes staying compliant a challenging undertaking. And you may be trying to manage all of this with an outdated legacy financial management system.
A cloud-based financial management platform can help you automate and simplify your accounting processes, leading to greater efficiency, significant time savings, and increased productivity.
Here are some of the challenges you may be facing, and how a cloud-based accounting solution like Sage Intacct can help:
Cumbersome and time-consuming consolidation of information
One of the biggest problems of many legacy systems is the difficulty of consolidating data from multiple disparate sources. Companies often wind up relying on cumbersome spreadsheets and time-consuming manual data entry, all of which increase the risk of errors. Sage Intacct provides continuous, automated consolidation of information across multiple entities – in minutes, not hours or days – for a single source of financial truth for the entire organization.
Lack of access to adequate and timely data
Your investment managers need access to real-time data to make the best decisions for their clients. But if you’re using an on-premise solution, it can be challenging – if not impossible – to find the data you need quickly. Cloud-based systems provide real-time visibility of critical financial and operational data. With Sage Intacct, you have access across entities to the real-time data you need. Custom dashboards mean team members can see the information that drives strategic investment decisions.
Inconsistent chart of accounts
As your company grows, you can wind up with a chart of accounts that is inflexible, complicated, and inconsistent across multiple entities. Sage Intacct offers a shared dimensional chart of accounts that significantly reduces the number of entries and allows you to add a new entity in minutes. The result is a streamlined chart of accounts that saves your finance team time and boosts efficiency.
Lengthy close process
The process of closing out the books each month can take days if you’re dealing with information silos and spreadsheets. Sage Intacct streamlines the process and can drastically reduce your close time with automated and ongoing consolidation, freeing up your finance team to focus on more strategic activities.
Keeping up with compliance
Managing compliance in today’s constantly shifting regulatory landscape is a complex undertaking for any business. It can be overwhelming to keep up with proposed guideline changes, updates to existing regulations, and implementation of new legislation. Reliance on manual processes and outdated systems can add to your frustration and your compliance risk. Sage Intacct automates compliance activities and provides an end-to-end audit trail that is GAAP compliant.
A cloud-based financial management solution like Sage Intacct can help you address these challenges by saving you time, automating your accounting processes, and giving you the information you need, when you need it. To find out more, call MicroAccounting today at 855-876-3773 or email us at email@example.com.