Family Offices Replacing Quickbooks

  • By zoltan-szakal
  • June 15, 2017

“Instead of looking at what has happened we use Intacct as the single source of the truth to proactively analyze and drive the business looking forwards” – Jason Gabauer, Controller Halstatt

Halstatt Real Estate Partners is a family owned investment management firm that made the switch from Dynamics GP to Intacct, and has never looked back. Not only were they using GP as their accounting system of record, but they were also heavily relying on Microsoft Excel to perform their consolidations and analytics.

There are an incredible number of Family Office and Wealth Management firms in the same boat, and (pardon the pun) travelling upstream without a paddle.

Picture this – you are using QuickBooks to record transactions, which is already exceedingly laborious due to having to log in and out of different legal entities, and then exporting the data for each individual company in order to be able to generate month and quarter-end financials. This, coupled with the fact that you don’t have a streamlined chart of accounts across all entities, makes for an unnecessarily lengthy consolidation process. But wait, it gets worse! Just when you thought you closed the books and had the financials ready for the family/management team, you realized you missed importing the monthly transactions from Addepar, your Investment Management Platform, and need to start the process all over again. Sound familiar?

So if there is a better solution out there, why are so many Family Offices still undertaking such arduous reporting procedures? The answer is simple – you are in the business of investing, not accounting. Many firms simply don’t know that there is a ‘better way’.

Take Halstatt as an example. When they were still using Dynamics GP, they were not only experiencing this exact scenario, but also had no quarter-over-quarter and year-over-year trending for fair market value of assets, internal rate of return and, cash-on-cash. After realizing that there must be an efficient solution to their reporting needs, they initiated a software search, and as a result, selected Intacct.

Since switching to Intacct, they have seen:

  • Reporting time reduction from 100 hours to minutes
  • Significant cost comparison vs other members of Fox Family Exchange
    • 90% reduction using cloud-based vs on-premises which is a fully loaded cost
    • Headcount is 30% vs other similar firms
  • Check cutting costs reduce from $36 to $3.96 using American Express

Check out this Infographic that highlights Intacct Key Benefits, the Challenges you will Overcome, a customer spotlight and testimonials.

If your firm is experiencing similar challenges outlined in the Infographic, or feel like you are stuck with a financial system that just can’t cope with the demands of your business, it might be time to upgrade to business class software like Intacct Cloud ERP, the #1 financial software for Family Office & Wealth Management Firms looking to replace QuickBooks or Dynamics GP.


Wealth Management