Effortless Family Office Member Servicing?
Well, probably not effortless, since ultra high net worth individuals and trusts expect prompt distribution payments, accurate investor accounting, and timely bill paying.
But managing these critical responsibilities will certainly be a whole lot easier with our Penny® accounting software solution.
Integrated G/L, A/P & Investor Accounting
Penny® easily handles intricate partnership, shareholder, trust beneficiary, and fund structures.
With integrated accounts payable, the software is ideally suited to the accounting, financial reporting, billing, and check-writing / wire-transfer needs of family offices.
Tailored to the unique requirements of multi-family offices, the system includes a complete general ledger, accounts payable, and a powerful allocation engine.
Disbursements, budgeting, omnibus accounts, and recurring journal entries for even the most complex of legal entities are simple.
Robust Performance Reporting
Busy wealth managers can now consolidate reports across entities at the push of a button - quickly generate detailed financial reports at both the individual family member and group levels.
Penny freed up the time we used to spend tracking accounts in spreadsheets. Now we have the resources to give our high net worth clients the personalized services that are critical to meeting their needs.
- Chief Financial Officer large multi-family office group
If you've ever struggled to properly credit gains and losses across nested funds and individuals, you'll appreciate Penny's automated flow-down of income in master feeder structures.
Supporting a number of different families and family members? With Penny®, its not a problem to:
- provide consolidated capital balances and performance reports,
- generate accurate personalized financial statements,
- manage multiple family groups and entities,
- create activity reports by investor, beneficiary, or family group,
- start today, and back-fill historical data at your leisure.
Family Office Case Study
A large multi-family office with many family members to serve struggled for years to manage their clients' portfolios with Excel® and Quickbooks®.
They found that trying to handle the complexities of a layered legal structure and intricate trusts with spreadsheets and shrink-wrapped ledger accounting software was about as easy as using a screwdriver to hammer in a nail.
So with tight budget constraints, the group set out to find a more scaleable solution - one that wouldn't break the bank, but that offered the full G/L, A/P, check-writing, and wire transfers features they needed.
With its clean user interface, powerful relational database, and sophisticated accounting capabilities, Penny® fit the bill.
