The average family office manages over $1 billion in assets across a diverse portfolio of public and private equities, income sources, real estate holdings, and more. With so much money spread across so many different asset classes, tracking things on both an individual and collective level becomes extremely important—among the biggest priorities for any family office. For that same reason, however, getting an accurate, comprehensive, and accurate perspective isn’t easy. And it only gets harder as assets scale and diversify.
What are Sage Intacct Dimensions?
The Sage Intacct financial management platform has become a favorite of family offices for many reasons, but the use of a “Dimensional” chart of accounts probably leads the list.
You no longer have to rely on a confusing and constrictive code to identify a transaction. Instead, you tag it with “Dimensions”, which are identifying details like the project, person, location, or asset. Any relevant information can be tagged to a transaction, resulting in a general ledger where the information is transparent and accessible instead of obscured by codes or lost in translation.
Designed to be intuitive and efficient, Sage Intacct Dimensions are easy to learn and far simpler to use than the methods they replace. They make asset tracking, at any scale, manageable for a family office—but that’s just the beginning.
With the right techniques and use cases, Sage Intacct Dimensions makes each asset under management into something more advantageous than before.
Utilizing Sage Intacct Dimension for Asset Tracking
In practice, Dimensions prove to be the ideal tool for asset tracking no matter what the portfolio looks like. Here are five (of many) ways they elevate what you’re accustomed to:
- Granular Asset Tracking – Dimensions allow you to focus on just one asset class, such as real estate, to get deeper and more relevant insights using significantly less time and effort. Dimensions arrange the general ledger in a way that’s optimal for exploration and analysis since users can slice and dice the data by specifying which Dimensions to include/exclude.
- Inter-company Transaction Management – Applying a “Location” dimension streamlines inter-company transactions between two entities using the same property/asset. A more efficient process saves time and energy, creates opportunities to automate manual workflows, and reduces the likelihood that typos or data errors undermine asset tracking.
- Detailed Financial Analysis – You can analyze a single location or asset with Dimensions combined with DIY reporting tools, or apply the same process to the entire portfolio, making clear the whole, the parts, and the connections in-between. Financial analysis feels effortless and enlightening with Sage Intacct Dimensions as the entry-point to the data.
- Flexible Access Controls – The “Department” Dimension lets you specify which departments/roles have access to asset data to bolster security, keep compliant, and follow best practices all at the same time. Moving to a cloud-native financial management solution like Sage Intacct feels less risky knowing there are robust access controls in place.
- Revealing Performance Insights – By pairing statistical accounts with the “Location” dimension, you can automatically generate performance indicators like cost-per-square-foot tracked year over year. Easy access to valuable performance insights helps you and everyone on the team make decisions – about assets or anything else – informed by the best information available.
Go From Ordinary to Optimized
Some family offices struggle with asset tracking. Others don’t, but they invest tremendous internal resources into the effort.
You break that mold when you have Sage Intacct Dimensions at your disposal. Administering assets becomes easy, even automatic in many cases. And while your workload doesn’t plummet, it shifts from asset tracking to more valuable endeavors like planning, analysis, reporting, and forecasting. Put differently, your perspective on the asset portfolio turns 180 degrees, from backward-facing to future-focused.
RSM implements Sage Intacct, works extensively with family offices, and knows how to link the two together for maximal success. See how Dimensions could transform how you track assets by contacting our team.