How Family Offices Can Benefit From Working With Sage Intacct and RSM

By - May 19, 2021

The financial interests of family offices can be quite complex. Partnering with RSM can help your family office work more effectively with fewer challenges.

To help family offices focus on strategic planning for the future, RSM has developed FamilySight, a cloud-based platform that uses real-time data for a comprehensive dashboard. It allows family members and employees to see a family office’s entire ecosystem, from portfolio management and tax compliance to IT and cybersecurity. Customized to meet the needs of each individual family office, FamilySight puts multigenerational goals within reach.

Accounting for family offices

Sage Intacct, the cloud-based financial management system, has many benefits for family offices. RSM can get family office accounting employees set up to use Intacct and offer support as they work in the system. RSM’s Financial Accounting Outsourcing (FAO) handles accounting for family offices and uses Intacct for all its clients.

When FAO handles family office accounting, the client pays a fixed fee for the services each month. The clients save money because they don’t have to provide office space or salaries and benefits for accounting staff. They also get the expertise of the FAO team, as well as the extensive resources and knowledge base at RSM, which can answer questions about everything from the specifics of taxes to how to depreciate a horse that has multiple owners.

Working with FAO gives family offices the peace of mind that comes with having a separate entity for financial management. Clients are protected from employee fraud and employee error, while their investment and personal data is being kept safe.

The ability to see real-time numbers

Because Intacct is cloud-based, it can be accessed from anywhere. All data is updated in real-time. Clients can log in from their computers, mobile devices or phones, in their homes, their offices or even if they’re sitting on a beach in Mexico. The FAO team can give clients read-only access to the system, so they can see everything that’s going on.

Family offices can get a high-level overview or the nitty-gritty details of what’s happening with their money with Intacct’s dashboards and reports. The increased visibility can help family members, employees and advisors get the insights they need to make informed decisions in a timely manner.

 Easily available reports

Sage Intacct can streamline family office reporting. Reports can be manipulated to show only the information the client wants to see, with activities segmented in countless ways. All-important investment reports can show clients how their portfolios are performing or how much money is being moved into or out of a particular asset.

When a client wants a look at their other interests, those reports can be easily generated to detail anything from their properties and their businesses to their philanthropic programs and their offspring’s finances. If a client wants a report about the amount they spend on food at their house in Georgia or how much they pay for utilities at their condo in Los Angeles, it can be produced in minutes.

Permissions are another important aspect of Sage Intacct. Family offices can restrict access for users so that they see only the information they need for their specific roles. For example, foundation employees will only be able to view that organization’s accounts and nothing from the personal side of the family office.

Want to find out more about the advantages Sage Intacct and RSM can offer your family office? Schedule a call with one of the professionals at RSM today.

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