Read Time2 Mins
Impact
| Manual Consolidation |
|---|
| 100% eliminated with unified, auto-updating general ledger |
| Close Cycle Duration |
|---|
| Reduced from 7+ days to a few hours |
| Report Timeliness |
|---|
| Real-time insights into cash and exposure so no more waiting for reports |
Client Background
AV’s fully managed book-keeping, reconciliation, and reporting service frees up internal SFO teams to focus on making financial decisions.
In business, time is money.
With AV’s help, this Florida-based single-family office seamlessly made the switch from a time-consuming legacy technology solution to AV’s efficient and powerful integrated performance reporting and general ledger platform. Combined with a fully managed book-keeping, reconciliation and reporting service, AV has freed this SFO to focus solely on making key investment and financial decisions for their family office.
The Challenge
- The SFO’s existing platform, a legacy accounting-based reporting tool, became obsolete and they needed to find a worthy replacement.
- They required a platform that would support multi-currency, liquid, and illiquid assets all housed in complex partnerships and trust structures.
- They were looking for a technology and managed services partner that allowed the family principals to be focused on making decisions on their complex asset base and holding structures.
Why AV was the perfect choice of partner for this SFO?
- Fastest onboarding: AV has consistently delivered the fastest time to integrated reporting of any Family Office platform – with only 8-12 weeks from sign-up to go-live – allowing the customer to migrate to our platform easily and rapidly.
- One-stop solution: AV’s partnership accounting with dynamic look-through reporting inside the general ledger, timely US tax reports, secure private URLs, all enable controlled access to reports on a real-time basis for a complete and actionable view of family assets and liabilities.
- Multi-currency support: AV’s multi-currency accounting and performance reporting engine ensures every investment is accounted for accurately in base and reporting currencies.
- Fully managed data: All investment transactions are regularly posted and reconciled on the customer’s own private AV platform, allowing them to look at the whole picture of family wealth, including cashflows, and more, on a consolidated basis.
- Value for money: AV offers the highest value for money in the wealth-tech industry – from attractive software licensing costs to onboarding service costs, AV delivers an ROI of less than a year.
Final Impact
- This seamless migration to the AV platform, backed by exceptional support from AV’s customer success teams, enabled the SFO to consider us an integral part of their extended team within the virtual family office infrastructure. This allowed the family principals to redirect their focus toward key financial decisions.
- AV’s fully managed book-keeping, reconciliation, and reporting service, on top of the powerful AV Pro platform combined with our partnership accounting feature, enabled the family principals to actively manage their family office by using AV’s reporting to drive complex financial decisions.
- AV’s tax-ready solution, with its single source of data, open tax lots, and monthly data reconciliation services, helped optimize costs and created opportunities for tax efficiencies, making handling tax periods much easier for the SFO.
- The SFO’s complex data which was spread out among hundreds of custodian accounts across multiple tax entities was seamlessly aggregated, facilitating faster and better investment decisions.
- For over five years, the SFO has relied on AV’s services, demonstrating their long-term commitment and ongoing satisfaction with our solution.
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