How AV enables accounting firms automate financial and investment reporting
AV enabled an accounting firm get a grip on their mountain of disparate data, thereby helping the firm to provide their clients with a complete picture of family wealth.
UHNW families want more than a conventional accountant reporting past financial events. They seek a new age “wealth custodian” with the foresight to predict the future, a trusted advisor whose skills they can rely on, insights they value.
That’s precisely what this Florida-based outsourced CFO firm achieved: shifting from “what happened” to foreseeing “what’s coming” for their complex SFO clients, all while automating processes to enhance scalability and secure a competitive edge.
- The financial and investment data this outsourced CFO firm managed was unstructured and complex, necessitating unavoidable manual processes.
- As they scanned the market for the right platform, they encountered a number of challenges:
- Complicated to use and required many manual workflows.
- A reputation for taking several months to onboard historical data with no certainty of quality or delivery timelines.
- Pricing models based on assets.
Why this accounting firm chose Asset Vantage over competing platforms?
- Comprehensive GL-based reporting: AV is built on the general ledger, optimized for all asset classes and multi-currency portfolios, with robust portfolio reporting and analytics, to cater to diverse client needs.
- World class user interface: AV breaks down complex data into easy, consumable analytics and reports, providing clarity to complex portfolios.
- The AV advantage: AV’s powerful features and reporting capabilities enable the accounting firm to better serve clients, adhere to global standards, and make informed investment decisions.
- Transparently priced SaaS model: Transparent pricing allowed higher cost predictability, giving the customer more financial freedom.
- Customizable integration: As part of the integration process, AV configured automated APIs for the accounting firm’s downstream risk management tool.
- In a world where data goes stale overnight, AV’s real-time reporting ensured timely investment performance reporting and general ledger on demand.
- Where many CPAs acknowledge difficulty in sourcing new U-HNW clients, AV’s software helped our customer scale extensively, and onboard new customers without added costs.
- The automation-led efficiency translated into added value for this firm’s customers as they utilized AV’s integrated services like Bill-pay to broaden their offering.