Can You Close Your Books with a Hurricane Coming?

I recently conducted a series of one-on-one interviews with thought leaders in wealth and asset management that were recommended to me. I interviewed Jason Gabauer of Halstatt LLC literally as a hurricane was predicted to hit Florida; it was a stark reminder about the on-premises vs. cloud choice that he had made.

This was one of a number of great customer stories where some consistent themes came up which can be summarized as follows:

  • Consolidation—The time required for consolidation particularly in a multi fund/entity environments
  • Chart of Accounts—Getting out of control with inconsistencies between entities (making consolidation even harder)
  • Dashboards—The need for dashboards to provide instant access to data to make better decisions
  • Excel Hell—The errors and pain caused by having to share data between multiple complex Excel spreadsheets

Jason was able to reduce consolidation time for the boardbook from 100 hours to minutes. Once you have removed the pain of consolidation you can start to look forwards at how you can use the data in your accounting system more strategically- to make better decisions more quickly. Jason is a true visionary in the family wealth management space. The quote he ended on summed up the interview: “It’s about moving from using data to report on what your business has done in the last three months to using Intacct to drive your business forwards for the next three months.”

A number of people have asked me where they can access a recording of the interview.

The audio version can be streamed from SoundCloud: Listen via SoundCloud

And a Webex recording is available: Listen via Webex

We are following up this award winner interview with a live interview with Mike Dolence of K&S Holdings on November 16th. Register

In this interview we will discuss the investments K&S Holdings make in residential, commercial, and retail real-estate across 20 entities and eight locations and how by switching from QuickBooks and Excel Mike was able to:

  • Reduce multi-entity consolidation time from 10’s of hours to minutes
  • Reduce the size of the Chart of Accounts by 50% while adding new family members using dimensions
  • Simply add new entities with a consistent Chart of Accounts (COA)
  • Use dashboards to visually track performance against corporate KPI’s stored in Statistical accounts
  • Manage cash, accrual, and tax books
  • All at scale, in the cloud and without IT support

If you are interested in listening to the live interview you can register at: Register

[ Published: October 27, 2016 ]