The financial consolidation process has never been perfect. It’s a time- and labor-intensive process that eats up institutional resources and risks inaccurate or incomplete reporting. Even in businesses with relatively few business units to consolidate, the process commonly takes weeks and creates a lot of disruption and uncertainty along the way. [Read more…] about Why Next-Generation Financial Consolidations are Overdue
Accounting has always been important in family offices, but it hasn’t always been urgent. Closing the books on a quarterly or even just annual basis was deemed acceptable. And even if accounting was slow or prone to error, it was considered adequate.
That may have once been true, but accounting standards have risen significantly in recent years. Instead of closing the books in weeks, in-depth reports are expected within days or even hours. The amount of data to consolidate and analyze is exploding as financial and operational data are combined. And compounding these issues is the fact that accurate, up-to-date financials are essential for effective decision making. [Read more…] about Performance in the Family Office: Turning Accounting into an Advantage