For small-to-medium sized businesses, resources are often tight and company leaders tend to believe that automations and efficiencies that some larger businesses have are out of reach financially. But with the advent of more cloud-based subscription software, enterprise level software is now quite affordable and easy to implement. This is especially important to consider for…
Today, many small to medium-sized businesses handle their expense reporting and reimbursement processes by manually filling out and printing reimbursement requests and attaching supporting documentation and receipts. Then they pass this package around the office for approval and finally hand it to Accounts Payable for further approval and payment. Finally, the request and support will…
Consider these Five Steps When Upgrading Financial Management Software Growing firms know they’re doing something right when they need to upgrade their financial management software. Basic accounting tools like QuickBooks and Excel are adequate for a start-up. However, as their business grows firms must deal with more complex accounting challenges, and often start-up software can’t…
The Crucial Steps for the Optimal Implementation The implementation process is the single most important component of any IT initiative. Setting up enterprise software can be expensive, complex, and time-consuming. When the implementation is managed well, companies gain powerful new IT capabilities that work perfectly starting on day one. With poor management, however, companies can…
Has Your Firm Outgrown Its Accounting Software? Establishing an alternative asset firm isn’t easy. In addition to finding clients and devising investment strategies, firms must figure out a host of administrative issues – locate office space, set up phone lines, buy pens and paper, etc. Another issue on that list is finding accounting software.…
As the role of the accounting and finance department has become more strategic, the tools it relies on have changed. Previously, accountants looked for technology that could make individual processes easier – e.g., expediting payroll. As these processes become more automated, however, the role is shifting into providing oversight and analytics into all of your…
Firms involved with alternative assets focus on delivering and reporting positive investment outcomes for their clients. They allocate considerable time, effort and money on technology and processes to improve their investment accounting and investor reporting. While that makes sense, many neglect the corporate side of their business – which can create issues, and cost the…
Why Madken Advisors? Deciding to hire the right financial software consultant is easier said than done – especially in the Alternative Asset industry. There are countless options to choose from, all claiming to offer the same top-notch service and in-depth experience. With so many consultants advertising identical offerings, it’s difficult for decision-makers to find the…
Can You Continue to Cope With QuickBooks? High quality accounting and reporting for investment funds is non-negotiable and complex for private equity firms and hedge funds, which is why they have historically relied on dedicated industry-specific software solutions to optimize and standardize those processes. Their operational accounting, however, is often not as big of…
Accounting for Private Equity firms and Hedge Funds is unique from almost all other industries – most notably the allocation of investments and P&L to investors and dealing with complex tiered-entity structures.