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. As a result, there are several software solutions available to address those issues – giving PE firms and Hedge Funds the tools they need to perform those functions more efficiently and saving valuable time and money.
However, once a PE firm or Hedge Fund implements their Fund Accounting solution, they quickly find out it can only handle the “Fund Operations” piece of the business – not the more “Corporate” functions needed for their Firm. These functions include cash management, accounts payable, accounts receivable, payroll, expense allocations and budgeting. Often, the decision is made to leave these processes on the legacy system (and/or Excel) and make the best of it.
But these solutions have many weaknesses, including:
- Lack of system and user controls
- Increased personnel costs to complete manual processes
- Inefficient and error-prone calculations and source data kept outside of the system
- Lack of visibility and analytics
- Manual, cut-and-paste reporting and consolidation
Over the years, Madken Advisors has helped firms tackle these issues and have found Sage Intacct to be the most flexible, dynamic financial management system to meet their needs. Sage Intacct is a highly configurable, cloud-based financial management software that is the preferred financial management solution of the AICPA.
Sage Intacct is the perfect blend of “out-of-the-box” and “highly configurable” and has allowed our clients to:
- Automate and error-proof their processes
- Integrate other systems such as T&E and Fixed Assets with the G/L
- Generate more visibility into their finances and budgeting for senior management.
Some key Sage Intacct features highlighted by customers:
- Dynamic Dashboards and Custom Reporting, drill-down and slice-and-dice functionality
- Easily consolidate reporting across multiple entities and currencies
- Robust control environment (both user controls and transactional controls)
- Standard Integrations with 3rd party software through the Intacct Marketplace
- True Cloud Architecture – at least 4 functionality updates per year – no more Upgrades!
Interested in learning more about how Sage Intacct can help fill this gap in your business operations?
