“SumIt has had a large impact on our operations. Specifically, it has freed up a lot of time for me to focus elsewhere. ‘Closing the quarter,’ as us accountants say, has been reduced by at least 10-15 days from what it used to be.” — Paul, Temerity CFO‍

Within family office accounting, having visibility of every trust, LLC, and investment you manage can be difficult. At SumIt, we solve this with a unified dashboard that gives clients a complete view of all their entities.

“One full time accountant in charge of the cash flow statement” is what we recently heard from a family office. Granted, that family office has 100+ entities, but it is representative of what most family offices have to live with day to day. The reason for such resource allocation: E.X.C.E.L., the most commonly used tool to build such statements. 

Accounting software for family offices appears to be stuck in a loop of inefficiency and compromise, as evidenced by the findings of a recent survey conducted by The Family Office Association, where respondents consisted mainly of family principals and presidents, the results unveil a snapshot of the current state of technology within these specialized financial entities.

Family office accountants have struggled to find the right family office software to meet their needs. This blog discusses the pros and cons of family office technology and how new family office platforms are changing the game.