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.
Consistently, one of the biggest challenges within family office accounting is something that sounds pretty simple: finding information.
It’s the result of trying to manage multiple properties, investments, and tax structures, while still having visibility across the board.
Often, the accounting software that’s used either lacks necessary features, or is extremely complex and difficult to navigate.
To address this, family offices need tools that are designed specifically for them—software that simplifies their work without diminishing features and functionality.
More than anything, it’s the reason we’ve built SumIt to be intuitive, comprehensive, and customized for the industry and professionals we serve.
Family offices typically have three options when it comes to accounting software:
1. Generic tools like QuickBooks, which work for small businesses but aren’t built for the complexities of family offices.
2. Corporate software intended for multinationals, which can become cumbersome when you try adapting it to the needs of a family office.
3. Software made for family offices, but that requires extensive training to use properly.
For us, the goal is to make accounting software that’s designed specifically for family offices, and that strikes the right balance between simplicity, and sophistication.
Many of the pain points for family offices are tied to managing multiple entities—trusts, LLCs, investments—which tends to mean keeping track of lots of files and logins.
SumIt solves this by enabling our clients to view everything within a single, unified dashboard.
For instance, if a family office wants to know how much they’re spending on legal fees across all entities for a particular property, we can query that data and get the answer instantly.
With solutions that deploy a more fragmented approach, that same task could take hours of sifting through different platforms.
With one click, SumIt can consolidate and eliminate entries across all entities, regardless of the number of layers.
Also, to the point of simplicity, we’ve crafted SumIt to fit seamlessly within the larger ecosystem of family office software.
As an example, SumIt is one of the only accounting solutions that integrates directly with Addepar, the go-to investment reporting platform for family offices.
With accounting solutions that use third-party integrations, you'll require more setting up and coordination across multiple stakeholders to ensure that everything runs smoothly.
In addition, we’ve designed SumIt to be extremely intuitive and simple to use, ensuring that even in the event of staff turnover or transitions, critical information isn’t lost.
This reduces risk for family offices, as the platform remains easy for anyone to manage, safeguarding continuity and ensuring a smooth workflow across all entities.
In terms of our approach to product development, we focus closely on partnering with the family office community, listening to their needs, and working with them to build impactful solutions.
Also, with deep experience in the family office space, a talented engineering team, and weekly calls with our clients, we’re able to ensure that SumIt’s platform is continuously updated, improved and developed with our customer’s needs in mind.
We’ve also assembled a council of 30+ advisors who are professionals in the family office space, and whose insights have been invaluable in shaping SumIt into a powerful and user-friendly solution.
We’re incredibly humbled to be partnering with some of the top 50 accounting firms in the U.S., as well as serving some of the largest family offices in the country as our clients.
In terms of the benefits that our customers have seen after using SumIt, the biggest and most consistent one that we hear is the amount of time that they’re now saving.
Our customers have a unified view of bills, vendors, and outstanding amounts across all entities.
Recently, one of our clients shared how they’ve reduced their budget prep time from four days to just one hour, while another customer was able to finish their annual reconciliation 1.5 months earlier than the previous year.
Looking ahead, we’re aiming to be the gold standard of accounting software for high-net-worth individuals and family offices.
SumIt’s value proposition is simple: everything in one place, a user experience designed specifically for family offices, and the ability to directly integrate with the larger family office ecosystem.
We’re built by family office professionals, for family office professionals, and are constantly developing new features that are based on client feedback.
Ultimately, we’re helping family offices save time, reduce complexity, and focus on what matters most: using their expertise to better empower the people they serve.
