“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
Temerity Capital is a family office offering boutique advisory services for family investment firms. It specifically focus on areas such as fintech, sports, and real estate investing, and aim to build and invest in early-stage companies addressing the needs of local communities.
Founded in 2015, Temerity is a nimble and quick-moving firm with a team of multidisciplinary experts. The practice has continued to grow over the last decade, thanks greatly to the team’s innovative approaches.
As Temerity’s family office grew, the team’s current accounting solution couldn’t keep up with the scale. The accounting team was juggling more than 40 different entities, bank accounts, and stakeholders, all with different reporting needs.
As they considered other vendors, including Sage and Asset Vantage, they found that most available software on the market fell short of meeting the requirements of a family office.
Paul and his team were excited to learn about SumIt because it’s specifically built for family offices and the challenges they face every day, while also being easy to use.
Paul’s team at Temerity focused on three main decision criteria in choosing a new software vendor:
SumIt software has advanced, intuitive capabilities for all three, including the ability to handle multiple bank and brokerage feeds, entity management, and consolidated reporting. SumIt enabled Paul’s accounting team to connect to bank feeds directly and set up rules across all of them, drastically reducing the time it traditionally takes them to categorize transactions.
The team can also see how each entity relates to each other all in one place, and no longer has to manually consolidate the books into one. Paul also mentioned SumIt’s fair price point as one of the winning factors.
During the implementation phase, Temerity found the process swift and painless. Paul’s team loved that SumIt listened closely to their pain points, such as the inability to see all entities and ownership structures under one page.
“A lot of larger companies are just looking to make a sale and move on to the next, leaving the wants and needs of those already onboarded in the rear-view mirror. For those that want to be heard and have their opinions taken into consideration, SumIt is the right choice.” — Paul, Temerity CFO
Since then, Paul and his team at Temerity have seen a significant operational impact, with a reduction in time to finalize quarter-end by 10–15 days. Temerity says it’s been a huge success and has given a tremendous amount of time back to its employees.
“I have had (and continue to have) a great experience with the product. If anything, I would have switched sooner.”
Temerity’s team also expressed gratitude for the great experience they’ve had partnering with SumIt beyond the technical implementation — “From their CEO to the engineers, everybody has not only been extremely responsive and professional, but they are just all-around good people. It has been a pleasure working with them.”
