AUTOMATED GL INTEGRATION
FOR FAMILY OFFICES

For many family offices the General Ledger is the center of family wealth management.   The process of maintaining accurate journal entries is often complex and manual.    Our new partnership with KnowLedger automates this process freeing time to focus on analysis and other family priorities.

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The Challenge


Accurate and timely information is critical to decision making.   Many family office teams struggle to achieve these objectives because of :

  • Period-end processing is time consuming

  • Getting everything in on-time is stressful

  • Re-keying is error-prone and costly

  • Late data causes delays in decision-making

  • Reallocate accountants' time away from data entry

Accurate and Timely Data

 

The first challenge is the efficient and accurate gather of investment data.  Depending on the type of investments, this is often challenging.    Brokerage and other investment accounts may significant transaction activities and require accessing different paper and web portal sources.   Alternative investments activity, which are dominant in many offices, are even more difficult to gather.

 

PCR provides data aggregation and data management services to family offices for nearly 20 years. We have a "data first" approach that focuses on consolidating information from 100% of a family's wealth including brokerage, banking, alternatives, business interests, personal use and collectables. The information is made available in a family owned data warehouse and used to power many family office reporting and analytic functions including integration with the family's general ledger accounting systems.

The heart of automate general ledger integration is automated data aggregation and reconciliation.

Mapping Activity to the Family Office Chart of Accounts

The next challenge is mapping the universe of inconsistent data into the reporting hierarchies developed by the family office to serve its principals.

Enter KnowLedger and their automated tools.   

 

KnowLedger is a service that translates data from one (or more) systems such as your portfolio accounting system(s) to your GL in a fraction of the time it would take manually.  KnowLedger does all the journal entry work for you, quickly and precisely.  They not only translate your data, but in doing so, we simultaneously audit your data health. Eliminate redundancy, re-keying. Eliminate latency. And deliver up-to-date accuracy across your integrated financial network.

Pre-Integrated and Best-of-Breed

The partnership provides two key advantages - best-of-breed providers invested in pre-packaged integration.

PCR has a long-history serving the data aggregation needs of families. Our solutions ensure that all investment is gathered accurately and on a timely basis.   Data is normalized across all data across sources into standard transaction coding and security features.  This is provides high-quality inputs into the mapping process.

KnowLedger also has significant experience serving family offices and accounting firms.  Their tools are easy-to-use, flexible and proven.   PCR and KnowLedger have worked together on a custom interface that speeds implementation of your automated GL solution.

 

Learn More About the Process?

For more information about the service: