More Clients, Same Staff, Better Service. How?
Technology to Increase Efficiency
Every client is unique, but all their investment data has similar characteristics- multiple asset classes, high value transactions, large volumes, diverse data sources from numerous bankers, brokers or advisors and immense complexity.
Most CA firms employ a highly manual time consuming process, with physical reports from multiple institutions and extensive data entry in tally, followed by overall consolidation and performance reporting using complex excel spreadsheets. This process is subject to human error and has limited flexibility in terms of calculations and reports. Hence the volume of data becomes a curse to manage, when it is actually a gold mine of information for tax planning and investment risk management.
Use of powerful technology, that integrates accounting and asset management on a single platform, can help you efficiently manage the data, as well as extract information for you to deliver increased value to your clients.
Simplify the accounting process
- Easy upload of electronic reports and automatic updates of marketable security data
◦ save time and money on data entry
◦ eliminate the potential for manual errors - Data processing software automates the accounting process
◦ automatically populate individual accounts
◦ create general ledger, trial balance, balance sheet, income and expense reports
◦ improve accuracy and save time - Web-based technology to easily share insights with clients
◦ reports available on demand
◦ share client records and reports directly using access log-ins
◦ eliminate time consuming data export, report preparation and printing or emailing of information
Improve the tax management process
- Track all income, dividends, interest or rent from the total portfolio, using a single report. Compare receivables with receipts to enable easy reconciliation with bank statements.
- View reports on fixed income investments to review accrued interest data for filing advance tax returns.
- Ease tax planning for capital gains by viewing lot-wise, realized and unrealized, long and short term gains, with applicable indexation.
- Active tax planning to drive investment decisions, rather than mere data capture for compliance and filing after transactions are executed.
Value Addition for your clients
- Provide an on-demand consolidated view of their entire asset base with reports by asset class, sector and advisor, with comprehensive investment analytics and insights.
- Furnish insights for better asset management using asset allocations and benchmarking money weighted (IRR) returns to give your family office clients a clear view of their portfolio performance.
Use technology to increase your internal efficiency, the benefits far outweigh the incremental cost. The time saved can help you reduce labour costs per client served. Simultaneously manage data more efficiently and provide clients with better quality information.
In order to improve the output, without increasing the time or labour, you need to change the process
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