Simplify Family Office Management With an Integrated Accounting Platform

Written by Ken Jacobsen | Oct 24, 2024 4:00:00 AM

The TM Group specializes in delivering integrated solutions for family offices, designed to streamline financial management, improve operational efficiency, and provide real-time access to vital information. Our expertise in family office software includes fund accounting, multi-entity coordination, performance reporting, and investment management — all tailored to meet the unique needs of high-net-worth families.

Family offices often outgrow starter accounting systems like QuickBooks or Excel as they evolve. This growth, paired with the need for more sophisticated reporting and data consolidation, requires an advanced software solution that is secure, flexible, and scalable. The TM Group addresses this challenge by providing a unified platform that ensures compliance, efficiency, and seamless access to financial data anytime, anywhere.

Microsoft Dynamics 365 Business Central: The Core of Family Office Efficiency

Microsoft Dynamics 365 Business Central is at the core of our family office solutions, providing a centralized hub for accounting, billing, and financial management. The system supports multiple entities and allows for detailed tracking of financial data, making it ideal for managing family wealth across a wide range of assets, from real estate to private equity.

This solution also includes:

Unified financial data: Consolidates financial information, asset classes, and investment portfolios into one cohesive platform.

Real-time dashboards and reporting: Microsoft Power BI dashboards offer family members an overview of financial, operational, and CRM data, enabling informed decision-making.

CRM Integration: Microsoft Dynamics 365 Sales and Service tracks all communication, relationships, and related activities, ensuring that family members and advisors have easy access to communication histories and important relationship details.

Document management with SharePoint: Allows for secure storage, search, and retrieval of essential documents, improving information access and compliance.

Partnership with Elysys for an Enhanced Family Office Solution

To further enhance our family office solutions, The TM Group partners with Elysys, a leader in software for managing family wealth. This collaboration combines the powerful fund management and portfolio tracking capabilities of Elysys with Microsoft Dynamics 365 Business Central. Together, we offer a comprehensive financial management platform that supports diverse asset types, consolidated reporting, and secure access to financial data across multiple devices.

The Elysys software suite is specifically designed for family offices, offering specialized modules such as multi-asset management, fund administration, and compliance reporting. When integrated with Microsoft Dynamics, family offices benefit from a holistic solution that brings together all aspects of financial and investment management.

Driving Family Office Efficiency: A Case Study

In a recent project, The TM Group implemented Microsoft Dynamics 365 Business Central for a prominent single-family office. The implementation addressed key pain points like:

Complex financial structures: The family office had multiple entities, including trusts, partnerships, and private foundations. The unified system streamlined reporting across all entities, improving accuracy and reducing manual data entry.

Enhanced bank management: The development team set up Microsoft Power Automate to streamline approvals, enabling users to approve or reject transactions via email with a single click. Additionally, a custom payment dashboard and check-formatting application within Microsoft Dynamics 365 Business Central allows for consolidated payables processing across hundreds of bank accounts.

Data accessibility and mobility: Family members required on-the-go access to financial data, making mobile and remote access critical. The solution provided secure, anytime access, supporting better decision-making.

Tailored Family Office Services

We understand that family offices have unique needs that require customized solutions. Our services are designed to address the specific challenges of family office management, including:

Portals: Web-based portals provide secure, on-demand access to financial data, ensuring family members can retrieve information anytime, anywhere.

Security and compliance: Our systems accommodate complex security models, ensuring that sensitive information is accessible only to authorized users.

Integrated portfolio management: The integration with Elysys allows for seamless portfolio management, ensuring that performance data from diverse asset classes like real estate, equities, and private equity can be consolidated within the same system.

Consolidated systems: Our solutions reduce the number of disparate systems and allow for easy reporting across contracts, investments, and assets, supporting both efficiency and accuracy.

Integrated CRM: Relationship management solutions track all interactions, whether through phone calls, emails, or meetings, providing a seamless history of communications with family members, vendors, and other stakeholders across all involved parties. They can also be used for tracking unique information like art collections and donations or grant recipients.

Discover the Best-Fit Solution for Your Family Office

Managing family wealth comes with inherent complexity, but The TM Group’s comprehensive solutions make it easier to streamline and organize financial data, ensuring efficient operations and informed decision-making. Whether you need to integrate existing systems, enhance data accessibility, or implement a new financial management solution, we have the expertise to guide you through the process.

Ready to elevate your family office's efficiency? Contact The TM Group today to learn more about our tailored solutions and see how we can help simplify your financial management processes.

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