Family Office Solution – QuickBooks/Advent Axys Integration

March 6, 2014 David Gemma

Family Offices Struggling

We see a steady increase in the number of Family Offices struggling to accurately and efficiently manage family assets across multiple data sources. A wide range of systems are being utilized to store and share data in these offices, often with little to no integration beyond manual user entry. This not only wastes precious time but more importantly, increases the risk of data entry errors that can have a significant impact downstream.

Recently a Family Office out of New York approached Family Office Metrics with this exact problem in the hope that they could be directed to a firm capable of addressing their lack of integration between QuickBooks™ and the Advent AXYS® portfolio accounting system. Family Office Metrics quickly identified UNAPEN Inc. as an ideal candidate given their 20+ years of experience with data integration and the extensive industry expertise of their staff.

Don't They Make Computers to Do That? 

UNAPEN worked with the client identifying their challenges, workflow and overall business needs to deliver a cost effective solution that would save time & money by automating data flow and improving data accuracy.

Using a very direct interface embedded within Excel, the Controller at the Family Office is able to:

  • Enter a few parameters and execute a routine that extracts the pre-defined QuickBooks transactions in bulk fashion and prepares the data for import into AXYS.
  • The information is staged and presented for her final review.
  • Once approved, all transactions are then automatically processed and populated within AXYS.

Instead of posting and re-posting transactions and correcting typos over a several-day period, she can now process a month of transactions in 10-15 minutes.  This solution opens up a new block of time for the Controller to work on other important projects while providing the peace of mind that QuickBooks and AXYS are being synchronized accurately.

This synchronization process can be tailored to push data in either direction or bi-directionally between systems, and can be extended to other portfolio accounting systems like Advent Portfolio Exchange® (APX) and SchwabPT PortfolioCenter®.

For additional info, please see QuickBooks Integration with Portfolio Accounting Systems.

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