Family Office Accounting Software 

Accounting can be a challenge for family-owned businesses, especially if your portfolio includes multiple companies in differing industries. The right family office accounting software should effectively streamline financials and easily track and reconcile all of your information.

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A trusted solution for your most valuable asset

Better financial reporting

Robust financial reporting tools allow you to compare entities and analyze trends within one company or across companies. The ability to easily create your own customized system of reports allows you to discover better financial insights and improve your bottom line.

Real-time analytics

With integrated tools like Microsoft Power BI, it’s easy to compare entities and analyze trends within one company or across companies. The ability to easily create your own personalized dashboards and reports allows you to discover better financial insights and improve your bottom line.

Data Security

Ability to setup security access for your staff based on the companies or locations you want them to see down to the field attribute level. You can implement varying degrees of security measures and accessibility so each team member can view and utilize the information they need without unnecessarily accessing data or sensitive information.

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Why Gravity for Family Office?

Your family office business is important to you because it not only represents your livelihood, but also your family’s legacy. To protect everything you’ve built, you need complete control over your financial data. By leveraging Gravity Software’s unique capabilities to optimize your multi-entity accounting process, achieve better reporting and analytics, and improve data security and access, you can save time and money while helping to ensure your family business is still going strong for generations to come. For more information, check out our most frequently asked questions from family offices.

Family Office Testimonial

QuickBooks fell short for the family office due to its inability to handle multiple entities efficiently and its manual processes for deferred revenue and asset depreciation calculations. Gravity's software addressed these challenges by streamlining multi-entity journal entries, automating bank reconciliation and revenue recognition, and providing faster, easier family office reporting, ultimately freeing up time for strategic planning and analysis.

 

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“I can do just one journal entry for 18 entities at once,” he said. “Before Gravity, that would have taken a whole day.”

Bruno Pugliessa
Family Office Controller


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Discover how implementing the right technology can help you improve processes, enable greater transparency, simplify investment management and identify growth opportunities. Watch our on-demand webinar!

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More ways to move your family office forward

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Investment Management

Gain full transparency into all your assets and investments

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Multi-Entity Accounting Software

Multi-Entity Accounting

A true multi-company accounting software, you can consolidate finances for all your entities into a single database.

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Full Role-Based Security

Control user access by establishing roles and limiting visibility within your system.

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Learn more about family office accounting software!

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Frequently
asked
questions

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Why should a family office consider using Gravity Software for accounting?

Gravity Software simplifies multi-entity management, automates complex accounting processes, and saves significant time on manual data entry, making it ideal for family offices managing multiple entities.

How does Gravity Software handle multi-entity accounting?

Gravity allows users to input journal entries across multiple entities simultaneously, eliminating the need to log in and out of different databases and significantly reducing time spent on accounting tasks.

What makes Gravity Software better than QuickBooks for family offices?

Unlike QuickBooks, Gravity Software supports multi-entity accounting, automated bank reconciliation, and fixed asset accounting. These features reduce manual data entry and errors, allowing family offices to focus on strategic financial planning.

Can Gravity Software automate bank reconciliation and revenue recognition?

Yes, Gravity Software can automate these processes using predefined templates and rules, ensuring accurate and efficient allocation of expenses and revenue.

How does Gravity Software support fixed asset accounting?

Gravity allows users to maintain a full record of fixed assets and automates the calculation of asset depreciation, ensuring compliance with tax requirements and accuracy in financial reporting.

What are the reporting capabilities of Gravity Software?

Gravity Software offers multi-dimensional financial reporting, enabling users to generate consolidated financial statements quickly and efficiently, with the ability to categorize expenses by entity, type, location, or other distinctions.

How does Gravity Software ensure data security and access control?

Gravity operates on the Power Platform, a managed Microsoft platform that ensures the security and safeguarding of system data. Additionally, Gravity provides role-based permissions, ensuring that each family member and colleague has appropriate access to their accounts while maintaining the overall security and integrity of financial data.

Can Gravity Software assist with investment management for family offices?

Yes, Gravity's investment management tools assist family offices in managing private equity investments and holdings in non-public assets. Gravity enables tracking of initial investments and market value fluctuations.

How quickly can a family office see improvements after implementing Gravity Software?

Family offices can see immediate improvements in efficiency within just a few days of implementing Gravity Software, as reported by users who have transitioned from other accounting systems.

Why is data analysis important for a family office, and how does Gravity Software help?

Data analysis is crucial for making informed financial decisions and planning for the future. Gravity Software provides visual and historical data, enabling family offices to analyze cash flow, report earnings, and strategize for growth effectively.

Can Gravity manage and document the approval processes for vendor bills and payments?

Gravity incorporates the Microsoft Power Automate workflow engine, enabling the development of approval workflows that can fulfill a variety of needs. Approvals may hinge on attributes such as Vendor, Entity, Department, among others. Document approvals can be conducted through email, Teams or an Approval dashboard.

Can Gravity report on various combinations of entities matching the ownership of family members?

Gravity's Advanced Financial Reporting Engine can analyze diverse entity combinations and include proportional ownership of entities in its reports to match family member ownership.

What is family office accounting?

A family office is classified as a business created by family to support their overall financial needs. Family office accounting is the management of investments and financials for wealthy families. Accounting software designed to effectively track and reconcile your wealth management across multiple locations, businesses and investments can help achieve better insights and improve your bottom line.

What should be on your family business accounting checklist?

Start by creating a checklist of all the things you want to achieve in your revamped accounting practices. Here are some of the things you should strive for when optimizing your family office accounting operations:

  • Complete transparency
  • Financials that are easy to use
  • Multi-entity accounting software with inter-company capabilities
  • Dashboards with real-time insights
  • Consolidated financials for all your businesses in one database
  • A complete transaction audit trail
  • A cost-effective system that allows you to easily scale up or down

Why do family office teams prefer Gravity?

Gravity fills the gap between entry-level accounting software like QuickBooks and expensive enterprise applications like Sage Intacct.  Gravity-s multi-entity accounting software provides each company and each location with secure, web-based access to real-time information so your accounting team can work efficiently in the office or on the go.