Family Office Accounting Software 

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.

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

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.