I am sure you have heard of the Cloud and have even used it without even realising, especially if you have streamed music or accessed an email account like Gmail, Hotmail or Yahoo.
Cloud computing means that instead of all the IT hardware and software you use being stored in a server on your premises, it's provided to you as a service by another company and accessed over the Internet.
There are 3 ways of accessing Cloud computing
Family Office’s have very specific needs from their software:
Because of the unique business requirements of family offices, generalised ERP systems will always prove insufficient. Family offices resort to a combination of Excel spreadsheets and off the shelf accounting systems, or they turn towards building custom systems to meet their specific needs.
This second option is expensive and requires financial and other operating staff to contribute their time and knowledge to an IT project.
Cloud technology for Family Office software provides a solution to all 3 of the challenges mentioned above.
- Manage your financials, Accelerate financial close and report with accuracy, while ensuring compliance.
- Automate and secure your portfolio management, increase visibility across your front to back office and gain greater control over your investment process
- Adapt and improve your level of financial service, maximise investment opportunities and better serve beneficiary owners with recommendations
- Organise your purchase process and approval workflow with precision
- Connect data across accounting, banking & treasury, portfolio, compliance, Fixed assets and Purchase to get an end-to-end view of the whole of the group.
- Accelerate statutory financial close and reporting
- Analyse your data using rich graphical visualisation tools and produce secured dashboards in real-time data
- Improve forecast accuracy with cash reports and cash flow forecast spanning the whole of the financial group
- Operating your ERP via shared data centres instead of implementing on-premise infrastructure
- Renting software instead of buying licenses
- Outsourcing IT support and maintenance
Security is also important for Family Office Software
To keep data secure, the front line of defence for any cloud system is encryption. Encryption methods utilise complex algorithms to conceal cloud-protected information. Microsoft data centers’ offer built in, automatic encryption.
An added safety feature that Microsoft offer is dual authentication, ‘one point of entry’ for all your access, whether in the office or on the go.