Hedge Funds Care event at Benny’s Chophouse

 

We’ve organized a networking event on November 3 at Benny’s ChophouseHedge Funds Care in Chicago to support Hedge Funds Care. We’re getting close to our maximum of 50 attendees, but RSVP to Chris if you’re interested in going.

Click here to take you to the Hedge Funds Care site. Even if you can’t attend you should still get involved!

 

3 Signs Your Family Office Should Ditch QuickBooks

Ditch QuickBooks | Outsourced Accounting in Chicago

Ditch QuickBooks | Outsourced Accounting in Chicago

Check out our more recent post: The 5 Most Common Signs You’ve Outgrown QuickBooks

Just about every family office starts out with QuickBooks as its accounting system. And why not? QuickBooks is extremely easy to learn, and you can be up and running in minutes. Not to mention it’s dirt-cheap at only a couple hundred bucks.

But the family office grows and the number of business entities multiplies geometrically. Soon you have over 50 different QuickBooks files and feel completely overwhelmed. This is a very common occurrence as QuickBooks was NOT designed for the family office world. Rather, QuickBooks starts to feel like a square peg being shoved into a round hole.

Don’t despair; there are accounting systems out there that can handle your complexity. While these systems are more expensive and take much longer to setup, they easily pay for themselves in increased efficiency when properly customized for family office intricacies.

Here are three signs your family office should ditch QuickBooks:

1) Entering partnership value adjustments takes hours, not minutes: A more advanced system will let you copy and paste multiple transactions straight from Excel or something similar. This means you can setup all monthly journal entries just once, and paste them into the accounting system each month with very little work! This beats manually entering journal entries one at a time in QuickBooks.

 

2) You’ve lost control of your inter-company balances: An accounting system like Microsoft Dynamics SL puts all of your entities in one database. This means all entities can easily transact with other entities. This makes booking inter-company transactions a breeze. Whereas you had to open multiple QuickBooks files just to accomplish a single inter-company transaction, you can now book a single journal entry that hits both entities. This reduces the chance for human data entry error.

 

3) You need multi-entity consolidated reporting: The family trusts (i.e. clients of the office) almost always invest in many different assets. And usually they own less than 100% of an asset. Therefore, the ability to consolidate entities and a percentage of another entity is extremely useful. No longer do you need to export multiple trial balances from QuickBooks and manually consolidate them in Excel!

Sound familiar? Please contact us if you’re sick of pounding away at your square peg!

Successful businesses take the first step

There is no perfect time to make a change. There is no perfect time to start a business. There is also no perfect time to write your first blog post. However, it is always the right time to take your first step towards achieving one of these goals (or anything else you’ve been meaning to do). With that mindset, RedGranite Consulting is officially launching its blog today with this post.

We don’t have a strategic plan for this blog, but we know that it is a step in the right direction; a step toward helping other businesses grow and succeed. To us, that’s reason enough to start (see who we help).

Now that we’ve taken the first step, we also challenge you to take the first step toward something your business has been delaying:

  • Maybe you’re wondering why overall sales have declined? If so, just start by graphing overall sales over time to see when the decline started. This first step could be helpful all by itself. If you’re still motivated, take step two and split-out sales by product or service line. These two simple steps can give you great clarity on what you should do next.
  • Or maybe your costs have been rising? Similar to the sales example, graph your major expense categories as a percent of sales over the same time period. The more detailed you get, the clearer your next steps will become.
  • Or maybe you are too darn busy to look at revenues and expenses because you just have too much on your plate. Well before you dig-in and devour what’s on your plate, just spend two minutes making a list of everything that is on your plate. This alone will make you feel better. If after this list you have another two minutes, then in a second column identify if the task is recurring or one-time. In a third column, identify the recurring tasks that someone else could be doing. You are now on your way to delegating like a champ!

Whatever you do, don’t wait until tomorrow. Take the first step. After all, you can only take one step at a time. Then take the next step tomorrow, and the day after…

Please let us know what steps you’re taking!

Patience is a Virtue

We know you’re excited to hear what we have to say, but please give us a bit more time to brainstorm…We think the wait will be worth it.

For now, please sign-up for our Email Subscription (right-side of this page).

Also, connect with us by using the social media links (top-right area of this page).