Beyond Spreadsheets and QuickBooks: Embracing Integrated, Automated Process Management to be a Better Risk Manager for the Family

QuickBooks and Excel are a common software pairing for family offices that seemingly has cost, flexibility and familiarity on its side. However, the disadvantages of this approach soon begin to outweigh the benefits. The fact that close to 90% of spreadsheets contain errors in at least 1% of all formula cells means considerable hidden risk. Plus, family office demands on QuickBooks tend to quickly exceed its functionality and the spreadsheet as de-facto reporting tool can only work for so long. In the end, the labor costs associated with the maintenance, auditing, and synchronization of these un-integrated systems are actually quite high. 

 

There is a better way! In this session, Steven Draper reviewed the FOX Family Office Ecosystem model, which advocates for one point of entry, an auditable workflow, and integrated reporting, thereby minimizing risk and increasing effectiveness. He then introduced Robert E. Mallernee, CEO of Eton Advisors, who demonstrated a real, proven solution that puts the FOX ecosystem model into practice.