Accounting & Document Management

Unlike one-off financial planning, our family office continuously updates the asset situation of families within its accounting and management system. The family office receives all transaction receipts on the basis of a power of attorney. The family office accounting system promptly records all transactions after they have taken place. Careful accounting guarantees the quality of future evaluations, including for asset management.

By comprehensively compiling all information relevant to the decision-making process, asset management provides a clear, transparent and complete overview of the assets. In order that the reports can help the asset management process, they include the sources of the performance, the risk, the cash flow and even the costs. We generally evaluate the individual values by comparing them with the specifications of the strategy as well as with benchmarks, capital market indices and over periods of time, such as months and years.

The reporting intervals are based on the requirements of our clients. Our clients decide what reports they want to receive from us, when they want to receive them and how in-depth the reports should be. The most common reporting interval is the calendar month. The reporting month serves as the basis of a monthly meeting in which we sit down and discuss analyses of variance, allowing you to make any necessary decisions.

In accounting for assets, the family office truthfully archives all business documents and accounting receipts with consideration for the statutory retention periods at the very least. Transactions concerning liquid assets are recognised on the same day. For other asset classes such as real estate, the asset manager produces a statement once per month. The manager also has to transfer data such as vacancy information or missed rent payments.

Not every asset manager is used to reporting in such short intervals. In such cases, the family office has to do some convincing or even make an exchange. The family office clearly defines the format for the real estate data transfers as there are no holistic standards in the sector. The professional requirements faced by accountants are correspondingly high.

The quality and reliability of our family office are reflected in our highly skilled staff who have academic qualifications or supplementary qualifications in fields such as bookkeeping, tax advising and auditing. The complexity of the work also requires a sophisticated quality assurance system. The data processing system initially assists the accountant with pre-programmed technical support. The accounting records are defined centrally for individual transactions. In line with the four-eyes principle, a second member of staff approves records. Once per month, we carry out a reconciliation between the family office books and the books of other account managers.

Additionally, twice per year our internal auditor verifies that the books are correct and that our quality standards are being met. This is the only way to quickly identify and correct system errors. The family office accounting department is the first point of contact for tax advisers when it comes to tax returns and annual financial statements.


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