Is My Data Correct? IR Monthly Checklist

Is My Data Correct?

IR Monthly ChecklistChristopher Anderson | Katie Escoto

Who Are We?Christopher Anderson

• PSG New York

• Private Equity

specialist

• Dog dad to Charlotte

• Professional Buzz

Lightyear lookalike

(available for

birthdays)

Is My Data Correct? IR Monthly Checklist

Katie Escoto

• PSG New York

• Strong preference for

New York pizza over

Chicago-style

• Loves Golden Girls

but doesn’t have the

Hallmark channel

Not to scale

Who Are You?

• You planned on coming to this session

• You will be maintaining or assisting with the upkeep

of your firm’s Accounting data

• You know the basics to Accounting and are

PUMPED to learn about more advanced features

• You like pizza. It can be either style; this is a

judgment-free zone.

Is My Data Correct? IR Monthly Checklist

To scale

Session Overview• Understand the purpose, business need and

output of well-maintained accounting data

• Learn industry-wide best practices and

discuss diverse ways Backstop clients use

the system

• Document your process and understand the

end-to-end accounting process

Materials made available after these sessions

on the Support Site:

https://support.backstopsolutions.com/buc16

Is My Data Correct? IR Monthly Checklist

I Wish I Had Known…. Is there anything you wish you had known as you

implemented your data and created your Backstop process?

CRM;

Sales &

Marketing

Reporting

&

Comm’sAccounting Data

• Accounts

• Transactions

• Balances

• Workflow

• Contacts (People

and Organizations)

• Opportunities

• Target Lists

• Email Center

• Reports (Custom

and Standard)

• Custom Statements

• Excel Toolkit

• Investor Bridge

Is My Data Correct? IR Monthly Checklist

• Meeting potential

investors

• Managing

communications

with Contacts

• Marketing

• Capital Raising

• Product launch and investment periods

• Ongoing new investments or

calls/distributions

• Monthly balance and transaction activity

• Active Investor Relations Communications

• Due Diligence

• Investor

communications of

performance & balances

• Ongoing investment

analysis for clients

• Internal reporting

Goals

• Learn about more advanced features of Accounting that you

may not be using

• Discover new insights, analysis and reports that can be

unlocked by enriching your data

• Know where to find learning resources and information

about new concepts/features

Is My Data Correct? IR Monthly Checklist

Accounts

• New investors

• Additional information about your new investors

Is My Data Correct? IR Monthly Checklist

Accounts – Input Trans. BalancesAccounts

Is My Data Correct? IR Monthly Checklist

Accounts – Processes

• Collect data from administrator and format upload templatesData Gathering

• Can be accomplished through uploads OR interfaceUpload/Input

• Review and run audit reportsData Audit

• Run compliance and due diligence reportsRun investor reports

• Continue with monthly processMove on to transactions and balances

Account Fields - Compliance• Standard:

• ERISA

• Domicile

• Bank Holding Act

• Blue Sky

• Investor Qualification Type

• Investor Type for Form PF

• Custom:

• Qualification fields

• Third party marketing

• AIFMD

• Other:

• What do you use?

Is My Data Correct? IR Monthly Checklist

Account Fields - General

• Other ID

• Tax ID

• Investor Type

Is My Data Correct? IR Monthly Checklist

Accounts - RelationshipsRelationships can be created between contacts and

accounts.

Is My Data Correct? IR Monthly Checklist

For more information on how to leverage relationships within

Email Center, attend the Launching Activity: The Next Level,

immediately after lunch.

Outputs – Compliance Reports

Is My Data Correct? IR Monthly Checklist

Outputs - Ongoing DiligenceDue Diligence – Document Matrix

Is My Data Correct? IR Monthly Checklist

Transaction InputBooking Subscriptions, Redemptions, and Transfers

Transactions

• Inputs• Admin Reports

• Client Communication

• Liquidity Terms

• Process• Transactions Upload/Entry > Balances/NAV

• PE: Notices

• Output• Forecasting

• Transaction History & Detail

Is My Data Correct? IR Monthly Checklist

Trans. BalancesAccounts

Transactions Reconciliation

Is My Data Correct? IR Monthly Checklist

Common Errors

1. Missing or invalid Account ID or Other ID with Fund ID

2. Insufficient Account Balance (ENABS & Process)

3. Missing required fields Check that all the following are populated and mapped:

Product ID, Account Other ID, Amount, Transaction Date

Tranche: Transaction/Subscription Other ID

Series: Share Class (ID), Series Name

Common Errors: Transactions Upload

Is My Data Correct? IR Monthly Checklist

Common Errors cont.

4. Other ID is already assigned

Transaction Other ID’s need to be unique

5. Share Class/Series creation (ID for Series for NAVs)

6. Liquidity Terms

7. Duplicate Transactions for those in the future

Any others???

Common Errors: Transactions Upload

Is My Data Correct? IR Monthly Checklist

ADMIN REPORTS

Balances

Balances

• Inputs• Admin Reports

• Transactions (Subscriptions at least)

• Process• TMV > Upload Balance

• Series > Upload Administrator File

• Check & Close Periods

• Output• Updated Performance, Balance

Is My Data Correct? IR Monthly Checklist

Trans. BalancesAccounts

Easy Reconciliation

Is My Data Correct? IR Monthly Checklist

Investor Summary

Is My Data Correct? IR Monthly Checklist

Could not find account• Are the ID’s consistent?

• Are there extra rows?

Initial Transaction not entered

• Account must have at least 1 subscription before a balance can be

uploaded (exceptions for GP accounts)

File Format• Must be in .csv format

Partnership Accounting

Is My Data Correct? IR Monthly Checklist

Number Format• For numeric fields, cell format should be ‘general’

• $10,500 should be 10500

• 0 values should not be “-”

Missing Required Fields• Product ID, Account ID, Balance

• Tranche: Subscription Other ID

Partnership Accounting

Is My Data Correct? IR Monthly Checklist

Closing Periods

Is My Data Correct? IR Monthly Checklist

What do I get out

of all this?

Investor Relations on Steroids

• All Client relevant information at your fingertips

• All CRM and transactional data

• No more waiting on an Admin to get your reports and analysis

of Fund Performance

• Streamlined communication through Email Center based on

Account Ownership and relationships

• Centrally accessible data as opposed to passing around

Is My Data Correct? IR Monthly Checklist

InvestorBridge – Client Portal• Grant investors access to their account data

• Transactions

• Balances

• Performance

• Documents

• Data and documents are easily imported

from Backstop into InvestorBridge.

• Robust permissioning based on categories

and account relationships.

Is My Data Correct? IR Monthly Checklist

• Compliance (ERISA, Form PF, etc.)

• Ongoing Diligence

• Management Fees/Performance Fees by

Relationships

• Liquidity

• Unlock Standard Reports• Investor Summary

• Breakdown by Investor Type

• Top 10 Investors

Reporting Goals

Is My Data Correct? IR Monthly Checklist

Pro Tips

Is My Data Correct? IR Monthly Checklist

Upload Completed by:

Month Uploaded:

Steps Key Data Points Completed Reconciled?

Upload or Create New Accounts

Report Name:

____________________________

Enter Account Relationships

Report Name:

____________________________

FX rates

Transactions

Report Name:

____________________________

Share Prices

Tranche or Account Balances

Report Name:

____________________________

Close Accounts

Fund Performance Override

Final Review

Close Periods

Document a process

Form a checklist

Build re-useable reports

Resolve discrepancies in a timely manner

Is My Data Correct? IR Monthly Checklist

QuestionsStop by BackCHAT Bar

Contact Support:

support@backstopsolutions.com

+1 (312) 277 – 7702

Continued Learning:

support.backstopsolutions.com

It’s Lunchtime!