50 Technology Questions Accountants

8/17/2019 50 Technology Questions Accountants

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ARCHWAY

50

TECHNOLOGY

ACCOUNTANTS

QUESTIONS:


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INTRODUCTION:

50 TECHNOLOGY

Q U E S T I O N S

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Your role as an accountant is pivotal to your organization, yet you may find yourself bogged down by spreadsheets, manual data entry and error-prone reconciliation exercises. In an effort to improve your current accounting processes, you’ve begun researching integrated accounting, investmentmanagement and reporting solutions. You and your team have likely drafted a specifications list— a flexible General Ledger, bill pay functionality,

partnership accounting capabilities — but how do you know which questions to ask?

To assist you in your research, we’ve compiled 50+ questions to help you measure the breadth of each wealth management solution’s accountingcapabilities. Our suggestions are centered around core accounting features and functionality including General Ledger, Accounts Payable, Reporting, andPortfolio, Partnership and Trust Accounting. By incorporating these questions into your due diligence process, you are able to compare solutions and makerecommendations based on your specific accounting and technology needs.


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1. Do you have an integrated General Ledger?

2. Do you have a customizable chart of accounts?

3. Do you have a global chart of accounts?a. Can you add an account to a single entity and have it update

across a group of entities?

4. Do you have multi-user access?a. Can multiple users be in the same entity simultaneously updating

information?

5. Do you have recurring transaction capabilities?a. Can you determine frequency?b. Can you use pre-populated debits and credits? Amounts?

6. Do you have cash management capabilities?a. Can you transfer cash between entities and/or accounts?

7. Do you have the ability to generate wire instructions?

8. Do you have cash balance and transactionreconciliation tools?

9. Do you have accounting period close and reopencapabilities?

10. Do you have budgeting capabilities?a. Can you compare budget to actual?b. Can you import budgets via Excel?

c. Can you create multiple budgets for an entity?

GENERAL LEDGER QUESTIONS

DO YOU HAVE A

CUSTOMIZABLE

CHART OF

ACCOUNTS?


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PORTFOLIO ACCOUNTING QUESTIONS

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1. Can you create a global vendor list?a. Can you store multiple addresses for a single vendor?

2. Can you set up recurring bills?

3. Can you cut checks?a. Can you print on pre-printed check stock?b. Can you print on blank check stock and include MICR information?

4. Can you create a payment cycle that prints all checkswithin an entity?

a. Can you create a global payment cycle that prints out checks acrossmultiple entities?

5. Can you print digital signatures?a. Can you print more than one digital signature?

6. Can you send out an ACH file?

7. Can you split a payment across multiple entities?

8. Can you set up an approval process or workflow?a. Can you set up a multi-tiered approval process?b. Can you view bills pending approval?

9. Can you set up a central disbursement entity or account?a. Does the system automatically handle the intercompany accounting?

CAN YOU SPLIT A PAYMENT ACROSSMULTIPLE ENTITIES?

1. Can you handle portfolio accounting?a. How do you handle this for marketable securities and alternative

investments?

2. Can you track cost and tax basis? Fair market value?

3. Can you automatically track amortization and accretionfor fixed income instruments?

4. Can you automatically accrue dividend income?

5. Can you track wash sales?

6. Can you produce a Schedule D for realized gains andlosses?

7. Can you track alternatives such as private equity? Hedgefunds? Direct investments?a. Can you track calls, commitments and distributions?

8. Can you track tax lot level detail?a. Does the system have tax lot matching options?

ACCOUNTS PAYABLE QUESTIONS


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1. Can you handle partnership accounting?a. How do you handle contributions and withdrawals from the

partnership?

2. What options are available for allocating gains andlosses?a. Aggregate?b. Netting?c. Layering?

3. Can you track unitized partnerships?

4. Can you automatically calculate management orperformance fees?

5. Can you track side pockets?

PARTNERSHIP ACCOUNTING QUESTIONS

1. Can you handle trust accounting?

2. Can you track the principal and income components of atransaction?

3. Can you track underlying details of a trust’s profile suchas Settlor, Lead Trustee, Primary Beneficiary, etc.?

4. Can you create reports to support the filing of a taxreturn?

TRUST ACCOUNTING QUESTIONS


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TECHNOLOGY QUESTIONS

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1. What kind of reporting can be generated out of yoursystem?a. Portfolio reports?b. Performance reports?c. Asset allocation reports?

2. Can you create financial statements?a. Balance Sheet? Consolidating/consolidated?b. Income Statement? Consolidating/consolidated?c. Cash Flow Report?

3. Can you create audit reports?a. Can you run a report which shows changes by user, transaction and

date?

4. Do you have a report writer tool available?a. What is the underlying technology?

5. Do you have automated batch reporting functionality?

REPORTING QUESTIONS

1. How is user security set up and maintained?

a. Can you define user permissions?b. Can you control which entities a person can view and/or workwithin?

2. Do you have built in document management?a. If so, how easy is it to upload a document?b. Where can documents be stored?c. Can you attach documents to accounts, invoices, securities, etc.?

3. How is your solution delivered?a. Software as a Service (SaaS)?

b. Desktop software?


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CONTACT ARCHWAY

Archway Technology Partners (Archway) is a software companywhose products support the accounting, investment managementand reporting functions for Single Family Offices, Multi-FamilyOffices, Investment Advisors and Hedge Funds. Archway’s technologyplatform, ATWeb, is a comprehensive web-deployed application that

enables clients to simplify the operations and reporting of their firmthrough a single software solution.

Archway Technology [email protected]

866.775.9994

Archway - Indianapolis9100 Keystone CrossingSuite 830

Indianapolis, IN 46240

Archway-

New York41 Madison AvenueSuite 3108New York, NY 10010

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50 Technology Questions Accountants