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Easy bookkeeping of fortunes - here are the benefits of digital wealth accounting

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You could put it briefly:
Making manual accounting of fortunes is time-consuming, costly and increases the risk of error registrations.

At Assure Wealth, we support private wealth holders, foundations, insurance companies and utilities with digital accounting for fortunes.

If you are responsible for a large fortune, then you know that a quite significant bookkeeping task comes with it.

As the holder of a property, you are obliged to record each transaction in the portfolio. Revaluation, exchange adjustment and currency adjustment are also mandatory posting tasks for every purchase and sale of securities.

Posting must be consistent for the entire securities portfolio, and this can be challenging when you typically have a number of asset managers associated with it from which you must collect the relevant accounting data.

Digital bookkeeping of fortunes saves time and resources

If you entrust the accounting task to Assure Wealth, we will establish a data access to your asset managers and retrieve the relevant accounting data directly from them.

We load data into the Portman portfolio management system in a format that can be transferred directly to your financial system – e.g. Navision or e-conomic.

As a result, your posting data is always reconciled. There is no backlog of documentation that you must have obtained by a month's end or a year-end.

Benefits of digital wealth accounting

  • Digital accounting is not personal. As a bookkeeping customer at Assure Wealth, you get a team made available that works with wealth data in a streamlined, digital, standardized setup. Therefore, you don't have to rely on someone who has set up your bookkeeping manually.
  • With digital accounting, you can easily replace asset managers. Don't hassle with changes to your bookkeeping program – Assure Wealth manages that part smoothly and automatically. This gives you a great deal of freedom to select the asset managers you want to work with.
  • Digital wealth accounting makes management reporting and bookkeeping stick together 1:1 – it provides optimal decision-making basis for management if you represent a foundation, family office or other company that manages a large fortune.

Digital wealth accounting provides flexible auditor service and proper tax base

  • With digital accounting, you do not have to piece together documentation when the auditor has to close the financial year in the company. Assure Wealth provides full documentation of all posted data, and communicates directly with the auditor if you wish.
  • Digital accounting provides transparency. You save part of your costs to controller and accountant. Data from Assure Wealth's system is measured the same across your portfolio, no matter how complex it is. It reduces the auditor's hourly spending and ensures the correct tax base for your assets.
  • If you have free funds in foreign banks, you are responsible for reporting to Skat. This is typically done through your accountant With Assure Wealth's accounting tool, the auditor has a consistent data base where we have performed the controlling task. This facilitates the inventory of your foreign activities and minimizes the risk of errors.

How to get easy wealth posting

It's easy to outsource the bookkeeping to Assure Wealth:

We meet and agree together what your chart of accounts should look like to suit the activities of your company.

We have data access to 35 banks in Denmark and abroad, so the only thing we then need to be able to serve you with accounting is that you give us access to your data with the asset managers you work with.

After that, you have a smooth and time-saving bookkeeping. At the same time, you get access to Assure Wealth's unique reporting tool, which ensures consolidated reports of your portfolio across asset managers and banks. It gives you an overall view of the assets

Please contact us if you would like to hear more about how we can handle your accounting on a standardised data basis.

 

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2023-05-15T14:30:48+02:00

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