Accusource Services

Accusource works widely with family and multi-family offices that serve ultra-high-net-worth (UHNW) investors. At the core of their business, they use SS&C Advent Axys Apx, one central, scalable platform for portfolio management, adding services and technology. Known for being customizable, this platform allows Accusource to run very complex processes with a lot of foreign currencies, options, futures, and custodians. Kerry says some of their clients have accounts with over 300 custodians.

“Accusource is focused on data. Be it for our eleven-year history of processing data for back offices, digitizing statements, or GL integration, we make the data move faster, more efficiently, and we let the client focus on managing money and their clients.”

Back-office reconciliation is the first step Accusource takes for new clients. This means reconciling their portfolio accounting system each day with the data from the custodians. After that, Accusource can do many other tasks such as performance updating, report generation, new account processing, report fulfillment, and performance validation.

When digitizing statements, they take a document or an email and translate the data therein into the portfolio accounting system, thus streamlining transaction entry and data quality checks. Currently, they work with Smonik and Canoe solutions for this task. However, this process is never 100% automated; to eliminate mistakes, a human needs to audit the process to catch late or missing statements.

Accusource’s Staff

Performance validation service is necessary for a number of reasons. For one, custodians are not always accurate. Their accruals can be wrong, and their corporate actions can process slowly. Also, in a family office environment, having an outside firm produce separate performance numbers can be extremely valuable and reassuring. If compounded across many accounts and custodians, these issues can have a significant impact on performance. So, for clients that aren’t GIPS-verified, Accusource has AccuVerify solution, which audits data at a granular level.

“GIPS verifies your composites, AccuVerify verifies your accounts. We do the grunt work involved in getting the GIPS data ready for verifiers and taking that burden off our clients’ shoulders.”

Also, Accusource provides a portfolio accounting solution that extends to integrations with other accounting, reporting, and trading applications.

General Ledger Integration By KnowLedger