KnowLedger automates the integration of investment data from portfolio accounting systems into general ledgers. Their rules-based platform ensures data accuracy and completeness, reducing manual effort and operational challenges for organizations managing investments. This allows for streamlined financial reporting and reconciliation.
Funding
Funding not disclosed
Founders
Product
Problem
Many organizations face challenges in efficiently integrating investment data from various portfolio accounting systems into their general ledgers. This often leads to manual data entry, reconciliation issues, and time-consuming period-end processing, diverting resources from core accounting tasks. The lack of automated data flow can result in errors, delays in financial reporting, and difficulties in maintaining data accuracy across systems.
Solution
KnowLedger provides a data integration service that automates the flow of investment data from portfolio accounting systems and custodians directly into an organization's general ledger. The rules-based platform ensures data accuracy and completeness by establishing mappings and workflows tailored to each client's specific accounting environment. By eliminating manual data entry and automating the posting of transactions, KnowLedger reduces operational overhead, accelerates period-end closing, and improves the timeliness and accuracy of financial reporting. The service also includes ongoing data health monitoring, identifying and resolving discrepancies to maintain data integrity across the integrated financial network.
Target Audience
KnowLedger primarily serves accounting firms, family offices (both single and multi-family), not-for-profit organizations, higher education institutions, and registered investment advisors (RIAs) who manage complex investment portfolios and require efficient, accurate integration with their general ledger systems.
Features
- Automated data extraction and transformation from portfolio accounting systems and custodians
- Rules-based data mapping to ensure accurate translation of investment data into GL entries
- Support for various asset classes, including cash, brokerage accounts, and alternative investments
- Automated posting of key tax information, including 1099 and brokerage statement transactions
- Real-time data validation and error detection to maintain data integrity
- Customizable reporting capabilities for detailed analysis of investment performance
- Seamless integration with popular general ledger systems, including Sage Intacct, QuickBooks, MS Dynamics, and NetSuite
- Flexible update frequency, ranging from daily to monthly, based on client needs