To thrive in the digital era, businesses need digital solutions. One of them is fund administration software designed to improve all aspects of funds management. With Fund Administration Software, it becomes much easier to control unprecedented amounts of financial data and reporting. Fund administration software offers a great range of features and benefits as described below. 

Key Features of Fund Administration Software

A fund administration solution can efficiently manage general ledger and cash flow as well as any other financial administrative processes.

Expense management

For cost-saving purposes, organizations need to properly manage their expenses and analyze the associated data and this can be done with the help of fund administration software. It automatically organizes the documentation regarding expenditure requirements and necessities, so one doesn’t have to do it manually. 

Budget management

Budgeting is another essential aspect of business management. It’s necessary for making the right decisions and driving a company towards financial success. By implementing fund administration software, businesses can easily control their budgets. 

Reporting

One more useful feature of fund administration software is reporting. It can generate reports for both open and closed-ended as well as onshore and offshore funds. It can also be used for making customized reports for hedge funds. No matter what specific requirements you have, you can generate a report almost immediately. 

The Benefits of Fund Administration Software

Seamless document organization

With fund administration software you can keep your financial data in a single place. Instead of using multiple spreadsheets, you can control all your documentation from one source, which is really convenient and time-saving. 

High accuracy 

Since there is no need to manually enter data in separate applications, the chance that you’ll make a mistake is lower. In other words, reduced dependency on spreadsheets diminishes the likelihood of errors. As fund accounting activity flows through a single general ledger, you can calculate net asset value and other metrics more accurately. 

Better efficiency

The ability to automatically import data and integrate information from multiple systems helps to streamline the workflow. As a result, all the processes are run much faster and more efficiently. Financial managers can spend saved time on tasks of a higher priority. 

Improved data security

Fund administration software allows access to authorized users only. That means your financial data is stored securely and can’t be shared with third parties.