The 5 key capabilities of consolidated reporting platforms

TL;DR

Consolidated reporting platforms solve the challenges of manual reporting in family offices. Asora’s key capabilities include data aggregation, reporting, private asset tracking, security, and collaboration. 

Introduction

Family offices hold a range of assets in multiple structures. To manage these assets effectively, it is important that they get accurate information for effective reporting.

Traditionally, family offices use spreadsheets to manage their wealth – however, spreadsheets come with their own set of limitations, including the use of manual data aggregation and reporting processes that are time-consuming and error prone. 

Consolidated reporting platforms like Asora provide a solution to these challenges by offering capabilities designed to streamline operations, enhance data accuracy, and offer actionable insights. Below is an in-depth exploration of these key capabilities in the Asora platform. 

KEY CAPABILITY 1: DATA AGGREGATION

Data aggregation is at the heart of consolidated reporting. Asora automates data capture from banks and custodians while integrating with Canoe to feed data from fund managers and private assets.

Aggregating all of this data into a single source of truth eliminates the need for manual data management, saving time and reducing errors.

Asora employs sophisticated data mapping techniques to ensure the accuracy and usability of aggregated data. Automated categorisation of asset classes, transactions, and corporate actions simplifies tracking financial information across various providers and asset types.

This standardisation facilitates more straightforward analysis and reporting, allowing family offices to maintain consistency in their financial records.

Raw data often contains inconsistencies or inaccuracies that can hinder reporting. Asora cleans and structures this data, removing duplicates, normalising entries, and organising information into a standardised format. This data can then be enhanced using external classifications, domiciles, and geographies from market data providers.

This process ensures that the final reports are both accurate and actionable.

KEY CAPABILITY 2: DASHBOARDS & PERFORMANCE REPORTING

Asora offers a full view of your wealth. From a high view of your net worth to the granular details of each investment, Asora captures all of that information across nested ownership structures of entities and trusts. You can generate detailed, customisable reports and dashboards, exportable in various formats.

Asora’s investment-focused dashboards allow users to monitor performance using metrics like IRR, Multiple, Daily TWR, contribution analysis, and unrealised/realised gain and loss. All of this information is offered in both high-level summaries and detailed analyses.

In addition to the comprehensive dashboards, Asora offers a library of report templates that can also be tailored to deliver the information you want.

These reports are designed to meet the needs of wealth owners, stakeholders, and advisors.

With powerful analytics tools, the platform enables performance monitoring across portfolios, providing insights into asset growth, income generation, and benchmarking against major indices such as the S&P500 and EUR 50/50.

KEY CAPABILITY 3: PRIVATE ASSET TRACKING

Tracking private assets, such as direct and alternative investments, real estate, or collectables, can be a challenge for traditional reporting methods.

Asora includes tools for capturing, valuing, and reporting on these unique assets. Asora’s pipeline dashboard allows users to start tracking assets even as early as the due diligence phase.

This deal pipeline tracking functionality allows teams to visualise their review process, as well as centralise the storage of important information before the asset is funded.

Private assets require their own unique set of valuation methodologies and data points. Asora allows users to properly track and manage their commitments, capital calls, and distributions as well as calculate IRR, Multiple, and other private asset specific metrics.

KEY CAPABILITY 4: COLLABORATION

Asora is just as much an operating platform as it is a reporting platform. Family offices rely on effective collaboration between team members, advisors, and wealth owners.

Asora facilitates the coordination of tasks and data sharing while maintaining access controls to protect sensitive information.

Asora’s flexible user permissioning allows firms to control access down to the asset level, even including the documents tagged to those objects.

For external parties, Asora allows documents to be directly uploaded to the platform through secure links rather than sharing via unsecure emails.

They also allow users to log notes in various locations. Asora as a workflow tool helps teams coordinate responsibilities with a task management functionality.

By enabling document uploads through secure links and task management, Asora enhances team efficiency and maintain data security.

KEY CAPABILITY 5: SECURITY

Ensuring the security of sensitive financial data is paramount. According to the J. P. Morgan Private Bank 2024 Global Family Office Report, one out of four family offices (24%) said they have been exposed to a cybersecurity breach or financial fraud.

Asora prioritises robust data encryption, multi-factor authentication, and secure access controls. To ensure utmost data security, Asora is ISO27001 certified and ensures compliance with GDPR. 

ISO 27001 is an international standard for managing information security risks through a structured framework, requiring independent verification. GDPR (General Data Protection Regulation) is an EU law that governs data privacy and security, giving individuals control over their personal data.