Financial Reporting for Family Offices with Asora

TL;DR

Financial reporting is critical for family offices but is often bogged down by manual processes, static spreadsheets, and fragmented data. Asora automates financial reporting, providing structured dashboards and timely insights.  

Introduction

Family offices rely on financial reports to provide clarity to wealth owners, trustees, and advisors. These reports are often compiled manually, relying on spreadsheets and outdated processes. 

These methods are slow, rigid, and prone to errors, making it difficult to generate timely and accurate insights. 

Manual reporting is not just inefficient—it limits a family office’s ability to operate effectively. As financial complexity grows, so does the need for a smarter, automated approach. 

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Why family offices need financial reporting 

Financial reporting is essential for family offices to provide clarity to wealth owners, trustees, and advisers. These reports help stakeholders track assets, monitor cash flow, and gauge performance. Without accurate and timely reporting, decision-making becomes difficult, and financial oversight suffers. 

Key reasons why family offices rely on financial reporting: 

• Transparency and accountability: Provides a clear view of wealth, ensuring stakeholders have access to structured and reliable data. 
• Better decision-making: Enables informed financial planning by consolidating data on investments, trusts, and assets. 
• Compliance and governance: Helps family offices meet legal and regulatory requirements while maintaining internal governance standards. 
• Long-term wealth management: Supports strategic financial planning, ensuring sustainable wealth preservation across generations. 

Despite its importance, many family offices still rely on manual reporting methods, making the process inefficient and prone to errors. 

Key investment metrics tracked by family offices 

Family offices manage diverse portfolios and rely on key financial metrics to assess performance and optimise decision-making. By tracking these metrics, family offices can refine their strategies, manage risk, and ensure sustainable wealth growth.  

Some important ones include: 

• Return Percentage: A core measure of portfolio performance, tracking gains or losses over time, including capital appreciation and income. 
• Contribution Percentage: Shows which assets drive returns, helping to refine portfolio allocation and risk exposure. 
• Realised vs. Unrealised Gains/Losses: Realised: Profit or loss from sold assets, impacting cash flow and tax. Unrealised: Paper gains or losses from holdings still in the portfolio. 
• Net Returns: The true measure of investment success after deducting fees, taxes, and costs. 
• Dividends & Fees: Tracking income streams and costs ensures a balanced, cost-efficient portfolio. 
• Internal Rate of Return (IRR): Used for private equity and real estate to evaluate long-term investment performance. 
• Investment Multiples: Metrics like MOIC and TVPI assess total value growth relative to capital invested. 

Challenges family offices face when creating financial reports

Financial reporting often involves multiple stakeholders, fragmented data sources, and intricate ownership structures. Common challenges include: 

Challenge 1: The manual process delays reporting, leading to outdated insights and missed opportunities for strategic investment decisions. 

Example: 

• A single-family office managing a £400M portfolio across real estate, equities, and private equity relies on spreadsheets and emails to gather financial data.  
• Analysts spend three weeks reconciling information from custodians, investment managers, and banks.  
• By the time reports are ready, data is already outdated, making it difficult for the family to act on time-sensitive investment opportunities. 

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Challenge 2: Static reports do not reflect real-time changes, limiting flexibility and increasing the risk of misinformed decisions. 

Example: 

• A high-net-worth family receives a quarterly PDF report detailing their portfolio allocation and performance. 
• After deciding to sell a commercial property earlier than planned, they have no real-time insights into how this affects their overall wealth strategy. 
• Without dynamic updates, they risk miscalculating liquidity needs and tax liabilities. 

 

Challenge 3: Siloed data across multiple sources results in inefficiencies, errors, and excessive time spent on manual aggregation. 

Example: 

• A CFO at a family office spends over 20 hours per month collecting financial data from different platforms—custodians, private banks, and fund managers. 
• Reports arrive in various formats (PDFs, CSVs, portal logins), requiring manual input into a spreadsheet model. 
• Data inconsistencies lead to errors, and delays in reconciling transactions hinder timely decision-making. 

 

Challenge 4: Complex ownership structures make financial reporting cumbersome, increasing the risk of errors and compliance challenges. 

Example:

• A family office manages assets across 10+ trusts, investment vehicles, and multiple generations. 
• Each entity has different ownership percentages and reporting requirements. 
• Without a centralised system, the finance team manually updates spreadsheets whenever assets are bought or sold. 
• This creates a high risk of misreporting, compliance issues, and inaccurate tax calculations. 

In the past, family offices accepted waiting weeks for reports. Today, they expect instant access to financial data. Asora makes this possible. 

How Asora makes financial reporting easier

Asora replaces manual processes with structured dashboards, automated reports, and standardised financial insights. By automating data aggregation and streamlining workflows, Asora enables family offices to generate reports quickly and accurately. 

STRUCTURED DASHBOARDS

• Dashboards display all assets, liabilities, and cash flow in a structured format. 
• Users can tailor dashboards to focus on specific data points, from high-level summaries to granular transaction details. 
•  Eliminates delays in reporting by providing instant access to up-to-date financial information. 

AUTOMATED REPORT GENERATION

• Cut reporting time from weeks to minutes with automated report generation 
• Reports can be downloaded in various formats, making it easy to share with stakeholders or integrate with existing workflows. 
• Ensures all reports maintain a standard structure, reducing discrepancies and improving clarity. 

STANDARDISED REPORTING

• Asora automatically consolidates data from your bank and custodian accounts, as well as your alts data, ensuring reports are based on accurate and up-to-date information. 
• Reduces the risk of data inconsistencies that often arise from manual spreadsheet-based reports 
• Provides a consistent format across all reports, improving readability and decision-making. 

WEALTH MAP

• Asora structures complex ownership data in an intuitive and accessible format.  
• Provides a full wealth overview, from overall net worth to detailed investment holdings in both standard and look-through mode. Look-through mode shows accounts and assets owned through an entity. 
• Supports complex ownership structures, simplifying the tracking of entities and trusts.  
• Enhances transparency and reporting efficiency, ensuring stakeholders have access to accurate and structured information. 

Improved financial reporting for family offices with Asora

Financial reporting in a family office no longer needs to be slow and manual. Asora eliminates inefficiencies, enhances accuracy, and provides real-time financial insights. With structured dashboards, automated reporting, and a centralised approach, family offices can achieve: 

• Greater operational efficiency: Reduce the time spent on compiling and updating reports. 
• Accurate and timely decision-making: Access real-time insights with structured, reliable data. 
• Improved collaboration and transparency: Ensure stakeholders have the information they need when they need it. 
• A scalable reporting framework: Adapt effortlessly as financial complexity grows. 

DOWNLOAD OUR SAMPLE WEALTH REPORT

Explore how Asora simplifies financial reporting with a clear, structured Wealth Report. It provides a consolidated view of assets, performance, and key financial insights—helping you stay informed without the manual effort.

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