Implementation of your new accounting software system is a key consideration for perspective clients. Knowing that once you purchase FundCount you will be able to install and use it effectively is critical for your success. FundCount understands that every situation is unique. We created a general implementation guide to help you understand how our highly trained support team works with you during your initial set-up.
There are two broad categories for new users setting up FundCount:
Existing Fund: Contains data from current year and often previous years
Implementation for a New Fund
You need to be confident that when you are ready to use FundCount, you have the resources and guidance to do so successfully. FundCount provides you with this. Use the following template as a guide to getting started with FundCount:
Install FC software
Respond to questions sent by support staff about your fund characteristics.
Discuss specific options regarding software set-up
a. Fund structures: master/feeder, share classes, etc.
b. Tax allocation method
c. Fee calculations
d. Unit tracking
e. Equalization methods
f. Multi-currency needs (tracking / reporting)
Set fund operating parameters with support staff help, based on your unique situation
Discuss and create special accounts in the chart of accounts
Add partners/investors to the system
Set-up management and incentive fee calculations and assign to each partner
Enter data (portfolio trades, investors' transactions, etc) working with support staff
Create work flow recommendations with support staff. Please see the section entitled work flow
Implementation for an Existing Fund
When you already have fund data stored in another system or in spreadsheets, you need to be confident your data can flow into FundCount quickly and accurately. Our support team is trained to walk you through all the steps, streamlining the process for you. While it takes extra time to ensure all of your data is accurate, once you have it in the system, you produce meaningful multi-year reports immediately.
There are two ways to set-up existing funds in FundCount. You tell us what you need and we work with you to achieve your goals:
Set-up since inception
Set-up from a specific date of your choosing
The process for setting up funds this way is very similar. Use the following template as a guide to getting started with FundCount:
Any step required for only one situation will be noted as such
Install FC software
Respond to questions sent by support staff about your fund characteristics.
Discuss specific options regarding software set-up
a. Fund structures: master/feeder, share classes, etc.
b. Tax allocation method
c. Fee calculations
d. Unit tracking
e. Equalization methods
f. Multi-currency needs (tracking / reporting)
Define target switch over date
Set fund operating parameters with support staff help, based on your unique situation
Discuss and create special accounts in the chart of accounts
Add partners/investors to the system
Set-up management and incentive fee calculations and assign to each partner
For specific date set-up only: Enter data as of the specific date using beginning balance option in system
Enter / Import data (portfolio trades, investors' transactions, etc) working with support staff
Create work flow recommendations with support staff. Please see the section entitled work flow
Use the work flow to enter or import previous transaction and to begin working with new data
Monthly/Quarterly Operational Workflow
You need to know how and what to do in your accounting back office system to be successful.
As part of our implementation process, FundCount provides you with a monthly work flow document.
Use this to plan your work and stay on top of all activities required for your fund.
Each work flow document is unique. The highly trained support staff works with each client to develop a tailor made work flow solution. The work flow document includes:
Input of trades / investments:
a. Automatic when data is available (most cases)
b. Manual if downloaded data is not available
Valuation of holdings
a. Automatic
b. Manual
Cash and other transaction input (contributions, withdrawals, income, expense, accruals, accounts receivable, accounts payable, withholding tax, and more)
Reconciliation for portfolio and cash positions
Allocation of gains / losses to partners
Management fee calculation
Incentive fee calculation
Reports generation and analysis:
a. Internal reports
b. Reports for investors
c. Reports for perspective investors
