Pennsylvania-based Fintech KnowLedger to Facilitate Migration of Financial Data for Family Offices

Pennsylvania-headquartered Fintech KnowLedger has confirmed that it will facilitate the migration of financial data for family offices.

KnowLedger was recently established by Ryan Kerry, the firm’s co-founder and CEO, after the acquisition of his previous company, Accusource to STP Investment Services.

Kerry stated:

“If you look closely into busy multi-family offices, you’ll find accounting teams hard at work doing data entry, compiling detailed reports, reconciling data issues, and manually re-keying endless transactions.” 

He noted they’re now spending more time on data maintenance than on making important business decisions. This is preventing accountants from effectively doing their jobs, Kerry claims.

He added:

“Firms want solutions that free up their resources to focus on their core business, not wrangling data. KnowLedger was released for exactly that purpose. We [aim to] help accountants get out of data entry and get back into accounting.”

KnowLedger’s software transfers data from portfolio accounting systems and custodians to general ledgers. The Fintech company works cooperatively with family offices to create mappings and data flow. It also oversees the recurring movement of the data from several different sources to their general ledger.

Kent Lawson, co-founder at KnowLedger, remarked:

“For most offices, period-end processing is a stressful, time-consuming exercise. Getting everything in on time is challenging. When reports are late or inaccurate, or when data issues arise, addressing and correcting them takes the core team off task and becomes a costly initiative.” 

Lawson explained that KnowLedger’s software can update the general ledger in a timely manner and without making data entry errors. This improves the accuracy of updating the general ledger, which leads to greater efficiencies, Lawson said.

KnowLedger is working cooperatively with Addepar, a leading wealth management service provider, and Sage Intacct, a financial management/general ledger platform provider.

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