Jeff Sesar, Owner and EVP
Family offices, multi-family offices, entertainment business managers, certified public accountants (CPAs), and trust organizations across the U.S. have traditionally depended on manual workflows or partially digitalized accounting workflows, with the administrators leveraging off-the-shelf accounting tools like QuickBooks. Such tools, although a better alternative to completely manual processes, often cannot fully automate the tracking and management of the complex cashflow between multiple entities involved in the transactions. While enterprise-grade SaaS accounting solutions are an option, they tend to exceed the budget and human resource limitations of mid-tier accounting offices.
Zenith Information Systems was established to bridge the gap between the two extremes—off-the-shelf accounting tools and large-scale enterprise-grade solutions. The boutique accounting and wealth management company caters to the majorly underserved section of the wealth management industry, including family offices, multi-family offices, trust organizations, and wealth managers. Zenith Information Systems’ platform is automating their manual workflows for accounting, bill payment, reimbursement, cash management, banking, and daily reconciliation tasks, without the need for large capital investments, comprehensive IT infrastructure, and human workforce dependence. The companies can instead focus on their business-critical strategies without distractions.
“We follow a consultative approach, wherein we help our clients unlock the full potential of our complete financial management platform to accelerate their critical accounting, cashflow tracking, and banking workflows,” says Jeff Sesar, owner and EVP, Zenith Information Systems.
Zenith Information Systems’ platform enables clients to easily create, store, and track their transaction records across all the involved entities. As multiple users can interact productively and adaptively on the unified platform, clients no longer have to go through the process of consolidating information from siloed accounting tools.
The platform also provides clients with ‘fingertip’ access to all transactions linked to each entity. The clients can examine every detail and detect discrepancies in the payments with ease. They can even track the credit purchases of a particular product over an unlimited period of time across multiple ledgers. The relevant transaction information can be downloaded in the form of detailed reports and formatted as per the client’s reporting needs.
Along with customizing the reports, the clients can also publish the reports for their relevant audiences.
Even when conducting banking reconciliations, Zenith Information Systems’ platform eliminates the need for clients to deal with the banks directly. The company’s platform automatically tracks the origination of transactions, procures bank data, and performs bank reconciliations. It compares the bank statements with the financial information recorded in the platform’s localized repository to ensure that the transactions are matched perfectly, before forwarding the reports for approval and finalizing the information in the general ledger. This allows the clients to instantly identify inconsistencies and refute transactions within the deadlines.
Equally commendable is the platform’s automated bill payments functionality that comes with a robust suite of settlement options. For instance, if an invoice for maintenance on a property has to be shared among multiple entities, Zenith Information Systems’ platform facilitates instant calculation and creation of precise payments for each entity with a single click. The platform supports bill approval for over 100 levels, with 24 approvals per level. As soon as the bills are validated by the relevant authorities, they are sent out to the different entities by the platform. The entities can then choose the most suitable settlement method, whether it is a signed paper check, electronic bill pay, bank transfer, or Zenith check issuance for making the bill payments. This automated and streamlined workflow saves the clients from having to spend hours onmanually calculating the bills and individually managing the transactions.
We follow a consultative approach, wherein we help our clients unlock the full potential of our complete financial management platform to accelerate their critical accounting, cashflow tracking, and banking workflows
These varied competencies of the platform can be seen in a recent instance, when Zenith Information Systems helped a small family-owned investment business streamline its investment management workflow. The client, which was funding their investments internally, used to manually record the transactions on spreadsheets. Zenith helped them automate their transaction tracking process and provided them with the necessary tools to generate monthly reports on the increases in loans payable and loans receivable, interest income, and interest expense, all with a single click. The client ended up saving a significant amount of time, while boosting their productivity.
The secret to such successes is the extensive knowledge and expertise Zenith Information Systems has gathered since its inception in 1965. The company is currently bringing the robust accounting capabilities of the digital era to the largely underserved audience of family offices and smaller CPA firms. By equipping its clients with advanced accounting tools, the company will continue leveling the playing field for smaller businesses and help them achieve greater outcomes.