Family Office/Multi-Entity Accounting (Microsoft 365)

We are a single family office looking to streamline and centralize our accounting. There are several members of the family, and each have their own business entities with their own revenues and expenses; some even share ownership of these entities. This system, based on Microsoft 365 Business Standard apps (and Power Automate), should be able to provide a balance sheet, income statement, statement of cash flows, trial balances, and other financial statements for each entity as well as be able to generate customizable consolidated reports that roll up information from multiple entities. Like in any accounting system, these statements will be based upon general ledgers that are updated through journal entries. These journal entries should be able to be entered with a form of your creation that is connected to the chart of accounts and can provide quick selection of the correct accounts. These journal entries, through Power Automate or however you see fit, also need to go through an approval system. This will be used by multiple Microsoft accounts so the approval can be assigned to one or two accounts.

Here is a very interesting solution that is similar to something that could work for us if that is more streamlined. [login to view URL]

As we are a family office, we're not just accounting for our businesses, but also our personal expenses and assets. These things, such as securities (stocks, ETFs, IRAs) and cryptocurrency, need to be accounted for as well. As such, The system will also need an asset management module for these stocks/crypto that the accounting system can pull the data from.

A family office is nowhere if it is not growing, so this system should also be scalable. If we ever add or take away new entities or new people, there needs to be an easy and streamlined way to add or remove a set of books and connect it to the system.

Currently, we envision the project looking like several sets of Excel workbooks (general ledgers, rolling financial statements with the ability to export statements for a customizable period across multiple entities and multiple people) connected through formulas, Power Automate, and possibly Microsoft Forms, along with Excel dashboards/trackers for various assets like stocks, crypto, luxury items like alcohol bottles and watches, real estate, mortgages, credit cards, but we are open to ideas on the architecture. We understand the 365 Business Standard suite is large and contains a lot of tools, so we're happy to hear ways to use it which we weren't aware of before.

I understand that this is a rather lengthy explanation so please don't hesitate to clarify anything!

Accounting Finance Excel Power Automate

Project ID: #31820144

About the project