Alliance between RiskAmerica and Addval
Accounting processes and management of investment funds join the automation trend in companies
The automation of processes in the business ecosystem is becoming faster and more massive; along these lines, the management of public and private investment funds, and accounting procedures, are areas that have been digitized at a slower pace, due to the complexity and imprecision of the financial market. An alliance between RiskAmerica, a leading financial engineering and information organization, and Addval, seeks to accelerate this transformation through Backbone.
As its name indicates, Backbone is a software developed to be the backbone of an investment fund manager, as it allows natively integrating up-to-date market information – such as instruments and valuations – and automatically generating tasks from the accounting area, treasury, and regulatory reports that must be submitted to the Internal Revenue Service (SII).
Most of the daily processes for the management of investment funds can be automated, obtaining time savings and robustness in the processes to avoid errors. Relevant efficiencies are produced in time and associated expenses, which translates into lower operating costs and/or increased capacity to manage a larger number of funds or funds of greater complexity.
Part of the benefits mentioned by the experts are related, for example, to productivity by being able to close the funds and calculate the installment values more quickly, ending the day earlier. At the same time, delegating a third party specialized in the financial area provides the security of being up-to-date with the vicissitudes of the market and saves costs by dispensing with an IT infrastructure to host the software internally.
In the same way, those monthly or annual processes such as the automatic preparation of regulatory reports or the affidavits for the SII, which require a specific ordering of the data, may be generated automatically, as required.
Having software as a service greatly reduces the workload for companies, freeing up resources that can be better used to carry out other business tasks. Backbone has a state-of-the-art graphical interface and architecture, which makes it a fast, scalable program with much higher performance than the alternatives currently available on the market.