Accounting
Financial Management
Family Office Accounting Software: Multi-Entity Books, Partnerships and Investment Reporting
Last updated: October 8, 2026 · Independent buyer’s guide · We do not sell rankings or coverage.
Family office accounting software has to keep separate, auditable books for every trust, LLC, partnership and operating company the family owns, roll partner capital accounts forward, track private and alternative investments, and still produce a consolidated view for family members. Most offices end up with one of two designs: a multi-entity general ledger such as Sage Intacct paired with a reporting and aggregation platform such as Addepar, Asora or Masttro, or a single family-office platform with its own ledger, such as Eton Solutions AtlasFive or FundCount. The right choice depends on your entity count, how much partnership accounting you do in-house, and whether your bottleneck is the books or the reporting.
Key takeaways
- Reporting platforms (Addepar, Asora, Masttro) aggregate custodian data and model ownership, but none of the product pages we reviewed describes a full general ledger. Plan for a separate GL.
- Sage Intacct automates inter-entity entries and consolidation eliminations, but its family office datasheet does not describe partnership capital accounts, and it does not publish pricing.
- Eton AtlasFive and FundCount combine a general ledger with partnership accounting in one system. FundCount publishes starting prices; Eton does not on the pages we reviewed.
- Family partnerships report Schedule K-1 Item L capital accounts on the tax-basis method, so your system needs tax-basis capital alongside any book view.
- Bill pay carries the most fraud risk. Separate who enters, approves and releases payments, even on a team of three.
Who this guide is for
This guide is for the CFO or controller of a single- or multi-family office who is outgrowing QuickBooks and spreadsheets, or replacing a system that no longer fits the family’s structure. You likely keep books for many entities, pay bills for family members, and chase private fund statements after every quarter-end.
Regulation shapes requirements. Under the SEC’s family office rule, an office with only family clients, wholly owned and controlled by the family, that does not hold itself out to the public as an adviser is excluded from the definition of investment adviser (eCFR, 17 CFR 275.202(a)(11)(G)-1, up to date as of October 6, 2026). A multi-family office serving unrelated families falls outside that exclusion, so confirm your status with counsel before setting reporting and access requirements.
How family office accounting works
Many entities, one family
A typical structure includes trusts, family LLCs and limited partnerships that pool investments, real estate holding companies, a management company that employs the staff, and sometimes a private foundation. Each entity needs its own balance sheet and often its own tax return. Every time money moves between them, one set of books records a due-to and another a due-from. If your system does not post both sides at once, intercompany balances drift and someone reconciles them by hand at every close.
Partnership and capital account accounting
Family partnerships allocate income, gains, losses and expenses to partners by ownership percentage and roll capital accounts forward every period. The IRS instructions for Schedule K-1 Item L tell partnerships to figure each partner’s capital account using the transactional approach for the tax-basis method, and note that this may not equal the partner’s adjusted tax basis in its interest (IRS, Instructions for Form 1065 (2025), page last reviewed April 30, 2026). Many offices also keep a book capital account that includes unrealized gains, so one partner can have two capital balances that must reconcile.
Investments and alternative assets
Securities arrive through custodian feeds. Private fund and real estate interests arrive as capital call notices, distribution notices and statements, often weeks after quarter-end. Your system has to record commitments, contributions, distributions and valuations, and keep tax lots so realized gains are correct.
Consolidated reporting for family members
Family members want their own net worth across every entity they own directly or indirectly, with ownership percentages applied through each layer. That look-through calculation is the main reason family offices buy reporting platforms in addition to an accounting system.
Bill pay and controls
Many offices pay household bills for family members alongside entity expenses. Small teams, large payments and principals who approve by text message make this the highest-risk process in the office. Our guide to accounting software for internal controls covers the general framework; family offices add approval rules by family member and entity.
Where it goes wrong
- One QuickBooks file per entity. Consolidation becomes a spreadsheet that one person maintains, and intercompany balances never quite tie.
- Capital accounts kept outside the ledger. Allocations live in Excel, so a late private fund statement or a mid-year contribution forces a manual rework of every partner’s balance.
- Book and tax capital confused. Unrealized gains flow into book capital but not tax-basis capital, so K-1 figures stop reconciling to your financial statements.
- Bill pay without segregation of duties. The same person adds a new payee, enters the invoice and releases the wire.
How software handles it
Most offices combine two of the three product types below.
Multi-entity general ledgers
Sage Intacct is a multi-entity cloud general ledger that Sage markets to family offices. Its documentation describes inter-entity transactions: when a manual journal entry spans two or more entities, Intacct posts offsetting due-to and due-from entries in each affected entity using account mappings you set per entity or per entity pair, and the Consolidation feature can eliminate those receivables and payables automatically (Sage Intacct Help, last modified October 1, 2026). Payables approvals are configured at the top level and cannot be changed at the entity level, and a bill created at the top level can be paid from any bank account, shared or entity-private (Sage Intacct Help, last modified October 1, 2026).
The gap is on the investment side. Sage’s family office datasheet lists multi-entity consolidation, a dimensional ledger, allocations management and payables, but does not describe partnership capital accounts or investment lot accounting (Sage, Sage Intacct for family offices datasheet, ©2022). Offices on Intacct usually pair it with an investment or reporting system. See also our guide to ERP for multi-entity accounting.
Family office platforms with a built-in ledger
Eton Solutions AtlasFive describes an integrated general ledger with daily bank-to-book reconciliation, a partnership module for allocations, distributions, commitments and NAV that reconciles to the GL, trust accounting for principal and income and trust fees, a tax ledger, entity profiles, and cash management with a payments gateway and BILL integration (Eton Solutions, AtlasFive, updated October 1, 2026). Eton reports more than 1,113 families on its platform (Eton Solutions, modified October 6, 2026). It does not publish pricing on the pages we reviewed, and its breadth implies a longer implementation than a reporting-only tool.
FundCount says every edition includes a real-time general ledger with multi-entity, multi-currency accounting and consolidated reporting. Its Fund Administration edition lists integrated investment, partnership and GL accounting, and its Multi-Family Office edition lists member-specific reports and US tax forms (FundCount pricing, modified July 29, 2026). It publishes prices, listed below. Its own comparison articles rank FundCount first, so weigh them accordingly.
Reporting and aggregation platforms
Addepar aggregates multi-custodian data, maps trusts, LLCs and foundations with look-through reporting, automates ingestion of capital calls, distributions and commitments, and integrates with general ledgers through APIs. Its family office page does not describe accounting or bill pay, and it does not publish pricing (Addepar, family office page, no date shown).
Asora offers aggregation, multi-generation entity mapping and private asset tracking (Asora, no date shown), and an accounting module covering realized and unrealized gains, fees, withholding tax and tranche-level cost (Asora, accounting, no date shown). Its accounting page does not mention a general ledger, journal entries or bill pay.
Masttro provides visual entity mapping, direct custodian feeds (it cites more than 700), reconciliation workflows, sub-ledger exports and bill payment workflows. Its homepage lists “Accounting, Tax and Compliance” but does not describe a general ledger (Masttro, no date shown).
Bill pay as an add-on
Offices whose ledger lacks strong payables often add BILL. Custom approval policies and multi-entity accounting start at its Corporate plan, and two-way Sage Intacct sync is Enterprise only (BILL pricing, no date shown). For automation of invoice capture, see our guide to accounts payable software.
Comparison at a glance
From each vendor’s own pages, checked October 8, 2026. “Not described” means the pages we reviewed did not mention it.
| Product | Type | General ledger and partnership accounting | Published pricing |
|---|---|---|---|
| Sage Intacct | Multi-entity GL | Full GL with automatic inter-entity entries and eliminations; partnership allocations not described | Not published |
| Eton AtlasFive | Family office platform | Integrated GL, partnership, trust and tax ledgers; bill pay | Not published |
| FundCount | Investment and partnership accounting | GL in every edition; partnership accounting listed in Fund Administration edition | Single Family Office from $35,899 a year; Multi-Family Office from $26,950 |
| Addepar | Reporting and aggregation | Not described; integrates with GLs by API | Not published |
| Asora | Reporting and aggregation | Asset-level gains and cost tracking; GL not described | $15,600 a year for the $50 million to $100 million bracket |
| Masttro | Reporting and aggregation | Sub-ledger exports and bill pay workflows; GL not described | Not published; not AUM-based |
| BILL | Payables add-on | Not a GL; syncs to accounting systems | $49 to $89 per user per month; Enterprise custom |
What it costs
Published figures we found, checked October 8, 2026:
- FundCount: Single Family Office edition from $35,899 a year and Multi-Family Office edition from $26,950 a year, both plus digital transformation and hosting fees that the page does not quantify (FundCount, modified July 29, 2026).
- Asora: nine brackets by family office size. For $50 million to $100 million, $15,600 a year plus a one-time $3,900 onboarding fee, with unlimited users and 20 custodian accounts. Extra packs of 20 accounts or alternative holdings cost $3,600 a year each; above $1 billion is quoted (Asora pricing, no date shown).
- BILL: Essentials $49, Team $65 and Corporate $89 per user per month; Enterprise is custom (BILL, no date shown).
- Sage Intacct: pricing is tailored to organization size and modules, with no figures published (Sage, no date shown).
- Addepar, Eton Solutions and Masttro: no published prices. Masttro states its pricing does not scale with assets under management (Masttro, no date shown).
Budget separately for implementation: entity setup, ownership mapping, data conversion and custodian feeds. Apart from Asora’s onboarding fee, none of these vendors publishes implementation fees.
Worked example: a partner capital account roll-forward
Illustration only. The figures below are invented to show the mechanics.
A family investment LLC taxed as a partnership is owned 50% by Trust A, 30% by Trust B and 20% by the matriarch. Beginning tax-basis capital is $10,000,000. The partnership earns $800,000 of net taxable income and distributes $300,000 pro rata, with no contributions. The roll-forward follows the Item L lines:
| Item L line | Trust A (50%) | Trust B (30%) | Matriarch (20%) |
|---|---|---|---|
| Beginning capital account | $5,000,000 | $3,000,000 | $2,000,000 |
| Capital contributed | $0 | $0 | $0 |
| Current year net income | $400,000 | $240,000 | $160,000 |
| Withdrawals and distributions | ($150,000) | ($90,000) | ($60,000) |
| Ending capital account | $5,250,000 | $3,150,000 | $2,100,000 |
Total ending capital is $10,500,000: $10,000,000 plus $800,000 of income less $300,000 of distributions. Now suppose a private fund held by the LLC is marked up $1,200,000 at year-end. Book capital rises by $600,000, $360,000 and $240,000, but tax-basis capital does not change because the gain is unrealized. Your system must carry both balances per partner and explain the difference.
If the matriarch had contributed $1,000,000 on July 1, ownership percentages would change mid-year and income would need allocating by period. A partnership module recalculates when you post the contribution; a spreadsheet needs someone to rebuild the formulas.
Our independent take
The most common selection mistake is treating a reporting platform as an accounting system. Addepar, Asora and Masttro describe strong aggregation and ownership modeling, but not a full general ledger. If you choose one, decide which system holds the books, payables and capital accounts, and test the integration with your own entity chart.
Neither design wins outright. Sage Intacct with a reporting platform gives you a widely used ledger, but partnership allocations need a home. Eton AtlasFive and FundCount keep the ledger and capital accounts together, in a more specialized system that fewer accountants know.
Three buyer scenarios
A single-family office with 12 entities and mostly marketable securities. Your pain is consolidation and bill pay. A multi-entity GL such as Sage Intacct with BILL, plus a reporting platform if family members want look-through views, is a reasonable fit. Ask for a demo of an inter-entity bill paid from the management company’s bank account.
A single-family office with 80 entities and a large private fund program. Capital accounts, commitments and trust accounting are your daily work. Shortlist platforms that keep the GL and partnership accounting together, such as Eton AtlasFive or FundCount, and ask each to run a mid-year contribution and a book-to-tax capital reconciliation.
A multi-family office serving unrelated families. You need data separation by family, member-level reporting and client portals. FundCount prices a Multi-Family Office edition for this case, and Addepar and Masttro emphasize permissioned portals. Confirm your regulatory status first.
When you do not need dedicated software
If the family has a handful of entities, few intercompany transactions and no internally managed partnerships, a small business accounting system with one file per entity, a quarterly consolidation workbook and an outside CPA firm preparing partnership returns can be enough.
You have outgrown that setup when consolidation takes days, intercompany balances do not tie, capital accounts live in one person’s spreadsheet, or family members ask for net worth reports you cannot produce without manual work.
How we researched this
We read the top-ranking guides for this term, published by FundCount (a vendor that ranks itself first), Simple (which sells selection services) and V7 Labs (which sells AI document automation software). We then checked each vendor’s product, pricing and documentation pages on October 8, 2026, plus the SEC family office rule and the IRS Form 1065 instructions. Where a vendor page did not describe a capability, we say so. No vendor paid for inclusion.
Related guides
- 13-Week Cash Flow Forecast: How to Build One (Template)
- Cash Reconciliation: Month-End Process for Every Account
- Prepaid Expense Amortization: Automate the Schedule
Frequently asked questions
What is the best accounting software for a family office?
No single product fits every office. Offices with many entities but simple investments often run a multi-entity ledger such as Sage Intacct, while offices with heavy partnership and trust accounting look at Eton AtlasFive or FundCount. Match the system to your largest manual workload.
Is Addepar an accounting system?
Addepar describes a data aggregation, ownership modeling and reporting platform. Its family office page says it integrates with general ledgers through APIs but does not describe its own accounting or bill pay, so plan on a separate ledger.
Can QuickBooks handle family office accounting?
QuickBooks can keep the books for individual entities, but consolidation, intercompany eliminations and capital allocations then happen in spreadsheets. That works for a small structure and becomes hard to control as entities multiply.
How much does family office accounting software cost?
Most vendors do not publish prices. FundCount lists $35,899 a year for its Single Family Office edition plus hosting fees. Asora lists $15,600 a year plus onboarding for families with $50 million to $100 million.
Do family office partnerships have to report tax-basis capital accounts?
The 2025 IRS instructions for Form 1065 tell partnerships to figure each partner’s Schedule K-1 Item L capital account using the tax-basis method, unless the partnership answers “Yes” to Schedule B question 4. Family offices that also keep book or GAAP capital accounts need a system that can report both and reconcile the difference.
What controls should a family office have over bill pay?
Separate the people who add payees, enter bills, approve them and release payments, and require a second approval for new payees and large wires. Software such as Sage Intacct and BILL supports approval workflows, but the rules are a policy decision.
Sources
- eCFR, 17 CFR 275.202(a)(11)(G)-1, Family offices, up to date as of October 6, 2026. ecfr.gov
- IRS, Instructions for Form 1065 (2025), Item L Partner’s Capital Account Analysis, page last reviewed April 30, 2026. irs.gov
- Sage Intacct Help, Overview of inter-entity transactions, last modified October 1, 2026. intacct.com
- Sage Intacct Help, Accounts Payable multi-entity guidelines, last modified October 1, 2026. intacct.com
- Sage, Sage Intacct for family offices datasheet, ©2022, no other date shown. sage.com (vendor)
- Sage, Sage Intacct pricing, no date shown, checked October 8, 2026. sage.com (vendor)
- Eton Solutions, AtlasFive, updated October 1, 2026. eton-solutions.com (vendor)
- Eton Solutions, homepage, modified October 6, 2026. eton-solutions.com (vendor)
- FundCount, Pricing, modified July 29, 2026. fundcount.com (vendor)
- FundCount, 4 Best Family Office Wealth Accounting Software (2026), April 23, 2026. fundcount.com (vendor; ranks its own product)
- Addepar, Addepar for Family Offices, no date shown, checked October 8, 2026. addepar.com (vendor)
- Asora, homepage, no date shown, checked October 8, 2026. asora.com (vendor)
- Asora, Accounting, no date shown, checked October 8, 2026. asora.com (vendor)
- Asora, Pricing, no date shown, checked October 8, 2026. asora.com (vendor)
- Masttro, homepage, no date shown, checked October 8, 2026. masttro.com (vendor)
- Masttro, Pricing, no date shown, checked October 8, 2026. masttro.com (vendor)
- BILL, Pricing, no date shown, checked October 8, 2026. bill.com (vendor)
- Simple, Best family office accounting software, last updated September 28, 2026. andsimple.co (sells selection services)
- V7 Labs, Family office accounting software, September 2, 2026. v7labs.com (sells AI document automation software)
Sherman Hsieh
Independent analysis of enterprise software — ERP, CRM and more
