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March 20, 2019

Private Wealth Systems partners My Accountant to enhance family offices offering

American financial technology firm Private Wealth Systems has collaborated with My Accountant to add general ledger and bill pay solution to its digital ecosystem for family offices.

The enhanced service is aimed at family offices that want to outsource those functions to a service provider.

My Accountant offers customised bookkeeping and bill payment services to wealthy individuals, family offices, athletes and entertainers.

Under the agreement, My Accountant’s general ledger accounting and bill payment features will be integrated with Private Wealth Systems’ portfolio accounting and consolidated performance reporting system.

The integrated offering will help global family offices to streamline operations, improve security, reduce technology expenditures without compromising with control or oversight, Private Wealth Systems have said.

Private Wealth Systems CEO Craig Pearson said: “We selected My Accountant based on their deep domain expertise providing general ledger accounting and bill payment services to UHNWIs and family offices throughout the Americas and Europe.

“There is increasing demand among family offices to outsource bookkeeping services, and My Accountant is the clear industry leader based on their decades long experience working with family offices and private banks around the world.”

My Accountant founder and president William Farren said: “By partnering with Private Wealth Systems we are finally able to realise that dream and make our decades of experience available to a larger segment of the ultra-high net-worth community.

“Our experience in providing 30,000 to 40,000 transactions per year for clients matches perfectly with the capabilities of Private Wealth Systems.”

The Private Wealth Systems ecosystem creates a single digital destination for ultra-wealthy individuals to better manage financial and non-financial assets, liabilities, income, and expense.

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