April 2, 2019
NEW YORK, NEW YORK —IntegriDATA, a RegTech software vendor, today announced seamless integration between its Expense Allocation System (“EAS”) and QuickBooks accounting suite, enabling the automatic allocation and instant booking of private equity and hedge fund expenses. The new API integration joins the powerful allocation engine in EAS with QuickBook’s industry-leading accounting software to improve allocation efficiency and ensure regulatory compliance.
“Expense allocation is a challenging, time-consuming process that continues to be a focus of the SEC,” said Kevin O’Keeffe, Business Development at IntegriDATA. “The EAS QuickBooks integration makes expense allocation effortless, saving accountants hours each day while ensuring allocations are performed accurately to SEC and investor expectations.”
Expense allocation is a complex private equity and hedge fund accounting process to proportionally distribute shared expenses across management company and funds. The Securities and Exchange Commission has made expense allocation a compliance priority after it discovered private advisors were inadvertently misallocating expenses and causing investors to overpay expense fees. Investment managers caught misallocating expenses face an average SEC penalty of $2.9 million.
IntegriDATA developed EAS to automate expense allocations and eliminate the risk of misallocation. With EAS, private equity and hedge fund managers can instantly perform complex allocations that used to take hours without the risk of costly mistakes. The EAS QuickBooks API integration automatically sends expense allocation results from EAS to QuickBooks, providing straight-through processing from invoice capture and allocation to general ledger booking.
The EAS QuickBooks integration supports:
- QuickBooks Desktop and QuickBooks Online
- Journal and accounts payable (Bill) entries
- Custom fields
- Multiple QuickBooks company files
- Complex chart of accounts
Other EAS features:
- Fund accounting integration (e.g. Investran, Geneva)
- Automated invoice and T&E capture
- Invoice and T&E approval workflow
IntegriDATA is a financial technology software company dedicated to helping the investment management industry improve operational efficiency and reduce risk. Founded in 2002 by financial industry experts, IntegriDATA specializes in expense allocation, payment automation, and collateral management solutions. IntegriDATA clients include hedge funds, private equity firms, fund administrators, institutional investors, and mutual funds. IntegriDATA software helps the investment management industry service over $1.1 trillion AUM as of April 2019.
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