Windward Advisory Group, LLC, an investment industry technology and operations consulting firm, has released Loan Manager, a software package for wealth management firms, including single- and multi-family offices.
Loan Manager automates the accounting, processing and reporting for inter-company and inter-entity loans. The system supports basic functions such as fixed and variable rate loans, multiple compounding periods, principal additions / paydowns, and interest payments as well as more advanced features such as loan rollovers, loan transfers and interest look-ahead.
“The Loan Manager is especially useful in the Family Office environment where individuals, partnerships and corporate entities typically participate in numerous and varied loans both as borrowers and lenders,” states Hugh Bagatelle, Partner-in-charge of the Loan Manager(TM) product. This system acts as loans sub-ledger which can be integrated with a client’s General Ledger and provides extensive history, audit trails and a robust set accounting, summary and projected cash flow reports.
Palette Investment Company recently implemented Loan Manager. Beth Lund, President at Palette, says, “Our organisation manages an extensive number of inter-entity loans. Prior to using Windward’s Loan Manager, all record-keeping was accomplished using spreadsheets and an online service that calculated interest rates from manually entered data. The process was extremely cumbersome and time consuming. Loan Manager was exactly what we needed to both automate the accounting process and provide a comprehensive database and reporting solution. Loan Manager handles all of the details automatically with a minimum of manual input. In addition, the Windward team has been very responsive and has provided various enhancements to address our unique needs.”