An Interview with a Senior Tax Manager on her First 30 Days with iPaladin’s Digital Family Office - Part 2
Becky Matthew is a CPA with over 12 years of experience in both public and private accounting. We interviewed Matthew to learn more about the impact of working within iPaladin during her first month of her employment with a multi-family office, and how she used the platform to quickly become a productive member of the team.
What is the impact of iPaladin’s platform on the family office?
iPaladin essentially brings all of the CRM, data storage and robust accounting REPORTS into one platform. Besides keeping the family’s legacy knowledge in one spot, it’s great because it keeps everyone’s lists together and helps separate internal controls. Whether it’s financial reporting or paying bills for the family, you can separate these duties.
iPaladin is very user-friendly - you don’t need much of a crash course at all. It’s easy to figure out where to find things: I could go through years of knowledge and have a better background, I can look at a trend of multiple years to have a better concept of what has been done and provide a better answer. You just have more knowledge of the family, essentially.
Not having iPaladin, my biggest worry would be: how do we function as a team? How do we get from the start line to the finish line, and serve the family at the highest level? It’s a great investment to keep everyone on the same track around the same goals. I would say: let’s get going! Set it up and get organized so things can run more smoothly.
How important is the legacy of knowledge in the family office?
In family offices, transparency is a big thing. What we do day to day is a big question. If they want to they can see the financial reports, the monthly statements posted, they can see trustee approvals for beneficiary distributions. It’s nice that it provides transparency for the family to see what is done day to day and what’s going on in the family office. I am sure at times the family wonders what keeps us busy all day (and we are extremely busy!), so it is nice that they have that transparency to see our workflow and records of service output.
iPaladin allows for strong internal controls for whatever task is needed for the family. We can watch each other’s backs. It’s great because it has all of the things that are needed for a family office platform. If you have don’t have iPaladin, you aren’t functioning at your highest level. The team definitely needs this tool to create an ecosystem where everyone is on the same page. You can communicate, see everyone’s daily service engagement, and keep tabs on external advisors. It allows you to function at the highest level to serve the family. iPaladin has an interface that can connect the whole ecosystem - if you don’t have that you literally have multiple silos of information and multiple versions of truth. iPaladin cuts down on the redundancy and duplication and puts everyone on the same page.
The best thing about iPaladin is the legacy of knowledge. If it were me and my family, I would want to have all of this information stored in one spot - you can see history for generations to come. It’s there. People who work for you come and go, but the information is there and it’s yours and it’s secure. I think that’s the best thing about iPaladin.
What is it like to work within iPaladin’s digital family office platform?
It’s like adding another person. You can realize your skills better when you are not worrying about mundane tasks. You are actually doing the bigger tasks and not worrying about the task list, where something is saved or “why was this done?”
With everything at your fingertips and everyone on the same page, it makes things a lot smoother. My daily life has changed for the better with iPaladin because I am not waking up at 3:00 am worrying about what did I miss? What did I not file? It definitely takes the stress and worry away about what needs to be done because it reminds me of what needs to be done. It’s better (and makes your employees happier).