The conventional stack
Reconciled by hand, every quarter
- General ledger in Excel, NetSuite, Sage Intacct or Xero — none built for fund accounting.
- Investment reporting in separate software — creating accounting gaps.
- Waterfalls, partial transfers and side pockets run in Excel, increasing manual-error and audit risk.
- Quarterly distributions and capital accounts assembled by hand under time pressure.
- Systems that never fully agree, so every LP number needs a second check.