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Ed Van Deman
CEO and Co-Founder
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Today’s software tools and technologies allow us to develop, test and disseminate at an unprecedented rate the cutting edge features that users want. Our new system provides the foundation that will allow us to takes advantage of these exciting capabilities. As such, it is not simply an extension of our earlier version FN 9.5. Rather, it is a whole new product. While it performs many of the same functions as before, its approach and scope are totally different. We are naming it: Polaris™.
Polaris is independent of our previous offerings:
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It utilizes the advantage of having two distinct segments:
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Data management
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Reporting and analysis
These two components have been engineered separately to better accomplish their respective purposes. Viewing reports and extracting financial meaning from information is a very different activity than retrieving and maintaining data in a productive manner. The user interface, the underlying database and the programming languages all use the latest technology. -
The reports and dashboards can be easily accessed on the web, anywhere, at any time. They will soon be available on mobile and tablet devices as well.
There is more support for User Profiles, allowing professionals to better manage the process of granting access to clients and other users. More than ever before, we will be adding new features and functionality to the product on a continuous basis, enabling us to be even more responsive to the needs of our users.
Polaris is a powerful tool designed for the complexities associated with financial reporting for the Ultra-High-Net-Worth market. It addresses the full range of considerations, from the productivity of the staff to the special nature of reports required to inform and serve the principals.
Benefit for Existing Users
Another benefit of this distinction between products is that it also sends a clear message to our existing clients: We are committed to maintaining support of our current FN 9.5 product for the foreseeable future.
Many of our clients are very comfortable with FN 9.5. They do not feel a need to switch to something as new and different as Polaris. We are happy to relieve any anxiety they may have felt by continuing to provide this proven product that meets their needs. We think people will even start to call it FN Classic.
Compatibility of Data
We understand the importance of your historic data. We therefore have a well-defined process to convert your data from FN Classic to Polaris. In fact, this process can identify problems in your old data and fix them before you even start to run Polaris. Once you begin to use Polaris, however, you will not be able to access the Polaris data using FN Classic.
Status of Polaris
Polaris is available today. However, in order to manage the process in an orderly manner, we are bringing on new users gradually. If you are interested in transitioning to Polaris, please contact our Customer Support Department to arrange a date.
This is an exciting time for all Financial Navigator users and for us. We look forward to working with you whether you continue to use FN Classic or if you choose to implement our new Polaris product.
Happy Navigating!
Ed Van Deman
CEO
Editor’s Note: We are always interested in your comments and feedback. You can write to us at: editor@finnav.com.
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As the current year winds down, it is a good time to look ahead. We are always trying to help our family office software and accounting users increase their efficiency, so here are some tips for improving your internal year-end procedures for closing out the books and creating a new year in Financial Navigator 9.5. Please note the order of the following steps is simply a suggestion and could vary for some users.
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Step 1: Reconciliation
Verify all your bank, broker and credit card accounts as of December 31st, or as of the end of your Fiscal Year, by ensuring all transactions are entered and then reconciling Financial Navigator’s records to the statement from the bank or custodian.
Step 2: Enter Adjusting Entries
Enter adjusting entries as of the end of the year. These transactions include accrued items, bond amortization adjustments, depreciation, etc. Other adjustments, such as tax and K1 income adjustments, may be entered either in: (a) the new year, as the information is received; or (b) the prior year, and you can carry forward the revised ending balances by using our Update Starting Balances feature.
Want to learn steps 3-7? Keep reading for our recommendations.
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Financial Navigator’s clients are located throughout the United States and abroad. While most are single- or multi-family offices, they also include accounting firms, investment advisory and management firms, and specialty businesses. The flexibility of our software allows clients to adapt it to support their unique operations, no matter how extensive or complex.
Over time, as their operations or internal staffing change, clients sometimes need advice on the optimal way to set up specialized entities, record complex transactions, or capture and highlight key management data, etc. Other times, they may want advanced, or even just refresher, training on how to best use the functionality in our system. Whatever their requirements, FNI is dedicated to supporting our clients’ success.
When our customers ask for help, given the diversity of their operations, the right solution can be very client-specific. As a result, we often need experienced, high-level accounting experts with an in-depth understanding of the capabilities of FNI’s system to provide these clients with the needed guidance. To bolster our efforts in this area, we are currently looking to increase the roster of outside consultants that we can call on for such assignments.
If you possess a strong background in accounting and financial reporting, have good people skills, enjoy finding creative solutions to problems and are an effective communicator, then we would like to hear from you. Of course, prior experience with Financial Navigator products is required. If you currently have a consulting practice or if you would like to start one, this could be a great opportunity to make an important, positive impact on a variety of clients.
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