About the project
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United States
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August 2016 - Ongoing
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towerfundservices.com
LION is a comprehensive portfolio accounting platform for the financial services industry. It is a multi-currency back office solution that handles all investment types, including private equity deals, while also offering features such as portfolio accounting, partnership accounting, compliance and automated reporting.
Challenge
When it comes to financial reporting and accounting software for investing, fund accountants, fund managers and investors need solutions that have robust capabilities to account for the complexities involved, while not sacrificing flexibility and user-friendliness.
Aside from offering the highest levels of accuracy, these solutions must also be able to evolve and improve alongside the needs of their users. Realizing this, the team at Tower Fund Services, a fund accounting firm, approached JetRockets to help develop a platform capable of improving reporting for their clients across a portfolio of various investments.
JetRockets’ goal: bring Tower Services’ idea to life and create a platform that is capable of collecting and analyzing a wide range of financial data while remaining user-friendly and compliant.
“They’re [JetRockets] honest and humble. Rather than overpromising and under delivering, they’ve done the opposite. That’s critical in software development because a vendor might promise services for a lesser price, but then it doesn’t end up being the case, and you can’t switch.”
Solution
Once we connected with the team at Tower Fund Services, we had to first familiarize ourselves with the various investment strategies and the applicable reporting and regulatory requirements. We spent a significant amount of time in a comprehensive analysis phase, carefully documenting rules and requirements necessary to architect the database that would be capable of producing accurate financial statements using a wide range of calculations. Only after gaining complete understanding of the business requirements, we proceeded with the architecture and development phase.
Following our full analysis of the needs of the company, we were able to create a modern financial accounting solution: LION. We developed LION to enable the team of accountants to collect, analyze and report a wide range of financial data, including:
Prices and trade operations with securities and stocks on stock exchanges
- Investor Subscriptions, Redemptions history
- Mutual settlements with investors
- Investor portfolios, classes and series & accounts
- Operational and administrative feesq
Corporate actions
Calculation and accrual of operating expenses
Regular Balance sheets
GL entries
Profit and Loss allocations
In addition, we developed LION to collect financial data via import using third-party APIs and spreadsheets. And for convenient interactions with fund managers and investors, we also created a web-portal, which helps end-users obtain all important data about their investments and returns.
“Their quality is great, and their responsiveness is amazing. If we have a critical issue, they’ll get on it right away, no matter the hour.”
Results
Today, LION enables fund accountants to easily prepare the financial statements and reports as well as audit the financial activities of their clients, and then subsequently share them with the fund managers and investors via an easy-to-use and secure web portal.
“JetRockets has been able to translate our needs into a wonderful product. We now have a financial reporting and accounting software that’s extremely robust, and our efficiency is much better.”
Technologies
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Ruby on Rails
Team: 7 people
- 1 PM
- 2 Backend Engineers
- 2 Frontend Engineer
- 1 QA Engineer
- 1 DevOps