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Does your family office’s technology help or hinder?

Does your family office’s technology help or hinder?

Michael Davis
Contributing writer, BILL
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While many family offices invest millions in financial assets, they often underinvest in the technology that could dramatically improve their performance and client satisfaction.

Here's how to use family office technology to your—and your clients'—best advantage.

Key takeaways

Financial automation tech can help family offices manage multiple entities efficiently while maintaining strong controls and clear audit trails.

The right technology platform can eliminate manual processes, reduce security risks, and provide real-time visibility across all accounts and entities.

Successful implementation can dramatically reduce operational overhead while improving accuracy and compliance.

See how BILL can help modernize your family office operations.

What is family office technology?

Family office technology is designed to help small finance teams manage substantial family wealth across multiple entities and generations. That's true for both single-family offices and multi-family offices.

These modern platforms have evolved far beyond basic accounting software, offering sophisticated automation that can handle everything from multi-entity bill payment to consolidated expense management and reporting.

Family office technology in wealth management

Today's family offices manage dozens or even hundreds of separate entities across a vast private equity portfolio, each with its own accounts, approval workflows, and reporting requirements. Despite this complexity, the financial team is often limited to a small, handpicked group that oversees a tremendous array of responsibilities and portfolio data.

Family office technology addresses this operational complexity by automating routine task management, maintaining clear audit trails, and providing real-time visibility across all entities for their family office clients. These solutions can handle expense and asset allocation across multiple entities while maintaining the separation required for portfolio management compliance and the internal controls required for security—as well as robust client reporting.

Benefits of leveraging technology for family offices

The implementation of family office software can transform the way family offices operate, replacing manual processes and security risks with automated workflows and robust controls. These solutions deliver immediate operational improvements while providing the strategic capabilities needed to manage significant wealth.

Enhanced operational efficiency

Modern family office technology adoption can eliminate countless hours of manual work for today's wealth managers through intelligent automation. Instead of maintaining multiple check stocks, manually tracking emailed invoices and receipts, or reconciling countless credit card statements, family offices can consolidate all their financial operations in one secure system. 

This automation can reduce the time spent on routine tasks by 50% or more, allowing asset managers to focus on strategic planning initiatives and active risk management rather than administrative drudgery.

Improved control and visibility

Advanced automation provides family offices with unprecedented control over their financial operations. Rather than relying on manual tracking and "sheer willpower," these platforms offer automated workflows and data aggregation that ensure proper approvals, maintain detailed audit trails, and provide real-time visibility into every transaction. 

This enhanced control helps prevent errors and fraud while making it easy to track the status of any payment or expense.

Simplified multi-entity management

Modern platforms excel at managing multiple entities efficiently. Instead of juggling separate systems and accounts for each entity, family offices can manage all their operations through a single platform. 

These emerging technologies automatically route transactions to the correct entities, maintain proper segregation, and provide consolidated reporting across the entire family office structure.

Stronger security and compliance

Today's family office technology reduces or eliminates security risks like pre-printed check stock while providing robust controls over all inflows and outflows. 

These systems include advanced encryption, multi-factor authentication, and detailed audit trails that help maintain security while simplifying regulatory compliance across complex investment portfolios. They also help track and document compliance requirements across multiple jurisdictions and entities.

Seamless integration

Family office tech platforms sync directly with accounting systems and other financial tools, forming a highly integrated tech stack that eliminates the need for manual data entry and reconciliation.

This integration keeps financial data synchronized and up to date across all systems while providing real-time visibility into financial status across all entities and accounts.

Key features to look for in family office technology

Key features to look for in family office technology

The features included below specifically address the challenges of family offices, providing the flexibility required to adapt to specific needs as well as changing requirements over time.

Multi-entity management

Look for systems that can automatically route transactions to the correct entities while providing consolidated visibility across the entire family office structure. Specific features include the ability to handle approval workflows, budgets, and reporting requirements for each entity while maintaining proper segregation. 

Automated AP workflows

Sophisticated accounts payable automation can handle complex approval workflows while maintaining proper controls. The system should automatically route invoices for approval, track payment status, and maintain detailed audit trails. It should also support multiple payment methods while eliminating security risks like pre-printed checks.

Integrated expense management

The platform should provide comprehensive expense management capabilities, including the ability to issue and control payment cards for multiple entities. Look for systems that can automatically capture receipts, enforce spending policies, and properly allocate expenses across entities while maintaining clear audit trails.

Comprehensive reporting

A robust reporting system should provide detailed transaction-level data as well as consolidated views across all entities. The platform should offer customizable reports that present complex financial data clearly while maintaining proper segregation between entities. These reports should be detailed enough for professional analysis and clear enough for family members to understand.

Document management

Secure document management should be built into the system to maintain proper records and ensure easy access to important information. The platform should automatically capture and organize documents like invoices and receipts while maintaining strict security protocols. Features should include permission-based access and detailed audit trails.

Security and control

The platform must provide robust security features and controls to protect sensitive financial information. Look for systems that offer advanced encryption, multi-factor authentication, and detailed activity tracking. The platform should also provide granular permission controls to ensure proper segregation of duties.

Integration capabilities

The technology solution should integrate seamlessly with your accounting software and other financial systems. These integrations maintain data accuracy while eliminating the need for manual data entry or reconciliation. Look for platforms with proven integrations with major accounting systems and financial institutions.

How to choose the right family office technology provider

How to choose the right family office technology provider

Selecting a technology partner is a strategic decision that will impact your family office's operations for years to come. The right provider should demonstrate a deep understanding of multi-entity management while providing the ongoing support needed to ensure successful implementation.

Current needs assessment

Start by evaluating your current operations to identify manual processes, security risks, and efficiency bottlenecks. Document specific challenges in your current processes, from tracking emailed invoices to managing multiple credit card programs. Consider immediate operational challenges as well as strategic capabilities that could enhance your office's performance.

Long-term scalability evaluation

Your chosen technology solution must be able to grow and adapt alongside your family office. Consider how the platform will accommodate additional entities, new approval workflows, or changing reporting requirements. The solution should offer the flexibility to grow with you as your needs evolve without requiring a complete system overhaul.

Considerations for evaluating providers

Look for vendors with a proven track record of serving family offices similar to yours in complexity and scale. Consider their financial stability, client retention rates, and commitment to ongoing platform development. Evaluate their implementation methodology and support services to ensure they align with your office's needs.

Questions to ask during the selection process

When interviewing potential providers, focus on questions that reveal both technical capabilities and business alignment. Ask about their experience with multi-entity management, their approach to security and controls, and their implementation process. Request detailed information about their support services and integration capabilities. Seek references from current clients, particularly those managing similar numbers of entities.

AP automation as the future of family office technology

Modern family offices require sophisticated solutions for managing payments across multiple entities. BILL's AP automation platform addresses these challenges, streamlining payment processes while maintaining robust security and control. The system handles multiple entities effortlessly, enforces approval hierarchies, and provides detailed audit trails for every transaction.

With BILL, family offices can automate routine tasks while maintaining complete visibility and control over their expenditures. The platform's advanced security features and integrations make it ideal for family offices that want to modernize their payment operations while ensuring compliance and efficiency.

Demo how BILL can transform your family office's payment processes.
Author
Michael Davis
Contributing writer, BILL
Michael specializes in helping businesses optimize financial operations by staying up-to-date with industry trends and translating insights into real-world applications. With expertise in AP, cash flow, and fintech, Michael breaks down complex topics to help businesses continue to grow.
Author
Michael Davis
Contributing writer, BILL
Michael specializes in helping businesses optimize financial operations by staying up-to-date with industry trends and translating insights into real-world applications. With expertise in AP, cash flow, and fintech, Michael breaks down complex topics to help businesses continue to grow.
Get more from BILL
Subscribe to finance insights and thought leadership content delivered straight to your inbox.
By continuing, you agree to BILL's Terms of Service and Privacy Notice.

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The information provided on this page does not, and is not intended to constitute legal or financial advice and is for general informational purposes only. The content is provided "as-is"; no representations are made that the content is error free.

Software Comparison

BILL Spend & Expense
Best for AI expense automation
4.5 on G2
  • Smart corporate cards with real-time tracking, flexible limits, and instant visibility into every transaction across your team [1]
  • Unlimited free virtual cards with unique numbers for each vendor or subscription—freeze, delete, or set custom limits instantly to prevent overcharges and reduce fraud risk [5]
  • AI-powered auto-categorization and receipt matching that connects card transactions and expenses into a single reconciliation workflow [1]
  • Customizable budgets with spend controls based on merchant, amount, receipt requirements, and configurable approval workflows [3]
  • Auto-freeze on cards with incomplete transactions, ensuring receipts and documentation are captured before additional spend is approved [1]
  • Up to 7x points on restaurants, 5x on hotels, 2x on recurring software, and 1.5x on all other purchases (rates shown are for weekly or daily billing cycle; rates vary by billing frequency) [2]
  • Two-way sync with QuickBooks, NetSuite, Sage Intacct, Xero, and Microsoft Dynamics; additional integrations with Acumatica, Slack, and HRIS platforms [1]
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Pricing
$0/user/month with no annual fee
Integrations
Two-way sync with QuickBooks, NetSuite, Sage Intacct, Xero, and Microsoft
Ideal company size
SMB to mid-market
SAP Concur
Best for large enterprises
4 on G2
  • AI-powered receipt capture via ExpenseIt on the SAP Concur mobile app, with smart matching that combines credit card charges and e-receipts into expense reports automatically [7]
  • Configurable approval workflows with built-in audit rules that flag policy exceptions, plus optional Intelligent Audit and Verify add-ons for automated compliance checks [6][7]
  • Modular product suite: Concur Expense, Concur Travel, and Concur Invoice are separate products that can be purchased individually or together, so organizations can start with expense management and add capabilities over time [6]
  • Bank card feed integrations that import corporate card transactions directly into expense reports for automatic reconciliation [6]
  • Joule, SAP's AI assistant, for expense report review, spend analysis, and cost estimation [6]
  • Budget tracking and monitoring tools that give finance teams visibility into spend against departmental or project-level budgets [6]
  • Support for global operations with multi-currency expense reporting and country-specific tax and regulatory compliance tools [6]
  • Pro: 300+ pre-built integrations including native SAP ERP sync [7][8]
  • Pro: Global coverage with multi-currency and regulatory compliance tools [6]
  • Pro: Modular—add travel or invoice management without switching platforms [6]
  • Pro: AI-powered receipt capture and smart matching via ExpenseIt [7]
  • Con: Quote-based pricing; no published rates on the website [6]
  • Con: No corporate card offering; relies on bank card feed integrations [6]
  • Con: Implementation can be complex for smaller organizations [6]
  • Con: Live support requires purchasing the User Support Desk service [6]
Pricing
Quote-based
Integrations
QuickBooks, Xero, Sage,TSheets, Gusto, & most business credit cards.
Ideal Company Size
Mid-market to enterprise
Ramp
Best for a broad spend platform
4.8 on G2
  • Corporate cards with customizable spend controls by merchant, category, employee, or department, plus unlimited virtual and physical cards [9][10]
  • AI-powered receipt matching, transaction coding, and memo suggestions that auto-populate as soon as a card is swiped [9]
  • Policy agent that reviews every expense against company policy, auto-approves compliant transactions, and escalates only exceptions with full audit trail [9]
  • Expense submission via SMS, Slack, or Microsoft Teams in addition to web and mobile app [9]
  • Reimbursements for out-of-pocket expenses paid to employees' bank accounts in 1–2 business days [9]
  • Real-time spend reporting with custom dashboards, natural-language queries, and proactive overspend alerts [9]
  • Broader spend platform that includes AP automation, procurement, vendor management, and treasury alongside expense management [9]
  • Pro: Free plan includes corporate cards, expenses, and bill pay [11]
  • Pro: AI policy agent reviews 100% of expenses automatically [9]
  • Pro: Submit expenses via SMS, Slack, or Teams—no app required [9]
  • Pro: Broader spend platform covers AP, procurement, and vendor management [9]
  • Con: Budget tracking requires Ramp Plus at $15/user/month [11]
  • Con: NetSuite, Sage Intacct, and Dynamics integrations require a paid plan [11]
  • Con: HRIS syncs and auto-lock cards require a paid plan [11]
  • Con: Credit limits fluctuate daily based on connected bank balance [12]
Pricing
$0/user/month
Integrations
QuickBooks, NetSuite, Xero, Sage Intacct, Slack, & 100+ accounting tools.
Ideal Company Size
Startups to mid-market
Brex
Best for global teams
4.8 on G2
  • Corporate cards with customizable spend limits by role, department, or category, plus auto-approve for in-policy expenses and auto-decline for out-of-policy spend [13][14]
  • AI-powered expense reviews that auto-approve compliant transactions and surface only exceptions for human review, with clear visibility into why a transaction is flagged [13]
  • Auto-generated receipts and memos with OCR that matches receipts in any language or currency, plus automatic GL coding by department, project, and entity [13]
  • Live Budgets that let department heads set top-level budgets, provision spend to individuals or teams, and track usage in real time with anomaly detection [13]
  • Global reimbursements in 70+ countries in employees' local currency, with subsidiaries able to issue reimbursements from local bank accounts [13]
  • Expense submission and approval via Slack and WhatsApp, with in-app commenting on individual transactions [13]
  • Broader financial platform that includes bill pay, business banking with up to 3.68% yield, and treasury alongside expense management [14]
  • Pro: Free plan includes corporate cards, expenses, bill pay, and travel [15]
  • Pro: AI expense reviews with 99% average policy compliance rate [14]
  • Pro: Global reimbursements in 70+ countries in local currency [13]
  • Pro: Live Budgets with real-time tracking and anomaly detection [13]
  • Con: Live Budgets require Premium at $12/user/month [15]
  • Con: HRIS syncs and customizable ERP integrations require a paid plan [15]
  • Con: Credit limits fluctuate daily based on connected bank balance [16]
  • Con: Multiple expense policies and dynamic review chains require Premium [15]
Pricing
$0/user/month
Integrations
NetSuite, QuickBooks, Workday,SAP Concur, Slack, & global banking portals.
Ideal Company Size
Startups to mid-market
Expensify
Best for simple reimbursements
4.5 on G2
  • SmartScan receipt capture by photo, email forwarding (receipts@expensify.com), or text message; auto-extracts transaction details and categorizes expenses [17]
  • Bring-your-own-card support: link existing corporate cards from 10,000+ banks globally for automatic reconciliation without switching card providers [17]
  • Expensify Visa Commercial Card with cash back on US purchases; cash back first offsets the Expensify subscription cost, then flows to the company's bank account [17]
  • Concierge AI for automated expense categorization, policy violation flagging, rule enforcement, and error reduction [17]
  • Global reimbursements for employees and independent contractors in their local currency [17]
  • Chat-based collaboration directly on individual expenses to resolve questions in real time rather than through email follow-ups [17]
  • 45+ integrations including QuickBooks, NetSuite, Sage Intacct, Xero, Workday, and Gusto [17]
  • Pro: Bring-your-own-card from 10,000+ banks globally [17]
  • Pro: Expensify Card cash back can offset the subscription cost [17]
  • Pro: SmartScan receipt capture by photo, email, or text message [17]
  • Pro: 45+ integrations including major ERPs and payroll systems [17]
  • Con: No free plan; starts at $5/user/month [18]
  • Con: Pricing structure varies by card spend volume [18]
  • Con: Budget management, advanced approvals, and expense policies require Collect or Control plans [17]
  • Con: No department-level budget management on par with card-first platforms
Pricing
From $5/user/month
Integrations
QuickBooks, Xero, Sage, TSheets, Gusto, & most business credit cards.
Ideal Company Size
Small to mid-market
Zoho Expense
Best for budget-conscious teams
4.5 on G2
  • Autoscan receipt capture with OCR that auto-categorizes and itemizes each expense, plus the ability to split or tag expenses across departments, projects, or cost centers [19][20]
  • Automated per diem calculations with pre-defined rules based on country, location, and trip details for regional compliance [20]
  • Corporate card management with real-time feeds that automatically match transactions to uploaded receipts for faster reconciliation [20]
  • Mileage tracking with four input methods across Android, iPhone, and Apple Watch [20]
  • Configurable approval workflows, expense policies, and audit rules with detailed audit trails for compliance [19][20]
  • Custom modules, workflow automation, webhooks, and configurable UI elements for businesses that need tailored expense processes [19]
  • Active-user pricing model: only employees who actually create expenses are charged, so admins and approvers who don't submit reports are free [21]
  • Pro: Free plan available for up to 3 users with core expense tracking [21]
  • Pro: Active-user pricing—admins and approvers aren't charged [21]
  • Pro: Automated per diem calculations by country and location [20]
  • Pro: Deep customization with custom modules and workflow automation [19]
  • Con: Corporate card feeds and multi-level approvals require Standard plan [21]
  • Con: Deepest value requires the broader Zoho ecosystem (Books, People, CRM) [19]
  • Con: No corporate card offering; relies on connecting existing cards [20]
  • Con: Travel booking, per diem, and live budgets require Premium plan [21]
Pricing
Free (3 users); from $4/user/month
Integrations
Zoho Books, QuickBooks, Xero, Sage, Microsoft Dynamics, & Google Workspace.
Ideal Company Size
Small to mid-market