Phoenix American provides complete fund accounting services for both onshore and offshore funds. Solutions are available for any corporate entity with any fund accounting or other accounting needs from basic bookkeeping to specialized full-service tax and accounting at the fund, asset or corporate level. We appreciate the unique needs of every fund accounting client with dedicated customer service and meticulous attention to detail.
Waterfall & Carry
Net Asset Value
Frequently Asked Questions
Fund accounting will work with you to establish the period-end dates and closing time frames you prefer and plan for the associated reporting requirements. Statutory statements are completed by their respective due dates. Fund accounting can either mail financial statements or send them electronically. You will also have access to historical records through your client web portal.
As part of our standard fund accounting solution, Phoenix American will generate industry specific transactional and period-end reports as well as internal managerial financial reports. With our Premium Fund Accounting Services offering, Phoenix American will create full financial statements for all types of external reporting, including SEC filings via EDGAR.
Fund accounting will receive and process pre-approved vendor invoices, then issue checks as needed. All vendor payments will be required to have a final approval by you before a payment is released.
Yes. Phoenix American fund accounting not only offers, but encourages the use of Electronic Funds Transfers (EFT) through our banking services. Fund accounting sends all EFT transactions, excluding direct wires, through the Automated Clearing House (ACH) governed by the Federal Reserve System’s Regulations and the National Automated Clearing House Association (NACHA).
Yes. Two methods are available. Manual checks may be issued out of your office or payments may be issued by fund accounting. There are costs associated with receiving, processing, approving and disbursing a rush payment. The volume and frequency of these types of disbursements usually determine which method will work best for you.
The preferred method is a lockbox for checks and electronic receipts. However, whatever alternative you prefer, fund accounting will work with you to meet your needs. All daily receipts will be processed within the prescribed time frames.
Yes, depending on the bank account set up, your fund accounting team can receive and process electronic transfer information into our accounting software.
Your fund accounting team will handle any and all banking issues relating to the transfer of funds on your behalf for accounts payable and accounts receivable processing. Fund accounting has experience working with all types of financial institutions including local banks, national banks and money market investment funds.
Depending on the arrangement you prefer, your fund accounting team may have limited, pre-approved, authorized access to your account for electronic transfers and/or authorization to speak with the bank on your behalf as needed for treasury services.
Fund accounting sends all EFT transactions, excluding direct wires, through the Automated Clearing House (ACH) governed by the Federal Reserve System’s Regulations and the National Automated Clearing House Association (NACHA). for secure transmissions.Direct wires are sent directly to or from your bank account
SEC Compliance & Audit Support
Yes. Your fund accounting team is trained in all aspects of EDGAR conversion and filing. Fund accounting employees attend regular seminars to stay up to date on the latest SEC requirements.
Fund accounting starts with the core financial information and works with your financial, legal, and management personnel to gather the information that cannot be derived from accounting transactions.
As part of our Premium Fund Accounting offering, your service team is available to answer any audit questions on transactions we have processed. Fund accounting also prepares work-paper files to support quarterly and year-end transactions. The audit can take place in our office or at a location of your choice through phone and electronic communication.
Tax Compliance Services
Yes. The tax department will send returns and backup to you for review and approval. If a tax payment is required, the information provided will allow you to create the payment request.
Your fund accounting team will sign sales, use, property and miscellaneous annual tax returns as the paid preparer. The benefit of this external fund accounting review process is to provide you with added assurance of a complete and accurate return. Phoenix American requires income tax returns be reviewed and signed by your CPA.
Yes. Phoenix American fund accounting files sales, property, and income tax returns in all 50 states and numerous local jurisdictions. Utilizing our internet and tax software, the tax professionals on your fund accounting team have access to all tax laws and forms. Through our years of experience, Phoenix American has developed a network of contacts in numerous jurisdictions and can call upon them as needed. We also file taxes for our international clients.
Inform your Tax Representative at Phoenix American. He or she will explain the audit process and review the tax returns filed in the audit period. Your fund accounting team will gather copies of tax returns filed and any work-papers supporting those returns and provide them to you. Audit support can handle the audit from our office. Phoenix American has extensive experience representing clients in sales, use, property and income tax audits at the federal, state and local levels. Phoenix American fund accounting has developed many contacts in various taxing jurisdictions through our decades of experience.
Learn More About Fund Accounting
- Distribution Waterfalls and Outsourced Fund Accounting
- What Are Waterfalls in Fund Accounting?
- Fund Accounting and Capital Activities
- What is a Waterfall Structure in Fund Accounting?
- How to Evaluate a Fund Accounting Firm
- Evaluating a Fund Accounting Firm
- The Importance of Experience in Fund Accounting
- Financial Reporting for Private Equity