A major New York City bank serves in a trust capacity for a family of more than 1,300 mutual funds.
The bank's method of recordkeeping was able to optimize operations. But it was also the bank's responsibility to engage auditors to prepare annual financial statements for each of the funds. The auditors needed to spend considerable time putting the records in order before they could issue their statements. The annual audit fee for all of the funds was over $8 million.
Business Logic designed a system that automatically transformed the operational data into double entry accounting records and produced camera-ready financial statements.
Business Logic's combination of accounting expertise and software development skills produced an efficient system that reduced the bank's annual audit fee by 75%.