Initial Analysis and Business Requirements Document (BRD): The implementation process begins with a thorough analysis of the client’s needs. FundCount creates a BRD to outline custom workflows, functionality, and reporting requirements. This document also finalizes implementation costs.
Training and Certification: Clients undergo training at the FundCount Academy to familiarize themselves with the software’s capabilities. This includes standard training and additional topics specific to the BRD2.
Execution Phase - Milestones:
First Milestone: Operationalize one entity without modules, automated data feeds, or custom workflows.
Second Milestone: Integrate all entities, establish data links with custodians/banks, and activate modules as defined in the BRD.
FundCount can be customized to fit specific business needs, offering a range of tools and features designed for flexibility and adaptability. Below are the key data points highlighting its customization capabilities:
Custom Reporting: FundCount allows users to create entirely new reports tailored to specific requirements using tools like Excel and custom data extracts. Users can build templates, integrate custom calculations, and extract specific data combinations directly from the database.
Flexible Report Delivery: Reports can be distributed via email, uploaded to investor portals, or exported in formats like Excel or PDF. This ensures seamless communication with clients and stakeholders while meeting unique presentation needs.
Custom Data Integration: FundCount supports custom data extracts using APIs or SQL requests, enabling integration with external systems such as data warehouses, custodians, or proprietary platforms. This feature is ideal for businesses with complex data strategies.
Workflow Automation: The platform offers unlimited custom workflows to automate repetitive processes such as allocations, capital calls, and fee calculations. These workflows can be tailored to align with specific operational requirements.
Investor Portal Customization: The investor portal provides a white-labeled space for static file access and two-way communication. Users can customize it for secure document sharing, KYC/AML compliance, and capital statement production.
Custom Communication Features: FundCount includes customizable email templates and communication workflows that can be adapted to meet the unique needs of client interactions.
Advanced Excel Integration: Through its Custom Control module, users can design powerful Excel workbooks for unique fee calculations, allocation models, waterfalls, and other specialized processes not typically supported by standard software.
Pre-Built API Integrations: FundCount integrates with over 80 external systems, including Bloomberg and Thomson Reuters. Its AppUniverse library expands this capability to over 2,000 applications via Zapier.
FundCount incurs several additional costs beyond its subscription fees, which vary depending on the chosen pricing plan and business needs. Below are the typical costs associated with its implementation and usage:
Setup Fees: FundCount charges setup fees that depend on the complexity of the implementation. For example, onboarding costs may include customization of workflows, integration with custodians, and training at the FundCount Academy. Some plans, such as Sandbox ($899/month), allow users to test the software before committing to full implementation.
Annual Subscription: The average entry license fee is approximately $25,000 per year for standard subscriptions. This fee includes customer support, maintenance releases, and software upgrades.
Hosting Fees: For cloud-hosted solutions, additional digital transformation and hosting fees may apply. These costs are typically included in higher-tier plans like Enterprise or Fund Administration.
Maintenance Costs: Ongoing maintenance charges are bundled into the subscription fee, covering updates and regular security reviews to ensure optimal performance and data protection.
Customization Costs: Businesses requiring extensive customization for workflows, reporting templates, or integrations may face additional charges based on the scope of work required.
Training Costs: Training at FundCount Academy is typically part of onboarding but may involve extra fees for advanced or tailored sessions beyond standard training modules.
User-Based Pricing: For certain plans, costs are calculated per user seat or connected custodian. For example, high-net-worth individual plans start at $6,400 per user annually.
Feature-Based Pricing: Specific advanced features like complex reporting tools or additional modules may incur separate charges depending on usage requirements.
FundCount offers training and support to ensure new users can effectively adopt and utilize the software. Below are the details of the training and support provided:
FundCount Academy: New users undergo training at FundCount Academy, which provides a structured program combining e-learning modules and webinars. The academy covers standard software functionalities as well as custom workflows, reporting, and modules tailored to specific business needs outlined in the Business Requirements Document (BRD).
Role-Based Training: Training is customized based on user roles and responsibilities, ensuring that each team member learns how to perform their tasks efficiently using FundCount’s features.
Hands-On Practice: Users are encouraged to practice in sandbox environments or test accounts, allowing them to explore features and functionalities in a risk-free setting.
Live Training: FundCount offers live online sessions, in-person training, and webinars to accommodate different learning preferences.
Dedicated Support Team: A dedicated team of experts assists with implementation and ongoing usage, ensuring users can maximize the benefits of the platform.
Help Desk Services: Support is available via phone, email, and a knowledge base for troubleshooting issues or answering questions.
On-Demand Consulting: During implementation, clients have access to consulting services for advanced customization or resolving complex issues.
FundCount implements a range of robust security measures to ensure the protection of sensitive financial data and maintain compliance with industry standards. Below are the key security practices employed by FundCount:
Data Encryption: FundCount uses encryption protocols for data at rest and in transit, safeguarding sensitive information from unauthorized access during storage and transmission.
Network Security: The platform employs firewalls, antivirus software, intrusion detection, and prevention systems to secure its network and system infrastructure. These measures protect against cyberattacks such as malware, phishing, and unauthorized intrusions.
Authentication and Access Control: FundCount enforces strong password policies and multi-factor authentication (MFA) to ensure that only authorized users can access the system. Role-based access control further restricts data visibility based on user roles and responsibilities.
Regular Vulnerability Scans: The software undergoes regular internal vulnerability scans to identify and address potential security weaknesses. Source code security testing is also conducted to ensure the application is free from exploitable vulnerabilities.
Compliance Standards: FundCount partners with Digital Edge, which operates in compliance with ISO 27001 and NIST CSF 800 standards for cybersecurity. These globally recognized frameworks ensure that the platform adheres to best practices for data protection and risk management.
Incident Response Plan: FundCount has a well-defined incident response plan to address potential cyberattacks or data breaches. This includes investigation, containment, recovery, and post-incident analysis to prevent future occurrences.
Hosting Security: For cloud-hosted solutions, FundCount leverages advanced hosting services provided by Digital Edge. These include fail-safe cybersecurity features such as regular backups, disaster recovery plans, and auditable controls for compliance.
Employee Training: Employees undergo regular cybersecurity training, including phishing awareness exercises, to minimize risks associated with human error.
Third-Party Vendor Due Diligence: FundCount ensures that all third-party vendors meet stringent security requirements through audits and contractual data protection provisions.
FundCount releases updates regularly as part of its ongoing maintenance and subscription services. These updates are typically included in the annual subscription fee, ensuring that users have access to the latest features, performance enhancements, and security upgrades without additional costs. While the exact frequency of updates is not explicitly stated, FundCount emphasizes the importance of staying current with software releases to avoid disruptions and ensure optimal functionality.
Updates are managed systematically to minimize operational impact. FundCount advises clients to schedule upgrades at times that align with their reporting cycles, such as immediately after issuing monthly or quarterly reports, to allow sufficient time for implementation and testing. The company provides resources like webinars, training sessions, and online documentation to help users adapt to new features quickly and effectively. Additionally, FundCount offers consulting support during upgrades to address any challenges that may arise during the transition
FundCount policies on data ownership and portability are not explicitly detailed in publicly available resources. However, insights can be inferred from their published materials:
Data Ownership:
FundCount emphasizes the importance of data ownership within organizations. In their guide on data governance for small businesses, they highlight that data governance empowers businesses to take control of their data by defining access, usage, and ensuring confidentiality. This suggests that FundCount advocates for clients to maintain ownership and control over their data within the system.
FundCount offers flexible terms for scaling up or down to accommodate changing organizational needs. Below are the key aspects of its scalability policies:
Tiered Subscription Model: FundCount employs a tiered subscription model that allows organizations to choose plans based on their size, complexity, and operational requirements. As businesses grow, they can upgrade to higher tiers that offer additional features, increased capacity, and enhanced support.
Customizable Features: The platform provides flexibility in adding or removing modules and functionalities as needed. For example, businesses can integrate advanced reporting tools or investor portals when scaling up or streamline features when downsizing.
Automated Scalability: FundCount’s automated systems ensure that scaling does not require linear increases in headcount. The platform can handle rising transaction volumes, reconciliations, and reporting needs efficiently without additional manual intervention.
Dynamic Pricing: Costs are adjusted based on the chosen tier and the number of users or entities managed within the system. This ensures cost-efficiency for organizations expanding or contracting their operations.
FundCount terms and conditions for contract renewal and cancellation are designed to provide flexibility while ensuring clarity in obligations for both parties. Below are the key data points regarding these processes:
Annual Subscription: FundCount operates on an annual subscription model, with the average entry license fee starting at USD 25,000. Renewal terms are typically aligned with this subscription cycle.
Automatic Renewal: Contracts may include automatic renewal clauses, meaning the agreement renews for another term unless either party actively opts out before the renewal deadline.
Opportunity for Renegotiation: During renewal, clients can renegotiate terms, adjust pricing, or expand the scope of services to better align with evolving business needs.
Notification Requirements: Clients are usually required to notify FundCount within a specified timeframe if they choose not to renew the contract. Failure to do so may result in automatic renewal.
Updates and Maintenance: Renewals typically include continued access to customer support, maintenance releases, and software upgrades without additional costs.
Cancellation Notice: Clients must provide formal notice of cancellation within the agreed-upon timeframe outlined in their contract. This ensures that both parties can prepare for the termination of services.
One-Year Commitment: FundCount subscriptions generally require a one-year commitment, meaning cancellation before the end of the term may incur penalties or additional fees.
Early Termination Fees: If a client cancels mid-term, they may be required to pay the remainder of their subscription fees upfront.
Grace Period: Some contracts may allow cancellation within a short grace period (e.g., 14 days) after the start of the subscription. However, this often involves prorated charges for customer support services used during that time.
Data Portability: Upon cancellation, FundCount ensures that clients retain ownership of their data and provides mechanisms for secure data transfer to other platforms or systems.
FundCount meets several internationally recognized compliance standards to ensure data security, operational integrity, and regulatory adherence. Below are the compliance standards supported by FundCount:
ISO 27001 Certification: FundCount adheres to ISO 27001, a globally recognized standard for information security management systems. This certification ensures that the platform maintains robust security protocols to protect sensitive financial data.
NIST CSF 800 Compliance: FundCount operates by the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF 800). This framework provides guidelines for managing and reducing cybersecurity risks, ensuring that FundCount meets stringent security requirements.
GDPR Compliance: FundCount complies with the General Data Protection Regulation (GDPR), ensuring that personal data is handled securely and transparently for clients operating within the European Union.
MiFID II Compliance: The platform supports MiFID II (Markets in Financial Instruments Directive II), which governs transparency and investor protection in financial markets across Europe.
FinSA/FinIA Compliance: FundCount adheres to Swiss financial market regulations, including FinSA (Financial Services Act) and FinIA (Financial Institutions Act), ensuring compliance for firms operating in Switzerland.
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