Get Your Ducks in a Row
The Power of Data Aggregation and a Centralized Database

Commission Data Aggregation

Pandia supports a wide variety of standard sources of commission information including: National Financial, Pershing, Beta, First Clearing Corporation, NSCC, DTCC, and DST. Pandia handles a diverse range of data feeds and aggregates them into its proprietary data structure. This data structure is designed to keep track of the information that is important to a broker-dealer, information such as: capped and uncapped commissions, source of funds, referral information, and branch credit. In addition, trail and fee revenue is stored at the customer account level and can be reallocated as territories are reassigned.

The aggregation of all sources of revenue into one central database via electronic sources increases the accuracy of the data and reduces the amount of back office labor required to process the revenue.

Trade and Customer Maintenance

One benefit to having all revenue aggregated into one database is that it gives management the ability to set uniform data update rules. Defining the rules for how branch and financial advisors receive credit for trades is decided, along with customer data update rules, and goes a long way in reducing data quality problems. In addition to these automated tools, Pandia has the ability for staff to edit customer and trade information to correct mistakes that might have occurred at the carrier or clearing firm.

All changes to customer and transaction data are audited in Pandia. Any changes are stored in Pandia’s database along with who (or what automated process) made the change, when, and what the original value was.

Having a consistent set of rules and a robust audit engine gives Pandia users accurate and consistent data. Data anomalies are easily identified and corrected, so future manual intervention is reduced. Fewer mistakes and less manual intervention provide increased back office efficiency and better reporting.

 

General Ledger Reporting

With all the revenue data flowing into one database, Pandia becomes the logical choice to report that revenue to the firm’s general ledger system. Every trade that is stored in Pandia is assigned a general ledger line of business. Terrapin’s solution architects work with the firm’s accounting staff to identify these lines of business, so that all revenues are reported to the proper general ledger accounts and cost centers. Integration with the Pandia payroll module allows commission expense to be reported accurately to the general ledger as well. Daily files are generated for export to the firm’s general ledger.

Having all revenue reported to the general ledger daily reduces month end pressure and allows users to address revenue reporting issues as they happen, rather than at the end of the month.

 

Management Reporting

Pandia management reports deliver a complete view of revenues and goals. These reports are customized in the initial implementation, giving a top down view of a client’s business. The reports can give management views of revenue by branch, financial advisor, sales region, channel, product line, etc.

Having management reports that reflect a firm’s complete business provides management with the information necessary to make critical decisions. To see the data in a form that represents the firm’s branch and sales management structure allows them to pinpoint trouble areas and highlight success stories. With all the revenue being reported to the firm’s general ledger, management reporting can match the firm’s P&L, making reporting more meaningful.

 

Efficient and Accurate Commission Accounting

 

Is your back office frustrated with a time consuming and error-prone commission accounting system? Is management lacking the tools to do meaningful business analysis?  To learn how we solve these challenges for our clients, call us at 612-244-2300 or email us at talk2us@terrapintech.com.