Accusource is teaming up with Canoe Intelligence to make its family office and advisor middle- and back-office services more efficient, the two firms have announced.Canoe offers a way to eliminate the manual data entry process for alternative asset holdings such as hedge funds, private equity and venture capital.

According to Ryan Kerry, CEO of Pennsylvania-based Accusource, manual data entry has plagued the firm’s clients for years and in rolling out the new service with Canoe the company seeks to fully eliminate manual entry.

Investors are often challenged to handle thousands of email, web-based and PDF documents containing hundreds of thousands or millions of transaction, valuation and performance data points, according to Canoe.

The firm’s technology automates the  extraction process and management of data points and documents.

Canoe estimates that manually converting data-rich documents to digital formats costs firms as much as $4m annually.

It estimates that large single family offices and multi-family offices, OCIOs and others spend between $315,000 an $900,000 annually to manually managed between 11,000 and 56,000 documents monthly.

In March, multi-family office Mirador and Canoe Intelligence announced a similar partnership.

“At Canoe, our mission is to eliminate manual data entry and streamline operational processes for any firm dealing with alternative investments,” said Seth Brotman, CEO of New York-based Canoe.

“We’re pleased to partner with another industry-leading firm like Accusource to help more investment firms take advantage of the speed, accuracy, efficiency and control that is possible when deploying an automation solution like Canoe Intelligence.”

Family office admin Accusource partners with Canoe Intelligence on HFM InvestHedge.