Ingenious Initiatives has issued version 10.1 of Penny – It Works, an accounting software solution for hedge funds, fund administrators, private equity firms, investment management companies and family offices.
Penny Version 10.1’s new features and capabilities helped prompt the company’s recent name change.
Formerly known by its corporate name, TKS Solutions, it recently began doing business as Ingenious Initiatives.
Penny Version 10.1 incorporates unitised partnership calculations and allows hedge fund back offices to manage stock and cash distribution and reinvestment, and benefit from a wide range of other updates.
In Version 10.1, the unitised partnership calculation feature allows shares to be reported on investor statements and through new reports detailing calculated NAV and GAV per-share amounts on capital-based funds. Among other advantages, this will make it easier for hedge fund back offices to track shares on partnerships. Additionally, hedge fund back offices can now manage investor payouts and distributions directly through the software, facilitating a more streamlined approach to hedge fund accounting.
“Penny Version 10.1 does everything you thought accounting software couldn’t do, and more,” says Ron Kashden, founder of Ingenious Initiatives. “Like all of our products, Version 10.1 delivers advantages provided by no other accounting software provider, and it’ll continue to do so because of our unmatched commitment to ongoing investment in constant product improvement. It’s why we’re doing business as Ingenious Initiatives, a brand name that underscores our uniquely creative approach to product evolution.”