--- title: "Next Matter vs FundCount: Orchestration for Regulated Fund Operations" description: "FundCount is a fund accounting system of record; Next Matter is the orchestration and governance layer that coordinates the full operational process around the ledger, with native AI agents, maker-checker approvals and a timestamped audit trail by default." lang: en json-ld: | { "@context": "https://schema.org", "@graph": [ { "@type": "Organization", "@id": "https://nextmatter.com/#organization", "name": "Next Matter", "legalName": "Daizy NM Limited", "url": "https://nextmatter.com", "logo": "https://nextmatter.com/__l5e/assets-v1/aab354c2-e169-46fe-8e9b-0e78438471d3/nextmatter-logo.svg", "description": "Next Matter is the orchestration platform for regulated financial operations - purpose-built for asset managers, fund administrators, and wealth and wealthtech firms, not a generic workflow tool - combining AI agents, your existing systems and human approvals with governance and a complete audit trail.", "sameAs": [ "https://www.linkedin.com/company/nextmatter", "https://www.daizy.com" ] }, { "@type": "WebSite", "@id": "https://nextmatter.com/#website", "url": "https://nextmatter.com", "name": "Next Matter", "publisher": { "@id": "https://nextmatter.com/#organization" }, "inLanguage": "en" } ] } --- [![Next Matter Logo](/__l5e/assets-v1/aab354c2-e169-46fe-8e9b-0e78438471d3/nextmatter-logo.svg)](/) - [Solutions](/solutions) [ grid\_view Solutions Overview Personas, capabilities, and proof ](/solutions)[ smart\_toy AI Orchestration Coordinate agents across your stack ](/solutions/ai-orchestration)[ library\_books Workflow Library Remix production-ready workflows ](/remix) Case Studies [ ![Ocorian](https://cdn.prod.website-files.com/69a7f71677d8045f0f2d982a/69a7f71677d8045f0f2da4e8_Ocorian_trustbar.svg) Ocorian 1,800 Employees • Fund Administrator ](/case-studies/ocorian)[ ![Trade Republic](https://cdn.prod.website-files.com/69a7f71677d8045f0f2d982a/69a7f71677d8045f0f2da4e9_traderpublic_trustbar.svg) Trade Republic 10M Customers • Online Trading Platform ](/case-studies/trade-republic)[ ![b2Venture](/__l5e/assets-v1/40232f5e-b66d-45f6-8d04-8be40304d172/b2venture-logo.png) b2Venture $800mn AUM • Venture Capital Firm ](/case-studies/b2venture)[ ![Swan](/__l5e/assets-v1/ef4919d4-3042-430f-b1a2-10b7da14c889/swan-logo.webp#lh=1500x401) Swan BaaS leader • Embedded Banking Platform ](/case-studies/swan) - [Platform](/platform) [ hub Platform Overview Built for Fund Operations ](/platform)[ build Workflow Builder Build long-running orchestrations ](/workflow-builder)[ smart\_toy AI & Automation Agents, models and guardrails ](/ai-and-automation)[ extension Integrations Core Ledger & Ecosystem Connectivity ](/integrations)[ verified\_user Governance & Audit Approvals and a full audit trail ](/governance-and-audit)[ shield Security SOC 2, ISO 27001, data residency ](/security) - Resources [ forum Ask a Technical Question Chat with the docs AI assistant ](https://help.nextmatter.com/docs/integrate-across-tools?assistant)[ campaign Opinions Perspectives from our team ](/opinions) [Sign in](https://app.nextmatter.com/login) [Talk to us](/book-a-demo) balance Comparison # Next Matter vs FundCount: Orchestration for Regulated Fund Operations FundCount is a fund accounting system of record - the general ledger, partnership accounting and NAV calculation engine. Next Matter is the orchestration and governance layer that coordinates the full operational process around that ledger, across every system a fund administrator runs. [Book a demo](/book-a-demo) [See how it works](/platform) ## At a glance A factual, feature-by-feature view of how the two platforms differ for regulated fund and financial operations. Dimension Next Matter FundCount Core function Orchestration and governance layer across the full operational process, coordinating people, systems and AI agents end to end. Fund accounting system of record: general ledger, partnership accounting and NAV calculation. AI automation Native AI agent orchestration inside every workflow, with human-in-the-loop approval and full auditability built in. Automation depends on third-party RPA add-ons such as Automation Anywhere and Kofax RPA layered on the accounting system. Who builds workflows Operations teams, no-code, changing their own processes directly and typically live in days. Requires integration and implementation work to stitch the accounting platform to other systems. Process coverage Investor onboarding, KYC/AML, capital calls, subscriptions and redemptions, exceptions, reporting and NAV oversight, end to end. Accounting and NAV production within the ledger. Audit trail Covers the full operational process by default - every approval, exception, AI action and human decision, timestamped and attributed. Covers accounting postings and NAV calculations. Maker-checker (four-eyes) approval Native default at step level across every workflow, not only accounting. Applied within accounting workflows. Integrations Native connectors to ledgers (including FundCount), CRMs, KYC providers and data rooms, plus a typed API. Connects to reporting, document and RPA tools. Typical buyer Head of Operations, COO, compliance and audit leads at asset managers and fund administrators. Fund accountants and financial controllers. ## An accounting system is not an operations platform The two sit at different layers of the stack. A fund administrator needs both, and the ledger alone does not solve the coordination problem. ### Books and records, inside one system FundCount solves the books-and-records problem: the general ledger, partnership accounting and the NAV calculation itself. Its scope is what happens inside the accounting system. The work that surrounds it - chasing documents, checking an investor against a KYC provider, routing an exception to the right reviewer, obtaining sign-off before a capital call goes out - happens across email, spreadsheets, the CRM, the data room and the ledger. ### Coordination, approvals and exceptions across every system Next Matter runs that surrounding process as one governed workflow. Every step - automated, AI or human - has an owner, a deadline, a control and an audit record, whichever system the data lives in. FundCount stays the system of record for the ledger; Next Matter reads from and writes to it as part of a process that also spans onboarding, KYC/AML, capital calls, exception handling and NAV oversight. ## Native AI agents, not bolted-on RPA How automation is built determines how much of it survives an audit and a change of process. ### RPA layered on the accounting system Automation around FundCount depends on third-party RPA integrations such as Automation Anywhere and Kofax RPA. The automation lives outside the platform, driven by scripted interactions with screens and files. That means a second vendor, a second change process and a second place to look when a control fails or a regulator asks who approved a step. ### AI agents as a first-class part of the workflow Next Matter orchestrates AI agents natively. An agent extracts, reconciles, classifies or drafts inside the same workflow that then routes the result to a named human for approval, with the model, the inputs and the outputs recorded. There is no separate RPA layer to maintain, because the automation and the governance around it are the same object. ## Governance across the whole process, not just the ledger Maker-checker and audit evidence are fund-ops-native defaults in Next Matter, and they apply everywhere the work happens. ### Maker-checker as a property of the step In Next Matter, four-eyes approval is switched on at a step. You name who prepares and who checks; the platform enforces separation of duties, records the named individuals and blocks progression without sign-off. That control applies to an onboarding decision, a KYC escalation, a capital call notice and a NAV release alike - not only to a posting inside the accounting system. ### A timestamped audit trail over the full process Every automated action, AI-agent step and human decision is timestamped and attributed by default, with inputs, outputs and approvals held together against the case, investor and fund. An accounting audit trail explains the entries. Next Matter explains the process: what was requested, what was checked, what was escalated, who approved it and when. ## Proof in production Next Matter runs regulated operations today across fund administration, banking and venture. Ocorian 300+ fund specialists running governed fund operations. [Read the case study](/case-studies/ocorian) Trade Republic Bank-grade client operations at consumer scale. [Read the case study](/case-studies/trade-republic) b2venture Venture operations to roughly 800M EUR AUM. [Read the case study](/case-studies/b2venture) Swan Embedded-finance operations at scale. [Read the case study](/case-studies/swan) Next Matter is SOC 2 Type II certified - see the [Trust Center](https://app.drata.com/trust/d62cb1a1-96df-4741-8058-97ecbc4ff345/) - and ISO 27001 certified, with SSO/SCIM and data residency you control. ## See it against your own process Bring a real workflow - a capital call, an investor onboarding, a NAV pack - and we will show you how it runs with AI, maker-checker approvals and a full audit trail. [Book a demo](/book-a-demo) ![Next Matter](/__l5e/assets-v1/aab354c2-e169-46fe-8e9b-0e78438471d3/nextmatter-logo.svg) The agentic operating system for modern financial services. A Daizy company. 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