Accounting and financial reporting consume 32 percent of the average family office's time, according to a new report.

The report, from Family Office Exchange, a global membership organization of single family offices and their advisors, was developed by FOX in conjunction with Advent Software. It found that 80 percent of family offices provide clients with quarterly financial reports. Just over half (51 percent) provide a consolidated annual report.

While family offices are increasingly exploring secure online technology for the distribution of financial information, 67 percent still provide clients with hard copy reports.

In addition to the survey results, the report includes several case studies suggesting that the most successful reporting ties the numbers back to family goals by taking key factors such as client objectives, audience sophistication, timing and preferred method of delivery into consideration.

“Effective financial reporting is a matter of communication,” said FOX CEO Sara Hamilton in a statement. “The challenge is to show how the numbers are relevant to the client's goals in a manner that accounts for their learning style, preference for information and financial literacy.”

The report is available at www.familyoffice.com.