Sharesight creates cloud-based tool to manage investments

Investing is no longer an activity that’s reserved for the rich, because we now know that investing is how most of those people become rich.

There have always been widgets and tools – like that Stocks widget in the iOS notification centre that you’ve probably never used – to help track investments, but there’s nothing out there for investors quite like Sharesight, the cloud-based app for investment portfolio tracking.

The service connects to over 50 share brokers and banks to automatically track gains, losses, and dividends, and provide real-time performance and tax reporting. Sharesight syncs with Xero too, and has versions for professionals and DIY investors.  

Doug Morris, Sharesight’s MD, said that the idea behind the company was born out of the madness they encountered when trying to track their portfolios on a spreadsheet. Applications like Sharedsight were available, but they were mostly expensive software designed for fund managers.

“Before Sharesight there was no single place where an investor could see accurate investment performance, let alone their tax position,” Doug said.

“We provide a ‘data passport’ for portfolio data. Some of your investment data might live with your broker, some with the share registries, and some in a shoebox full of paper statements. Sharesight not only aggregates all of this, but tracks it going forward automatically. And we allow free sharing with others, which makes tax time cheap and easy.”

The app’s integrations are one if its biggest features, since the flow of information between a user’s investment portfolio and accounting software is now automated.

“Our Xero integration works for both our DIY and professional product versions. We have a real-time sync with Xero so that our clients’ trades and dividends are sent to Xero just like any other expense, asset, or revenue stream. This way our clients can fold their investments into their everyday budgets and P&L’s.”

“Ultimately, when you make a share trade, that information goes from your broker to Sharesight to Xero in about 60 seconds,” Doug added. 

One of the team’s biggest challenges has been working with diverse portfolios that have multiple data sources. That old saying tells us not to put all of our eggs in one basket, but being able to track the performance of multiple baskets can be challenging, especially if you have a lot of eggs.

Two features have been created to solve this problem.

“First, we allow people to import their historical trade data directly from their broker. This gets your portfolio up to date as of today,” Doug explained. “Second, we can machine-read trade confirmations from over 50 brokers. Essentially, when a PDF is sent to Sharesight, our system will automatically extract the contents to update your portfolio going forward.”

In the near future, the company plans to release a benchmarking feature that with will lay the ground work for some deeper-dive analytics. After that, Sharesight will expand into the UK.

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