Not exactly. Your existing Xero or QuickBooks data doesn't disappear — the question is how much of it needs to migrate and in what form. For most SFOs, the practical answer is: current-year data migrates cleanly, prior-year comparatives can usually be reconstructed from existing files for audit purposes, and historical data goes into an archive rather than the new system.

The harder question is whether to run the migration at year-end (cleanest) or mid-year (faster). That's one of the things the discovery phase maps out before you commit to anything.

Sage Intacct is a good product for multi-entity accounting. For a straightforward SFO — under 8 entities, primarily USD/HKD, no Mainland complexity, limited compliance exposure — it's worth evaluating. It's cheaper and faster to implement than NetSuite, and the core multi-entity consolidation is solid.

NetSuite wins when the structure is more complex: Mainland subsidiaries with RMB books, 10+ entities, APAC operations beyond HK, or a need for the Oracle brand as a trust signal for principals. The HK implementation ecosystem for NetSuite is substantially deeper than for Intacct — more local consultants who've configured for HKFRS and HK-specific structures. If you're shortlisting both, ask each partner how many HK multi-entity family office or investment holding structures they've actually configured.

A properly configured NetSuite implementation for a multi-entity SFO structure is a real investment — in licensing and in implementation work — and we won't pretend otherwise. The discovery phase scopes the work and the number before you commit, so there's no open-ended bill.

The way to evaluate the cost is against what the current setup actually costs: the controller's time on intercompany spreadsheets, the exposure if FIHV qualifying transaction records don't hold up at an IRD review, and the risk embedded in a system where any user can edit historical transactions.

The concession requires audit-grade records of every qualifying transaction — the nature, date, amount, counterparty, and that the transaction originated within the FIHV structure. NetSuite's period lock means those records are immutable once closed. The user-level activity log creates a trail that shows what was posted, by whom, and when. The entity hierarchy holds the FIHV as a subsidiary with its own chart of accounts, so transaction classification is structural rather than manual.

When the IRD asks for documentation, or your auditor asks how you support the revenue figures, you have the record to answer. For SFOs below the HK$240M threshold, the AMLO and Companies Ordinance record-keeping requirements still apply and are substantially easier to evidence from a proper accounting system than from Xero or QuickBooks.

AMLO applies to SFOs regardless of whether you hold an SFC license, and it requires documented controls: KYC records, beneficial ownership documentation, and transaction monitoring. NetSuite isn't an AMLO compliance system, but a properly configured implementation supports the record-keeping requirements — immutable transaction logs, access controls, and an audit trail that reflects what happened and who did it.

Your AMLO compliance obligations are met through your policies and procedures, not the software alone. What NetSuite does is give you the records those procedures require, maintained automatically, without manual reconstruction.

It depends almost entirely on entity count and compliance exposure. If you have two or three entities, primarily HKD/USD, no FIHV election planned, and the books are manageable, it may genuinely be too much at this stage. We'll say so.

If you have eight or more entities, a Mainland sub, multi-currency complexity, and either a FIHV election in progress or AMLO obligations that need documented controls, the question is whether the cost of the current setup — in time, risk, and management overhead — is already higher than it appears. That's a calculation worth doing before deciding.

Yes, and it's a common path. NetSuite OneWorld allows you to add subsidiaries to an existing instance. The SFO structure — holding company, FIHVs, SPVs — can sit in the same tenant as the operating entity, with consolidated financials across the whole group.

The caveat is the quality of the existing implementation. If it was built cleanly — sensible chart of accounts, consistent use of segments, proper period management — the extension is relatively straightforward. If it was implemented generically and never configured for multi-entity use, there's remediation work to scope first. We can assess the existing instance as part of the discovery phase.

You don't commit to a full platform on day one. The fixed-scope discovery phase maps your entity structure and identifies where the real implementation complexity sits. You see the plan and the cost before the build begins.

We're also realistic about live operations. The implementation can be phased so new activity starts clean in NetSuite while the existing setup runs legacy periods to their natural close. Nobody is forced to migrate mid-year with open periods and live bookkeeping running in two systems simultaneously.

No. It's your NetSuite account and your data. What we implement is a configuration on a platform you own — not a black box that only we can access.

We hand over documentation and train your team so routine changes don't require us. We'd rather earn the ongoing relationship than hold the keys to the system as leverage.

Engagement teams are kept small and consistent — two or three people throughout, not a rotating roster. Entity names, ownership structures, and transaction data are confined to the named team. We don't reference client names without explicit permission, and scope documents and correspondence are kept within a dedicated engagement workspace.

We work regularly with structures where the entity names themselves are treated as confidential, and we operate accordingly from the start of the engagement.

OnePacific is now part of PS Global Consulting.

hk.psglobalconsulting.com is the dedicated Hong Kong NetSuite practice site for the same award-winning team clients knew as OnePacific, while psglobalconsulting.com covers the broader PS Global Consulting business across the region.

We continue to deliver NetSuite implementation, customization, integration, and support services for clients across Hong Kong and APAC.