Ultra-High-Net-Worth Investor Gains Clarity with Plumb Family CFO Services

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Providing an Entrepreneur with Up-to-Date & Consolidated Financial Data for a Clear Picture of Wealth

Case Study: Ultra-High-Net-Worth Investor & Business Owner

Client:

Ultra-high-net-worth entrepreneur with multiple business investments, rental properties and luxury yacht.

Net-Worth:

$150 Million +

Background:

An entrepreneur who recently sold one of his businesses needed help with his personal accounting, tracking of income, cash flow reporting and bill pay. As he started to invest in additional businesses, he was also looking for an accounting team who could provide him with accurate GAAP compliant financial statements for his new investments.

A snapshot of his financial life included multiple operating businesses, existing holdings, and real estate assets.

Referencing an article in the New York Times, “Inside the Minds of the Ultrawealthy” by Eilene Zimmerman, she asked psychologist Brad Klontz about what it’s like to work with billionaires.

What can the rest of us learn from how the ultra-high-net-worth work through their problems?

The ultra-high-net-worth are not afraid to ask for help. They are more likely to have an internal locus of control, where they are quick to take credit for their successes and admit their failures, at least to themselves. In managing their very complex lives, they have had to rely on a variety of experts to help them along the way. When they run into problems, they are less hesitant than most of us to seek help from someone who is an expert.

Solution & Deliverables:

Plumb Family CFO delivers a customized approach for every client, depending on their needs and complexity of their financial lives.

This Client’s concerns revolved around the accuracy of the data his property management company was providing. He was also seeking accounting assistance for a newly acquired construction business that needed cleaned-up financials and advice moving forward with company performance and strategy.

Personal Reporting & Outsourced Accounting:

  • Create a consolidated trust balance sheet every month
  • Track all transactions and properly allocate
  • Implement calendar of financial due dates for all rental properties to ensure mortgages, property taxes, insurance and utilities are paid on time
  • Work in conjunction with property management firm to receive accurate data
  • Set-up internal controls and accounting procedures to track new business entities, trusts and partnerships
  • Track and consolidate investment funds
  • Reconcile all balance sheet accounts, including Cash, AR, AP and credit card liabilities
  • Project work for establishing up-to-date and accurate financial statements for newly acquired business
  • Maintain yacht slips and make sure invoices are paid on time
  • Ongoing strategic advice on company performance

Outsourced Bill Pay:

  • Forwarding bill statements to client-specific PO Box
  • Sending the Client a comprehensive list of bills for approval of payment
  • Paying bills out of a POA designated bank account
  • Processing checks that Plumb signs as Power of Attorney
  • Performing monthly bank and credit card statement reconciliations
  • Electronically filing invoices to a secured client-specific cloud folder
  • Setting up bill pay schedule with financial calendar of due dates
  • Integrating bill pay schedule into Plumb’s proprietary task management software
  • Implementing vendor management reporting
  • Creating weekly cash flow reports
  • Properly tracking income & expenses

Results – How We Help:

The Client was able to offload many personal accounting and bill pay tasks to Plumb Family CFO. He gained financial clarity and peace of mind knowing that his day-to-day transactions were being handled With consolidated reporting every month, he was able to see a clear picture of his net-worth and had more time to optimize his investment strategies.  With ongoing corporate outsourced accounting and strategic advice on a CFO-level, the Client receives recommendations on industry-specific trends with the companies that he has ownership in.

Ready for financial peace of mind?



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Contractors Implements a Financial Infrastructure That Lasts

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Customer Success Story – Century Mechanical Contractors  Implements Sage 300 CRE to build efficiency and profitability

This Texas HVAC and geothermal contractor uses Sage 300 Construction and Real Estate to build efficiency and profitability.

Century Mechanical Contractors has been building north Texas for five decades. They started as a commercial HVAC and plumbing contractor for public building clients like schools, churches, and hospitals.

As their customers grew, Century grew too. They became certified experts at piping medical gas – mastered water treatment, acid waste and high purity plumbing – and expanded into geothermal HVAC systems that can reduce energy consumption by as much as 70%.

Today, Century Mechanical has a robust mix of both public and private industrial clients. With multiple channels for expansion and a smart strategy to provide unique and comprehensive services, Century has grown from a small, 30-person company into a $50+ million powerhouse employing more than 150 people.

Key outcomes:

  • Long-term company growth topping 500%
  • Payroll completed in 25% of the time
  • Tax reporting done in 10% of the time
  • Dramatically improved information visibility and flow

Century’s building plan

Diane Mills, the Secretary/Treasurer for Century Mechanical, has steered the company’s growth financially for 3 decades. When she started, all payroll and financial data was entered by hand. Yes, people actually calculated every number manually. She remembers how big a deal it was to start using computers.

When she first evaluated the emerging construction software products available, she chose Timberline, the precursor to Sage 300 Construction and Real Estate, because, “The job cost program was superior at the time. It integrated into our payroll, directing into our GL and all the reporting.”

Ready to achieve financial peace of mind with one of the best outsourced accounting firms?

Job Costing Still Paramount

Mills credits those same capabilities for her current loyalty – and job costing is still her favorite module. She and other Century managers appreciate the detail they can access. What was bought? Which vendor supplied it? Who ordered it? Did we rent anything we already had? Is there a P.O.?

“I can break it down for every job. I know that it processes through from Payroll, General Ledger, Accounts Payable, Accounts Receivable. It’s all integrated through the job cost program and we can get every detail we need out of that.”

Integrating AR, expanding knowledge

When the industrial division took off, taxation became a major new complication. Century had always worked for nonprofits – schools and hospitals that were exempt from taxes. Suddenly Century faced a huge new challenge: How to calculate and report taxes and keep those funds separate from the job costs.

Again, Mills turned to Sage, adding the AR module to the 300 Construction and Real Estate program that had become her go-to resource. Because of its similar functionality and easy integration, there was hardly any learning curve and Century saw results right away.

“I really appreciate the reporting I can get out of Accounts Receivable – for taxation –and just for vendors.” But she also realized another benefit she didn’t anticipate. “We can now more readily get information about every customer that we have.”

Customized Reports, Personalized Insight

Mills regularly uses Report Designer and Inquiry Designer to inform her analyses. She cites the over billing and under billing capabilities of the Work in Progress report as vital to her incomplete work tracking. But that’s not her favorite option.

“Inquiry Designer is tremendous. It’s Report Designer with a kick.” Mills says the secret is two-fold: Understanding and using every field and an easy integration with Excel that lets her format data further. “You really do have to have a little more knowledge to use this program but that’s because it can do so much.”

Always learning

All new Sage 300 Construction and Real Estate users at Century complete online training. According to Mills, they pick it up right away and often come back with shortcuts and tips she didn’t know. “They’ve been teaching me, which is great to have that information flow.”

Century is also a regular and satisfied user of the Knowledge Base and the digital answers found there. But when it comes right down to it, Mills admits, “I’m still a pick-up-the-phone-and-call person.” So Sage Customer Service “always gets top stars in my book.”

Better time management, better information flow

Since Century implemented Sage 300 Construction and Real Estate, they’ve saved hundreds of hours of labor:

  • Weekly payroll has gone from 8-10 hours to 2-hours. That’s a 75% reduction in labor even as the number of employees increases.
  • Tax Reporting only takes 10% of the time it used to take, cut from two weeks to a single day, even as the number, size and complexity of jobs continues to grow.
  • Errors, which sometimes took days just to identify, are now found and corrected in minutes.

Plus, Mills adds, “The information flow is 100% more even than it was a year ago.”

About Sage 300 Construction and Real Estate

Sage Construction and Real Estate is the market leader for financial, project management, and estimating systems used by more than 50,000 construction and real estate companies in North America. With a whole spectrum of solutions from back-office accounting to cloud-based collaboration tools, Sage helps construction companies to manage more than 500,000 jobs, 7 million subcontracts, and 622,000 rental units each year. Visit SageCRE.com for more information on Sage’s industry-leading construction business management and accounting solutions.

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How to Prepare a Net Worth Statement and Track Your Wealth

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Track your Wealth with a Personal Net Worth Statement

Many of our clients turn to Plumb Bill Pay because they have a complicated financial life and need help preparing their net worth statement. By having a clear picture of their wealth, including assets and liabilities, they can make better decisions with their investments and long-term financial goals.

What is a Net Worth Statement?

Net Worth = Assets – Liabilities

Let’s start with the basics.  A net worth statement is a personal balance sheet.  It lists your assets and liabilities.  Assets are items listed that have cash value (or can be converted to cash).  These assets typically include any money that is in your bank account, retirement account, investment accounts, and major items such as real estate or automobiles and other valuable property.  Liabilities are the debts or expenses that you owe. These include: bills, loans, mortgages, etc.

Need help with bill pay? Top 5 signs that you should hire a personal bill payer

How to Prepare a Net Worth Statement

There is technology available to help you track your net worth, or you can start with a simple spreadsheet.  For people who have a high net worth, it is beneficial for them to use a professional accounting firm to help them track their income and expenses.  To calculate your net worth, you subtract your liabilities from your assets.

Need help with your personal accounting to better track your wealth?

With great wealth comes great responsibility. There is complexity that comes with wealth, including high volumes of bills and income and expenses to track. Setting up a net worth statement or bill pay schedule with the appropriate checks and balances is not an easy task.

At Plumb, we offer personal CFO and bill pay services to ensure that our client’s finances are efficiently tracked and bills are paid, so they can focus their time on enjoying life and have financial peace of mind.

Article: A Corporate Approach to High-Net-Worth Individuals 

Back-Office Accounting Services for High-Net-Worth include:

For more information on Plumb Family Office Accounting – or to receive a quote for bill pay and reporting services:



The Best Outsourced Accounting Blog Posts (Top Ten)

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Ranking the Best Outsourced Accounting Posts of the Year

Plumb has a reputation as one of the best outsourced accounting firms in California and across the United States.  With a team of accounting experts who provide outsourced accounting and bookkeeping services for companies in various industries, Plumb understands the importance of industry-specific reports and meeting deadlines.

Gain valuable insights about outsourced accounting services and determine if it’s right for your company.  Whether it’s a fractional Controller that you need to produce accurate financial statements, or accounting help to clean up your books, Plumb is flexible and scalable. We work with clients on a fixed-fee or hourly rate basis.

Find out how an outsourced accounting firm can help your company.  See which blog posts were the most popular this year with the best outsourced accounting content from Plumb.

#1 Top Accounting Tasks that Your Company Should Outsource

As accountants, we like lists.  In this article, learn the top ten accounting tasks that you could be outsourcing for your company. Not all accounting tasks are created equal after all.  There is general best outsourced accounting tasksbookkeeping, or month-end and oversight that should be performed by the expertise of a controller or CFO.  You should also consider the efficiency and cost savings by hiring an outsourced accounting firm.  Read more >>

#2 Most Frequently Asked Questions About Outsourced Accounting Services

Here’s another top ten list!  In business for over 20 years, Plumb has been asked many questions about outsourced accounting and outsourced bookkeeping services.  So, we have compiled questions and answers to the most frequently asked questions.  Here are the top reasons why a company should outsource their accounting needs and how much services cost.  Read more >>

#3 Why Hire a Controller for your Business

If you have an in-house or part-time bookkeeper handling your month-end and financial reporting, it may be time to consider outsourcing to a controller. Accordingly, a fractional controller can come in on a weekly or semi-weekly basis to handle the month-end and industry-specific reports and analysis. If you’re not sure if your business is ready for a controller, take a look at how Plumb utilizes controllership services within their outsourced accounting model. Read more>>

#4 Accounting Best Practices for Month-End Close

Here is a short video regarding QuickBooks software for the manufacturing industry.  As shown in this “how to” video, you will learn how to review month-end inventory numbers; review inventory quantities and review sales orders with accounts receivable.  Get more QuickBooks tips here >>


#5 How to Reconcile a Brokerage Statement in QuickBooks

Help with QuickBooks software is a popular subject.  In this video, we show you how to reconcile a brokerage statement in QuickBooks. Consider outsourcing your QuickBooks accounting needs. Read more>>

#6 Fractional CFO vs. Fractional Controller

One thing that all businesses have in common is that they need to make informed decisions based on accurate and up-to-date financial data.  In some instances, companies cannot afford tobest outsourced accounting wip report support full-time accounting staff to provide the data and forecasting that an experienced CFO or Controller would create. In this article, learn the differences to what a fractional CFO and fractional controller can provide for your company.  Read more>>

#7 How to Handle Assemblies in NetSuite

Does your manufacturing company use NetSuite?  These NetSuite tips and tricks provide insight on achieving proper inventory control and costing even when an outside organization creates the finished good. Plumb provides outsourced accounting help for NetSuite software users.  Take a look at this step by step guide on how to handle assemblies in NetSuite.  Read more>>

#8 How to Close the Year in Sage 300 Construction and Real Estate Software

Sage 300 Construction and Real Estate, otherwise known as Sage Timberline is the top accounting software for the construction industry and real estate development.  Plumb supports Sage 300 CRE and also provides accounting help, software consulting and year-end updates.  Watch this video series on how to close the year in Sage 300 Construction and Real Estate.

#9 Learn NetSuite and Optimize the Software

NetSuite is a powerful accounting system. It can also be hard to learn NetSuite and become a ‘power user’ if you do not have help along the way.  Plumb has a team of the best outsourced accounting experts for NetSuite. They can help companies learn NetSuite and optimize the software to produce comprehensive financial reports.  Check out how Plumb can help with your outsourced accounting needs for NetSuite. Read more>>

#10 Why Double Entry Bookkeeping is so Importantdouble entry bookkeeping

The double entry accounting system is a more complete way to track your spending, cash and reconcile accounts.  The benefit of using this system of tracking is to make financial reporting easier.  This process will generate more detailed income statements, including statement of cash flow and balance sheets, so your business can have more up-to-the-date financial picture.  Get all the details of double entry bookkeeping here >>

Ready to achieve financial peace of mind with one of the best outsourced accounting firms?



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The Best of Personal Family Office & Bill Pay Services this Year

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Personal Family Offices & Bill Pay Services for the High Net Worth

Plumb Family Office Accounting is an outsourced accounting firm, focusing on personal CFO and bill pay services. In this post, we showcase the most popular content regarding Plumb Family Office Accounting, a personal family office and bill pay service provider for the high-net-worth and family offices.

#1 Why Use a Personal Family Office and Bill Pay Service Firm?

Are you a good candidate for outsourcing your personal accounting or bill pay needs? Do you want to know how a personal CFO service and bill pay firm can help you save time and bring peace of personal cfo mind? If you are dealing with complicated finances, or feel overwhelmed with the amount of bills that need to be paid and tracked. Plumb Family Office Accounting explains the top 5 reasons to use a personal bill pay service firm.

#2 Keys to a Successful Onboarding of a High-Net-Worth Client

The “white-glove” experience for a client of Plumb Family Office Accounting starts at the on-boarding process. It can seem overwhelming at first to gather all the bills and financial data in order to start the relationship. However, at Plumb, we have worked with busy entrepreneurs and even busier families, so we have developed a system to make the onboarding process easier. It is this combination of personal attention and service, with technology and security that brings it all together.

#3 Five Signs that you Need a Back-Office Family Office Accounting

What is a back-office Family Office Accounting? Are you missing due dates with your bills and incurring late payments? Are you having trouble keeping track of your investments that could include entities, personal bill pay firm rental properties, trusts, etc.? Do you have a clear picture of your wealth? Is your financial paperwork organized for tax season? How much time are you devoting to handling household finances, compared to actually enjoying your wealth? Think about your answers, then read about how a back office CFO can help.

#4 Family Wealth: How to Retain it with Better Financial Reporting

In order to make better decisions and retain your family wealth, it is important to have accurate, up-to-date financial information. Plumb Family Office Accounting offers outsourced accounting services to wealthy family services the high-net-worth and provides consolidated financial reporting with real-time data for a holistic view of family wealth. Unlike wealth management firms, Plumb Family Office Accounting does not manage money or recommend investment strategies. They work together with their client and their client’s personal financial team in a strategic manner to leverage their total expertise.

#5 Top Signs that you Should Hire a Personal Bill Payer

Who is the typical client of Plumb Family Office Accounting? Not all clients are alike, but the one thing they all have in common is: personal financial complexity. They own multiple homes, have household employees on their staff and have investment accounts, entities, trusts and even personal foundations. Most importantly, they are paying up to 100 bills per month and using a few different credit cards and bank accounts to manage their spending. Click here for an infographic >>

Are you ready to simplify your personal financial life and take true control of your wealth?

Why Use a Personal Bill Pay Service Firm?

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As a personal bill pay service firm, Plumb offers bill pay services that cater towards individuals and families who are dealing with complicated finances.  You may want to enlist the help of a personal bill pay service firm if you feel overwhelmed with the amount of bills and mail you receive each month and find it too time consuming to get your personal finances organized.

The Plumb personal bill pay service firm is not an online bill pay software, rather it is a team of accounting experts who have experience dealing with high-net-worth clients and their specific bill pay needs.  At Plumb, we provide high-touch services while also utilizing the latest bill pay software and technology to manage monthly expenses and produce cash flow reports.

Top 5 Reasons to Use a Personal Bill Pay Service Firm:

  1. Have your expenses tracked and bills paid on time so you can focus on your family and enjoy your wealth.
  2. Receive comprehensive cash flow reports, allowing you and your personal financial team to make better decisions about your wealth.
  3. Deliver accurate tax documents to your CPA by having organized recordkeeping throughout the year and electronically filing invoices.
  4. Pay household staff, prepare 1099s & 1096s, and streamline vendor management to centralize all household expenses.
  5. We monitor credit card and wire transactions for discrepancies, tracked and reconciled for accuracy, to give you peace of mind.

Who Uses a Personal Bill Pay Service Firm?

Plumb was established over 20 years ago to provide outsourced accounting services to entrepreneurs, their companies, foundations and personal family bookkeeping and bill pay needs. The typical client who requests personal bill pay service from Plumb has multiple properties, household staff, numerous bank, credit card and investment accounts to manage and track. Therefore, they want to reduce the overwhelm of paying multiple bills, reconciling accounts and staying on top of due dates.

Discover how Plumb, a personal bill pay service firm, can work for you.

How to Reconcile a Brokerage Statement in QuickBooks | Accounting Tips

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Reconcile a Brokerage Statement in QuickBooks: How-To Video Instructions

In this accounting tips video, you will get step-by-step instructions on how to read and reconcile a brokerage statement in QuickBooks.

Before you reconcile a brokerage statement in QuickBooks, it is important to understand the basics of what a brokerage account is.

Consider outsourcing your QuickBooks accounting needs – Plumb provides outsourced accounting services, specializing in QuickBooks software for companies and high-net-worth families who need help with bill pay, and personal reporting. 

Book a free consultation with a QuickBooks expert 

What is a brokerage account? A brokerage account is an arrangement between an investor and a licensed brokerage firm that allows the investor to deposit funds with the firm and place investment orders through the brokerage. The investor owns the assets contained in the brokerage account and must usually claim any capital gains as income as it incurs from the account.

Parts of a brokerage statement in QuickBooks

Account Information: basic information, such as the account owners, the time period covered, and the account number.

Statement Account/Summary: This section shows the investments performance as of the statement date by displaying unrealized and realized gains/losses. This also summarizes the total value of stocks, bonds, mutual funds, other investments, and any cash.

Portfolio Detail: This section identifies individual assets in the account and allows the investor to determine whether the holdings listed are accurate. This shows the value of the investments at the end of the statement period, cost basis of the investment, estimated income and yield, and other information, such as bond insurance ratings, stock symbols, and unrealized gains and losses.

Income Summary: This section displays the income and dividends earned by the investments for the statement period and the year-to-date.

Daily Activity: This section includes detailed information on all account activity during the statement period, including all security transactions (purchase and sales), management fees, detail of income received and miscellaneous deposits received and payments made.

Disclosures: This section includes legal and administrative e explanations, such as fee information, penalty warnings, and a description of some symbols used.

How to Set Up and Reconcile a Brokerage Statement in QuickBooks

Each Investment account should be setup as a separate “Other Asset” account on the Balance Sheet. A sub account will be setup for each Asset Class, and under each sub account or asset class, should include a sub account for the Cost, as well as the Market Value.

Account Example:

Charles Schwab XXXX
  • Cash
  • Mutual Funds
    –  Cost
    –  Market Value Adjustment
  • Exchange Traded Products
    –  Cost
    –  Market Value Adjustment
  • Stocks
    –  Cost
    –  Market Value Adjustment
  • Bonds
    –  Cost
    –  Market Value Adjustment

Each Investment Account should have its own Income account for Dividends, Interest, Realized Gains and Losses, Capital Gains Distributions, and Miscellaneous Income.

Account Example:

  • Interest Income
    –  Morgan Stanley XXXX
  • Dividend Income
    –  Morgan Stanley XXXX
  • Realized Gains and Losses
    –  Morgan Stanley XXXX
  • Capital Gains Distributions
    –  Morgan Stanley XXXX
  • Miscellaneous Income
    –  Morgan Stanley XXXX

Each Investment Account should have its own Management Fee account.

Account Example:

  • Management Fees
    –  Morgan Stanley XXXX

Unrealized Gains and Losses will be adjusted monthly to an Equity Account. Each Investment Account will have its own account.

Account Example:

  • Market Value Adjustment
    –  Morgan Stanley XXXX

Reconciling monthly or quarterly Brokerage Statements

A journal entry is typically used to record brokerage statement activity. The following transactions are standard for each entry:

  • Investment Income: this includes dividends, interest, realized gains and losses, and capital gains distributions
  • Sales and purchases of investments
  • Investment management fees
  • Transfers from one investment cash account to another investment cash account or bank account
  • Unrealized gains and losses (market value adjustments) for each Asset Class

Other Notes

  • Be sure to follow the Cash activity. Often time’s people will plug a number to reconcile Cash, which causes them to miss recording receipts, payments, or transfers.
  • Capital gains distributions are typically paid at the end of the year, usually in November and December.
  • Management Fees are typically paid in January, April, July, and October for the prior quarter.
  • If you have sales of investments, there will typically be realized gains and losses to record.
  • Reconcile the year-to-date income and expenses to ensure that all income and expenses have been entered. This will make 1099 reconciliation so much easier during tax season.
  • The Statement Account/Summary will typically provide you with a Market Value change. This typically includes Unrealized Gains and Losses, Realized Gains and Losses, and Reinvested Income.
    –  Make sure that your entry to Unrealized Gains and Losses ties to the Market Value change per the statement.
    –  Make sure that the Unrealized Gain/Loss is a reasonable amount. For example, you will never see a $1 million unrealized gain/loss in a portfolio with a $4 million value.

For more accounting tips from Plumb Family CFO, check out our YouTube channel

Gain financial peace of mind through Plumb Family CFO’s services:

  • Family Bill Pay Services
  • Personal Financial Reporting & Analysis
  • Bank & Credit Card Reconciliation
  • Household Employee Payroll
  • Cash Flow Management
  • Budgeting
  • Outsourced Personal Assistant & Concierge
  • Trust Accounting

Let Plumb handle your QuickBooks accounting.

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Keys to a Successful Onboarding of a High-Net-Worth Client

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The “White-Glove” Experience of a High-Net-Worth Client Starts at Onboarding for Plumb Family CFO

The onboarding of a high-net-worth client sets the tone of the entire relationship according to Plumb Family CFO, which provides family bill pay, consolidated personal reporting and cash flow management services exclusively to the high-net-worth.  As you can image, there is a lot of financial data and vendor information to collect upfront in order to provide these services, so Plumb Family CFO has developed a system to make the onboarding process easier.  It’s simple; it starts with a conversation and customized approach.  White-Glove: marked by special care of attention: meticulous | white-glove service.

“By taking the time to schedule a meeting and get on the phone with a new client or their designated assistant, it makes a huge difference,” said Robert Scherer, President of Plumb. “By walking them through the details and getting answers over the phone, it’s much more efficient than just sending over stacks of paperwork in hopes that it eventually gets filled out correctly,” he said.

Plumb Family CFO has been working with high-net-worth clients for many years, ranging from busy entrepreneurs and investors to even busier affluent families.  They decide to utilize the services of Plumb to make their financial life easier, so onboarding should be as painless as possible. The process for a client to be formally onboarded can happen quicker with the help of a personal assistant or their single family office team. To help answer questions upfront, here is a list of FAQ.

Before starting a new relationship with a prospective high-net-worth client, Plumb sets the expectations of the onboarding lifecycle upfront.  After the initial information is gathered, it is immediately entered into a task-specific software system, complete with a financial calendar of due dates. Within 30 – 60 days, the family bill pay service is fully automated and operates on an ongoing basis.

High-Net-Worth Client Onboarding Process for Plumb Bill Pay:

Plumb has a Client Relationship Manager that leads the efforts for a new client onboarding. With a sense of ownership over a new account, the tasks get taken care of by one dedicated team member. During the duration of the setup phase, Plumb provides weekly status updates with the client or family office team in regards of the progress and items needed to finalize the transition. By having a conversation with the prospective high-net-worth client, Plumb can identify their reporting and transactional needs.

Step 1: Request for information – Gather client details

Step 2: Determine invoice approval process

  • Setup for invoices to be received via email or Plumb-specific PO box
  • Frequency of bill pay
  • Set thresholds and parameters for recurring bills
  • Limits for signing authority

Step 3: Create reporting requirements

Step 4: Plumb to prepare new client schedules – Setup system map into internal task management software

  • Calendar of financial due dates
  • Client insurance schedule
  • List of assets (properties, funds, etc.) that require bill payment/capital calls
  • List of loans that require bill payment

Step 5: Plumb to prepare electronic filing procedure

  • Create remote access or read-only access to documents on accounting software
  • Ability to produce customized reports to download

Sample of Onboarding Reports for Bill Pay Services

High-net-worth client

high-net-worth client

 

Bill Pay Process

Once the onboarding phase is complete, Plumb will engage in the following tasks on a weekly/monthly basis:

  • Bill payment
  • Vendor management
  • Bank and credit card reconciliations
  • Track all bills / due dates in proprietary task management software
  • Monthly cash flow reporting
  • Ad hoc reporting (i.e. GL detail reports)
  • Customized reporting for trusted advisors  – Read: Top Ways that Plumb Works with Trusted Advisors
  • 1099/1096 filings
  • Year end reconciliations and general ledger review
  • Supply supporting documents for taxable deductions to the CPA

Confidently manage your monthly expenses with personal bill pay service from Plumb

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Family Office Services: It’s more than Bill Pay

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This is an interview brought to you by Acclaim Magazine and Editor, Tom Burroughes for Family Wealth Report. 

Cutting the Bill Payment Burden Adds Big Value For Clients

An interview with Anneke Stender, EVP of Plumb Bill Pay and Robert Scherer, President of Plumb Bill Pay.

What do you think is the main reason you have received this award-winning stage?

Plumb Bill Pay has been laser-focused to deliver an accounting service that has been either overlooked or underserved in the private client community. By offering a stand-alone outsourced bill pay solution to family offices, wealth managers and the high-net-worth, we have capitalized on a gap in the marketplace.

The interest in our “Property & Household” service offering has grown significantly in the past 18 months as the trend of outsourcing continues to rise. As a result, Plumb Bill Pay has onboarded an average of three new clients every month, adding 12 new employees to the team and expanding into three office locations across the country.

“We believe that our firm has achieved this award-winning stage based on the combination of providing high-touch customer service that is built on a technology platform with bank-level security while operating with proven accounting systems and procedures,” said Robert Scherer, President of Plumb Bill Pay.

The financial teams who engage Plumb Bill Pay as their back-office to process and pay client bills gain a competitive edge with a wide range of benefits.  Our service improves their business processes, which frees up time for their team to focus on investment strategies and higher-level accounting functions. It enhances their service offering by having a trusted resource for their clients who are overwhelmed with the amount of bills to pay and expenses to track. With our established security protocols and checks and balances, the burdens of compliance, risk and cybersecurity that come with processing payments and potential fraud are diminished when outsourced to Plumb Bill Pay.

What sort of challenges did you have to take on?

Working as a vendor for some of the world’s largest financial institutions, the security of our platform and internal controls to protect confidential information was built on unique and stringent specifications. We believe it is imperative for clients and their financial managers or designees to be able to maintain access to the bill pay workflow, but without compromising security.

We took on the challenge to build a customized cloud network that is backed on a singular data center. It is certified and compliant for bank standards with two-factor authentication and VPN connection. We also setup procedures and role-based workflows for approval limits and constantly monitor accounts for suspicious activity.

What can you tell us about how your colleagues contributed to this success?

As our firm experience’s rapid growth, we shifted the structure of our bill pay teams for optimal customer service. Every bill pay client is supported by at least 3 accounting experts, ranging from a dedicated manager, to associates, an account supervisor and signors. This allows for the appropriate checks and balances, while also giving the client and their personal financial team access to Plumb when they need them.

Since we work with successful and fast-paced entrepreneurs and affluent families, they have a lot of moving parts to their financial structure. Our personal bill pay teams understand the unique needs of the high-net-worth and provide the white glove customer service they require and deserve. Clients gain financial peace of mind knowing their household expenses are being handled, while also having clear insights into their finances with cash flow reports and tracking.

How have you dealt with the changes taking place in the North American wealth management market and in what way did your award reflect that?

Many of the wealth managers and financial advisors who refer to our personal bill pay services are looking for a reliable resource to handle their client’s complex bill pay service needs. It’s a competitive marketplace in the North American wealth management market in order to attract and retain high-net-worth clients. By offering a solution that reduces the overwhelm of managing multiple bills and chasing due dates, wealth managers can turn to Plumb for support. We work alongside them and customize our accounting services, reporting and security measures depending on their current operations.

From whom do you take inspiration, either in terms of people or other organizations, inside or outside the North American wealth sector?

“Our inspiration to deliver a superior bill pay service comes from our experience with working with some of the country’s largest investment firms and family offices,” said Anneke Stender, Executive Vice President of Plumb Bill Pay. “We admire their far-reaching approach and ability to provide such massive resources and options for their clients.”

What sets you apart from your peers this year?

For over 20 years, Plumb has been providing back-office accounting and financial reporting to businesses and high-net-worth families.  It is this depth of knowledge and our corporate finance approach to handling bill pay and multi-entity bookkeeping for the private client community that stands out above the rest.

We understand the business-sized challenges of high-net-worth clients who have a complex financial life. The families we work with have an average of 100 – 200 bills to pay each month, plus 3-4 entities to track. By producing cash flow reports with an up-to-date general ledger system, clients and their advisors have clear insights into their wealth to make decisions based on their financial goals.

What will you do to keep the standard of an award-winner and push ahead in the future?

Prior to winning this award we started the development of our Bill Pay App. It is now complete, and we have begun staged roll outs. This workflow application will be used as a tool to automate the bill pay process and enhance the client experience. By applying this forward-thinking technology, it will give us another tool to push ahead in the future.

Contact Plumb for a demo of our Bill Pay app.

What do you hope will be the main consequence of achieving this accolade?

This award brings us incredible exposure to a community that may not be familiar with our outsourced solution for bill pay.  Our current clients, some of whom are the wealthiest people in the country, love Plumb Bill Pay. It is their confidence in our service that drives us forward.

We hope it will bring attention to a service that can help financial management teams spend less time handling administrative bill pay functions and more time working alongside their clients to help strengthen financial futures.

How will you use the award to raise your profile in the industry among clients?

As a first-time nominee, we have been following the FamilyWealth Report Awards and their community of contributors for years. It is an honor to be recognized and we will continue to publicize our award online and within our marketing collateral.

For a list of all the award winners and their interviews, view the Acclaim Magazine.

Interested in a quote for bill pay services?



Family Wealth: How to Retain it with Better Financial Reporting & Cash Flow Insights

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Retain your Family Wealth by Organizing your Financial Life

Family wealth is a product of success and comes with great responsibilities. In a recent article in the Journal of Accountancy, the best time to evaluate your financial plan is after tax season when you have the most up-to-date information about your family wealth.  Nearly eight in 10 affluent families use the information on their tax return to guide their planning for the year, according to a Harris Poll.

“Organizing and reporting your sources of income, results from investing, and outflows for deductible expenses leaves you with a current road map and a unique opportunity to take a fresh look at whether your strategies are on track to meet your financial goals,” said Neal Stern, AICPA’s National CPA Financial Literacy Commission. “Tax time brings your financial situation to the forefront,” he said.

Wouldn’t it be helpful to have this information at your fingertips any time of the year, and not just after tax season?

The majority of high-net-worth families have a team of advisors to guide their family wealth decision making. These include trust and estate attorneys, CPAs, certified financial planners and wealth managers.  Yet, the actual day-to-day financial responsibilities of staying on top of due dates, paying bills, organizing financial records, tracking expenses and creating budgets relies on the family. The more complex this becomes, it is harder to track and get a clear picture of family wealth.

In order to make better decisions and retain your family wealth, it is important to have accurate and up-to-date financial information.  Plumb Family Office Accounting offers outsourced accounting services to the high-net-worth and provides consolidated financial reporting with real-time data for a holistic view of family wealth.  Unlike wealth management firms, Plumb Family Office Accounting does not manage money or recommend investment strategies. Instead, they work together with their client and their personal financial team in a strategic manner to leverage their total expertise.

Financial transparency gives you the backdrop to make better financial decisions & retain family wealth

Plumb Family Office Accounting offers customizable accounting and bill pay services to wealthy families, so they receive a clear, aggregated picture of their current financial status, which helps to retain wealth.

Plumb Family Office Accounting Services:

  • Personal Financial Reporting & Analysis
  • Monthly Financial Statements
  • Family Bill Pay Services
  • Cash Flow Management
  • Bank & Credit Card Reconciliation
  • Household Employee Payroll Services
  • Budgeting
  • Insurance Coordination & Oversight

By providing the financial information and cash insights, clients can make knowledgeable decision about their wealth.  It also frees up time, so you can enjoy your wealth.  Discover the depth of personalized financial reports from Plumb Family Office Accounting.  To request a quote for family bill pay services, click here.