Best General Ledger System for Family Offices

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New York, NY 

Plumb Bill Pay Wins Private Asset Management (PAM) Award

Plumb Bill Pay is recognized for rapid client growth by capitalizing on a gap in the marketplace for back-office accounting services for the ultra-high-net-worth and family office space.

New York City – February 2020, Plumb Bill Pay, a premier back-office accounting, financial reporting and bill pay firm for family offices and the ultra-high-net-worth (UHNW), announced that they have won the best General Ledger System by the distinguished Private Asset Management (PAM) Awards.

For over two decades, the PAM Awards have recognized top service providers in the private asset management space. The winners are selected by an independent panel of industry experts. Judging is based on the demonstration of financial progress in business performance, including growth in clients, employees and retention. As well as, rewarding firms for their product innovation and client service standards from the previous year.

“It is truly an honor to receive this award”, said Anneke Stender, Executive Vice President of Plumb Bill Pay. “Creating a white glove client experience and combining it with our efficient workflows, technology and security measures has been the foundation for our significant growth in the space”, she said.

Plumb Bill Pay was named winner for the “best general ledger system”, an award designed to recognize firms who provide outsourced general bookkeeping, bill pay and accounting support services to family offices and the private client community.

A first-time nominee for the PAM awards, Plumb has been providing a full-suite of back-office accounting and bill pay services for the UHNW and family offices for over 15 years. As a preferred outsourced accounting vendor for multi-family offices and financial institutions, Plumb Bill Pay tripled their client base and expanded their east coast footprint by adding a third office location.

 “Thank you to the private client community for recognizing our achievements,” said Robert Scherer, President of Plumb Bill Pay. “We value our partnerships with family office teams and their trust in our ability to produce the best general ledger system for their clients,” he said.

Understanding the unique needs and complexity of the private client space, Plumb Bill Pay offers a range of UHNW back-office accounting services, including bill payment, entity bookkeeping, financial reporting and cash flow analysis.  Clients and their personal financial team receive clear-sighted reports, so they can make informed decisions about their wealth.

The award ceremony took place on Thursday, February 6, 2020 at 583 Park Avenue, New York City, New York. There were 16 categories with award winners demonstrating tangible achievements by revenue growth and showcasing product and service innovation.

About Plumb Bill Pay | New York City | La Jolla | Newport Beach:

Founded in 1996, Plumb has been helping families, their businesses, and family offices achieve greater levels of financial freedom by handling their personal reporting and bill pay needs. Plumb Bill Pay offers a high-touch and high-tech approach to personal bill pay and is custom designed to meet the needs of the high-net-worth.

 Plumb Bill Pay works with clients across the country and globally. They have office locations in La Jolla and Newport Beach, CA and New York City, New York. www.PlumbBillPay.com

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Plumb Bill Pay Wins Family Wealth Report Award for Bill Pay Solution

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Plumb Bill Pay Wins Family Wealth Report Award for their Outsourced Bill Pay Solution for Family Offices

Firm recognized in the Property & Household category for critical area of business ethics: the importance of paying bills on time

Press Release:

New York, NY – March 19, 2020 – Plumb Bill Pay, a premier back-office accounting, financial reporting and bill pay firm for family offices and the ultra-high-net-worth (UHNW), announced that they have been crowned winner at the 7th Annual Family Wealth Report Awards.

“These awards recognize the very best operators in the private client industry, with ‘independence’, ‘integrity’, and ‘genuine insight’ the watchwords of the judging process – such that the awards truly reflect excellence in wealth management and family office services,” said Stephen Harris, CEO of ClearView Financial Media.

The awards showcase the “best of breed” providers in the global private banking, wealth management and trusted advisor communities.  They are designed to recognize firms, teams and individuals which the prestigious panel of judges deemed to have “demonstrated innovation and excellence during 2019”.

“We are honored and so proud to have been voted the winner for this award”, said Anneke Stender, Executive Vice President of Plumb Bill Pay. “As a first-time nominee, it speaks volumes of the hard work that our firm has delivered over the past 12 months to be recognized,” she said.

Plumb Bill Pay was named winner for “Property & Household”, a category that highlights an accounting service that supports a family office team.

With accounting services from bill payment, entity bookkeeping, and cash flow reporting, Plumb Bill Pay helps family offices and the private client community by offering an outsourced solution. With established check and balances, the customized services of Plumb Bill Pay provide a seamless extended resource to the family office team.

ClearView Financial Media’s CEO and Publisher of WealthBriefing, Stephen Harris, was the first to extend his congratulations to all the winners. “The firms who triumphed in these awards are all worthy winners, and I would like to extend my heartiest congratulation. These awards were judged solely on the basis of entrants’ submissions and their response to a number of specific questions, which had to be answered focusing on the client experience, not quantitative performance metrics. That is a unique, and I believe compelling feature,” he said.

About Plumb Bill Pay:

Founded in 1996, Plumb has been helping families, their businesses, and family offices achieve greater levels of financial freedom by handling their personal reporting and bill pay needs. Plumb Bill Pay offers a high-touch and high-tech approach to personal bill pay and is custom designed to meet the needs of the high-net-worth.

Plumb Bill Pay works with clients across the country and globally. They have office locations in La Jolla and Newport Beach, CA and New York City, New York. www.PlumbBillPay.com

About ClearView Financial Media Ltd (“ClearView”)

ClearView Financial Media was founded by Chief Executive, Stephen Harris in 2004, to provide high quality ‘need-to-know’ information for the discerning private client community. London-based, but with a truly global focus, ClearView publishes the Family Wealth Report group of newswires, along with research reports and newsletters, while also running a pan-global though-leadership events program.

To receive more information on service offerings, or receive a bill pay quote:

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Plumb Bill Pay Named Finalist for PAM Awards 2020

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Award Recognizes Top Service Providers in the Private Asset Management Space

private asset management

La Jolla, CA – December, 2019 – Plumb Bill Pay, a premier back-office accounting, financial reporting and bill pay firm for family offices and the high-net-worth, has been named a finalist for the 2020 Private Asset Management (PAM) Awards.

Plumb Bill Pay has been shortlisted for the “best general ledger system”, an award designed to recognize firms who provide outsourced general bookkeeping and accounting support services to family office firms.

“We are incredibly happy and humbled to be nominated for this award,” said Anneke Stender, Executive Vice President of Plumb Bill Pay. “It is a true seal of approval from the private wealth community,” she said.

For over two decades, the PAM Awards have celebrated and shined a spotlight on the top-performing elite service providers of the private wealth community. It is a platform to showcase incredible achievements, including a mixture of client and revenue growth, new products, tools and innovation that has been well-received by the family office sector. Winners are chosen by a panel of 16 independent judges.

As an outsourced accounting firm with a focus in bill pay for the high-net-worth, Plumb Bill Pay has been recognized for the “best general ledger system” category. Their range of services offered to the family office sector include bill payment, entity bookkeeping, income and expense tracking, and cash flow reporting.

“Being named a finalist for a PAM Award is a testament to the high-standards we have set for our firm,” said Robert Scherer, President of Plumb Bill Pay. “We continue to evolve our product and services to be the best-in-class, as we respond to market demand for an outsourced bill pay solution,” he said.

The prestigious awards ceremony will take place on Thursday, February 6, 2020 at 583 Park Avenue, New York City, New York.

View the Shortlist nominations for 2020

About Plumb Bill Pay:

Founded in 1996, Plumb has been helping high-net-worth families, their businesses, and family offices achieve greater levels of financial freedom by handling their personal reporting and bill pay needs. Plumb Bill Pay offers a high-touch and high-tech approach to personal bill pay and is custom designed to meet the needs of the high-net-worth.

Plumb Bill Pay works with clients across the country and globally. They have office locations in La Jolla and Newport Beach, CA and New York City, New York. www.PlumbBillPay.com

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Plumb Bill Pay Shortlisted for 2020 Family Wealth Report Awards

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Press Release: 2020 Family Wealth Report Awards

Awards showcase the best in the industry with categories focused on experts, products and services for wealth managers, high-net-worth clients and financial institutions.

New York City, NY – December, 2019 – Plumb Bill Pay, a premier back-office accounting, financial reporting and bill pay firm for family offices and the high-net-worth, has been named a finalist for the seventh annual Family Wealth Report Awards in NYC.

Plumb Bill Pay is one of three companies in the United States shortlisted as a finalist for the Property & Household category which highlights an accounting service that supports family offices and the high-net-worth community. The Family Wealth Report Awards is administered by ClearView Financial Media, a global publisher of family office intelligence, newswires, research and reports.

“It is an honor to be nominated for this prestigious and nationally recognized award,” said Anneke Stender, Executive Vice President of Plumb Bill Pay. “Our commitment to provide excellent customer service that is backed by a foundation of technology and bank-level security has led to our growth and success this year,” she said.

Plumb Bill Pay was nominated for the Property & Household category for their range of service offerings to the private client community, including bill payment, recordkeeping, income and expense tracking, cash flow reporting, vendor and mail management services.

Using a proprietary task management software system to facilitate and track bill payments, the solutions of Plumb Bill Pay are customizable for family offices or individual clients depending on their need and complexity of transactions and reporting.

“It feels great to be recognized alongside the top service providers to the affluent community and trusted by their advisors,” said Robert Scherer, President of Plumb Bill Pay. “As we continue to build relationships with family offices, wealth management firms and financial institutions, it is imperative to keep expanding our technology, security features and ease of use for client satisfaction,” he said.

Winners of the Family Wealth Report Awards will be announced during the gala awards dinner to be held at the Mandarin Oriental in New York City in March 2020.

A panel of trusted advisors will be responsible for judging the different categories. The expert panel will use an independent process with integrity and genuine insight to choose a winner. The award winners will demonstrate tangible achievements and showcase top class performance and innovation.

Family Wealth Report AwardsFamily Wealth Report Awards 2020:

Event to be held Wednesday, March 18th in New York City.

6:30PM

Mandarin Oriental Hotel, NYC.

To register for the ceremony, click here.

To see the full list of categories and nominees, click here.

About Plumb Bill Pay:

For over two decades, Plumb has been helping high-net-worth families, their businesses, and family offices achieve greater levels of financial freedom by handling their personal reporting and bill pay needs. Plumb Bill Pay offers a high-touch and high-tech approach to personal bill pay and is custom designed to meet the needs of the high-net-worth.

Plumb Bill Pay works with clients across the country and globally. They have office locations in La Jolla and Newport Beach, CA and New York City, New York.

About Family Wealth Report Awards:

The Family Wealth Report is published by ClearView Financial Media, which provides essential business intelligence and up-to-date wealth management news to the global financial services sector.  With a database of 60,000 professionals, ClearView Financial Media is a real voice for private bankers, wealth managers, and advisors in related sectors.

London-based Publisher Stephen Harris is an international financial journalist and private client investment manager. With teams based in New York, London, Singapore, Switzerland and South Africa, Group Editor Tom Burroughes is dedicated to bringing the community useful news, thought-leadership events and important issues facing the private client community. 

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Paperwork Relief after a Natural Disaster: Guidance on how to start managing the chaos

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4 Steps for Paperwork Relief:

After experiencing devastating natural disasters in the past weeks, those who were affected are trying to get back on track and find paperwork relief. Besides numerous other steps, victims need to document their losses and damages, checking their records and embracing lots of paperwork. Since various issues need to be managed in such times, any guidance can be helpful for getting things done. The following methods give an idea on how to reconstruct documents as a first step for claiming benefits and organizing financial records.

1. Support by the IRS

For helping the victims, Internal Revenue Service (IRS) is providing support from reconstructing records to a variety of tax relief. Free tax return transcripts for taxpayers are available on IRS.gov or with the smartphone app IRS2Go  or via phone (800) 908-9946. The documents can give an overview of the information required to claim the offered benefits.

Extended tax deadlines can help to relieve stress and anxiety for those affected. Detailed information on paperwork relief can be found on the website of IRS or in the Disaster Resource Guide published by IRS.

2. Documentation and Records

For claiming benefits like tax relief or financial support, verifications and documentation of personal property or belongings are required to establish values. The following methods help to capture damages and losses:

  • Photos and videos right after the disaster can be used to verify ownership and record the extent of damages. Also lost belongings that are captured on pictures taken before the disaster help to verify.
  • Another possibility are online purchases, where invoices can be found in the buyers account on the website or in the emails.
  • Credit or debit card purchases will also help to give an overview on the bought property.
  • Service providers like financial institutions or contractors can also provide copies of necessary documents to verify costs or investments.

3. Auto Damage

If a vehicle was damaged, independent sources could help to estimate a realistic and fair value. Services can be found online, for example at Kelly Blue Book or National Automobile Dealers Association.

4. Insurance Coverage

Depending on the extent of coverage, insurances often take care of replacements and financial support. Especially real estate owners should check their insurance policies and the stated value to calculate a base figure for replacement.

How Plumb Family CFO can help

Paperwork can be overwhelming at such times of crisis, and starting is never easy. A good understanding of financial services, tax deadlines and accounting services help to fully realize losses and damages. You can obtain financial relief through insurance, tax deductions, and other sources. In case you do not have time to handle these issues, an experienced and reliable accountant is recommended.

Plumb Family CFO provides assistance and paperwork relief by collecting and organizing documents and financial records. Due to consistent communication and interaction with all of the client’s professional advisors, an overall view on accounting and financial documents can be provided. The services mentioned below show how Plumb can offer guidance, no matter if in good or in bad times.

Family CFO paperwork relief

Are you looking for paperwork relief?  Schedule a consultation to learn more.

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Plumb Family CFO Asks: Who’s Managing your Wealth?

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A top priority for affluent families is managing wealth.

To make things clear, Plumb Family CFO does not provide services that manage wealth or advise on investment strategies. Plumb Family CFO works with their client’s personal financial team to provide an accurate view of wealth through consolidated reports and financial statements.  Consistent communication with the family’s professional advisers leverages their total expertise and provides a backdrop to make better financial decisions to sustain wealth.

family office services

In this article, written by Tony Robbins for MarketWatch, he gives his opinion on how to take charge of your money and managing wealth by knowing the difference between a financial adviser, broker-dealer and an independent registered investment adviser.  Go to Tony Robbins person website >> here

Managing Wealth: Considerations for Choosing a Financial Adviser

These statements are taken from a series of articles written by Tony Robbins who explains how to improve investment and personal-finance skills. Managing wealth is a complex topic and by knowing the answers to these questions it will help you learn the financial system better.

  1. What’s the difference between a Financial Adviser, Wealth Manager, or Investment Consultant vs. Registered Investment Adviser?
  2. Does the investment firm have an affiliation with a Broker-Dealer?
  3. Does the firm offer proprietary mutual funds or separately managed accounts?
  4. Does the firm receive any third-party compensation for recommending particular investments?
  5. Where is the money held?
  6. Does the firm offer any financial planning services beyond investment strategy or portfolio management?

Managing wealth can include various tasks outside of financial planning and investment.  This is where Plumb Family CFO can help by handling personal accounting services not provided by the client’s CPA or family office.  Read: “Top Ways that Plumb Family CFO Works with Trusted Advisers”

Plumb Family CFO Provides:

Gain Financial Peace of Mind with Plumb Family CFO.  For more information…

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Tax Deduction Survey for Tax Season

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Take the Tax Deduction Quiz!

Just in time for tax season

Do you think you know what qualifies as a tax deduction?  Here at Plumb, an outsourced accounting firm in San Diego and Orange County, we have a full team of accounting professionals who organize our client’s financials to get prepared for filing tax returns.  We are not a CPA firm, rather a company that supports businesses and high-net-worth families with their part-time and outsourced accounting needs.

Whether you are a CPA, tax professional, accountant or simply handle your own personal tax returns, test your knowledge with this quiz!

 >> Tax Deduction Quiz! <<

Plumb works in partnership with our client’s CPAs to handle all the preliminary tax work for year-end.  With our customized 7-Step Process, Plumb delivers an Annual Tax Organizer, consisting of a one-page tax summary sheet outlining information sent to the CPA.  With our pre-tax accounting services, it ensures accurate record-keeping, and reconciliation of all asset accounts.  For more information on our Annual Tax Organizer, click here.

Pre-Tax Accounting Services:

  • Tracking and recording 1099’s,
  • Tracking and recording charitable contributions
    • Any contribution over $250 must have a letter or receipt
  • Tracking and recording medical expenses
  • Tracking and recording sales of stock
    • Enter gross proceeds and gross cost basis
  • Record and calculate Gross Distribution, Taxable amount and taxes withheld from Wages, Pensions or Gambling Winnings
  • Re-classify income per 1099
  • Verify 1099-G; money received from State & Local Tax Refunds

If you want to experience financial peace of mind this tax season, Plumb is here to help.  

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Personal Concierge Services for the Frequent Traveler

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Are you ready for your summer vacation?

Luxury travel and relaxation is a top priority for many of our Family CFO clients.  With their extended stays away from home, many entrepreneurs and affluent families have a lot of responsibilities to keep organized. At Plumb Family CFO, our goal is to add simplicity and clarity to our clients’ financial lives. This gives them peace of mind while traveling the globe.

Our personal concierge services can be customized to meet the needs of any situation, with a wide range of projects and oversight. Client’s can take a long-term summer vacation and not have to worry about missing a bill or paying their household staff.

Personal Concierge Services:

  • Calendar Management
  • Bill Pay
  • Mail Services
  • Payroll for Household Staff
  • General Errands

“As a long-term client, I count on Plumb Family CFO to not only help organize my financial life, but also take care of other personal tasks.”

Frequent Traveler Case Study:

Background:

A successful business owner, actively engaged in day-to-day operations, begins traveling the world on a more regular basis.

Personal Concierge Services Provided by Plumb Family CFO:

  • Calendar, email and personal files were set up virtually to allow shared access at anytime
  • Event and travel calendar were kept up-to-date
  • All requests for donations, appointments and investment opportunities were initially screened by Plumb
  • Processed payroll for household employees
  • Handled HR duties for household employees
  • Created financial calendar of due dates and paid bills
  • Bank and credit card reconciliation

Outcome:

  • Well-organized calendar, with no event or meeting conflicts
  • Client spends less time searching through emails and proposals
  • Bills are paid on time
  • Peace of mind – more time to enjoy life and take care of business priorities

Read More: Frequent Traveler Case Study

Ready to Simplify your Life and Take Advantage of Personal Concierge Services?

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