Plumb Bill Pay App: Digital Dashboards

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Navigating the complex financial landscape of high-net-worth individuals can be like piloting a yacht through dark and uncharted waters.

Their financial complexity arises from a mix of substantial, diverse assets, complex investment strategies, and significant monthly expenses. For these individuals, having a clear and organized view of their income sources and expenditures each month is essential. Without this transparency, making informed and strategic financial decisions becomes exceedingly challenging.

This is where the importance and benefits of digital dashboards come into play.

What are digital dashboards?

Digital dashboards are a user-friendly way to present data and financial information. They provide high-net-worth clients and their advisors with an uncomplicated way to check their financial performance while offering the option to drill down into the details of specific entities, assets, or expenses – anything that the client or their advisor is interested in seeing in greater detail.

Why use a digital dashboard?

There are many benefits to utilizing digital dashboards – especially for HNWI. We have listed the top five benefits here:

  • Clarity: Provides a clear overview of wealth that allows clients and advisors to visualize total assets, liabilities, cash flow, and net worth. (The dashboard on the proprietary Plumb Bill Pay App also provides a balance snapshot and a list of upcoming payment commitments.)
  • Convenience: Gives the client and advisor the convenience of real-time updates, removing the concern of looking at data that is already outdated.
  • Access: A mobile app, like the Plumb Bill Pay App, delivers access to financials on the go – anytime, anywhere.
  • Customization: Offers personalized and customized data and reporting so the client can see precisely what they want and need to see – the information that is most important to them. This customization eliminates the need for clients and advisors to pick through data they do not want or need, and it eliminates the need for them to request additional data that has not been provided.
  • Comprehension: Presents financial data in an easy-to-understand layout making the essential information clear and accessible for all levels of financial expertise.

Digital dashboards cut through the complexity of HNWI finances, offering instant clarity and streamlined management. Their visual data formats empower clients and advisors to see the flow of money, make informed decisions, and maximize wealth.

With Plumb you can have access to your bill pay data – anytime, anywhere. Contact us at sales@thinkplumb.com to learn more about our bill pay app and how Plumb can help you and your clients focus on the big picture, while we focus on your bill pay and accounting needs.

plumb digital dashboards

Plumb Bill Pay App Spotlight: QuickBooks Online Integration

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Plumb’s proprietary bill pay app was designed specifically to address the needs of our high-net-worth and ultra-high-net-worth clients and their financial management teams.

{Watch this brief overview video to see our app in action.}

This proprietary app delivers an intuitive interface that offers anytime, anywhere access to bill pay and cash outflow statuses – and it’s fully integrated with QuickBooks Online.

How it works

  • We pull information needed to facilitate the entry of vendor invoices, such as vendors, chart of accounts, and payment data out of QuickBooks Online and into the Plumb bill pay app.
  • We push the updated bill data from the Plumb bill pay app into QBO.

Security measures in place

The transfer of data is protected via bank-level security and consistent audits to ensure financial privacy and security. In addition, we benefit from the rigid security practices of our industry-leading vendors, such as Apple, Google, and AWS. It is important to note that no bank account information is shared between the platforms.

Benefits

Thanks to the seamless integration with QBO, our clients and their trusted advisors benefit from:

  • Easy and customizable approval process by entity
  • Clear dashboard view of bills paid, bills pending approval, and total cash outflow.
  • Balance snapshot with alerts if funding is required.
  • 6-month projection of estimated cash flow based on commitments.
  • “Hot List” of most important bills to track.
  • Quick access to bill information, expense details, relevant attachments, and bill pay reports
  • Easy communication with the Plumb Team – from the app.

For a sneak-peak at some of the app features, please watch these brief videos:

We’d love to discuss how you can benefit from this app. Please reach out today for a consultation and a demo.

Plumb delivers financial peace of mind by assisting high-net-worth individuals and family offices know where their money is going, so their trusted advisors can effectively manage it. We work in partnership with their team — including wealth, CPA, and other advisors — to provide the highest quality of data and financial reporting to establish a holistic view of their assets and financial holdings. We’d love to help answer any questions you may have. Feel free to schedule time to speak with Anneke Stender, our EVP, at your convenience.

Plumb Bill Pay App: Spotlight on the Dashboard

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The Dashboard on the Plumb Bill Pay App is designed to provide a quick and easy overview of the bill pay essentials that matter most to you.

The Dashboard provides a snapshot of:

  • Pending and approved bills
  • Number of bills paid
  • Dollar amount of cash outflow
  • Monthly payment commitments
  • Balance snapshot that shows a balance of available funds in your main bill pay bank account

{For a sneak peak at the Dashboard of the Plumb Bill Pay App, please watch this brief video.}

At the top of the Dashboard, you can view:

  • Total number of bills pending approval and their related dollar amount
  • Total number of approved bills and their related dollar amount
  • Total number of bills Plumb has paid on your behalf
  • Total cash outflow

The calendar can be customized to view the timeframe you are interested in seeing.

The center section of the Dashboard is a graph that represents your monthly bill commitments. These commitments are your recurring or regular monthly payments. The graph depicts both your actual payments as well as your committed payments. You can see:

  • What has been paid
  • What is still left to be paid
  • The variance between what’s been paid and the commitments for that month

Want to see this in action? Watch this brief video about Commitments.

The dashboard also highlights a balance snapshot which provides a summary of bills pending approval as well as the available funds from your designated bank account.

If your balance is lower than the amount of your bills pending approval, there will be a notification with the amount of funding required.

To learn more about our services and Bill Pay App, please watch this brief overview video and reach out to schedule a personal demo.

Plumb delivers financial peace of mind by assisting high-net-worth individuals and family offices know where their money is going, so their trusted advisors can effectively manage it. We work in partnership with their team — including wealth, CPA, and other advisors — to provide the highest quality of data and financial reporting to establish a holistic view of their assets and financial holdings. We’d love to help answer any questions you may have. Feel free to schedule time to speak with Anneke Stender, our EVP, at your convenience.