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

 

 

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. 



How Plumb Bill Pay Works and 5 Reasons to Use It

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At Plumb Bill Pay, our personalized family bill pay services are custom designed to meet the needs of our high-net-worth clients. Our team of experts manages your bills, creates reconciliations and reports to allow your personal financial team to make better decisions about your wealth.

How It Works:

With Plumb’s proven outsourced bill pay solution, you receive high-touch service from accounting experts who provide cash flow reporting, track your expenses and pay your bills reliably and securely.

Our 7-phase bill pay cycle features segregation of duties, multiple levels of review, and secure access. Following these checks and balances, you can enjoy peace of mind knowing that your assets and bills are being monitored and paid on time, and all the while you can monitor your bill pay phases through our bill pay app. Take a look at our proven approach to family bill pay:

Phase 1: Bill Pay Associate receives and reviews vendor invoices.
Phase 2: Bill Pay Associate sends vendor invoices to the client for approval and initiates bill payment.
Phase 3: Bill Pay Lead approves bill payment.
Phase 4: Plumb signer authorizes signatures for ACH, wires, and checks.
Phase 5: Bill Pay Supervisor reviews bank and credit card statements for accuracy.
Phase 6: Bill Pay Associate reconciles bank and credit card statements.
Phase 7: Bill Pay Lead sends weekly cash activity report.

 

Top 5 Reasons You Should Use Plumb Bill Pay:

1. Take your time back:

Have your expenses tracked and all bills paid on time, so you can focus on your family and enjoy your wealth. With 24/7 on-demand access to your own accounts and frequent comprehensive reporting, you or your designated financial representative maintain a direct line of sight into your expenses, without the stress of managing the minutiae.

2. Personalized solutions:

We customize our approach to the specific needs and objectives of each separate client.

3. Be in the know

Receive comprehensive cash flow reports, allowing you and your personal financial team to make better decisions about your wealth.

4. You can rely on us

You will have peace of mind knowing you are in good hands as we offer unparalleled client service and guarantee on-time payments. This takes the pressure of you to plan for upcoming payments and recurring bill due dates. Ensure that your bills are paid on time, so you can devote more energy to enjoying life.

5. Deliver accurate tax documents to your CPA by having organized recordkeeping throughout the year and electronically filing invoices.

Top Signs That You Should Hire a Personal Bill Payer

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A personal bill payer can help manage your complex financial affairs

Could your family benefit from a personal bill payer? At Plumb Family Office Accounting, we are a reliable firm with a team of accounting and personal bill payment experts who understand the needs of the high-net-worth.

If much of your free time is spent paying bills, tracking income and expenses, or worrying about deadlines and paperwork, you should consider hiring a personal bill payer.  Once you accumulate wealth, you should have the freedom to enjoy it and feel secure knowing you have a financial plan in place for your future.

Not all Personal Bill Payer Experts are the Same.

What makes Plumb Family Office Accounting different?

We work with over 150 HNW families across the globe and also support family offices to provide high-touch bill payment services.  As an outsourced solution, bill pay by Plumb is a customizable, high-touch and reliable service for those who are looking to offload the payment of their expenses and vendor management. Our team of bill pay experts work through a segregation of duties with multiple levels of review and bank security access and account protection.  Click here to see our 7-phase bill pay cycle >> 

Snapshot of a Typical Client:

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.  Here is a look at an average client of Plumb Family Office Accounting who is using bill pay services.

Here are 5 averages of a typical Plumb bill pay client:

  1. Bills Paid Per Month – 50-100
  2. Wires Capital Calls Per Month – 10-20
  3. Credit Card Transactions – 250-500
  4. Monthly Reconciliations – 2-5 Credit Cards | 2-3 Bank Accounts
  5. Average Numbers Per Family – 3-5 Entities | 3-5 Homes | 2-3 Household Employees

Can you relate to this type of personal financial life? Many of our clients are busy professionals, people who like to travel, or retired and do not want the burden of tracking income, expenses and paying bills.

We make it easy to put together a pricing proposal for our bill pay services.  We setup a fixed fee price, based on the number of transactions required and cash flow reporting.  Please fill out this questionnaire or contact Plumb at Sales@thinkPlumb.com for more information.



Plumb Family Bill Pay Services: Organize Your Financial Life

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Plumb Bill Pay Family & Personal Bill Pay Services

Family bill pay services is a featured offering of Plumb Family CFO.  Depending on need and the complexity of your financial affairs, family or personal bill pay can be a stand alone service or used in conjunction with financial reporting, budgeting or expense tracking.  See full list of services. 

As a professional and reliable firm, in business for over 20 years, Plumb sets up processes and procedures to execute family bill pay.  It first starts with collecting bills and vendor information, resulting in a comprehensive list of vendor and account information.  In the client setup phase, a financial calendar of due dates and bill payment procedures are produced.  Not only are your bills paid on a timely basis, but monitored, reconciled, and reviewed.

Family bill pay pricing >> click here

“Thank you for all that you have done for my family.  Your team is proactive and trustworthy and has provided us with such great confidence now that our finances are in order.  What a relief!” – HNW Family Bill Pay Client 

 Why Use Family Bill Pay Services?

  • Do you have too many bills to keep track of all the time?
  • Do you want to spend more time with your family and enjoy your wealth?
  • Are you a frequent traveler and need help paying your bills while out of town?
  • Are you disorganized or overwhelmed with paperwork and financial organization?
  • Is anyone in your family suffering from an age- or disability-related challenge?

Bill Payment Procedure:

Plumb Family CFO created a 4-step bill payment process with segregation of duties and different levels of review. By following checks and balances, clients can enjoy peace of mind knowing that their assets and bills are being monitored by an independent firm with a long history of continuity and confidentiality.

Financial Calendar of Due Dates:

Vendor Information Sheet: In order for Plumb Family CFO to handle the bill pay services of clients, information is collected at the beginning of the engagement, including a comprehensive list of vendors and account information.

Personal Vendor List: A detailed chart of all incoming bills, divided by property is set up.  This vendor list is used as a reference  for each bill, with due dates, payment methods and any special notes.

Financial and Administrative Calendar of Due Dates: This report tracks bills that occur during a quarterly, yearly or semi-annual basis.

 

Could your family benefit from Plumb bill pay services?  Fill out this form for a customized pricing quote.



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Five Signs That You Need a Back-Office Family CFO

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What is a Back-Office Family CFO?

At Plumb Family CFO, our idea of a “Back-Office Family CFO” is a team of outsourced accountants who handle the financial reporting, bill pay, and cash flow management of a high-net-worth family, rather than having one single Family CFO who takes care of all the tasks associated with a complicated financial life.  A back-office Family CFO, using the Plumb Family CFO approach typically works off-site to handle the accounting and bill pay work remotely, yet still delivers accurate and timely financial information to the client.

Here is a list of five signs that you need a Back-Office Family CFO:

1. Missing due dates and incurring late payments.

You become overwhelmed with the amount of mail received on a daily basis and the pile of bills and due dates keep stacking up.  With so many properties, automobiles, credit card statements, household employees and recurring bills, they are hard to keep track of and get paid in a timely fashion.  Any incurred late payments can lead to damaging credit scores.

Plumb Family CFO offers comprehensive bill pay services for families and individuals.  We oversee your monthly expenses, initiate payments, reconcile your accounts and track your credit card statements.  That way, you never miss a bill and have your credit cards monitored at the same time.  We also provide weekly or monthly cash flow reports, so you know exactly how much cash is coming in and how much cash is being paid out.

Want to learn more about the family bill pay service offered by Plumb?  Click here for a list of frequently asked questions.  Ready for a quote? Answer these questions and we can prepare a proposal based on the amount of accounts to track and bills to pay.  Request a Quote

2. Trouble with keeping track of multiple entities, investments, rental properties and trusts.

You may be the head of the household, but it feels like you a running a multimillion dollar company.  With great wealth comes great responsibility.  Your family’s financial life is complex with multi-faceted undertakings, such as corporate entities, private equity, international exposure, homes and rental properties, and alternative investments. This is a sign that you need help with your personal accounting needs.

Plumb Family CFO delivers financial peace of mind by helping affluent families organize, coordinate and navigate through their financial affairs.  Working in partnership with the family’s team of trusted advisors, we provide the highest quality data and financial reporting to establish a complete view of your assets and financial holdings.

See examples of personal financial reports & analysis that we provide:

  • Statement of Cash Flow
  • Net Worth Statement
  • Family Monthly Budget
  • Vacation/Second Home Expenses
  • Bill Pay Reports

3. You do not have a clear picture of your wealth.

With so many investment accounts, credit card statements and bank accounts, it’s hard to see a clear view of overall wealth.  At Plumb Family CFO, we work with your personal financial team to gather all the information tied to your family’s assets and turn it into a one-page summary of net-worth.  The financial reports we provide are detailed, holistic, and customized to your preference. In order to make better decisions about your wealth, it is important to have up-to-date financial data.

Read: Retain your Family Wealth by Organizing your Financial Life

4. Financial paperwork is not organized for tax season.

Tax deadline is looming and your CPA is working frantically to gather all your necessary paperwork to calculate the right deductions and track all your income and expenses.  It’s costing your family more time and money working with your CPA, because you do not have your financial house in order.

Plumb Family CFO works with their high-net-worth clients to provide an Annual Tax Organizer which is an audit-proof package that allows for maximized standard deductions.  Additionally, we provide your CPA with quarterly reports to adjust estimated tax payments as needed to avoid annual penalties and interest charges from the IRS or Franchise Tax Board.

Learn More: Plumb Family CFO Annual Tax Organizer

5. Too much time is spent handling household finances and not enjoying your wealth.

A good amount of your free time is spent handling household finances and it has become too complex to track properly.  Your family has acquired a team of trusted advisors to help you handle the maze of legal issues, tax planning, and investments, yet you don’t have a consolidated view of your overall wealth.

Why not outsource your personal accounting and family bill pay needs to a trusted and reliable firm with over 20 years of experience working with affluent families and corporations?

See how these families benefited from engaging with Plumb, back-office Family CFO:

Back-Office Family CFO Services by Plumb

If any of these items on the list applies to you and your family, Plumb Family CFO can help.  We are not a wealth management firm and do not recommend investment strategies. We are not a CPA firm and do not file tax returns.  Simply put, we are a back-office Family CFO with a team of personal accountants that have experience working with high-net-worth and their specific needs.  Plumb Family CFO works in partnership with your financial team to provide the highest quality data to help them make better decisions about your wealth and financial planning.

Want to learn more?  Here is a list of the top frequently asked questions about the clients and services offered by Plumb Family CFO.  

Accounting Services Include:

  • Family bill pay – including mail management & vendor management
  • Producing monthly financial statements
  • Cash flow reporting
  • Personal financial reporting & analysis
  • Bank and credit card reconciliation
  • Investment account reconciliation
  • Budgeting services and reporting
  • Household employee payroll services
  • Foundation and trust accounting
  • Annual tax organizer for the CPA

Are you ready to take control of your financial life and start enjoying your wealth? Schedule a consultation with Plumb Family CFO today:

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Plumb Bill Pay Finalist in the Family Wealth Report Awards 2021

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Press Release: 2021 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.

Plumb Bill Pay, a leading bill pay firm servicing family offices and the high-net-worth, has been selected as a finalist in the Bill Pay and Property & Household categories at the Family Wealth Report Awards.

The annual Family Wealth Report Awards program recognizes the most innovative and exceptional firms, teams and individuals serving the family office, family wealth management and trusted advisor communities in North America.

“It is an honor to be nominated for this prestigious and nationally recognized award,” said Anneke Stender, Executive Vice President of Plumb Bill Pay. “This is testament to our best-in-class services and a foundation of technology and bank-level security that 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.

Stephen Harris, ClearView Financial Media’s Chief Executive, and publisher of Family Wealth Report, was first to extend his congratulations to all finalists.  He said: “The firms and individuals who are finalists in our 8th Family Wealth Report Awards program are all worthy competitors, and I would like to extend my heartiest congratulations.  These awards are judged by an independent panel of judges and finalists are selected 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, and not only quantitative performance metrics.  That is a unique, and I believe, compelling feature.  These awards will recognise 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 family wealth management.  I’m delighted that we have made these annual awards the brightest, and most keenly contested highlights in the family wealth management calendar.”

Winners will be announced on 6 May 2021 in Family Wealth Report alongside a series of videos and publications.

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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3 Things to Know About Form 1099-NEC

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What is Form 1099-NEC (Nonemployee Compensation)?

The IRS is bringing back a form last used in 1982s —Form 1099-NEC, to be used beginning with 2020 information returns. The draft 2020 version of the form has been posted by the IRS to the agency’s website. Part of the rationale for the new Form 1099–NEC was that the Protecting Americans from Tax Hikes (PATH) Act of 2015.

It will be used to report at least $600 payments made to each person during the calendar year for your business:

  • Services performed by someone that was not your employee
    • Include parts/materials used to perform the service
  • Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish
  • Payments to attorneys

Withheld any federal income tax under the backup withholding rules regardless of the payment amount.

Common examples of who will receive Form 1099-NEC:

  • Attorneys
  • Architects
  • Accountants
  • Graphic Designers
  • Web Developer
  • IT Consultants
  • Freelance writer
  • Non-employee Sales Commission
  • Freelance Contractors
  • Landscapers
  • Other self-employed individuals

Form 1099-NEC:

Due to IRS & Recipient 2/1/21

  • A IRS
  • 1 State Tax Department
  • B Recipient
  • 2 Recipient copy to be filed with state income tax return (if applicable)
  • C Payer

 

Form 1099-MISC:

Due to recipient by 2/1/21 or 2/16/21 if reporting in box 8 or 10. Due to IRS by 3/1/21 (paper) or 3/31/21 (electronic)

  • A IRS
  • 1 State Tax Department
  • B Recipient
  • 2 Recipient copy to be filed with state income tax return (if applicable)
  • C Payer

 

Ready to start your new year with organized financials in preparation for tax season? Plumb Family CFO works in partnership with your CPA and personal financial team.  Fill out the form below to find out more.

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