Personal Financial Reports that Create Financial Clarity (Top 4)

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Personal financial reports & insights that you need to make knowledgeable decisions about your wealth.

Plumb Family Office Accounting delivers financial peace of mind by providing personal financial reports with the highest quality of data to show a holistic view of personal wealth.  A typical Plumb client leads a busy life with complex financial undertakings, such as multiple investments, corporate entities, private equity, trusts, international exposure and collective properties.  In order to stay organized in their financial life, Plumb provides personal financial reports that reflect the multifaceted assets and financial holdings.

“The month-end personal financial reports that Plumb Family Office Accounting provides to my high-net-worth clients give a clear, aggregated picture of their current financial status and helps establish wealth preservation.” – Estate Attorney 

Plumb Family Office Accounting services are customized to meet the need of any situation from basic bookkeeping with bill pay to personal financial management and cash flow analysis.  Plumb works in partnership with their client’s personal financial team to streamline their efforts, giving them the backdrop to make better financial decisions.   Learn how Plumb Family Office Accounting works with Professional Advisors.

Plumb Family Office Accounting | Personal Reporting & Accounting Services:

  • Personal Financial Reporting & Analysis
  • Personal and Family Bill Pay
  • Cash Flow & Budget Management
  • Bank & Credit Card Reconciliation
  • Household Employee Payroll Services
  • Trust Accounting & Foundation Accounting
  • Personal Insurance Review & Coordination
  • Outsourced Personal/Executive Assistant Services

Personal Financial Reports & Analysis

Below are samples of the different types of personal financial reports that Plumb Family Office Accounting provides to their clients.  All the details of the report are collected per the 7-Step Process which is set-up at the beginning of the engagement. The main benefit of the personal financial reports is that they show consolidated and accurate numbers that reflect all the assets of the client.

Statement of Cash Flow:

The Statement of Cash Flow Report is a monthly snapshot of inflow and outflow of cash.  As a consolidated report listing all the cash coming in each month and what is being spent, it provides a big picture of overall cash position.  This personal financial report is helpful to execute the financial plans of the client and to be more disciplined with spending and saving, if necessary for retirement.

 

Net Worth Statement:

The Financial Recap or Net Worth Statement Report is a consolidated list of assets by asset class and shows a holistic view of all investments from month to month.  The change variants are explained and analyzed into further detail in the financial notes section of the personal financial reports.

 

Family Monthly Budget:

This report is for the affluent family or successful entrepreneur who wants to track against a budget.  Typically, the outline of the budget is put into place in the beginning of the year with the help of the client’s financial planner.  Plumb Family Office Accounting tracks against Expense categories and sums up the over/under variance.  By having this family budget report it allows for more efficient meetings with financial planning and focuses on year-to-date changes.

 

Vacation | Second Home Expenses:

Since most of Plumb Family Office Accounting clients own a second home or more, we’ve developed a Vacation Home Expense Report.  This is a cost analysis report on the typical recurring expenses that center on real estate on a monthly basis.  It shows any trends or spikes in expenses and helps to identify any issues and be proactive as to why they may be occurring.  For example, one client had a spike in their water bill for two months, and Plumb Family Office Accounting identified that there was a leak in their pool and had it fixed to lower their expenses.

 

Experience the Plumb Family Office Accounting Difference with Customized, Personal Financial Reports and Take Control of your Wealth



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Organizing Financial Records with Plumb Outsourced Accounting

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Be Year-End Ready

Here we are in the 4th quarter.  This is the time of year that Plumb works closely with their business clients and high-net-worth families, preparing and organizing financial records for year-end planning.

Effective year-end planning starts with organizing financial records to present accurate information and reliable data to our business client’s trusted advisors, such as CPAs and commercial bankers. This gives everyone a financial baseline to pave the way for the remainder of the year and kick off 2022 planning.

As part of Plumb’s 7-Step Process, the end of the year means “pulling it all together” and producing accurate accounting information with a year-end wrap up.  A tax package example from Plumb includes:

  1. Year-to-date Financials (Balance Sheet, Income Statement, General Ledger)
  2. Any significant adjustments that plan to be made before the end of the year
  3. Year-do-date fixed asset depreciation schedule, and the details of any purchases and dispositions made during the year
  4. Year-to-date Work in Progress Schedules
  5. Federal and state tax payment detail
  6. Charitable contribution detail
  7. Bank and credit card reconciliations

Get Started Now: Preparing for Year-End

When year-end and tax time rolls around, will your financial records be ready to present to a CPA or the IRS? Being prepared for year-end starts with setting up the right accounting systems and internal controls to process transactions appropriately.  Transactions must be correctly classified, current, consistent and compliant.  Organizing financial records starts with establishing accounting internal controls and procedures.  For top considerations for creating accounting internal controls, click here.

The Plumb Process:

With the start of every new engagement at Plumb an initial system map is designed, complete with tasks associated with daily, weekly, semi-monthly, monthly, quarterly, semi-annual and annual transactions. Once finalized with the client, Plumb’s proprietary system map is then uploaded into task management software with a calendar reflecting financial and administrative due dates.  These time-sensitive activities lead up to the year-end wrap up and final task of producing the annual tax package for the client’s CPA and trusted advisors.

Organizing Financial Records

The task management system at Plumb notifies accountants from their dashboard when items are due for specific clients.  With this organized and timely system, it allows for tracking income and expenses. It also keeping up-to-date with bank and credit card reconciliations and monthly journal entries.

Other notable tasks that help with creating accurate year-end financials:

  • Making sure income and expense categories are correctly classified.
  • Prepaid insurance and expenses must be amortized over the life of the term.
  • Reconciling unearned revenues.
  • Follow-up with collections.
  • Review fixed asset purchases.

“Working with Plumb gives me financial peace of mind knowing that I’m audit- and tax-ready every month of the year; my CPA has confidence in my year-end financials and takes less time processing my tax returns, which saves me money,” -Plumb Outsourced Accounting Client

Ready to organize your financial records and start your year-end planning?


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Prioritizing Family Life & Business: An Interview with Anneke Stender

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Top Ways to Handle Family Life and Business with a Busy Lifestyle

Several responsibilities can cause stress and anxiety in family life and business.  It can be hard to find the right balance between organizing family life events and getting year-end ready with clients and other commitments at work.

Here is a list of reminders and quick tips to keep things in perspective in your busy life:

  • Schedule: Plan smaller tasks and meetings than normal.  Time management is key and keeping a clear overview of due dates on your calendar.
  • Disconnect: When spending time with your family, make it a priority to unplug from work emails and calls.  Keep everyone informed ahead of time about your unavailability or absence, and let them know when you’ll be reconnecting.
  • Plan time for yourself: It can be exhausting to keep everything going, so taking time for yourself will rejuvenate you later.
  • Avoid talking business with family or friends when they do not ask.  However, it can be helpful to discuss certain topics and events with the most important people in your life to let them know what’s going on.
  • Clear communication: Set fixed times for family and work, so both sides can count on you.  Be fully present during those time blocks, so you’re focusing on one thing at a time.
  • Work when everyone is sleeping: getting up before the family wakes up or staying up after they go to sleep, so it doesn’t conflict with family time.
  • Delegate and trust others: bring in additional resources who can help you avoid stress.

An Interview with Anneke Stender

 

With all your responsibilities at Plumb, how do you deal with upcoming family events and all the organization and planning?

Planning ahead and calendaring everything is essential for me.  I plan out the weeks and month very detailed in my corporate calendar, so nothing gets lost and everyone knows if I’m free or not. I always mark events or tasks that are not negotiable in red, so my assistant can plan and schedule meetings around those times.

Overall, the less time I have available, the more efficient I can be.  I focus on the really important things and delegate the rest to others.  I am thankful to have a great team at Plumb behind me that I count on, so I have enough time for my family.

How do you handle work during the days you are spending time with your family?  Are there any rules you set?

When I spend time with my family, I turn off my email notifications.  I want to avoid pop-up messages on my phone, so I am fully present to focus that time with my girls and my husband. I dedicate 100% to one thing at a time.

When I visit my family in Germany, I am totally unplugged from work for the duration of the trip.  Sometimes I feel that going overseas makes it easier to enjoy the time off, because I am distancing myself from work with different time zones.

Clear communication upfront towards everyone at work and from my family is the key for making this work. By setting fixed times, my availability for family and work is clear, so both sides can count on me.

What is your favorite time and place for getting work done?

My most productive time is early in the morning.  I usually wake up at 4:30AM and start checking and responding to emails in bed, then I start getting ready for work.  When the children are sleeping, I have time to work without distraction.  However, I mostly spend working time in the office in La Jolla or Orange County.

What do you do to avoid stress and how do you boost your energy levels this time of year?

Even if I only have an hour a day, I block it off in my calendar.  Pilates helps me to relax from time to time, however, I still struggle on getting better to take time for myself.  In addition, it’s always helpful to seek outside help, such as a nanny on special occasions or counting on someone to help with recurring tasks.

As a successful business leader and mother, who inspires you?

Sheryl Sandberg.  I just finished reading her second book, “Option B: Facing Adversity, Building Resilience, and Finding Joy. I have so much respect and admiration for her and how she handles her life.

How Plumb Family Office Accounting Can Help with your Family Life + Business Throughout the Year

Recurring tasks like bill payment or handling with taxes at the end of the year, and general organization and planning take an immense amount of valuable time. Save this time and effort with the help from additional resources to spend it with your family and friends or use to refueling your energy.

Plumb Family Office Accounting excels at high-net-worth accounting and financial consulting by applying a controller-level’s financial insight to managing personal finances.

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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.

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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 bookkeeping, 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 to 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 Important

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?

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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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.