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

An entrepreneur who recently sold one of his businesses needed help with his personal accounting, tracking of income, cash flow reporting and bill pay.

AT A GLANCE

CHALLENGES

  • Needed personal accounting help
  • Required cash flow reporting
  • Wanted GAAP statements
  • Complex financial holdings

    • Objectives

    Ultra-high-net-worth entrepreneur with multiple business investments, rental properties and luxury yacht. Net Worth: $150 Million +

    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.

    Solutions

    Plumb Family Office Accounting & Bill Pay 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

    The Client was able to offload many personal accounting and bill pay tasks to Plumb Family Office Accounting & Bill Pay. 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 outsourced accounting and bill pay, and strategic advice on a CFO-level, the Client receives recommendations on industry-specific trends with the companies that he has ownership in. Ready for financial peace of mind?

    Take the First Step

    Request a consultation to learn how Plumb Bill Pay customizable service offerings can help you save time, gain clarity and remain in control.

    Request a Consultation