AT A GLANCE

CHALLENGES

Lack of real-time financial oversight

Payment tracking issues

Security and privacy concerns

Time burden

BENEFITS

Streamlined financial operations and oversight

Customized and scalable bill pay solution

Enhanced security and fraud protection

Time savings by 50%

Objectives

A Fortune 500 CEO and ultra-high-net-worth client had been relying on a bookkeeper to manage his accounting files and provide financial reporting. However, he required a more hands-on, high-touch, and expert approach to bill pay and financial management.

He sought greater financial clarity—a system that would provide real-time insights into cash flow, spending patterns, and payment schedules while ensuring that all financial data was timely, accurate, and actionable. With a need for enhanced reporting and strategic financial oversight, he turned to Plumb Bill Pay to optimize his financial processes and support his long-term financial planning.

To meet the client’s needs, Plumb Bill Pay set out to achieve the following:

• Enhance Financial Clarity & Reporting – Provide timely, accurate, and customized financial reporting to help the client make informed decisions.
• Improve Cash Flow Visibility – Implement real-time tracking of cash flow, spending patterns, and upcoming payment schedules.
• Optimize Bill Pay & Expense Management – Streamline and automate bill payments to ensure accuracy, avoid late fees, and simplify financial operations.
• Increase Security & Fraud Protection – Establish robust internal controls to safeguard the client’s finances and mitigate fraud risks.
• Seamlessly Integrate with Financial Advisors – Work closely with the client’s CPAs, wealth advisors, and financial planners to ensure a holistic financial strategy.
• Provide a High-Touch, Expert-Level Service – Offer a dedicated team to manage the client’s finances with precision and responsiveness.

Solutions

Upon reviewing the client’s accounting files, we quickly uncovered significant inaccuracies and outdated records. Account balances were incorrect, reconciliations had been completed improperly—or not at all for months—and the coding structure was inconsistent and confusing. These deep-seated financial issues had gone unnoticed, leaving the client without a clear understanding of his financial standing.

To resolve these challenges, our expert Bill Pay team and Reporting Specialist took a comprehensive approach to rebuild the financial foundation:

• Performed a Full Financial Cleanup – Identified and corrected inaccurate balances, ensuring all accounts were properly reconciled.
• Standardized and Streamlined Accounting Codes – Implemented a consistent and logical coding system for accurate financial tracking and reporting.
• Updated and Automated Reconciliations – Established processes to maintain timely and accurate financial data moving forward.
• Delivered Clear, Actionable Financial Reporting – Provided the client with real-time cash flow insights and customized reports, empowering him to make informed decisions.