AT A GLANCE

CHALLENGES

Needed cash flow reporting

Needed entity bookkeeping

Lacking AP resources

Objectives

Single Family Office. Net worth: Over a Billion

The CFO of an established Single Family Office of a Billionaire family hired Plumb Bill Pay to help implement an overall accounting department infrastructure that supports their processes and procedures.

The family office accounting team consisted of a CFO, Controller, Financial Analyst and transaction-based Accountants. They were lacking the AP accounting resources to properly create checks and balances to handle bill pay, entity bookkeeping and cash flow reporting.

Solutions

Plumb Bill Pay provides a solution for outsourcing family accounting and bill payments and processing. The SFO now has the ability to scale their accounting department more appropriately, so their financial management executive team can optimize their time for better visibility into the overall wealth of the family.  While their transaction-based accountants can focus on other administrative tasks, along with bank, credit card and investment account reconciliations. With Plumb Bill Pay, the family office gains a team of Accounts Payable experts who closely monitor all incoming and outgoing bills, wires and checks.

Outsourced Accounting Services for the Family Office:

• Comprehensive bill pay with approval levels and oversight
• Processing checks
• Cash management reports
• Expense tracking and reporting
• Household employee payroll administration
• Entity bookkeeping
• Creating weekly cash flow reports
• Vendor management setup and reporting
• Record-keeping