AT A GLANCE

CHALLENGES

Reconcile asset accounts

Create and organize QuickBooks files

Implement accounting procedures

Create financial reporting package

BENEFITS

Reconciled asset accounts

QuickBooks implementation

Established accounting procedures

Enhanced reporting & organization

Created Employee Handbook

Financial calendar management

Significant cost savings

Objectives

A high-net-worth CEO of a successful San Diego technology company struggled to keep his personal finances, investments, and rental properties organized and accurate while managing his business.

Challenges

• The CEO’s personal assistant handled bill payments but lacked the expertise to produce accurate financial reports for multiple LLCs and rental properties.
• Financial records were disorganized, making tax preparation and financial oversight difficult.
• There were no established accounting procedures to ensure financial accuracy and compliance.

Solutions

The CEO engaged Plumb to collaborate with his personal assistant, ensuring accurate financial management, structured reporting, and high-level financial oversight.

Plumb’s key initiatives included:

• Reconciled Asset Accounts – Ensured all accounts were accurately reconciled and provided clean financial data for the CPA to prepare tax returns.
• QuickBooks Implementation – Set up dedicated QuickBooks files for personal finances, an aviation LLC, and a separate holding company.
• Established Accounting Procedures – Developed standardized processes to ensure checks and balances in financial management.
• Enhanced Reporting & Organization – Designed a customized monthly financial reporting package, tailored to track the performance of rental properties and aviation business.
• Created an Employee Handbook – Developed a structured policy guide for the CEO’s flight staff.
• Financial Calendar Management – Implemented a calendar system to track financial due dates, ensuring timely payments and compliance.
• Significant Cost Savings – By optimizing financial workflows and eliminating inefficiencies, the CEO saved over $20,000 in bank fees, service provider fees, and interest charges.

By partnering with Plumb, the CEO gained structured financial oversight, improved accuracy, and customized reporting, allowing him to focus on growing his business with confidence.