Client

This wealthy CEO of a successful San Diego technology company was having a difficult time keeping his personal finances, investments, and rental properties organized and accurate while running his company.

Background

The Client’s personal assistant was paying all of the bills, but did not have the expertise to provide the Client with accurate monthly financial reports for his various LLCs and rental properties. The Client hired Plumb Family Office Accounting & Bill Pay to work closely with his personal assistant to ensure checks and balances, consistent financial reporting and to high-level consulting.

The Challenge

Plumb’s initial engagement included the following: • Reconciled all asset accounts and provided accurate information for the CPA to prepare the tax return. • Created QuickBooks files for his personal accounts, his aviation LLC and a separate holding company. • Implemented accounting procedures to ensure checks and balances. • Created employee handbook for flight staff. • Created a monthly financial reporting package with the Client, including customized reporting for his rental properties and his aviation business. • Created a calendar of financial due dates.

The Solution

• The Client is saving over $20,000 in bank fees, service provider fees and interest charges.
• He now travels with the peace of mind that there are checks and balances in place.
• His monthly financial package not only provides him with a timely snapshot of all his assets but is also facilitating loan approvals for a residence in SE Asia and a yacht construction project.