Background

Plumb’s client is a high-net-worth family who created their wealth in the retail trade sector. As the family created and increased their wealth, they expanded into real estate investing. This multi-generational family now has multiple rental properties in addition to their retail storefronts.

The Challenge

The client was using their business accountant to handle their personal finances, but it became overwhelming and they needed outside assistance. The fact that they were utilizing QuickBooks with 23 separate entities only exacerbated the challenges in managing the personal finances for the family.

The Solution

Plumb stepped in to help with their personal bill payment and accounting and made the decision to utilize Sage Intacct for their complex financial needs.

Plumb’s high-touch client support and depth of knowledge in handling the bill payment and accounting needs of high-net-worth individuals and families made their transition seamless.

Sage Intacct is the perfect software solution for this family as it provides easy-to-access data and reporting across all their entities, and it also quickly and easily consolidates data in a variety of ways.

The Results

The move to Sage Intacct has led to significant time saving for both the client and the Plumb team. Sage Intacct software is efficient and easy to use and allows the client to pull information when and as needed. The dashboard shows the client what’s going on with their personal finances and highlights what they need to pay attention to. In addition, it entirely eliminates the need for any manual calculations or reporting. Sage Intacct is a dimensional accounting system that allows the user to set up reporting that can pull data by ownership and consolidate different entities. While working closely with the client’s internal accounting team to get everything set up and coordinated, the Plumb team also relieved them of the daily transactional tasks associated with bill pay and accounting. This in turn allowed the client’s accountants to remain focused on their primary role – providing accounting and financial management of their employers multi-million-dollar business.