Plumb Bill Pay App Spotlight: QuickBooks Online Integration

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Plumb’s proprietary bill pay app was designed specifically to address the needs of our high-net-worth and ultra-high-net-worth clients and their financial management teams.

{Watch this brief overview video to see our app in action.}

This proprietary app delivers an intuitive interface that offers anytime, anywhere access to bill pay and cash outflow statuses – and it’s fully integrated with QuickBooks Online.

How it works

  • We pull information needed to facilitate the entry of vendor invoices, such as vendors, chart of accounts, and payment data out of QuickBooks Online and into the Plumb bill pay app.
  • We push the updated bill data from the Plumb bill pay app into QBO.

Security measures in place

The transfer of data is protected via bank-level security and consistent audits to ensure financial privacy and security. In addition, we benefit from the rigid security practices of our industry-leading vendors, such as Apple, Google, and AWS. It is important to note that no bank account information is shared between the platforms.

Benefits

Thanks to the seamless integration with QBO, our clients and their trusted advisors benefit from:

  • Easy and customizable approval process by entity
  • Clear dashboard view of bills paid, bills pending approval, and total cash outflow.
  • Balance snapshot with alerts if funding is required.
  • 6-month projection of estimated cash flow based on commitments.
  • “Hot List” of most important bills to track.
  • Quick access to bill information, expense details, relevant attachments, and bill pay reports
  • Easy communication with the Plumb Team – from the app.

For a sneak-peak at some of the app features, please watch these brief videos:

We’d love to discuss how you can benefit from this app. Please reach out today for a consultation and a demo.

Plumb delivers financial peace of mind by assisting high-net-worth individuals and family offices know where their money is going, so their trusted advisors can effectively manage it. We work in partnership with their team — including wealth, CPA, and other advisors — to provide the highest quality of data and financial reporting to establish a holistic view of their assets and financial holdings. We’d love to help answer any questions you may have. Feel free to schedule time to speak with Anneke Stender, our EVP, at your convenience.

Plumb Shortlisted for 2 Private Asset Management (PAM) Awards

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Once again, Plumb is thrilled to have been shortlisted for two PAM (Private Asset Management) Awards:

  • Best General Ledger System
  • Best Partnership Accounting System

We congratulate our fellow nominees and thank the team at WithIntelligence and the PAM Awards for this honor.

 

PAM Awards Shortlist

Plumb delivers financial peace of mind by assisting high-net-worth individuals and family offices know where their money is going, so their trusted advisors can effectively manage it. We work in partnership with their team — including wealth, CPA, and other advisors — to provide the highest quality of data and financial reporting to establish a holistic view of their assets and financial holdings. We’d love to help answer any questions you may have. Feel free to schedule time to speak with Anneke Stender, our EVP, at your convenience.

8 Tips for Navigating the Conversation: Outsourcing Bill Payment for HNW Parents

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Our Top 8 Tips for How to Talk to Your Parents About Outsourcing Their Bill Payment

When it comes to discussing financial matters with high-net-worth parents, the conversation can be more complex than with the average household. High-net-worth individuals often have multiple investments, assets, and financial complexities that require careful management. If you’re considering broaching the topic of outsourcing bill payment for your high-net-worth parents, it’s crucial to approach the conversation with sensitivity, respect, and a focus on their financial well-being.

  1. Understand Their Financial Landscape

Before initiating the conversation, take the time to thoroughly understand your parents’ financial situation. This includes their assets, investments, income sources, liabilities, and financial goals. High-net-worth individuals typically have diverse financial holdings, and it’s essential to grasp the big picture.

  1. Emphasize the Benefits

Highlight the advantages of outsourcing bill payment with an experienced and hands-on team like Plumb. Mention how it can optimize their financial management by ensuring that no payments are missed, preventing late fees, and streamlining record-keeping. Emphasize that not only can this free up their time for more strategic financial planning and investment decisions, but it will give them more time to enjoy their lives and do what they love – whether traveling, spending time with friends and family, or just relaxing.

  1. Address Their Concerns

Acknowledge that your parents may have concerns about relinquishing control over their financial affairs. Listen actively to their worries and address them one by one. Discuss how they can maintain oversight and retain decision-making authority while delegating routine tasks. At Plumb, we understand these concerns and hear them from prospective clients almost daily. In fact, we created our proprietary Bill Pay App specifically for our clients. Our app provides bill pay transparency and insights that we know our clients want. Read more about our app here.

  1. Present Professional Options

Research and present professional options for outsourcing bill payment, like Plumb. We have a proven outsourced bill pay solution, including a proprietary bill pay app, with high-touch customer support, and expert bill pay accountants who ensure bills are paid accurately and on time.

  1. Discuss Privacy and Security

Assure your parents that their privacy and financial security are paramount. Choose a service provider like Plumb with bank-level security and a strong track record of safeguarding sensitive financial information. Explain the robust security measures in place to protect their data – you can learn more about Plumb’s focus on confidentiality and security here.

  1. Transparency in Costs

Be transparent about the costs associated with outsourcing bill payment services or hiring financial advisors. At Plumb, we are very upfront with our fees and take the time needed to walk our clients through exactly what they can expect in return.

  1. Ensure a Comprehensive Approach

When discussing outsourcing, stress the importance of a comprehensive approach to financial management. Explain that the chosen service provider will work in tandem with your parents’ existing financial team, including accountants, attorneys, and investment advisors – just as we do here at Plumb.

  1. Offer Ongoing Support

After the decision is made, offer ongoing support to ensure a smooth transition, but work with a bill pay service provider who will make this an easy and pain-free change. You’ll also want to find a firm like Plumb who offers high-touch, full-access client support.

Broaching the subject of outsourcing bill payment for high-net-worth parents is a delicate but necessary conversation that can enhance their financial well-being and peace of mind. By approaching this topic with empathy, knowledge, and a focus on their specific needs, you can help your parents make informed decisions that optimize their financial management while respecting their autonomy and preferences. Ultimately, this can contribute to their financial security and their overall happiness.

Plumb delivers financial peace of mind by assisting high-net-worth individuals and family offices know where their money is going, so their trusted advisors can effectively manage it. We work in partnership with their team — including wealth, CPA, and other advisors — to provide the highest quality of data and financial reporting to establish a holistic view of their assets and financial holdings. We’d love to help answer any questions you may have. Feel free to schedule time to speak with Anneke Stender, our EVP, at your convenience.

The Best of Personal Family Office & Bill Pay Services this Year

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Personal Family Offices & Bill Pay Services for the High Net Worth

Plumb Family Office Accounting is an outsourced accounting firm, focusing on personal CFO and bill pay services. In this post, we showcase the most popular content regarding Plumb Family Office Accounting, a personal family office and bill pay service provider for the high-net-worth and family offices.

#1 Why Use a Personal Family Office and Bill Pay Service Firm?

Are you a good candidate for outsourcing your personal accounting or bill pay needs? Do you want to know how a personal CFO service and bill pay firm can help you save time and bring peace of personal cfo mind? If you are dealing with complicated finances, or feel overwhelmed with the amount of bills that need to be paid and tracked. Plumb Family Office Accounting explains the top 5 reasons to use a personal bill pay service firm.

#2 Keys to a Successful Onboarding of a High-Net-Worth Client

The “white-glove” experience for a client of Plumb Family Office Accounting starts at the on-boarding process. It can seem overwhelming at first to gather all the bills and financial data in order to start the relationship. However, at Plumb, we have worked with busy entrepreneurs and even busier families, so we have developed a system to make the onboarding process easier. It is this combination of personal attention and service, with technology and security that brings it all together.

#3 Five Signs that you Need a Back-Office Family Office Accounting

What is a back-office Family Office Accounting? Are you missing due dates with your bills and incurring late payments? Are you having trouble keeping track of your investments that could include entities, personal bill pay firm rental properties, trusts, etc.? Do you have a clear picture of your wealth? Is your financial paperwork organized for tax season? How much time are you devoting to handling household finances, compared to actually enjoying your wealth? Think about your answers, then read about how a back office CFO can help.

#4 Family Wealth: How to Retain it with Better Financial Reporting

In order to make better decisions and retain your family wealth, it is important to have accurate, up-to-date financial information. Plumb Family Office Accounting offers outsourced accounting services to wealthy family services the high-net-worth and provides consolidated financial reporting with real-time data for a holistic view of family wealth. Unlike wealth management firms, Plumb Family Office Accounting does not manage money or recommend investment strategies. They work together with their client and their client’s personal financial team in a strategic manner to leverage their total expertise.

#5 Top Signs that you Should Hire a Personal Bill Payer

Who is the typical client of Plumb Family Office Accounting? Not all clients are alike, but the one thing they all have in common is: personal financial complexity. They own multiple homes, have household employees on their staff and have investment accounts, entities, trusts and even personal foundations. Most importantly, they are paying up to 100 bills per month and using a few different credit cards and bank accounts to manage their spending. Click here for an infographic >>

Are you ready to simplify your personal financial life and take true control of your wealth?

Plumb Wins PAM Award for Best General Ledger System for Family Offices 2020

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New York, NY 

Plumb Bill Pay Wins Private Asset Management (PAM) Award

Plumb Bill Pay is recognized for rapid client growth by capitalizing on a gap in the marketplace for back-office accounting services for the ultra-high-net-worth and family office space.

New York City – February 2020, Plumb Bill Pay, a premier back-office accounting, financial reporting and bill pay firm for family offices and the ultra-high-net-worth (UHNW), announced that they have won the best General Ledger System by the distinguished Private Asset Management (PAM) Awards.

For over two decades, the PAM Awards have recognized top service providers in the private asset management space. The winners are selected by an independent panel of industry experts. Judging is based on the demonstration of financial progress in business performance, including growth in clients, employees and retention. As well as, rewarding firms for their product innovation and client service standards from the previous year.

“It is truly an honor to receive this award”, said Anneke Stender, Executive Vice President of Plumb Bill Pay. “Creating a white glove client experience and combining it with our efficient workflows, technology and security measures has been the foundation for our significant growth in the space”, she said.

Plumb Bill Pay was named winner for the “best general ledger system”, an award designed to recognize firms who provide outsourced general bookkeeping, bill pay and accounting support services to family offices and the private client community.

A first-time nominee for the PAM awards, Plumb has been providing a full-suite of back-office accounting and bill pay services for the UHNW and family offices for over 15 years. As a preferred outsourced accounting vendor for multi-family offices and financial institutions, Plumb Bill Pay tripled their client base and expanded their east coast footprint by adding a third office location.

 “Thank you to the private client community for recognizing our achievements,” said Robert Scherer, President of Plumb Bill Pay. “We value our partnerships with family office teams and their trust in our ability to produce the best general ledger system for their clients,” he said.

Understanding the unique needs and complexity of the private client space, Plumb Bill Pay offers a range of UHNW back-office accounting services, including bill payment, entity bookkeeping, financial reporting and cash flow analysis.  Clients and their personal financial team receive clear-sighted reports, so they can make informed decisions about their wealth.

The award ceremony took place on Thursday, February 6, 2020 at 583 Park Avenue, New York City, New York. There were 16 categories with award winners demonstrating tangible achievements by revenue growth and showcasing product and service innovation.

About Plumb Bill Pay | New York City | La Jolla :

Founded in 1996, Plumb has been helping families, their businesses, and family offices achieve greater levels of financial freedom by handling their personal reporting and bill pay needs. Plumb Bill Pay offers a high-touch and high-tech approach to personal bill pay and is custom designed to meet the needs of the high-net-worth.

 Plumb Bill Pay works with clients across the country and globally. They have office locations in La Jolla, CA and New York City, New York. www.PlumbBillPay.com

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How to Prepare a Net Worth Statement and Track Your Wealth

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Track your Wealth with a Personal Net Worth Statement

Many of our clients turn to Plumb Family CFO because they have a complicated financial life and need help preparing their net worth statement. By having a clear picture of their wealth, including assets and liabilities, they can make better decisions with their investments and long-term financial goals.

What is a Net Worth Statement?

Net Worth = Assets – Liabilities

Let’s start with the basics.  A net worth statement is a personal balance sheet.  It lists your assets and liabilities.  Assets are items listed that have cash value (or can be converted to cash).  These assets typically include any money that is in your bank account, retirement account, investment accounts, and major items such as real estate or automobiles and other valuable property.  Liabilities are the debts or expenses that you owe. These include: bills, loans, mortgages, etc.

Need help with bill pay? Top 5 signs that you should hire a personal bill payer

How to Prepare a Net Worth Statement

There is technology available to help you track your net worth, or you can start with a simple spreadsheet.  For people who have a high net worth, it is beneficial for them to use a professional accounting firm to help them track their income and expenses.  To calculate your net worth, you subtract your liabilities from your assets.

Need help with your personal accounting to better track your wealth?

With great wealth comes great responsibility. There is complexity that comes with wealth, including high volumes of bills and income and expenses to track. Setting up a net worth statement or bill pay schedule with the appropriate checks and balances is not an easy task.

At Plumb, we offer personal CFO and bill pay services to ensure that our client’s finances are efficiently tracked and bills are paid, so they can focus their time on enjoying life and have financial peace of mind.

Article: A Corporate Approach to High-Net-Worth Individuals 

Back-Office Accounting Services for High-Net-Worth include:

net worth statement

For more information on Plumb Family CFO – or to receive a quote for bill pay and reporting services

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