Plumb Bill Pay + Sage Intacct Use Cases for Multiple Real Estate Holdings

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Many of Plumb’s high-net-worth clients manage diverse portfolios with multiple real estate investments, and we are experts at assisting them with their bill pay and accounting needs. Our team ensures accurate, timely financial management and reporting, allowing clients to focus on growing their investments with confidence.

How do we do this?

  • Property Management:  We understand how pivotal it is to record and track complex financial transactions related to property management.
  • Financial Consolidation and Reporting: We provide crucial consolidated, accurate, and timely reporting needed for clear visibility into each property and overall portfolio.
  • Budgeting and Forecasting: We create budgets and forecasts that allow our clients to make more strategic decisions.

Plumb works with HNWI clients with multiple real estate holdings.

We have decades of experience helping high-net-worth-individuals manage the accounting of their real estate 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.

Cash is King (But Not Really): The Shifting Landscape of HNWI Payments

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If it seems like there are an overwhelming number of payment options on the market today, it’s because there are. Gone are the days where the only choices were scrambling for your checkbook, searching for a pen, and writing out a check or physically handing over cash.

We applaud these technological advances in payment – as bill pay experts we hold a special place in our hearts for all FinTech payment developments – but we also understand that with options come confusion and uncertainty.

  • How do you know which payment method is best to use?
  • What are the benefits of each?
  • And what are the pitfalls?

We’ve been working with high-net-worth individuals for decades, and we understand their unique financial needs. We also know that choosing the right payment method – especially for our clients – isn’t a one-size-fits-all affair. From art purchases to philanthropy, understanding the nuances of popular payment options like credit cards, wire transfers, ACH payments, Venmo, PayPal, and Apple Pay can make a world of difference.

We’ve put together this helpful guide to outline the advantages, challenges, and special considerations for high-net-worth individuals of the most popular payment options currently available.

(Also – don’t miss out on the additional tips we provide at the end of this guide.)

Credit Cards

  • Advantages: Convenience, rewards programs, purchase protection, building credit history.
  • Challenges: Interest charges, credit score dependency, spending limits.
  • HNWI Considerations: Premium cards offer higher limits, travel benefits, and concierge services.

Wire Transfers

  • Advantages: Fast, secure, large transaction capability, international transfers.
  • Challenges: High fees, limited real-time tracking, irreversible in case of errors.
  • HNWIs Considerations: Negotiate reduced fees with banks for high-volume transfers.

ACH Payments

  • Advantages: Lower fees than wire transfers, recurring payments, direct bank account transfers.
  • Challenges: Slower than wire transfers, limited international use, potential return fees for insufficient funds.
  • HNWIs Considerations: Ideal for payroll, bill payments, and large domestic transactions.

Venmo & PayPal

  • Advantages: Peer-to-peer convenience, fast for small transactions, social features (Venmo).
  • Challenges: Limited transaction amounts, security concerns, potential fees.
  • HNWIs Considerations: Primarily for casual transactions with trusted individuals.

Apple Pay

  • Advantages: Contactless convenience, security with Face ID/Touch ID, integration with Apple ecosystem.
  • Challenges: Limited merchant acceptance, potential fraud risk, requires compatible Apple devices.
  • HNWIs Considerations: Useful for everyday purchases, but not suitable for large transactions.

Additional Tips for High-Net-Worth Individuals and Payment Methods:

  • Diversify payment methods based on transaction type and size.
  • Prioritize security by using trusted platforms and strong passwords.
  • Understand potential fees from financial institutions.
  • Seek professional advice from wealth managers for complex financial transactions.

Ultimately, the best payment method for HNWIs depends on the specific transaction. Credit cards offer rewards and convenience for everyday purchases, while wire transfers are essential for large, time-sensitive transactions. Venmo and PayPal facilitate casual payments between individuals, while Apple Pay provides effortless everyday spending. Understanding the strengths and limitations of each option empowers HNWIs to make informed financial decisions and navigate the payment landscape with ease.

And when in doubt, reach out to your trusted advisors and outsourced service providers (like Plumb) for help navigating this newly complex world of payment options.

Take the Next Step Towards Financial Ease and Clarity: Experience the benefits of safe and streamlined bill pay management. Contact us at sales@thinkplumb.com to discuss how our outsourced bill payment services can enhance accuracy, save time, simplify record-keeping, reduce stress, and fortify the security of your financial transactions. Your peace of mind is our priority.

5 Reasons Why Pricing Transparency Matters to High-Net-Worth Clients

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A common misconception about affluent people is that they don’t worry about their expenses. On the contrary, not only do they worry about the entirety of their financial picture – costs and spending included – but many of them like to be intimately involved with the management and strategy surrounding their wealth. Perhaps most importantly, these clients need to feel that they can trust the people they work with to provide not only accurate and timely information, but also the security and confidentiality they require.

Nobody likes surprises when it comes to expenses, and high-net-worth individuals are no exception. These clients want to understand the pricing of services upfront. Providers will lose a lot of trust and credibility if they hide fees or sneak in any “gotcha” charges.

When reviewing pricing – and the value of the services you provide – with high-net-worth clients, it is crucial to be straightforward and open about any costs they might incur.

Here we list the top 5 reasons why pricing transparency matters to HNWI clients – and why it should matter to you.

Reason #1: Confidence

Pricing transparency helps build trust and confidence in the client and outsourced provider relationship by demonstrating openness and honesty. When clients understand what they are paying for and why, they are more likely to have faith in their advisors. This in turn can pave the way for a long and successful working relationship.

Reason #2: Clarity

Clarity is a vital aspect of any type of communication and with any relationship – especially one in which you are trying to build trust. When well-defined and transparent pricing information is provided, your clients (or prospective clients) will have a clear understanding of your costs so that they can better evaluate your services. There should be no hidden fees or surprises. When the cost of the services you charge for is clear, you help to eliminate any misunderstandings while strengthening your relationship with your clients.

Reason #3: Comparison

Part of evaluating any new service involves speaking with different providers and gaining an understanding of who they are, what they provide, and what value they offer. Without knowing precisely the cost of these services, it is impossible to compare the different options accurately. Additionally, providing context around industry standards and benchmarks related to your costs can be tremendously helpful. (Even if your costs are higher than the industry standard – this is your opportunity to explain why you charge a premium.)

Reason #4: Conflict {Avoidance}

Transparency in pricing can help mitigate conflicts of interest in the wealth management industry. When clients know how their advisors and service providers are compensated, they can better assess whether any recommendations are driven by their best interests and not by financial incentives. When advisors and service providers are transparent in their costs it can reduce the likelihood of any recommendations that benefit them more than their clients. It also brings peace of mind to the client knowing that their best interests are the only elements factored into proposals and suggestions.

Reason #5: Loyal Clients

Proving clear, transparent, and easily understood pricing to high-net-worth clients also contributes to the stability and longevity of these relationships. When clients feel that they are treated fairly and that their advisors and service providers are upfront about costs, they are more likely to remain loyal clients and refer their peers. (And who doesn’t love a solid referral?)

At the end of the day, high-net-worth clients would like to understand exactly what services will be provided and exactly what the cost will be. Being upfront and providing clarity in costs will help to establish a strong foundation of trust for a long-term, successful relationship.

Get the Financial Clarity and High-Touch Support You Need: Contact us at sales@thinkplumb.com to explore how Plumb’s expertise can elevate your bill pay and accounting experience. Let us tailor solutions to meet your unique financial goals, providing the clarity and specialized attention your wealth deserves.

 

Plumb Bill Pay App: Digital Dashboards

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Navigating the complex financial landscape of high-net-worth individuals can be like piloting a yacht through dark and uncharted waters.

Their financial complexity arises from a mix of substantial, diverse assets, complex investment strategies, and significant monthly expenses. For these individuals, having a clear and organized view of their income sources and expenditures each month is essential. Without this transparency, making informed and strategic financial decisions becomes exceedingly challenging.

This is where the importance and benefits of digital dashboards come into play.

What are digital dashboards?

Digital dashboards are a user-friendly way to present data and financial information. They provide high-net-worth clients and their advisors with an uncomplicated way to check their financial performance while offering the option to drill down into the details of specific entities, assets, or expenses – anything that the client or their advisor is interested in seeing in greater detail.

Why use a digital dashboard?

There are many benefits to utilizing digital dashboards – especially for HNWI. We have listed the top five benefits here:

  • Clarity: Provides a clear overview of wealth that allows clients and advisors to visualize total assets, liabilities, cash flow, and net worth. (The dashboard on the proprietary Plumb Bill Pay App also provides a balance snapshot and a list of upcoming payment commitments.)
  • Convenience: Gives the client and advisor the convenience of real-time updates, removing the concern of looking at data that is already outdated.
  • Access: A mobile app, like the Plumb Bill Pay App, delivers access to financials on the go – anytime, anywhere.
  • Customization: Offers personalized and customized data and reporting so the client can see precisely what they want and need to see – the information that is most important to them. This customization eliminates the need for clients and advisors to pick through data they do not want or need, and it eliminates the need for them to request additional data that has not been provided.
  • Comprehension: Presents financial data in an easy-to-understand layout making the essential information clear and accessible for all levels of financial expertise.

Digital dashboards cut through the complexity of HNWI finances, offering instant clarity and streamlined management. Their visual data formats empower clients and advisors to see the flow of money, make informed decisions, and maximize wealth.

With Plumb you can have access to your bill pay data – anytime, anywhere. Contact us at sales@thinkplumb.com to learn more about our bill pay app and how Plumb can help you and your clients focus on the big picture, while we focus on your bill pay and accounting needs.

Bill Pay Freedom for HNWI Clients: 5 Steps to Choosing the Right Bill Payment Service

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As a financial advisor, you understand the time and stress your HNWI clients face managing their complex financial affairs. Bill payments often become a burden, eroding their valuable time and focus.

But what if there was a way to free them from this tedious task? Here are some key factors to consider when choosing the right bill payment service for your HNWI clients, empowering them to focus on what truly matters.

  1. Partner with a Trusted Expert

Look for a provider with a proven track record serving HNWI clients, like Plumb. Established in 1996, we possess the expertise and experience necessary to navigate the intricacies of high-net-worth finances.

  1. Prioritize Security and Personalization

Your clients’ data security is paramount. Choose a service with robust security protocols and encryption, ensuring their privacy and financial information remain safeguarded. Additionally, seek a provider offering customized solutions that cater to each client’s unique needs and preferences.

  1. Embrace Technological Innovation

Technology plays a crucial role in efficient bill management. Explore platforms that are user-friendly and intuitive, like Plumb’s proprietary bill pay app, designed specifically for HNWI needs.

  1. Transparency is Key

Clear communication regarding fees and value propositions is essential. Choose a service that transparently communicates its pricing structure and demonstrates the tangible benefits it offers your clients.

  1. Seamless Integration and Ongoing Support

A smooth transition is critical. Opt for a service that seamlessly integrates with your clients’ existing financial team, including accountants, attorneys, and estate planners. Plumb fosters collaboration and ensures a smooth onboarding process.

Unburden Your Clients and Empower Their Financial Future

By choosing the right bill payment service, you can free your HNWI clients from the burden of mundane tasks, allowing them to focus on their financial goals and personal priorities.

Let Plumb take care of the bills while you concentrate on building your clients’ financial wealth and well-being. Contact us at sales@thinkplumb.com to learn more about how Plumb can help you and your clients focus on what you both want to focus on – and leave the bill payment to us.

Illuminating the Accounting of Art, Collectibles, and Luxury Assets

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There are people who invest in stocks, bonds, mutual funds or real estate; and then there are people who invest in more unique assets. These assets can range from photographs and paintings to jewelry and classic cars. More often than not, this is born out of a true love for these items. That they may hold extraordinarily high values is just the cherry on top.

With Plumb’s decades of experience helping high-net-worth clients and their trusted advisors with their bill pay and accounting needs, we are very familiar with the best practices of the reporting and accounting requirements related to these special assets.

Here are some of the ways we work with clients and their luxury assets:

Art and Car Collections

  • It is recommended that clients that have art or classic car collections should itemize every piece or vehicle in the collection.
  • These items may also be held in separate entities – especially if clients do a lot of buying and selling. We may recommend the use of Sage Intacct to make use of their dimensions for ease of tracking. Otherwise, we can utilize subaccounts in QuickBooks.
  • If a client loans a piece or a collection to a museum, a loan agreement is needed, and we will help coordinate with the insurance company. The museum is responsible for the insurance of the piece(s) while it’s in their possession, and when returned, the insurance again needs to be updated.
  • If an appraisal is conducted, we will coordinate with the appraiser to receive the report on both the inventory and assigned values.

Jewelry

  • Jewelry is not always itemized since most clients have a rider on their home policy up to a certain amount that can cover this type of asset. However, we recommend itemizing if clients have more valuable jewels or watches.
  • As with art or car collections, if the client requests an appraisal, we’ll receive the report directly from the appraiser.

At the end of the day, our goal is to accurately itemize these unique, luxury assets for insurance purposes, and they are tracked separately for accounting reasons. And our clients usually just want to ensure that they – and their children and grandchildren – can enjoy these magnificent possessions for a long time to come.

Take the Next Step Towards Financial Ease and Clarity: Contact us at sales@thinkplumb.com to discuss how our outsourced bill payment and accounting services can help you accurately itemize and report on your luxury assets. Your peace of mind is our priority.

 

 

The Plumb Difference in HNWI Bill Pay

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Plumb Bill Pay and Family Office Accounting emerged from a realization of the distinct challenges faced by our business-owner and entrepreneurial clients. While relying on their company’s accounting team initially served them well, unforeseen circumstances like retirements or changes in personnel often led to gaps in effective bill payment and accounting management.

High Net Worth Individuals (HNWIs) possess distinctive bill pay and accounting requirements, setting them apart from the average individual.

Here are key aspects of the unique bill pay and accounting needs we address for HNWI clients:

  1. Complex Portfolios: HNWIs have an array of diverse investments, necessitating expertise in managing stocks, bonds, real estate, and private equity holdings. Plumb’s extensive experience in handling complex financial bills related to hedge funds and PE investments is showcased in this article.
  2. Privacy and Security: Prioritizing the protection of sensitive financial information is critical for HNWIs. Plumb ensures robust security measures, strict confidentiality, and discretion in all financial transactions. Delve deeper into our focus on these crucial elements in our dedicated article.
  3. Customization: Tailored solutions are imperative to meet the unique financial goals and preferences of HNWI clients. Plumb recognizes the need for customized financial reports, providing insights into specific goals through performance summaries, tax reports, and estate planning documents.
  4. Technology Forward: Utilizing cutting-edge tools is paramount for accuracy, efficiency, data accessibility, transparency, and long-term success. Plumb’s proprietary bill pay app embodies these qualities.
  5. Cash Flow Management: Managing cash flow for HNWIs is pivotal for meeting lifestyle needs and investment requirements. Plumb excels in handling complex bill payment and cash flow forecasting, especially in scenarios involving multiple income streams and investment accounts.
  6. Professional Guidance: Collaborating with teams of financial advisors, accountants, and estate planners is customary for HNWIs. Plumb seamlessly integrates with these teams, ensuring personalized guidance and effective service delivery.

Plumb stands as a proven and trusted partner in recognizing the need for specialized attention and services due to substantial wealth and complex financial portfolios. With decades of experience, we deeply understand and cater to high-net-worth clients’ unique bill pay and accounting requirements.

Discover the Plumb Advantage: Contact us at sales@thinkplumb.com to explore how Plumb’s expertise can elevate your bill pay and accounting experience. Let us tailor solutions to meet your unique financial goals, providing the specialized attention your wealth deserves.

Unlocking Time and Precision: Why High-Net-Worth Individuals Are Outsourcing Bill Payment

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For decades, our dedicated team has been assisting high-net-worth and ultra-high-net-worth individuals and families. In our extensive experience, we’ve consistently addressed common concerns about the benefits of outsourcing bill payment for our esteemed clients.

Here are the top 5 advantages of engaging a professional bill pay provider.

  1. Enhanced Accuracy: Timely and accurate bill payments are crucial for financial management. Professional bill payment services, such as Plumb, ensure precision and promptness, minimizing the risk of late fees or missed payments.
  2. Time Savings: Recognizing the hectic schedules of our clients, we understand the value of time. Delegating bill payment responsibilities to an expert HNW bill pay service provider frees up precious time for strategic financial planning, investment decisions, and overall enjoyment of life.
  3. Simplified Record-Keeping: Efficiency and accuracy thrive on organization. Outsourced bill pay services consolidate financial data, offering clear transaction records and simplified tax preparation. This leads to a transparent financial picture and more efficient financial management, empowering smarter decision-making.
  4. Reduced Stress: Managing numerous financial obligations can be stressful. Bill payment services alleviate this burden, allowing clients to enjoy greater peace of mind without concerns about missed payments.
  5. Enhanced Security: Security is paramount when handling financial transactions. Outsourced bill payment services employ advanced security measures, safeguarding sensitive financial information and protecting against potential threats.

Our expertise shines in the complex realm of managing high-net-worth clients’ financial affairs. With diverse investments, multiple assets, and constant financial responsibilities, the need for a professional and experienced outsourced bill pay provider becomes evident.

Our bill pay app and services offer effective and valuable solutions, streamlining financial management for high-net-worth individuals, families, and their financial management teams.

Take the Next Step Towards Financial Ease and Clarity: Experience the benefits of safe and streamlined financial management. Contact us at sales@thinkplumb.com to discuss how our outsourced bill payment services can enhance accuracy, save time, simplify record-keeping, reduce stress, and fortify the security of your financial transactions. Your peace of mind is our priority.

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.