Top Signs That You Should Hire a Personal Bill Payer

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A personal bill payer can help manage your complex financial affairs

Could your family benefit from a personal bill payer? At Plumb Family Office Accounting, we are a reliable firm with a team of accounting and personal bill payment experts who understand the needs of the high-net-worth.

If much of your free time is spent paying bills, tracking income and expenses, or worrying about deadlines and paperwork, you should consider hiring a personal bill payer.  Once you accumulate wealth, you should have the freedom to enjoy it and feel secure knowing you have a financial plan in place for your future.

Not all Personal Bill Payer Experts are the Same.

What makes Plumb Family Office Accounting different?

We work with over 150 HNW families across the globe and also support family offices to provide high-touch bill payment services.  As an outsourced solution, bill pay by Plumb is a customizable, high-touch and reliable service for those who are looking to offload the payment of their expenses and vendor management. Our team of bill pay experts work through a segregation of duties with multiple levels of review and bank security access and account protection.  Click here to see our 7-phase bill pay cycle >> 

Snapshot of a Typical Client:

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.  Here is a look at an average client of Plumb Family Office Accounting who is using bill pay services.

Here are 5 averages of a typical Plumb bill pay client:

  1. Bills Paid Per Month – 50-100
  2. Wires Capital Calls Per Month – 10-20
  3. Credit Card Transactions – 250-500
  4. Monthly Reconciliations – 2-5 Credit Cards | 2-3 Bank Accounts
  5. Average Numbers Per Family – 3-5 Entities | 3-5 Homes | 2-3 Household Employees

Can you relate to this type of personal financial life? Many of our clients are busy professionals, people who like to travel, or retired and do not want the burden of tracking income, expenses and paying bills.

We make it easy to put together a pricing proposal for our bill pay services.  We setup a fixed fee price, based on the number of transactions required and cash flow reporting.  Please fill out this questionnaire or contact Plumb at Sales@thinkPlumb.com for more information.



Plumb Family Bill Pay Services: Organize Your Financial Life

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Plumb Bill Pay Family & Personal Bill Pay Services

Family bill pay services is a featured offering of Plumb Family CFO.  Depending on need and the complexity of your financial affairs, family or personal bill pay can be a stand alone service or used in conjunction with financial reporting, budgeting or expense tracking.  See full list of services. 

As a professional and reliable firm, in business for over 20 years, Plumb sets up processes and procedures to execute family bill pay.  It first starts with collecting bills and vendor information, resulting in a comprehensive list of vendor and account information.  In the client setup phase, a financial calendar of due dates and bill payment procedures are produced.  Not only are your bills paid on a timely basis, but monitored, reconciled, and reviewed.

Family bill pay pricing >> click here

“Thank you for all that you have done for my family.  Your team is proactive and trustworthy and has provided us with such great confidence now that our finances are in order.  What a relief!” – HNW Family Bill Pay Client 

 Why Use Family Bill Pay Services?

  • Do you have too many bills to keep track of all the time?
  • Do you want to spend more time with your family and enjoy your wealth?
  • Are you a frequent traveler and need help paying your bills while out of town?
  • Are you disorganized or overwhelmed with paperwork and financial organization?
  • Is anyone in your family suffering from an age- or disability-related challenge?

Bill Payment Procedure:

Plumb Family CFO created a 4-step bill payment process with segregation of duties and different levels of review. By following checks and balances, clients can enjoy peace of mind knowing that their assets and bills are being monitored by an independent firm with a long history of continuity and confidentiality.

Financial Calendar of Due Dates:

Vendor Information Sheet: In order for Plumb Family CFO to handle the bill pay services of clients, information is collected at the beginning of the engagement, including a comprehensive list of vendors and account information.

Personal Vendor List: A detailed chart of all incoming bills, divided by property is set up.  This vendor list is used as a reference  for each bill, with due dates, payment methods and any special notes.

Financial and Administrative Calendar of Due Dates: This report tracks bills that occur during a quarterly, yearly or semi-annual basis.

 

Could your family benefit from Plumb bill pay services?  Fill out this form for a customized pricing quote.



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Five Signs That You Need a Back-Office Family CFO

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What is a Back-Office Family CFO?

At Plumb Family CFO, our idea of a “Back-Office Family CFO” is a team of outsourced accountants who handle the financial reporting, bill pay, and cash flow management of a high-net-worth family, rather than having one single Family CFO who takes care of all the tasks associated with a complicated financial life.  A back-office Family CFO, using the Plumb Family CFO approach typically works off-site to handle the accounting and bill pay work remotely, yet still delivers accurate and timely financial information to the client.

Here is a list of five signs that you need a Back-Office Family CFO:

1. Missing due dates and incurring late payments.

You become overwhelmed with the amount of mail received on a daily basis and the pile of bills and due dates keep stacking up.  With so many properties, automobiles, credit card statements, household employees and recurring bills, they are hard to keep track of and get paid in a timely fashion.  Any incurred late payments can lead to damaging credit scores.

Plumb Family CFO offers comprehensive bill pay services for families and individuals.  We oversee your monthly expenses, initiate payments, reconcile your accounts and track your credit card statements.  That way, you never miss a bill and have your credit cards monitored at the same time.  We also provide weekly or monthly cash flow reports, so you know exactly how much cash is coming in and how much cash is being paid out.

Want to learn more about the family bill pay service offered by Plumb?  Click here for a list of frequently asked questions.  Ready for a quote? Answer these questions and we can prepare a proposal based on the amount of accounts to track and bills to pay.  Request a Quote

2. Trouble with keeping track of multiple entities, investments, rental properties and trusts.

You may be the head of the household, but it feels like you a running a multimillion dollar company.  With great wealth comes great responsibility.  Your family’s financial life is complex with multi-faceted undertakings, such as corporate entities, private equity, international exposure, homes and rental properties, and alternative investments. This is a sign that you need help with your personal accounting needs.

Plumb Family CFO delivers financial peace of mind by helping affluent families organize, coordinate and navigate through their financial affairs.  Working in partnership with the family’s team of trusted advisors, we provide the highest quality data and financial reporting to establish a complete view of your assets and financial holdings.

See examples of personal financial reports & analysis that we provide:

  • Statement of Cash Flow
  • Net Worth Statement
  • Family Monthly Budget
  • Vacation/Second Home Expenses
  • Bill Pay Reports

3. You do not have a clear picture of your wealth.

With so many investment accounts, credit card statements and bank accounts, it’s hard to see a clear view of overall wealth.  At Plumb Family CFO, we work with your personal financial team to gather all the information tied to your family’s assets and turn it into a one-page summary of net-worth.  The financial reports we provide are detailed, holistic, and customized to your preference. In order to make better decisions about your wealth, it is important to have up-to-date financial data.

Read: Retain your Family Wealth by Organizing your Financial Life

4. Financial paperwork is not organized for tax season.

Tax deadline is looming and your CPA is working frantically to gather all your necessary paperwork to calculate the right deductions and track all your income and expenses.  It’s costing your family more time and money working with your CPA, because you do not have your financial house in order.

Plumb Family CFO works with their high-net-worth clients to provide an Annual Tax Organizer which is an audit-proof package that allows for maximized standard deductions.  Additionally, we provide your CPA with quarterly reports to adjust estimated tax payments as needed to avoid annual penalties and interest charges from the IRS or Franchise Tax Board.

Learn More: Plumb Family CFO Annual Tax Organizer

5. Too much time is spent handling household finances and not enjoying your wealth.

A good amount of your free time is spent handling household finances and it has become too complex to track properly.  Your family has acquired a team of trusted advisors to help you handle the maze of legal issues, tax planning, and investments, yet you don’t have a consolidated view of your overall wealth.

Why not outsource your personal accounting and family bill pay needs to a trusted and reliable firm with over 20 years of experience working with affluent families and corporations?

See how these families benefited from engaging with Plumb, back-office Family CFO:

Back-Office Family CFO Services by Plumb

If any of these items on the list applies to you and your family, Plumb Family CFO can help.  We are not a wealth management firm and do not recommend investment strategies. We are not a CPA firm and do not file tax returns.  Simply put, we are a back-office Family CFO with a team of personal accountants that have experience working with high-net-worth and their specific needs.  Plumb Family CFO works in partnership with your financial team to provide the highest quality data to help them make better decisions about your wealth and financial planning.

Want to learn more?  Here is a list of the top frequently asked questions about the clients and services offered by Plumb Family CFO.  

Accounting Services Include:

  • Family bill pay – including mail management & vendor management
  • Producing monthly financial statements
  • Cash flow reporting
  • Personal financial reporting & analysis
  • Bank and credit card reconciliation
  • Investment account reconciliation
  • Budgeting services and reporting
  • Household employee payroll services
  • Foundation and trust accounting
  • Annual tax organizer for the CPA

Are you ready to take control of your financial life and start enjoying your wealth? Schedule a consultation with Plumb Family CFO today:

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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, fill out the form below:

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