Plumb Bill Pay + Sage Intacct Use Cases for Family Offices

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Plumb provides financial clarity and peace of mind to high-net-worth and ultra-high-net-worth clients and the family offices that manage their wealth.

We know the following is true:

  • Consolidated financial reporting is crucial for family offices managing the wealth of multiple family members or multiple generations of a family.
  • Automated accounting processes for those with complex financial transactions provides efficiency and transparency.
  • Compliance and audit support for family offices is critical.

Plumb helps Family Offices with accounting needs.

We have decades of experience helping family offices manage their accounting needs. 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.

Family Office Services Outsourcing: The Ultimate Audit Checklist

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Finding the right outsourced family office service provider can be challenging enough, but once that decision is made, how do you know if you’ve made the right choice? And what steps can you take to ensure that your needs and goals are being met?

At Plumb we pride ourselves on providing clarity in accounting and stewardship in service for our high-net-worth bill pay and accounting clients (and their trusted advisors). This guides everything we do – from our seamless client onboarding process to our ongoing check-ins and accurate, customized reporting.

Here we take you through our top 5 recommendations for monitoring the effectiveness of your outsourced family office bill pay and accounting provider. Use this simple checklist to ensure that you are getting the service you need from your outsourced firm.

  1. Clarity

Working with an outsourced service – regardless of what that service is – should provide you with clarity. When it comes to bill pay and accounting, clarity is paramount. But what do we mean by clarity? It’s not just about having organized spreadsheets and balanced books. It’s about seeing the story behind the numbers: understanding where your money comes from, where it goes, and why. This clarity will help pave the way for successful wealth management and maintenance.

  1. Communication

A key component to any solid and productive relationship is communication. This is no different when thinking about your relationship with your outsourced service providers. Do you feel like you are kept up to date on everything you need to know about? Are your emails and calls responded to with urgency? Does the team working with you understand your goals, your needs, and your expectations? Are the updates and reports they provide clear and well-explained? If you answer “no” to any of these questions, you should address this with your outsourced firm to see what can be adjusted.

  1. Access

How easy is it for you to get the data and information that you need? Does your outsourced service provider have an app (like the Plumb proprietary bill pay app) that you can access anytime, from anywhere? What about customer support access? How much access do you have to the team handling your account?

  1. Comprehension

Do you feel that you understand what this outsourced service provider is responsible for, as well as any data and information that they are sharing with you? Are they sending updated and timely reports? Better yet, do you have access to a digital dashboard where you can view the data you need, in the way you want to view it?

  1. Peace of Mind

At the end of the day, are you able to relax and rest easy knowing that your bill pay and accounting needs are being met? That you don’t have to worry about keeping track of due dates and cash flow because your outsourced team is on top of it? The ultimate goal for any outsourced service provider is to alleviate the daily stress and worry their clients face. At Plumb, we want our clients to focus on the things in life they enjoy and love – and to leave the bill pay and accounting details up to us. We’ve got it covered.

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.

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.

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.

Family Office Services | FAQ | Plumb Family Office Accounting

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Family Office Services from Plumb Family Office Accounting

Frequently Asked Questions…

The family office services of Plumb Family Office Accounting were developed to help clients navigate through their complex financial life.  By providing personal financial management with consolidated reports and timely bill pay, it gives a clear picture of our client’s wealth and the analysis needed to implement financial, estate and tax planning strategies.

Q:  Is there a minimum net-worth to become a Plumb Family Office Accounting client?

Answer: No. We believe that comprehensive, timely and accurate information gives our clients true control of their wealth, regardless of net-worth.  By getting into the habit of tracking income and expenses, it helps our clients in their wealth creation stage by following a financial plan to accumulate long-term savings and retirement goals.

A typical Plumb client has a net-worth ranging from $10 million to $150 million and sees the value in our service if they have a complex financial life, complete with multifaceted undertakings, such as alternative investments, corporate entities, private equity, international exposure, and collective properties.

Success Stories: Plumb Family Office Accounting Clients

Q:  What is the difference between Plumb Family Office Accounting and a single-family office?

Answer: Plumb Family Office Accounting creates a virtual family office by providing family office services to include personal accounting, bookkeeping and reporting with controller-level insight on a part-time basis or as-needed.

Single-family offices are typically set-up with full-time accounting staff, including a CFO, staff accountants, CPA and a team of attorneys.

By having a virtual or remote family office with Plumb, clients receive the financial data and organizational structure they need without having to hire a full team of advisors on their payroll.  Plumb Family Office Accounting works in conjunction with the trusted advisors of each client and provides financial data to the team to make better estate, tax and financial planning decisions.

Read: Top Ways that Plumb Family Office Accounting works with Trusted Advisors

 

Q:  Does Plumb Family Office Accounting manage their client’s wealth or recommend financial strategies?

Answer:  No. We do not advise or manage wealth, do taxes, or financial planning. We prepare comprehensive reports for clients and their advisors to see a holistic view of assets, including the performance of all investments, statement of cash flow, and net-worth statement.

View samples of personal financial reports created by Plumb

Q: What is the pricing structure of family office services by Plumb Family Office Accounting?

Answer: The price varies depending on the complexity of the family’s wealth and reporting needs.  For most clients, we charge a fixed-fee engagement on transaction-based pricing. In order to come up with a pricing structure, we calculate how many bills to be paid, accounts reconciled and the frequency of their reporting needs (monthly, quarterly or annually).

Typically, our clients pay between $2,000 and $4,000 per month for family office services with the minimum engagement being $1,000 per month.  Every client undergoes an annual fee review to see if there have been any changes in the scope of work throughout the year.

Family Bill Pay – Request a Quote

Download: New Client Questionnaire

Q:  Do you provide any other family office services besides personal reporting, accounting and bill pay?

Answer:  Since the majority of our clients lead busy lives, we’ve added outsourced concierge and personal assistant services.  These are customizable based on the family’s need and can range from property management services to booking travel and restaurant reservations, household employee payroll and basic mail pick-up and distribution.  Another example of outsourced concierge is relocation assistance, a project-based engagement in order to help manage and organize a personal move.

See list of outsourced personal assistant services

Q:  Does a client need to be located in Southern California to work with Plumb?

Answer: No, all the financial reporting and bill pay engagements are handled electronically with cloud-based assistance.  Plumb Family Office Accounting uses technology to facilitate bill pay and A/P work flow with a client login system to access reports and status updates.

We offer complete account protection and robust security measures to protect your information from unauthorized access. All confidential information is stored in a data center with multiple levels of security and can only be accessed by Plumb and you or your designated representative. All sensitive information is encrypted and uploaded to your private portal. Two-factor authentication to login to portal further safeguards your accounts and information

Plumb has staff located on both the west coast and east coast time zones to accommodate nationwide and international clients.

Q:  Who is handling the relationship with Plumb Family Office Accounting clients?

Answer:  Plumb takes a team approach for each engagement.  Every client has a main point of contact, a Client Relationship Manager, who oversees a team of junior and senior staff accountants.  The team approach is more cost-effective for the client, as each transaction is mapped in our task management software, and is broken down on a weekly, monthly, quarterly and annual basis.

There is a centralized client communication portal set up via email, so the team has access to client-specific information and requests.  This ensures dependability and consistency if an accountant is out of the office, needs approval or controller-level insight.

Q:  How can I be assured that my financial information is kept confidential and secure?

Answer: Plumb has been in business since 1996 and has a long history of continuity and confidentiality. We are fully bonded and all employees have to pass a background check before they are hired. With every engagement and task, it is handled with the utmost discretion and attention to detail.

We respect the privacy of our Plumb Family Office Accounting clients and take great measures to protect it.  We ensure compliance with best practices and internal control procedures, different levels of approval and password protection.  Our solid system of checks and balances gives our clients reassurance in the integrity and security of their private information and financial data.

Q:  I have a special project that requires assistance on a one-time basis.  Can Plumb Family Office Accounting help?

Answer:  Yes, we can accommodate short-term engagements and project work.  For example, Plumb Family Office Accounting works with divorce attorneys and their clients who are going through a divorce settlement and need help analyzing and tracking expenses to finalize child and alimony support.

Case Study: Divorce Client

Q:  How is the family bill pay set-up?

Answer: We have created a 4-step bill pay process with segregation of duties and different levels of approval.

  1. Client Associate pays bills
  2. Vice President reviews and signs checks
  3. Client Associate reconciles bank account
  4. Client Relationship Manager reviews bank statements

The family bill pay process is first established with the creation of a financial calendar of due dates and vendor information sheet.

View: Family Bill Pay Services: Organize your Financial Life.

Success Stories – Family Bill Pay 

How can you help with organizing for year-end and tax planning purposes?

Answer: We assist our clients to compile the annual tax organizer for their CPA.  Creating this comprehensive, audit-proof package allows to maximize standard deductions, as well as, allows for the CPA to be more cost effective.

Additionally, we provide the CPA with quarterly reports to adjust estimated tax payments as needed to avoid annual penalties and interest charges with the IRS or Franchise Tax Board.

Learn More: Plumb Family Office Accounting Annual Tax Organizer

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



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5 Bill Pay & Accounting Tips for Family Offices

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Anneke Stender, Executive Vice President of Plumb and the Founder of the Family Office Accounting and Bill Pay Division of Plumb, discusses bill pay and bookkeeping solutions for family offices.

An overview of Anneke’s background and Plumb Bill Pay

Plumb was founded in 1996 as an outsourced accounting firm for small to medium-sized businesses.

As we developed close and trusted relationships with these privately held businesses, we realized how unorganized some of the business owners were in keeping track of their personal finances. Due to our expertise in accounting and financial reporting, we recognized that we could serve the owners and their families as their outsourced accounting department.

Our family accounting and bill pay services were developed by accounting professionals who have a deep understanding of the unique needs of high-net-worth individuals and family offices. The idea is that we serve as an extension to our client’s family office teams, providing accurate data to all of their advisors so they can make better tax, estate and financial planning decisions.

“By providing high-touch accounting services and technology solutions through our Plumb BillPay app, we act as financial stewards for our Family Office clients in their day to day financial lives. We make sure that their bills are paid on time and their accounting practices are in order, so that our clients can devote more energy to enjoying life and have peace of mind.” – Anneke Stender

1. What are the different ways in which families and family offices pay their bills & handle their finances?

There are three different ways that bills are currently processed within families and family offices:

  1. Dedicated staff such as personal assistants, CFO/Controller or an in house bookkeeper.
  2. CPA firm provides bill pay services in conjunction with their existing accounting services department.
  3. Third-party bill pay provider that specializes in bill pay services, cash management, as well as reporting for families and family offices. These firms typically work in conjunction with the various family office advisors such as their financial planners, CPAs and estate planning attorneys to provide reliable and accurate reporting.

2. What are the 3 advantages to outsourcing Family Office Bill Pay?

It boils down to three advantages to outsourcing the bill pay function within a family office setting:

  1. Families can take advantage of the segregation of duties, including the checks and balances around their bill pay function. What we see here is that most families have one dedicated person handling all steps in the bill pay process. The biggest pain-point third party providers solve here is to alleviate the lack of checks and balances in this process by having a second or even third set of eyes review the transaction before it is released.
  2. Outsourced service firms take advantage of the latest technology in their space which helps to automate the process. Frequently, this leads to increased efficiencies and transparencies in the bill pay and approval process for families. For Plumb, this includes a proprietary bill pay technology solution that we have developed in house. Our bill pay workflow process software is an efficient, secure and easy way for our clients to get the right approvals prior to issuing a check or electronic transfer without having to comb through various email communication.
  3. Service firms like Plumb take a white glove or high-touch service approach when working with high-net-worth families and their family offices. This leads to quick turnaround times and the ability to handle last-minute requests, like urgent wires or ACH transfer which can be a big stress relief for families and their advisors. We call this service stance stewardship.

Ultimately, what third-party service providers do for bill pay is to optimize control over the process, bring more scalability, redundancy, precision, and expert oversight into the bill pay and financial organization of families and family offices. As a result this really creates more financial clarity and peace of mind for their clients.

3. What are best practices to optimize Bill Pay for policies, controls and security?

  • The confirmation of wire instructions: Confirm instructions verbally and record these verbal confirmations. If wire instructions have changed, we verbally confirm revised instructions.
  • Centralization of bills: We set up a post office box and a dedicated email address for each client for all incoming invoices which streamlines communication and minimizes loss of bills. A billing tracker is then created to schedule out payments.
  • Billing tracker: allows us to proactively reach out if no invoice is received.
  • Segregation of duties: An effective workflow for bill pay should look like this:
    1. Individual receives and enters the vendor invoices.
    2. Second individual will review the transactions to ensure the appropriate
    approvals have been completed.
    3. Third individual will have the authority to sign off on the transaction.
  • Workflow approval application software: Applications provide you with the ability to set approval limits by vendor, dollar amount or entity, as well as integrate with the underlying accounting system to avoid double data entry.

4. How is Plumb Bill Pay integrated with capital calls?

Capital calls and alternatives are an administrative burden for most of our clients.

The Plumb team takes care of the following financial administration tasks:

  1. When a new investment is made, the bill pay system can book the overall commitment, and schedule capital calls.
  2. Team monitors and tracks the remaining commitment.
  3. Verbal confirmation of wire instructions.
  4. Categorization and reconciliation of capital calls and distributions.
  5. Monthly report to the family and its advisors to better manage any upcoming cash and tax planning needs.
  6. Collecting all of the year end K1 statements for the CPA to incorporate with their tax compliance work.

5. How does Plumb Bill Pay allow families to have more clarity over their wealth?

Financial clarity is achieved through integration with existing advisors. Integration with other service providers happens on the reporting side. We link into the various banking and investment portals to obtain the data and categorize them in the underlying accounting system.

Our recommendation around reporting is that:

  • Monthly cashflows should be provided to the family, as well as the financial advisors so they can appropriately plan for future cash reserve needs.
  • Quarterly consolidated financial report is generated which contains a balance sheet, profit and loss, as well as entity financials. The goal here is to provide accurate and reliable data so that other service providers around the family can be more effective from a financial, tax and estate planning perspective. This allows our clients a much clearer and more accurate financial picture.

“Again, the most important take away here is that high net worth families and family offices are looking for ways to simplify their bill pay and bookkeeping needs and doing this in a secure and transparent fashion. They are looking for experts that specialize in their respective area and work well with their existing family advisors. The integration with a third party service provider that is fully integrated with a family office group and their financial advisors can really streamline this process.” – Anneke Stender

Interested in learning more about our services? Contact Anneke today:

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?