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.
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.
Customer Success Story: Century Mechanical Contractors Implements Sage 300 CRE to Build Efficiency & Profitability
This Texas HVAC and geothermal contractor uses Sage 300 Construction and Real Estate to build efficiency and profitability.
Century Mechanical Contractors has been building north Texas for five decades. They started as a commercial HVAC and plumbing contractor for public building clients like schools, churches, and hospitals.
As their customers grew, Century grew too. They became certified experts at piping medical gas – mastered water treatment, acid waste and high purity plumbing – and expanded into geothermal HVAC systems that can reduce energy consumption by as much as 70%.
Today, Century Mechanical has a robust mix of both public and private industrial clients. With multiple channels for expansion and a smart strategy to provide unique and comprehensive services, Century has grown from a small, 30-person company into a $50+ million powerhouse employing more than 150 people.
Key outcomes:
Long-term company growth topping 500%
Payroll completed in 25% of the time
Tax reporting done in 10% of the time
Dramatically improved information visibility and flow
Century’s building plan
Diane Mills, the Secretary/Treasurer for Century Mechanical, has steered the company’s growth financially for 3 decades. When she started, all payroll and financial data was entered by hand. Yes, people actually calculated every number manually. She remembers how big a deal it was to start using computers.
When she first evaluated the emerging construction software products available, she chose Timberline, the precursor to Sage 300 Construction and Real Estate, because, “The job cost program was superior at the time. It integrated into our payroll, directing into our GL and all the reporting.”
Job Costing Still Paramount
Mills credits those same capabilities for her current loyalty – and job costing is still her favorite module. She and other Century managers appreciate the detail they can access. What was bought? Which vendor supplied it? Who ordered it? Did we rent anything we already had? Is there a P.O.?
“I can break it down for every job. I know that it processes through from Payroll, General Ledger, Accounts Payable, Accounts Receivable. It’s all integrated through the job cost program and we can get every detail we need out of that.”
Integrating AR, expanding knowledge
When the industrial division took off, taxation became a major new complication. Century had always worked for nonprofits – schools and hospitals that were exempt from taxes. Suddenly Century faced a huge new challenge: How to calculate and report taxes and keep those funds separate from the job costs.
Again, Mills turned to Sage, adding the AR module to the 300 Construction and Real Estate program that had become her go-to resource. Because of its similar functionality and easy integration, there was hardly any learning curve and Century saw results right away.
“I really appreciate the reporting I can get out of Accounts Receivable – for taxation –and just for vendors.” But she also realized another benefit she didn’t anticipate. “We can now more readily get information about every customer that we have.”
Customized Reports, Personalized Insight
Mills regularly uses Report Designer and Inquiry Designer to inform her analyses. She cites the over billing and under billing capabilities of the Work in Progress report as vital to her incomplete work tracking. But that’s not her favorite option.
“Inquiry Designer is tremendous. It’s Report Designer with a kick.” Mills says the secret is two-fold: Understanding and using every field and an easy integration with Excel that lets her format data further. “You really do have to have a little more knowledge to use this program but that’s because it can do so much.”
Always learning
All new Sage 300 Construction and Real Estate users at Century complete online training. According to Mills, they pick it up right away and often come back with shortcuts and tips she didn’t know. “They’ve been teaching me, which is great to have that information flow.”
Century is also a regular and satisfied user of the Knowledge Base and the digital answers found there. But when it comes right down to it, Mills admits, “I’m still a pick-up-the-phone-and-call person.” So Sage Customer Service “always gets top stars in my book.”
Better time management, better information flow
Since Century implemented Sage 300 Construction and Real Estate, they’ve saved hundreds of hours of labor:
Weekly payroll has gone from 8-10 hours to 2-hours. That’s a 75% reduction in labor even as the number of employees increases.
Tax Reporting only takes 10% of the time it used to take, cut from two weeks to a single day, even as the number, size and complexity of jobs continues to grow.
Errors, which sometimes took days just to identify, are now found and corrected in minutes.
Plus, Mills adds, “The information flow is 100% more even than it was a year ago.”
About Sage 300 Construction and Real Estate
Sage Construction and Real Estate is the market leader for financial, project management, and estimating systems used by more than 50,000 construction and real estate companies in North America. With a whole spectrum of solutions from back-office accounting to cloud-based collaboration tools, Sage helps construction companies to manage more than 500,000 jobs, 7 million subcontracts, and 622,000 rental units each year. Visit SageCRE.com for more information on Sage’s industry-leading construction business management and accounting solutions.
Ready to achieve financial peace of mind with one of the best outsourced accounting firms?
Ranking the Best Outsourced Accounting Posts of the Year
Plumb has a reputation as one of the best outsourced accounting firms in California and across the United States. With a team of accounting experts who provide outsourced accounting and bookkeeping services for companies in various industries, Plumb understands the importance of industry-specific reports and meeting deadlines.
Gain valuable insights about outsourced accounting services and determine if it’s right for your company. Whether it’s a fractional Controller that you need to produce accurate financial statements, or accounting help to clean up your books, Plumb is flexible and scalable. We work with clients on a fixed-fee or hourly rate basis.
Find out how an outsourced accounting firm can help your company. See which blog posts were the most popular this year with the best outsourced accounting content from Plumb.
#1 Top Accounting Tasks that Your Company Should Outsource
As accountants, we like lists. In this article, learn the top ten accounting tasks that you could be outsourcing for your company. Not all accounting tasks are created equal after all. There is general bookkeeping, or month-end and oversight that should be performed by the expertise of a controller or CFO. You should also consider the efficiency and cost savings by hiring an outsourced accounting firm. Read more >>
#2 Most Frequently Asked Questions About Outsourced Accounting Services
Here’s another top ten list! In business for over 20 years, Plumb has been asked many questions about outsourced accounting and outsourced bookkeeping services. So, we have compiled questions and answers to the most frequently asked questions. Here are the top reasons why a company should outsource their accounting needs and how much services cost. Read more >>
#3 Why Hire a Controller for your Business
If you have an in-house or part-time bookkeeper handling your month-end and financial reporting, it may be time to consider outsourcing to a controller. Accordingly, a fractional controller can come in on a weekly or semi-weekly basis to handle the month-end and industry-specific reports and analysis. If you’re not sure if your business is ready for a controller, take a look at how Plumb utilizes controllership services within their outsourced accounting model. Read more>>
#4 Accounting Best Practices for Month-End Close
Here is a short video regarding QuickBooks software for the manufacturing industry. As shown in this “how to” video, you will learn how to review month-end inventory numbers; review inventory quantities and review sales orders with accounts receivable. Get more QuickBooks tips here >>
#5 How to Reconcile a Brokerage Statement in QuickBooks
Help with QuickBooks software is a popular subject. In this video, we show you how to reconcile a brokerage statement in QuickBooks. Consider outsourcing your QuickBooks accounting needs. Read more>>
#6 Fractional CFO vs. Fractional Controller
One thing that all businesses have in common is that they need to make informed decisions based on accurate and up-to-date financial data. In some instances, companies cannot afford to support full-time accounting staff to provide the data and forecasting that an experienced CFO or Controller would create. In this article, learn the differences to what a fractional CFO and fractional controller can provide for your company. Read more>>
#7 How to Handle Assemblies in NetSuite
Does your manufacturing company use NetSuite? These NetSuite tips and tricks provide insight on achieving proper inventory control and costing even when an outside organization creates the finished good. Plumb provides outsourced accounting help for NetSuite software users. Take a look at this step by step guide on how to handle assemblies in NetSuite. Read more>>
#8 How to Close the Year in Sage 300 Construction and Real Estate Software
Sage 300 Construction and Real Estate, otherwise known as Sage Timberline is the top accounting software for the construction industry and real estate development. Plumb supports Sage 300 CRE and also provides accounting help, software consulting and year-end updates. Watch this video series on how to close the year in Sage 300 Construction and Real Estate.
#9 Learn NetSuite and Optimize the Software
NetSuite is a powerful accounting system. It can also be hard to learn NetSuite and become a ‘power user’ if you do not have help along the way. Plumb has a team of the best outsourced accounting experts for NetSuite. They can help companies learn NetSuite and optimize the software to produce comprehensive financial reports. Check out how Plumb can help with your outsourced accounting needs for NetSuite. Read more>>
#10 Why Double Entry Bookkeeping is so Important
The double entry accounting system is a more complete way to track your spending, cash and reconcile accounts. The benefit of using this system of tracking is to make financial reporting easier. This process will generate more detailed income statements, including statement of cash flow and balance sheets, so your business can have more up-to-the-date financial picture. Get all the details of double entry bookkeeping here >>
Ready to achieve financial peace of mind with one of the best outsourced accounting firms?
Reconcile a Brokerage Statement in QuickBooks: How-To Video Instructions
In this accounting tips video, you will get step-by-step instructions on how to read and reconcile a brokerage statement in QuickBooks.
Before you reconcile a brokerage statement in QuickBooks, it is important to understand the basics of what a brokerage account is.
Consider outsourcing your QuickBooks accounting needs – Plumb provides outsourced accounting services, specializing in QuickBooks software for companies and high-net-worth families who need help with bill pay, and personal reporting.
What is a brokerage account? A brokerage account is an arrangement between an investor and a licensed brokerage firm that allows the investor to deposit funds with the firm and place investment orders through the brokerage. The investor owns the assets contained in the brokerage account and must usually claim any capital gains as income as it incurs from the account.
Parts of a brokerage statement in QuickBooks
Account Information: basic information, such as the account owners, the time period covered, and the account number.
Statement Account/Summary: This section shows the investments performance as of the statement date by displaying unrealized and realized gains/losses. This also summarizes the total value of stocks, bonds, mutual funds, other investments, and any cash.
Portfolio Detail: This section identifies individual assets in the account and allows the investor to determine whether the holdings listed are accurate. This shows the value of the investments at the end of the statement period, cost basis of the investment, estimated income and yield, and other information, such as bond insurance ratings, stock symbols, and unrealized gains and losses.
Income Summary: This section displays the income and dividends earned by the investments for the statement period and the year-to-date.
Daily Activity: This section includes detailed information on all account activity during the statement period, including all security transactions (purchase and sales), management fees, detail of income received and miscellaneous deposits received and payments made.
Disclosures: This section includes legal and administrative e explanations, such as fee information, penalty warnings, and a description of some symbols used.
How to Set Up and Reconcile a Brokerage Statement in QuickBooks
Each Investment account should be setup as a separate “Other Asset” account on the Balance Sheet. A sub account will be setup for each Asset Class, and under each sub account or asset class, should include a sub account for the Cost, as well as the Market Value.
Account Example:
Charles Schwab XXXX
Cash
Mutual Funds
– Cost
– Market Value Adjustment
Exchange Traded Products
– Cost
– Market Value Adjustment
Stocks
– Cost
– Market Value Adjustment
Bonds
– Cost
– Market Value Adjustment
Each Investment Account should have its own Income account for Dividends, Interest, Realized Gains and Losses, Capital Gains Distributions, and Miscellaneous Income.
Account Example:
Interest Income
– Morgan Stanley XXXX
Dividend Income
– Morgan Stanley XXXX
Realized Gains and Losses
– Morgan Stanley XXXX
Capital Gains Distributions
– Morgan Stanley XXXX
Miscellaneous Income
– Morgan Stanley XXXX
Each Investment Account should have its own Management Fee account.
Account Example:
Management Fees
– Morgan Stanley XXXX
Unrealized Gains and Losses will be adjusted monthly to an Equity Account. Each Investment Account will have its own account.
Account Example:
Market Value Adjustment
– Morgan Stanley XXXX
Reconciling monthly or quarterly Brokerage Statements
A journal entry is typically used to record brokerage statement activity. The following transactions are standard for each entry:
Investment Income: this includes dividends, interest, realized gains and losses, and capital gains distributions
Sales and purchases of investments
Investment management fees
Transfers from one investment cash account to another investment cash account or bank account
Unrealized gains and losses (market value adjustments) for each Asset Class
Other Notes
Be sure to follow the Cash activity. Often time’s people will plug a number to reconcile Cash, which causes them to miss recording receipts, payments, or transfers.
Capital gains distributions are typically paid at the end of the year, usually in November and December.
Management Fees are typically paid in January, April, July, and October for the prior quarter.
If you have sales of investments, there will typically be realized gains and losses to record.
Reconcile the year-to-date income and expenses to ensure that all income and expenses have been entered. This will make 1099 reconciliation so much easier during tax season.
The Statement Account/Summary will typically provide you with a Market Value change. This typically includes Unrealized Gains and Losses, Realized Gains and Losses, and Reinvested Income.
– Make sure that your entry to Unrealized Gains and Losses ties to the Market Value change per the statement.
– Make sure that the Unrealized Gain/Loss is a reasonable amount. For example, you will never see a $1 million unrealized gain/loss in a portfolio with a $4 million value.
For more accounting tips from Plumb Family CFO, check out our YouTube channel
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