Bill Pay, Monthly P&L’s, Balance Sheets

Private Wealth—Management of Bill Pay and Accounting Services

At Private Wealth, we have found that wealthy families want to be in control of their budgets and how much they’re spending, but they don't really want to physically pay the bills and create the profit and loss statements each month. We have also found that nearly all these families feel that having monthly balance sheets, listing all their assets and liabilities, all in one place, is essential to having peace of mind about their finances.

At Private Wealth, we recognize these needs and provide the management services necessary to ensure that these goals can be accomplished. Whether you already have a company or individual providing bill pay services and/or another company providing monthly profit and loss statements (as well as balance sheets) or you need us to locate these services for you, Private Wealth is here to ensure these needs are meet.

Private Wealth will not only find the appropriate vendors to provide bill pay services, but we will also manage them to ensure that you receive timely and accurate information that is tied back to the budget sheet that we create with you in our planning sessions. We will further analyze any anomalies in your spending versus the budgets (without judgement) or in your balance sheets versus all the assets and liabilities we are aware of from our planning sessions and make timely recommendations to improve P&L management.

The process of installing bill pay services takes a little time and effort but is well worth it in the long run. We start by having all your bills sent directly to the bill pay service (some clients still want duplicates). Next, we provide the bill pay service with your budget that we established in your planning meetings. 

Each month the bill pay service provides you with a secure email listing out each one of the vendors you need to pay, the current amount due and what the last payment (or two) to the same vendor was. The secure email includes a simple check mark option for you to approve or not approve each payment individually. Once the bills are paid, they are recorded to align with the categories in your budget (this process takes a few months to ensure every bill gets recorded in the correct category). You will receive a monthly and a year-to-date profit and loss statement that compares what you’re spending against the budget that we established in your financial planning process. Likewise, you will receive a monthly balance sheet listing each asset you have—whether it be a liquid investment or an illiquid asset such as real estate, private equity or a business you own—along with all liabilities complete with maturity date and current interest rate. We will review this balance sheet during your normal meeting and update it for any changes, as well as discuss timely actions that may improve the balance sheet long term.

One of our founders recently said, “In nearly three decades of serving clients I have yet to see one client adopt bill pay services, P&L/Balance Sheet management, and not continue with it. The peace of mind it brings and the time it frees up is liberating.”


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