The Best of Personal CFO & Bill Pay Services this Year

Personal CFO & Bill Pay Services for the High Net Worth

TAG Family CFO is an outsourced accounting firm, focusing on personal CFO and bill pay services. In this post, we showcase the most popular content regarding TAG Family CFO, a personal CFO and bill pay service provider for the high-net-worth and family offices.

#1 Why Use a Personal CFO 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. TAG Family CFO 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 TAG Family CFO 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 TAG, 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 CFO

What is a back-office Family CFO? 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 and up-to-date financial information. TAG Family CFO offers outsourced accounting services towealthy 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, TAG Family CFO 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 TAG Family CFO? Not all clients are alike, but the one thing they all have in common is: personal financial complexity. They own multiple homes. They have household employees on their staff. They 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?

How to Prepare a Net Worth Statement and Track Your Wealth

Track your Wealth with a Personal Net Worth Statement

Many of our clients turn to TAG Bill Pay 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 TAG, 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:

For more information on TAG Family CFO – or to receive a quote for bill pay and reporting services

Why Use a Personal Bill Pay Service Firm?

As a personal bill pay service firm, TAG offers bill pay services that cater towards individuals and families who are dealing with complicated finances.  If you are feeling overwhelmed with the amount of bills and mail you receive each month and find it too time consuming to get your personal finances organized, you may want to enlist the help of a personal bill pay service firm.

The TAG personal bill pay service firm is not an online bill pay software, rather it is a team of accounting experts who have experience dealing with high-net-worth clients and their specific bill pay needs.  At TAG, we provide high-touch services while also utilizing the latest bill pay software and technology to manage monthly expenses and produce cash flow reports.

Top 5 Reasons to Use a Personal Bill Pay Service Firm:

  1. Have your expenses tracked and all bills paid on time, so you can focus on your family and enjoy your wealth.
  2. Receive comprehensive cash flow reports, allowing you and your personal financial team to make better decisions about your wealth.
  3. Deliver accurate tax documents to your CPA by having organized recordkeeping throughout the year and electronically filing invoices.
  4. Pay household staff, prepare 1099s & 1096s, and streamline vendor management to centralize all household expenses.
  5. Credit card and wire transactions are monitored for discrepancies, tracked closely and reconciled for accuracy, giving you peace of mind.

Who Uses a Personal Bill Pay Service Firm?

TAG was established over 20 years ago to provide outsourced accounting services to entrepreneurs, their companies, foundations and personal family bookkeeping and bill pay needs.  The typical client who requests personal bill pay service from TAG has multiple properties, household staff, numerous bank, credit card and investment accounts to manage and track.  They are looking to reduce the overwhelm of paying multiple bills, reconciling accounts and staying on top of due dates.

Discover how TAG, a personal bill pay service firm, can work for you.

Family Wealth: How to Retain it with Better Financial Reporting & Cash Flow Insights

Retain your Family Wealth by Organizing your Financial Life

Family wealth is a product of success and comes with great responsibilities. In a recent article in the Journal of Accountancy, the best time to evaluate your financial plan is after tax season when you have the most up-to-date information about your family wealth.  Nearly eight in 10 affluent families use the information on their tax return to guide their planning for the year according to a Harris Poll.

“Organizing and reporting your sources of income, results from investing, and outflows for deductible expenses leaves you with a current road map and a unique opportunity to take a fresh look at whether your strategies are on track to meet your financial goals,” said Neal Stern, AICPA’s National CPA Financial Literacy Commission. “Tax time brings your financial situation to the forefront,” he said.

Wouldn’t it be helpful to have this information at your fingertips any time of the year, and not just after tax season?

The majority of high-net-worth families have a team of advisors to guide their family wealth decision making, such as trust and estate attorneys, CPAs, certified financial planners and wealth managers.  Yet, the actual day-to-day financial responsibilities of staying on top of due dates, paying bills, organizing financial records, tracking expenses and creating budgets relies on the family. The more complex this becomes, it is harder to track and get a clear picture of family wealth.

In order to make better decisions and retain your family wealth, it is important to have accurate and up-t0-date financial information.  TAG Family CFO offers outsourced accounting services to the high-net-worth and provides consolidated financial reporting with real-time data for a holistic view of family wealth.  Unlike wealth management firms, TAG Family CFO 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.

Financial transparency gives you the backdrop to make better financial decisions & retain family wealth

TAG Family CFO offers customizable accounting and bill pay services to wealthy families, so they receive a clear, aggregated picture of their current financial status, which helps to retain wealth.

TAG Family CFO Services:

  • Personal Financial Reporting & Analysis
  • Monthly Financial Statements
  • Family Bill Pay Services
  • Cash Flow Management
  • Bank & Credit Card Reconciliation
  • Household Employee Payroll Services
  • Budgeting
  • Insurance Coordination & Oversight

By providing the financial information and cash insights, clients can make knowledgeable decision about their wealth.  It also frees up time, so you can enjoy your wealth.  Discover the depth of personalized financial reports from TAG Family CFO.  To request a quote for family bill pay services, click here.

Top Signs That You Should Hire a Personal Bill Payer

A personal bill payer can help manage your complex financial affairs

Could your family benefit from a personal bill payer? At TAG Family CFO, we are a reliable firm with a team of accounting and personal bill payer 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 TAG Family CFO different?

We work with over 150 HNW families across the globe and also support family offices to provide bill pay services.  As an outsourced solution, bill pay by TAG 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. They have household employees on their staff. They 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 TAG Family CFO who is using bill pay services.

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 TAG at Sales@TEAMTAG.net for more information.