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More Quality Family Time Through Outsourcing Bill Pay to TAG

High-net-worth family who own several successful companies, real estate investments and a collection of vacation homes.The piles of mail, bills and daily deadlines kept growing and the family needed a resource to handle the payment of bills and tracking of cash flow.

Client

High-net-worth family who own several successful companies, real estate investments and a collection of vacation homes.

Net Worth

$100MM

Background

The piles of mail, bills and daily deadlines kept growing and the family needed a resource to handle the payment of bills and tracking of cash flow.

The Solution

TAG has developed best practices in bill pay for the high-net-worth with services that include:

  • Collecting bills and forwarding them to client-specific PO Box
  • Setting up bill pay schedule with financial calendar of due dates
  • Paying bills out of a POA designated bank account
  • Processing checks that TAG signs as Power of Attorney
  • Tracking rental income of investment properties
  • Depositing rent checks
  • Performing monthly bank and credit card statement reconciliations
  • Implementing vendor management reporting
  • Producing monthly cash flow reports
  • Properly tracking income & expenses
  • Organizing tax documents at year-end for the family’s CPA

 

The Results

The family has a dedicated team of accounting professionals at TAG who work exclusively with the high-net-worth. Now, with a clear financial picture, they have more time to enjoy their wealth. Their bills are being paid on-time, while being reconciled and verified for accuracy. By having a monthly cash flow report, the family has an understanding of income and expenses, so they are better prepared for long-term wealth planning.

Take the First Step

Request a consultation to learn how TAG Bill Pay customizable service offerings can help you save time, gain clarity and remain in control.