All of your Private Client Services questions answered by Wendy Massey
Updated: Jan 9
How would you describe what your private client services are:
Our services are highly personal, exceptionally confidential and secure personal bookkeeping, bill pay, account reconciliation, household payroll, and comprehensive financial reporting as needed. We are professional, steady and reliable while staying on the forefront of new technology. Our fees are easy to understand and based on providing an exceptionally high value and level of service.
How do you start setting up a private client?
We talk with the key people to learn about the needs as well as how we can provide their wish list of information and services. We use that to develop custom plans for streamlining the accounting of all income and expenditures from checking accounts, credit cards and paypal, investment accounts and online point of sale and other receivables platforms. We set up the books and timely bill payment plans are put in place. Reports are developed that will best categorize all the activity, and cash flow monitoring is routinized, so everyone sleeps well! Finally we adapt to the unique needs of each individual or family group by setting up the reports that are most meaningful to them. We do all of this utilizing cloud based systems that keep all records safely backed up and secure.
What if someone needs help with prior year records as well as getting the current year caught up?
Frequently we start our relationships with a clean-up project that includes bringing prior and current year records up to date. During that initial phase we identify the best ways to go forward and get everything up and running in a timely manner.
What if the family has a nanny or other household help?
Complying with federal and state laws regarding employees is one of the most frequent problem areas we encounter. Even if you do not own a business, if you have people you regularly pay who take direction from you as to hours and type of work they do, they often are considered employees for tax purposes. Household employees are reported on different tax reports than company employees. We are well versed in the correct handling of these situations and work closely with a company that specializes in household workers to make sure you are in compliance with all laws.
And if the family has multiple residences?
This is very common and we find the best ways to report and consolidate the related activity for property owners and their tax accountants.
What if a family also has an operating business with employees and/or a non-profit?
From traditional payroll to time records reporting, credit card management and multi-level bill payment approvals, we recommend and implement the best in cloud based applications.
How do clients usually find you?
Word of mouth referrals among a highly select group of tax and investment advisers have brought to us an incredible group of clients we are thrilled to be working with. We selectively add new clients so do not hesitate to contact us if you are interested in adding a personal bookkeeping team to simplify your life.
With what types of industries do you have experience?
Arts and entertainment, equine breeding and racing, farming and agriculture, non-profit, personal investment companies holding stocks bonds and etfs, residential and commercial real estate and high-tech ventures.
What is your office culture like?
We are a group of professionals who know how to get things done efficiently. We look after each family office like they are part of our family - every day. It's really that simple and we love it that way.
How would you summarize why your clients come and stay?
Our clients enjoy worry free bill payment for one or several residences, fully operational businesses as well as entrepreneurial and closely held companies, payroll processing and reporting services for both regular and household employees and regular cash flow management. Reports are issued monthly, quarterly or on an as needed basis and customized for the needs of each situation. Our greatest strength lies in the ability to provide timely information utilizing the best of new business and accounting technology platforms. Added reporting across income, expense, asset types and investments to show a complete picture of the financial side of life is invaluable to our clients.