Simplifying day-to-day financial responsibilities
A busy couple with young children, a fiduciary managing a complex network of trusts, and an aging couple dealing with health concerns are examples of individuals facing significant financial management challenges. These families require a reliable back-office administrative solution to gain clarity on their overall financial situation and make informed long-term strategic decisions based on data rather than intuition. Here are some of the advantages of using bill pay/bookkeeping services:
Gresham works with families to identify the support they need, then facilitates introductions to experienced bookkeeping/ bill pay back-office administrators. Gresham then assists the family choose the service provider that most closely matched their needs.
The Back-Office Administrator manages the onboarding of bill pay and bookkeeping services, creating customized monthly, quarterly, and annual spending reports. They set parameters for bill payment approvals, execution, and reconciliation, while also granting access to other family members for reviewing approved reports. Regular check-ins with the family are conducted to ensure smooth operations.
Clients utilizing back-office administrative services no longer receive regular bills; unscheduled ones are forwarded to their dedicated team for payment. These families benefit from monthly and quarterly summaries, as well as annual reports that simplify their financial management. Gresham ensures open communication among the back-office administrator, accountant, and family legal advisors to keep all service providers aligned. Security is a top priority in Gresham’s due diligence process, including transaction monitoring to prevent costly errors and detect fraud. Communications are secure, utilizing email and two-factor authentication for logins. Gresham also assists with onboarding the family to the new provider, resolving issues, and reviewing reports before they are sent to the family.