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Personal Bookkeeping & Billpay
Our Personal Bookkeeping and Billpay Service aggregates all of your spending and payment information into one set of comprehensive books. That includes checks and debit card charges from your personal account, every one of your credit card transactions and any other payment accounts you have.
More about Personal Bookkeeping & Billpay:
What it is:
What it is not:
Family, Entity, and/or Partnership Accounting
Affluent families usually have organizational configurations that go beyond just personal family checking and savings accounts. Accurate oversight and management of many entities, each with their own special requirements, governance, or formation restrictions, is important to ensure that the family’s plans are appropriately enacted, to ensure adherence to formation documents, and that timely information is provided to tax and legal compliance specialists.
More about Family, Entity, and/or Partnership Accounting:
Our Family, Entity, and Partnership Accounting solutions expand beyond Personal Bookkeeping to help you understand your family’s overall financial picture, reported in a clear, concise manner.
Consolidated Investment Performance Reporting*
Sophisticated ultra-high net worth investors and their family offices may hold scores of direct, private equity, and publicly traded investments in dozens of trusts, limited partnerships, brokerage accounts and other entities. As these investments proliferate, it becomes increasingly difficult to gain a clear understanding of overall performance and concentration risks. If fact, some exceptionally affluent investors would be hard pressed to say exactly how wealthy they are on any given day.
More about Consolidated Investment Performance Reporting:
Our Consolidated Investment Performance Reporting goes beyond more basic services to incorporate investment data that spans marketable and non-marketable securities, captures all accounts, and provides a clear picture of liquidity. This data is recorded in a true double-entry general ledger integrated with investment performance reporting, so you always have a clear understanding of what you are holding and what you are spending. You and your advisors can easily assess the overall performance of your portfolio and the individual performance of each investment.
Additional Services
In conjunction with our core service offerings, we provide several additional administrative services, such as ILIT Administration, Domestic Payroll Assistance, Customized Reporting, Medical Claims Processing, Statement of Assets, Document Storage, and Property and Casualty Insurance Review.
More about Additional Services:
ILIT (Irrevocable Life Insurance Trust) Administration: (also offered as a stand alone service)
Our service ensures that you remain compliant with the Irrevocable Life Insurance Trust (ILIT) regulations, protecting you from potentially costly oversights. These include the establishment of a bank account for the trust, overseeing the funding of the account, sending the Crummey notices, paying the premiums, and recording all trust activity.
Domestic Payroll Assistance: (with Bookkeeping or Entity Accounting services)
Working with any one of our longtime associated firms, we offer a solution to make sure your household staff is paid on time via direct deposit, and that tax withholdings are properly made and documented. Coordinating efforts with your CPA, we ensure that W-2s are handled, quarterly taxes filed, and year-end tax reports generated.
Customized Reporting: (with any core service)
We can provide highly customized reports to address any number of special needs. For example, we can prepare multi-year spending summaries to be used to calculate budgets; or generate “basis reports” detailing the money you have spent on home improvements, investment in an art collection, how much the aircraft costs increased year over year, etc. Just ask! If the data is in our system, we can run you a report.
Medical Claims Processing: (with Bookkeeping Service only)
Working with our longtime associate, Medical Bill Advocate, LLC, we can make sure that your health insurance claims are properly reviewed and paid in a timely manner. Typically, your medical bills are sent directly to us or Medical Bill Advocate for initial processing and, if needed, any payments that are due.
Statement of Assets: (with any core service)
When a life changing event, such as death or divorce, takes place, it’s very important to know where all the financial assets are located. We can help provide the answer through a service which records balances in all of your investment and bank accounts from copies of printed statements or online access.
Document Storage: (with any core service)
Through a relationship with a specialty firm, we can arrange for storage of original documents, including bills, insurance policies, etc., with easy retrieval as needed. Many clients avail themselves of this service rather than having all the original paid bills returned to their home.
Property and Casualty Insurance Review: (with any core service)
The private client insurance market has changed significantly over the past decade, but the need for risk management hasn’t. Our professionals can review your coverage against your family’s activities, assets, and entities. We frequently find uninsured assets, assets that should be separately scheduled that are not (and are thereby underinsured), holes in liability protection, and potential risks that are not covered. We then work with partners who specialize in the high net worth market to conduct a comprehensive review and take the enhanced findings to market.
Tracking of Property Expenses
We will monitor and report on spending at the property level to ensure accurate reporting and valuable insight into the true operating costs for each home. We will also track capital improvements as a part of the basis in each property, which will minimize the tax liability at the time of sale.
Disbursement Account
We strongly recommend the use of a stand-alone operating account we call the "Disbursement Account." This account is used exclusively by Aquilance for use in paying your bills. Generally one account is used for all such payments, and our reporting system differentiates the purpose and coding of the spending. If multiple accounts are required please advise.
If we are engaged in bookkeeping for LLC entities, we may request unique disbursement accounts for each individual LLC.
Additional Bank Account(s)
Please indicate the number of personal bank accounts (checking and savings) that you would like us to report on. Please do not count the Disbursement Account(s) above.
Credit Card Account(s)
Please indicate the number of credit card accounts on which you would like us to report. Please do not count department store or debit cards.
In conjunction with our Personal Bookkeeping service offering, we can provide LLC and Small Business bookkeeping where we track and report on simple income & expense items. This service is an adjunct to tracking of personal expenses, and is for small, non-operating businesses (e.g. an LLC that owns real estate for privacy or liability reasons or as an investment, or a sole proprietor's consulting business, etc.)
More about LLCs or Small Business Reporting and/or Bookkeeping:
LLC(s) / Entities
If applicable, please indicate the number of LLCs or small business entities that you would like us to assist with. Please do not include operating businesses.
Legal Entities by Type
Please indicate the number of unique entities of each type for which reports will be processed by Aquilance. Generally this will be the number of unique tax identification numbers (TIN/EIN), however please also include any disregarded entities that require separate accounting (e.g. revocable trusts, single-member LLCs, etc.).
What we are looking for and why regarding Individuals:
We need to know how many individuals will be incorporated in our system so we can gauge and plan for how best to structure our system and your books. We only need the number of individuals who will need to be accounted for separately, who will have their own accounts, trusts, or set of books. For example, if you would like to track your children's 529 College Savings accounts uniquely by child, each child would need to be included in the count. If you and your spouse have unique accounts, trusts, assets, that you would like segregated, you would constitute two individuals.
Don't worry, they can all roll up into overview reports as well, so you can see the entire picture, while also understanding the details.
What we are looking for and why regarding Trusts:
We need to know how many Trusts will be incorporated in our system so we can gauge and plan for how best to structure our system and your books.
What we are looking for and why regarding LLCs:
We need to know how many LLCs will be incorporated in our system so we can gauge and plan for how best to structure our system and your books.
What we are looking for and why regarding Limited Partnerships:
We need to know how many Limited Partnerships will be incorporated in our system so we can gauge and plan for how best to structure our system and your books.
What we are looking for and why regarding Corporations / Organizations:
We need to know how many Corporations / Organizations will be incorporated in our system so we can gauge and plan for how best to structure our system and your books.
What we are looking for and why regarding Foundations:
We need to know how many Foundations will be incorporated in our system so we can gauge and plan for how best to structure our system and your books.
ILITs(Irrevocable Life Insurance Trust):
Domestic Payroll Assistance:
Customized Reporting:
Medical Claims Processing:
Statement of Assets:
Document Storage:
Through an arrangement with a specialty firm, we can arrange for storage of original documents, including bills, insurance policies, etc., with easy retrieval as needed. Many clients avail themselves of this service rather than having all the original paid bills returned to their home.
Family Office Consulting and Structuring:
Properly structured and staffed family offices can yield significant improvements in tax efficiency, operational effectiveness, asset protection, and investment management to families of significant means. After an initial analysis, we can help you develop a plan and model costs. Working in conjunction with the country’s top trust and estate attorneys, we can then document, execute, implement, and help manage the administration of your family office.
Property & Casualty Insurance Review:
Our service offerings are comprehensive and customizable, therefore our scoping process can be somewhat complex. If you're unsure about what you need, we'd be more than happy to schedule some time to go over what we do and how we can be of service for you specifically.
If you'd like to complete the online scoping process, please click "Back" to continue with the questionnaire. Select "Yes" or "No" for the services you think you need (your best guess is fine) and answer what you can. We'll schedule a call to review anyway, so we can always talk through the details then.