Daily Money Management

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At its core, a Daily Money Manager handles much of your financial “busywork," including paying bills and monitoring bank accounts and credit cards. Depending on the arrangements, there is a wide array of other services that may be included.

Some examples of typical services include:

• Paying bills, electronically or by preparation of physical checks for signature
• Helping manage service providers and contacting them about incorrect billing
• Matching receipts to expenses
• Reconciling bank and credit card accounts using QuickBooks Online for anytime client and CPA access
• Providing monthly income/spending reports including for multiple properties
• Helping prepare budgets as needed
• Downloading electronic statements from financial institutions for recordkeeping
• Organizing tax documents and other paperwork for CPA to use in preparing tax returns
• Providing a network of referral resources including tax, legal, and investment professionals
• Preparing payroll checks for home employees including State/Federal withholdings
• Helping reduce risks of financial fraud

Who might benefit from these services?

Many types of people can benefit from the assistance of a DMM, but fundamentally, anyone who either can’t or doesn’t want to spend a lot of time managing their or their loved ones’ daily financial lives.

Seniors and their adult children: it’s the comfort of having another set of eyes reviewing documents and ensuring bills are paid, potentially delaying any need for family members to take on this responsibility.

Busy professionals: it’s freeing up time to focus on other important things like family and career while keeping informed of where their finances stand, avoiding late fees and poor credit because things will no longer fall through the cracks.

High net worth clients: it’s assurance that someone else is helping monitor their financial lives to make sure tasks that tasks needed to keep a household operating get done. The involvement of an outsider in personal financial affairs may be intimidating for some, but most clients of DMMs find that once they have established a relationship with their DMM, they don’t know how they survived without one.

How does this compare with bookkeeping services?

Bookkeepers can provide some of the services that DMMs provide, such as paying bills. However, DMMs also provide value-added, non-tax accounting services including reducing the overall time spent on managing finances, contacting service providers, and furnishing on-demand reports to keep track of money flows. Moreover, with additional tech training and support from AccuTutor, we can provide expertise that no bookkeeper can match.

Is this service expensive?

While most DMMs charge for their services on an hourly basis, we charge a set monthly fee that includes additional tech training and support. We provide significant expertise, give you back time, and provide you peace of mind knowing there’s an objective third party to help with managing regular finances and looking out for fraud.

For a limited time, The Counting Company and AccuTutor are offering a joint package of services for a single monthly fee. Clients receive all contracted Daily Money Management services as well as five hours of tech instruction/support.