Bill Pay and Daily Money Management

We need to manage our bills, cash flow and banking though we are constantly traveling. We need a trusted partner to handle the details of our financial lives.

We live on planes. We have homes, companies, offices and accountants on two continents. My husband’s work is politically sensitive and he is often required to travel unexpectedly, so we are never sure where we will be and for how long. We are accustomed to the highest caliber of service and attention to detail in every area of our lives and we expect no less when it comes to our personal finances. Discretion and security are paramount. We need a reliable, responsive and secure system for monitoring our day-to-day cash flow and paying our bills, regardless of what may suddenly come up or where we are in the world. Our investments, offices and homes are professionally managed, but we don’t have the time or the staff available to create this kind of infrastructure for our day-to-day personal finances.

The Dilemma

  • Clients live in three cities with three homes, one of which is abroad, and are constantly traveling unpredictably among them
  • High demand for privacy and discretion
  • Two businesses, one foreign; two sets of financial managers and accountants, one in each country
  • Complex combination of business and personal bank accounts, credit cards, lines of credit, mortgages and payroll
  • Accountant-directed movement of funds and tax filings
  • Unpredictable cash needs necessitating last minute cash transfers, usually at inconvenient times “on the way to the airport”
  • Missed or duplicate bill payments, late fees, missing backup for bills paid
  • Impossible to know the cost of operating homes and businesses
  • Lack of a system required clients to intercede directly with banks and credit card companies while traveling

The OSI Solution

  • Analyzed and consolidated credit card, phone and other bills and expenses
  • Set up secure paperless access to all accounts, controllable by the client
  • Created a system for bi-monthly review and approvals using only phone, e-mail, fax and Federal Express
  • Created a cash forecasting process monitoring all cash, credit and bills; projecting cash flow a month at a time
  • All domestic cash forecasting and bill payments are handled in two scheduled 15 minute phone conferences per month
  • To frame the discussion, clients receive one-page custom reports forecasting cash availability and requirements through the next scheduled discussion
  • Credit card balances are monitored, planned for and paid in two batches at predictable times each month, mapped to the cash forecast
  • Personal and business QuickBooks files are maintained and provided to clients’ accountant upon request
  • US cash flow is coordinated with foreign financial professionals as required

OSI Daily Money Management may also include:

  • Streamlining and consolidating bills and bill payment; setting up online bill pay tools
  • Monitoring bank and credit card accounts for fraud, tracking balances
  • Coordinating with accountants, investment advisors and other financial professionals
  • Planning for and scheduling income and property tax payments
  • Cash forecasting
  • Cash flow monitoring and account reconciliation
  • Monitoring insurance policy renewals and premiums; policy research and rebidding
  • Medical expense tracking: Preparation, filing and tracking of claims
  • Domestic payroll