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Personal Cash Management Copyright © 2008 Commonwealth Cash Management
Commonwealth Cash Management-A Primer
Commonwealth Cash Management-A Primer Copyright © 2008 Commonwealth Cash Management
Introduction
BackgroundIn the Beginning…Who are our Clients?Client Characteristics
ServicesPersonal Cash ManagementBusiness & Non-Profit BookkeepingLife Management
Our Client Experience
Commonwealth Cash Management-A Primer Copyright © 2008 Commonwealth Cash Management
In the Beginning…
Prior to our founding, we observed….An unmet need for high-quality Personal and “Micro” Business Bookkeeping servicesThat these services were not widely available in a Professional form
It was obvious, then, that…An individual’s bookkeeping needs were a function of lack of time or prioritizationThese services would not only serve the client’s needs, but need to complement the work of their trusted advisors
Commonwealth Cash Management-A Primer Copyright © 2008 Commonwealth Cash Management
Who are our clients?
Commonwealth Cash Management-A Primer Copyright © 2008 Commonwealth Cash Management
Our Clients are…
Busy and Mobile Professionals
Athletes and Entertainers
Individuals and Families with substantial assets
Business Owners and Entrepreneurs
Seniors and their caregivers
Commonwealth Cash Management-A Primer Copyright © 2008 Commonwealth Cash Management
Client Characteristics
They have a busy lifestyle and want a professional to handle the details of your personal and/or business financial management They want to establish a budget and stick to it They need organizational help and someone to help with their trusted advisorsThey don't have the time or desire to perform regular bookkeeping or other financial tasks yourself They seek greater clarity into and/or control over your financial picture They have experienced or want to prevent fraud or theft Want to ensure all your bills are paid on timeThey need someone to pay their bills for extended periods of travel and don't want to fall behind with financial management or play catch-up with mail They have difficulty writing checks, opening mail or making telephone calls
Our clients share the some of the following traits…
Commonwealth Cash Management-A Primer Copyright © 2008 Commonwealth Cash Management
Our Service Lines are…
Personal Cash Management
Business and Non-Profit Bookkeeping
Life Management Services
Commonwealth Cash Management-A Primer Copyright © 2008 Commonwealth Cash Management
What is Personal Cash Management?
Bill-paying (As Needed & Optional)Credit card management and bank account managementSpending categorization and payee trackingInvestment Tracking of investment and retirement accounts Bookkeeping of entities related to private investments Execution of Accountant’s or Financial Planner’s tax and other budget plans, cash flow managementBill review, tax document and paperwork organizationBilled in an hourly, on demand, basis at $75 per hour
Commonwealth Cash Management-A Primer Copyright © 2008 Commonwealth Cash Management
What is Business and Non-Profit Bookkeeping?
Accounts Payable (Business Bill pay)Accounts Receivable-Invoicing and BillingAccounts Receivable-Statement(30/50/90 Aging) and Collections CallsCash to AR ReconciliationsGeneral Ledger maintenance and supportBank Account ReconciliationPer Transactions Entries made to Journals and GL Sales and Marketing AnalysisVendor Analysis and Trend ReportingBill review, tax document and paperwork organizationQuickbooks Consulting and implementation by Certified Quickbooks Pro Advisors®
Billed in an hourly, on demand, basis at $75 per hour
Merchant Services and Deposit/Transfer Management Sales Tax Tracking and PaymentsPayroll Processing and Employment Tax Pay and File Services NEW!Time and Attendance SolutionsCompiling Preliminary Monthly Financial Reports and StatementsOrganizing Tax Records and other paperwork for use by Advisors
Commonwealth Cash Management-A Primer Copyright © 2008 Commonwealth Cash Management
What is Life Management?
Personal services Household services Contractor services/Owner’s RepresentativeErrand services In-home waiting services Automotive and boat services Pet care Event planning
Available only to our Personal Cash Management and Business Bookkeeping customers, our Life Management services help clients simplify the non-financial aspects of their lives
Commonwealth Cash Management-A Primer Copyright © 2008 Commonwealth Cash Management
Our Client Service Experience
Every client is assigned a CCM Client Assistant as their primary point of contact Each Client Assistant has a CCM Client Assistant Supervisor to oversee the accounting work and act as the liaison between the client and their advisorsEach client will communicate with CCM via telephone, email, fax, in-person (if applicable) and via their compreshensive client portal at www.mycashmanageronline.com
Commonwealth Cash Management-A Primer Copyright © 2008 Commonwealth Cash Management
mycashmanageronline.com, the CCM Client Web Portal
Dedicated to our clients by user, and can include all of their entitiesAccess can be granted to client contacts of CCM and pre-authorized Advisor to see all or some of their client’s dataIncludes images of all reporting, bills, statements and other processing handled by CCMSecure, 128 bit SSL encryption hosted in Thomson-Reuters Tax and Accounting Data Center
Commonwealth Cash Management-A Primer Copyright © 2008 Commonwealth Cash Management
Conclusion
Who is Commonwealth Cash Management?
Who are our clients?
What services do we provide?
Single point to take away: That CCM has developed a defined, working, and proven process engineered to specifically address the “messiness” of personal and small business bookkeeping.
Please review your clients for potential applications of CCM’s services
Thank you for your time and attention-we look forward to discussing your individual clients in more detail.
Jeff PlakansPrincipal
27 Congress Street, Suite 210, Salem, MA 01970T: 978-599-1050 | F : 978-744-1876 | M: [email protected]
