Where Can I Find Help?

When you are looking at record keeping for high net work individuals, you need to keep a few things in mind. Your needs are highly specilaized. I did an Internet search on bookkeepers and accountants offering services to high net worth individuals. It's surprising how little shows up. What's more surprising is some of the solutions that are offered.

One website includes the proprietors' accreditation for QuickBooks. QuickBooks is a fine product that provides a bookkeeping solution for many. There are other online offerings such a Xero, Wave, Freshbooks and others. In reviewing these products what I have found is that they do not offer a wholistic solution to your needs. Investments are not handled well and the reporting that it creates is, in my opinion, not terribly useful.

There are other products that are more specifically designed to meet those needs. They require that the person inputing the data has a good working knowledge of the products that you use. If you are investing in hedge funds, hybrid investments or other "exotic" investments such as joint ventures and partnerships, booking these in the mainstream products can be very complicated (these are all referred to as alternative investments). In some cases, the software cannot do it at all without a number of "workarounds". We can help you ensure that your books and records adequately reflect what's going on in your investment portfolio. The idea is to minimize the amount of time that your accountant or family office needs to correct inaccurate or incomplete bookkeeping.

Recording day to day transactions is pretty simply, but trust and holding companies used by high net worth individuals require a thorough understanding of the deal in order to get it right. With years of experience in financial services from both the prespective of a derivatives (over the counter) and loan structurer, we have the skills necessary to de-engineer compex financial structures and record them properly from the outset.

The record keeper must generate useful information. Remember that the books and records are referred to as a management information system. It is the core or hub of all your financial records and data. As such it should provide you with information that is both timely and useful.

If you are reporting your financial information in English, remember that the location of your bookkeeper/accountant doesn't matter. What matters is that you get the information that you need when you need it and that is meaningful to you.

In the absence of meeting these requirements, why pay a lot of money for services that don't add value. Adding value is what it's all about!

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