Daily Money Manager Services

Daily Money Managers Can Relieve You of Day-to-Day Financial Chores
By Isabel Waters Lic.,Real Estate Property Consultant

If you don't have the time to devote to the daily financial duties required by your small business, or to your personal finances, you might want to consider the services of a daily money manager.
Daily money management is a relatively young spectrum of the financial services industry, and encompasses day-to-day financial duties such as managing payables and payroll, depositing checks, reconciliation of bank and other accounts statements, and ensuring that your ledger is balanced.  Unlike accountants, who tend to serve as financial planners and guides, daily money managers do the day-to-day financial legwork that not only keep your business running but also simplifies the tedious year end reports to your CPA.

A money manager can keep track of all of your financial documents and help you gather them for tax time or just for your own business knowledge. Knowing how your money is being spent at all times, helps productivity and also to better plan what works best for you and your business.

If you need to negotiate with creditors or make calls to handle billing disputes, you’ll be ready for it, by keeping up-to-date and accurate records, your daily money manager can help out doing this chore for you as well.

Daily money managers work with clients to set up operating accounts that will be used for paying bills, making payroll and taking care of other regular financial obligations. Once this account is set up and the money manager reviews your monthly obligations, schedule payments to vendors are made so you don’t have to wait to make adjustments later rather than when need to be. In today’s economy, it is a priority to find the way(s) to use your money wisely, and you won't have to get involved with overwhelming paperwork. Your money manager will also take care of payroll duties, making sure checks are cut at the appropriate times and funds are in place. If you work with independent contractors, the system can be set up to follow up on the contractors bills so they can get paid on schedule. You won't have to spend your time tackling that paperwork, it will be all there, up-to-date and for your review.

You'll also determine with your money manager where funds for running the account are going to come from. Whether you'll deposit a set amount per month electronically or instruct the money manager to make arrangements to cover expenses, the point is that once you give the money manager the direction, you don't have to worry about the actual financial chores. Once establishing how it's going to be done, and when it's going to be done then clients don't have to do anything else but to see their current financial status at all times.

The money manager will submit to you monthly reports substantiated and bank reconciled, that explains what was paid to whom. Reports are also categorized expenses so you're constantly kept abreast of your business's financial health. You will also be ready for the year end tax preparation at a significant savings.

Small businesses that don't have the money to pay for a full-time financial staffer can still benefit from this service. Most daily money managers charge between $35 and $100 per hour, depending on the geographic region they service. e.g., sole proprietors that travel can benefit from the services of a daily money manager because he or she doesn't have to worry about paying bills late as a result of extended absences from the office.  Scheduled hours per/mo.varies as an average of 2 to 10 hours. In today’s business environment, let technology work for you to see the state of your finances year-to-date. Business owners know that maintaining control of their business's finances without the expense of having to pay a full time employee to execute it, find that daily money manager, give them that freedom hold onto the control, but hand off the execution, freeing yourself to focus on other aspects of growing your business.


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