What does a Daily Money Manager do?
A Daily Money Manager or DMM basically provides business support to clients who have difficulty in managing their personal day-to-day monetary affairs. The services include tasks like organizing your financial paperwork, bill paying, reconciling your bank and credit card accounts, troubleshooting, taking you paperless, making deposits and producing reports, so you have a clear picture of where you stand. A DMM can also help you with budgeting.
A DMM is not an accountant, financial advisor or attorney. In my practice, I will prepare all the tax paperwork for your accountant, but I am not a replacement. I will never give you investment or legal advice, but I'm happy to refer you to these professionals when needed. However, if you are using your accountant to do the day-to-day tasks noted above, a DMM can typically get the job done in a much more cost-effective way.
Who benefits from using a Daily Money Manager?
The whole idea of a Daily Money Manager is to make someone's life easier by taking away the stress and hours of work involved in staying on top of your day-to-day financial affairs. Anyone who has trouble with these tasks is a great candidate for a DMM. Also, anyone who would like to use their limited free time to play and enjoy life, rather than deal with these tedious things would also benefit from the services of a DMM.
That means really busy people and people who travel frequently could use our services in a big way. But, a DMM can also help someone in transition from a death or divorce, where the spouse handled all the finances, or adult children who are trying to manage their senior parents' day-to-day money matters in addition to their own.
Small businesses, entrepreneurs and small nonprofit organizations can also benefit from the expertise of a Daily Money Manager to handle a lot of their daily bookkeeping work and operations tasks, so they can concentrate on actually growing their businesses and charities.
How doe the process work?
Start by emailing me at firstname.lastname@example.org or calling 310-230-6828. I can speak with you on the phone or communicate via email and then set up a free initial consultation at your home or office if it makes sense. At the free consultation, we'll talk more about your needs and how my services can help. After that meeting, I'll put together a simple proposal that includes the scope of the work and a fee structure.
If we move forward, I will start the process of gathering all the information I need and begin to organize the work. For Daily Money Management services, I prefer to go paperless and get you completely set up online with your bank accounts and vendors - good for you, so much more efficient and good for the environment. I work with Quickbooks online for my clients, which does have a small initial set up fee. But, it will enable you to log on any time to look at and work with your own records. We can also discuss other methods if you prefer. Then, just let me go and enjoy your free time! I can also get your organized and on track on a project basis, and then teach you how to handle things going forward. Whatever type of service you choose, I'll regularly communicate with you and provide on-going reports, so you know exactly where things stand.
For small businesses and nonprofit organizations, the process is very much the same, except that I will probably spend more time on-site to get the job done.
You’re privy to all my financial information – how do I know I can trust you?
I know I am dealing with very sensitive and private information and I operate with the utmost discretion and security. I will never share your information with anyone without your permission. As a member of the American Association of Daily Money Managers, I have to follow very strict standards of practice and a code of ethics set forth by the association. In addition, I am fully insured. And, I get most of my work through referrals from people who have worked with me and trust me.
Will you prepare my taxes or help with investments?
Absolutely not. I am not an accountant, attorney or financial adviser. I will prepare paperwork and reports for your accountant to use in preparing your taxes, but I don't prepare and file tax returns of any kind. I will never provide investment or legal advice, but I am happy to provide references of professionals who can work with you.
At your request, I will, however, work closely with your accountant, financial advisers, attorneys and any other appropriate advisers, as needed to get the job done for you.
What other services do you provide?
With expertise in most aspects of administration and operations, I can also provide many office assistant types of services, like preparing correspondence, doing online research, dealing with vendors, troubleshooting and even help writing your website and blog content. I am also able to come into your company, analyze your current systems and offer better, more efficient solutions.
What isn’t covered by your services?
I don't prepare your tax forms, or provide any financial investment or legal advice. I work with your professional advisers, but don't replace them.
I also don't provide personal assistant or care-giving services that have to do with household errands, driving to appointments or anything medical-related, except processing and tracking insurance claims for you.
How will I know what you’re doing?
I will provide you with regular reports to show you exactly what I'm up to on your behalf. I am also happy to set up regular meetings to go over things with you if it makes you feel more comfortable to speak face-to-face.