Family Office Management System is a 📝BrightZen Systems service that runs a family office's finances the way the firm helps companies run their businesses: books kept in QuickBooks Online, reconciled weekly and visualized in recurring charts.
The system implements 📝QuickBooks Online for the family office and connects all of its institutional accounts, including banks, credit cards and investment accounts, to it. Every transaction is recorded and the books are reconciled to the bank weekly, following the cadence of 📝Weekly Accounting. A set of weekly, monthly and quarterly charts then helps the family visualize its financial picture.
The service is defined as much by what it leaves out. It does not do taxes, which are the work of CPAs, though weekly reconciled books make that work easier. It does not manage money, which is the work of financial advisors, though it helps the family understand how to allocate risk. It does not pay bills; a household whose bills are not on autopay needs more help, and is referred to Dear JB.
A Family Office Management System helps you run your life like we help you run your businesses. We built it for ourselves first and realized we could help others with it. I call mine zCompound.