CASE STUDY
Large family turns to Maxwell to keep its household payroll compliant
Challenge
Isabelle Moreno* starts every morning by writing down the things she’s grateful for: her children, husband, good health, and all the luxuries that the family can afford, including loyal and skilled household staff. The Morenos have a Victorian mansion in San Francisco, an estate in wine country, a private tutor, nanny, housekeepers, a gardener, a chauffeur, and a chef. They can provide their special-needs child with state-of-the-art therapy including horses that they board at stables near the city. But these blessings had a burdensome side. Isabelle spent five to six hours each week managing all the staff, tracking expenses, distributing charge cards to employees, and paying out $1.5 million in household salaries on a variety of schedules. When a review with the family’s financial manager revealed that they could benefit from creating multiple legal entities to encompass all the family’s business and personal activities, Isabelle threw in the towel and turned to Maxwell Money.
Solution
Maxwell conducted a comprehensive review of the Morenos’ household accounts and implemented best-practice HR and payroll processes. It standardized expense reimbursement procedures and tracked spending details and budgets for members of the household and members of the family, allocating each cost to the appropriate LLC. Working with Isabelle and her husband, Maxwell designed custom reports that make it easy for the couple to get the information they need about their household.
When running my household became as complex as running a business, I needed bookkeeping professionals to take over the finances.
Results
Isabelle used to spend five or six hours a week in her home office just making sure everything and everyone was paid on time and she sometimes felt uneasy because she was not certain all the amounts were correct. Now she checks in with Maxwell once a week with an hour phone call to review any unusual expenses, and if she has any questions, she can get accurate answers in minutes. And Maxwell bookkeeping supports the Moreno’s LLCs to help protect their wealth.
“I’ve added Maxwell Money to my list of things I’m grateful for, ” says Isabelle. “With Maxwell keeping our books, I’m free to relax and truly enjoy my blessings. ”
I’ve added Maxwell Money to my list of things I’m grateful for.
Customer Snapshot
Wealthy family with multiple properties and $1.5 million in household salaries.
Solution Snapshot
Bookkeeping services for payroll and household expense tracking by card carrier.
Products Implemented
QuickBooks general ledger, Bill.com AP workflow, and ADP workforce.
Measured Success
- Implemented best-practice HR and payroll processes.
- Employees and vendors paid timely and accurately.
- Reduced time client spent on bookkeeping from 5-6 hours a week to less than an hour.
- Helped family conserve wealth by making efficient use of LLCs.
Names and some identifying details are changed to protect the privacy of our clients, but the stories are true.
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