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6 Useful Aps for High Net-Worth Individuals

Mo money mo problems? Not anymore! Here are 6 aps I use with my HNW clients to reduce the time they spend on administrative tasks while giving them a better understanding of their overall financial picture.

#1: HomePay

HomePay is great if you have a household worker—like a nanny or a housekeeper—and need to figure out how to pay taxes on their wages. If you pay your household worker $2,100 or more in wages, the family and employee must pay “nanny taxes” and the employer must include schedule H with their tax return.

Homepay will take care of the tax filings, w-2 and schedule H, help with HR, and has excellent service.

 #2: Xero

Xero is an online accounting software that helps you track all of your assets, liabilities, net-worth, income and expenses. The great thing about Xero is that it makes providing your information to lenders, tax accountants, financial advisors and other professionals a breeze.

With Xero, you can track your medical expenses, charitable giving and gifting for your taxes; consolidate your personal financials with other businesses and real estate entities; identify expenses incurred by your children and other family members; and have an overall picture of your insurance, retirement and investment accounts.

 #3: Carta

Formerly known as eShares, Carta is an ownership management tool that helps you track all of your investments in one place. If you’ve invested in a start-up, limited partnership or have some other type of ownership, Carta can help you track its value in real time. 

 #4: Sharesight

Sharesight is a great tool if you have a large stock portfolio and want to manage it. Sharesight syncs with all of your investment accounts, letting you track stock prices, trades, dividends and taxes all in one place. What’s really nice about Sharesight is how easy it makes sharing your portfolio and tax reports with your accountant; saving you time and money. The best part? It integrates directly with Xero. So, you’ll always have an accurate depiction of how your money is doing.  

 #5: Bill.com (My Favorite!)

Bill.com eliminates the need for paper checks by letting you pay bills online. With Bill.com, you can pay bills from anywhere at any time--on your computer or using the mobile ap. You can choose your payment method (you can pick ACH payments or Bill.com will send paper checks for you). All bills are stored in bill.com so there is no need to keep a paper copy. Bill.com also integrates with Xero so all of your expense are easily captured on your profit and loss statement.

#6: Receipt Bank

Last, but not least, is Receipt Bank. Receipt Bank has eliminated the need to keep paper receipts. Now, all you have to do is take a picture of them and they will be electronically stored in your account. Receipt bank automatically captures all of the data from your receipt (vendor, amount, date) and if you ever need to retrieve it, you can search by the vendor. Receipt bank is also great for keeping business expense separate from personal expenses. And yup! It also integrates with Xero. 

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Nikole Mackenzie is the owner of Momentum Accounting. Momentum Accounting provides accounting, payroll and other family office services to high net-worth individuals in the Bay Area using the latest solutions in cloud technology. To find out more or to get in contact with Nikole, please visit mometnumcpa.com and follow us online.

 

 

 

 

 

Nikole Mackenzie