On this episode of the Wealth Edit Podcast, we chat with Katie Bee Marshall and Leila Shaw about their LLC called Marshall and Shaw. They are a personal and family financial management company and talk to us about book keeping, and the services that they can provide for their clients. To start, Leila explains that they provide personal book keeping services for high level and wealthy clients to choose from. In doing so, they provide their customers with robust reports to look at and show their other advisors to make financially sound decisions.

Marshall and Shaw is the type of company where all clients are complex, and in need of someone for their daily book keeping services. They are specifically the personal finance side only and do not handle any finances with their businesses or anything of that matter. They took Shaw’s mothers business model and decided to copy it to start their company as an introduction, and to get their ball rolling. Marshall and Shaw saw the need for an upgrade in the book keeping industry and decided they wanted to give their clients a better more overall comprehensive look of their finances compared to simply getting the bills paid. The importance of clients to being able to share their day to day finances with Marshall and Shaw is also another component that is key. Being able to enter their personal lives and know their finances is the best way for Marshall and Shaw to do what they do best.

Tips and tricks for personal bookkeeping by yourself:

-  Auto pay is not your friend. Its ok to auto pay utilities, car payment, etc. However, it shouldn’t mean that you are not looking at the bill.

-  Logging into your bank to pay bills online works… sometimes. When paying someone that is not an institution or established business, if the payment is lost in the mail, its your word against theirs because your bank has debited the check.

-  Keep schedule of annual payments.

-  Make a personal balance sheet annually

-  Recurring subscriptions can add up

-  Be aware of security (change passwords/make them unique) Two factor authorization for passwords as well.

-  Don’t mix business and personal book keeping

-  Call bank and ask for reimbursements and they will work with you.

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