Understanding Lifestyle Management Accounting: Is It Right For You?

The purpose of lifestyle management accounting is to ensure that a family’s financial affairs are organized through the centralization of their personal and business affairs. The main objective is to ensure that the family is able to maintain their financial position in an impeccable manner that is free from irregularities or potential inconsistencies.

Advantages of Family Office Accounting and Lifestyle Management

The main benefits of lifestyle management accounting are protection and subsequent calculation of wealth. A team of accountants, lawyers and investment custodians collectively support the family’s finances ensuring their financial position remains in order. The advantage to having a collaborative team of professionals is risk mitigation. The team monitors fluctuations in wealth, ensures legal compliance, and provides expert advice on strategic initiatives.

The goal for lifestyle management accounting is to combine services like private banking, payroll, bill payment, and accounting for your personal, businesses or non-profit entities accounts, to provide peace of mind.

IMPACT Accounting Partners understands the complexities of family offices. Our lifestyle management service offerings include, but are not limited to:

·      Managing checking accounts, money transfers, and other private banking services

·      Bill payment including multi-entity accounts payable and personal bill payments

·      Full financial accounting and bookkeeping support so that families can keep track of their net worth and each entity’s financial standing at any point in time

With extensive experience in collaborating with investment managers and custodians, IMPACT Accounting Partners will always communicate and report your financial standing with the strictest confidentiality and privacy standards.

Managing the day-to-day complexities of a family office can be challenging. Our team combines administrative and operational support services to help families focus on living their best lives!