FAQs

Q. What is a Daily Money Manager?

A. Daily Money Managers are professionals that work for you as an advocate
     and administrator of day-to-day monetary and general organizational tasks.

Q. Who needs the assistance of a DMM?

A.  Anyone who finds it difficult to organize and manage personal or business
      monetary responsibilities, or lacks the time needed to attend to these affairs.
      This applies to both businesses and individuals

Q. Do DMM services replace my accountant or other professionals?

A.  No.  DMMs compliment these services.  As an example, as bookkeepers we are
      performing daily tasks of opening mail, paying bills, reconciling bank and credit
      card statements, etc. while your accountant or CPA is typically used for tax filings
      or tax related consultations.

Q. Why use a DMM when my accountant performs these functions?

A.  Accountants or CPAs charge a much higher fee for these services.  The usual
      hourly rate for a CPA’s service ranges from $75.00 to $175.00 per hour, while a
      DMM’s rate is considerably lower.

Q. As an individual, why would I engage a DMM to handle my day-to-day
     monetary affairs?

A.  Many of us hire landscapers to mow our lawns, snow removal service, house
      cleaners, window washers, etc. for their expertise or your convenience.  A
      DMM’s assistance is an important service that will save you time and money.

Q.  How can a Money Management service save me time and money?

A.  Late payments on credit cards average $30.00, bounced checks as high as $50.00,
      double paying bills or medical claims are usually much higher.  As a DMM, we
      make sure these circumstances never occur.  We also save you time by following
      up on discrepancies on your bills, credit cards, and bank statements.  Have you
      ever tried to call your telephone company, credit card company or insurance
      company and just given up?  We won’t.

Q.  Why do I need the assistance of a DMM when I have an accountant, lawyer,
      investment counselor, or other professionals in my life or business?

A.  A DMM does not replace these professionals.  We work with them when
      appropriate.  We act as a liaison in many cases with attorneys, investment planners,
      social services, and other professionals.

Q.  Give me an example of how a DMM works with my accountant.

A.  Typically, your accountant will do your tax returns, while we handle the day-to-day
      documentation and organization of finances.  Did you ever have the need to scramble
      at year end to put together the paperwork your accountant is asking for, or pay him
      additional billable hours to comb through your expense receipts and records?  We do
      this for you on an ongoing basis so that filing a tax return is not an anxiety filled day. 
      Your accountant will be much happier and you will be saving money.