Daily Money Management – An Overview

A Daily Money Manager (DMM) provides assistance to people who have difficulty managing their personal or business finances and paperwork. Sometimes, a DMM visits a client’s home or business periodically to provide daily money management services. A DMM will assist with phone calls to payees, prepare payments, monitor expenses, balance the checkbook and reconcile their accounts, make sure tax returns are filed, and collaborates with other professionals. These professionals may be your CPA, EA, attorney, or investment advisor.

Bill Paying

Open and sort mail. Review bills for accuracy and process them for payment. Create electronic records of disbursements and receipts. Resolve billing discrepancies and watch for potential fraud or identity theft.

Personalized Reports

Prepare easy to understand financial reports such as budget and spending comparison reports and financial account balance summaries.

Organization

Electronically file all financial documents such as paid invoices and statements, organize tax documents and related paperwork for tax preparer, and document digital assets.

Banking

Reconcile bank statements, prepare and make bank deposits, and maintain organization of bank records.

Communications

Act as intermediary with legal, tax and investment professionals.

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