Law Firm Case Study

Case Study

Overview

Law Firm specialized in real estate closing support services and advisory services.

The team, The team comprises of best of the lawyers each heading a different expert area.

Client

  • Washburn Law PLLC
  • Law firm having offices in North & South Carolina, Georgia. Expertise in providing legal services in areas such as real estate Closing support services.

Strategies Described

  • Defining the proper off-site Accounting organization structure and providing capable resources.
  • Defining the SLA’s for keeping the F & A function online, defining the roadmap for ongoing accounting activity.

Client Challenges / Problems Encountered

  • No proper Books of Accounts, QB was used to only print checks.
  • Everything was done manually, Lack of proper systems.
  • Lack of information, if at all information was available it was in scattered form.
  • No accounting policies in place. AP, AR reimbursements were carried out blindly without any supporting and based on the demand from vendors and employees.
  • Lack of co-ordination with the offshore operations team.

Solution Provided

  • Initially, Accounting organization structure with onsite and offsite mix was put in place with capable & experienced resources. Once function stabilized, the accounting organization structure was changed to offsite, this resulted in huge savings in payroll but without compromise on quality.
  • Complete understanding of business was sought and accounting policies, internal controls were put in place. System of payments was put in place.
  • AR reconciliation, Monthly/Daily AR reporting was put in place.
  • AP reconciliation, Monthly/Daily AP reporting was put in place.
  • Monthly/quarterly MIS reports with emphasis on KPI’s was put in place.

Outcomes

  • Better coordination between operations and Accounts departments.
  • Proper recording of vendor invoices after approvals and processing payments as per schedule. Excess payments were stopped, instances of overdue reduced to a large extent.
  • Increased collections from customers resulting in reduced collection time. Complete stop to revenue leakages.
  • Accurate &Timely MIS reporting.

Client Testimonial

“Prior to Boston Financial our accounting function was in total disarray. Boston Financial team has put in proper systems, internal controls in place and has achieved complete control over the accounting function in quick time. Now we have the MIS reports in time and with accuracy, I am free to concentrate on growing my business.” 

– Jack Munsey (CEO)