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OneSource Case Study

Case Study: Law Firm Focuses on Clients with Accounting Handled

The Problem

Red Oak Legal (Red Oak) is a law firm with two owners, in two offices, in two cities. That setup works well for their legal practice, but at one time it made the logistics of running the financial side of things quite difficult.

Red Oak was not getting quality work from a part-time bookkeeper, but they really could not justify the expense of hiring a full-time employee. The bookkeeper was tasked with not only processing payroll, bills, and client invoicing, but the preparation of monthly financial statements. The result was as you might expect – delays in processing and inaccuracies in the reports.

The Need
ABCPA was asked to identify the issues and craft a solution. After meeting with the firm’s owners, the major needs identified were:

  • Generate monthly financial reports in a timely fashion
  • Process expense reimbursements, payroll, and bill payment
  • Implement a system of financial checks and balances
  • Make all information and systems easily-accessible from multiple locations

The Solution
So how was Red Oak to address those needs with limited staff and different office locations? After studying the situation, it was clear that OneSource was the firm’s solution.

The first piece of the OneSource solution is a cloud-based accounting platform. It provides Red Oak with:

  • 24/7 access anywhere with online service from any phone, laptop or computer device
  • Financial dashboard for instant cash flow analysis
  • Customized financial reports
  • System integration with all bank accounts
  • System integration with other applications including revenues, payroll, billpay, and expense reports and receipts

The second piece is a financial reporting structure. It provides Red Oak with:

  • Rigidity to segregate the record-keeping function from operations and authorization
  • Flexibility to tailor financial reports to Red Oak’s specific needs for year-over-year and actual-to-budget comparisons
  • Consistency to provide financial statements on the same day every month
  • Transparency and accountability to financial transactions by “click on” access to supporting invoices and documents

The third piece is cloud-based expense processing that integrates with the accounting platform. That combination allows the owners to:

  • Scan or take a picture of receipts and expense reports and upload them by email
  • Match line items to the actual transactions through their bank’s online platform
  • Eliminate the need to keep paper copies or reconcile credit card statements

The fourth piece is cloud-based bill payment and payroll process that integrates with the accounting platform. With this, they can:

  • Scan or take a picture of invoices and upload them by email
  • Populate an accounts payable listing from which the director and officers can examine the invoice documents and make payment approvals
    • Pay bills as often as desired  by designating dates for the authorized check signer to receive an automated email
    • Pay vendors through the system by mail or electronically Process payroll, pay taxes, and prepare payroll tax returns and W-2s from the payroll application
  • Process payroll, pay taxes, and prepare payroll tax returns and W-2s using integrated   payroll application software

The Happy Ending
By having a comprehensive cloud-based solution and a trusted partner in ABCPA taking care of the accounting, the firm is now able to:

  1. Easily access and process information
  2. Focus on serving their clients, not processing paperwork

If your firm can identify with any of these problems, we would love to talk to you about designing a solution.

Call 334-781-5880 or fill out the form below to talk to one of our OneSource team members today!

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