Leveraging QuickBooks for a Law Firm

Company: Law Firm

Industry: Legal Services

Client Background: Our client is a full-service regional law firm with offices in New Jersey and New York operating for over 50 years. The law firm has assisted a broad spectrum of clients in achieving their objectives by offering a comprehensive array of legal services. The firm values and celebrates the diverse perspectives its team brings, and maintains a strong commitment to diversifying the range of views and backgrounds represented in serving its valued clients.

Client Challenges

  • Disorganized Financial Records: The financial records for the law firm were completed by a freelancer throughout the previous year. These were not logically organized and it made tax filing difficult for the firm.
  • Erroneous Classification of Transactions: The client found numerous discrepancies and inaccuracies in financial reporting due to the wrong classification of numerous transactions.
  • Review and Correct Inaccuracies: The client found it challenging to review and correct all the transactions from the previous year to maintain correct financial records.

Our Solution 

  • Cleanup Transactions: The OBS team started by thoroughly reviewing and correcting all erroneous transactions in the records and then proceeded to properly classify each transaction for accuracy.
  • Comprehensive Data Entry: The team manually entered the previous year’s financial data into QuickBooks to ensure accuracy and completeness. This would facilitate streamlining financial processes for the future too.
  • Bank Reconciliation: The skilled team verified the accounting records twice and conducted a thorough bank reconciliation process. Any discrepancies or missing entries were identified, included, and reconciled for the entire year.

Results Achieved: The client is relieved that the financial records are in order now. They are appreciative of the skill and precision used by the team to organize the books and compliment the painstaking effort put in by the team to manually enter the whole year’s transactions in QuickBooks. The client now maintains accurate books and files taxes timely. They continue to use our services in pursuit of efficient financial processes.

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