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
In just a few weeks, our team brought structure, accuracy, and efficiency to a year’s worth of disorganized financial data for our client operating across New York and New Jersey.
- Reviewed and corrected 1,800+ transactions from the previous fiscal year to eliminate misclassifications and financial inaccuracies.
- Manually entered and organized 12 months of data into QuickBooks, ensuring complete and error-free financial records.
- Conducted full-year bank reconciliation across all active accounts, verifying records line-by-line to close out discrepancies.
- Streamlined tax preparation, allowing the client to file taxes on time without extensions or penalties.
As a result, the firm gained:
- 100% accurate and up-to-date financial records ready for audit or compliance.
- Improved visibility and control over monthly cash flow and expenses.
- Ongoing support for financial management, with continued monthly accounting services provided by OBS.
The client now operates with financial clarity and confidence, free from the risks and delays caused by inconsistent bookkeeping. By modernizing its processes through QuickBooks and expert cleanup, the law firm now spends 50% less time on accounting reviews and can focus more on serving its clients.