A law firm set up their bookkeeping processes right by hiring professional bookkeeping resources. However, they found that bookkeeping services are not all the same — and they needed to rethink their approach to find a successful solution.
Losing Billable Time
Founded outside Boston in 2002, Company Counsel is a boutique law firm that provides virtual general counsel services to emerging companies, venture funds and angel investor groups.
As their business grew, Company Counsel tried the
same outsourced approach with their bookkeeping and operational support, working with individual bookkeepers and then a small bookkeeping company. However, the firm's partners were soon spending too much time handling operational matters and answering questions from the bookkeepers — time that could be better spent on client work.As it turned out, Company Counsel needed a larger bookkeeping company that had broader expertise and could handle the complexities of law firm bookkeeping.
Finding the Right Fit
Company Counsel found a solution in Supporting Strategies. Supporting Strategies has a deep bench of bookkeeping and financial experts that can handle the inevitable curveballs, including law firm-specific bookkeeping needs. "Their services are much, much broader than what we used to get," says Company Counsel co-founder and principal Steve Cagnetta.
Supporting Strategies analyzed Company Counsel’s processes and set up new, more efficient systems, implemented cloud technologies that saved time and decreased the risk of errors. Supporting Strategies also established monthly financial reconciliation and reporting to provide meaningful information and keep the books ready for tax preparation.
Working with Supporting Strategies for outsourced bookkeeping services enabled Company Counsel to spend more time on its client work. Says Cagnetta, "It's money well-spent, just based on the amount of time I personally save. I bill by the hour, so I'm making more money doing things I'm good at as opposed to focusing time and energy on bookkeeping."
To learn more about Company Counsel's successful transition to outsourced bookkeeping and operational support, download the case study.