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Case Study: Outsourced Bookkeeping Positions Law Firm to Handle COVID-19

July 28, 2020 / by Leslie Jorgensen posted in Boston, Case Study Blogs, Law Firm

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Supporting Strategies established cloud-based bookkeeping and streamlined back-office operations at this successful law firm — just in time for COVID-19.

Pabian & Russell, LLC, is one of Boston's most respected law firms, with expertise spanning elder law, estate planning, dispute resolution and several other practice areas. Bookkeeping, however, was causing a number of frustrations.

The firm's previous solution — an in-house team responsible for day-to-day accounts payable, accounts receivable and client billing, plus an outside accountant to close the monthly books — and processes weren't working. Attorneys were tracking billable hours on paper forms. An inefficient billing protocol led to delayed payments from clients. The firm couldn't produce reports that could guide strategic decisions.

"We were in the middle of making a lot of plans, but the lack of data was holding us back," CEO Margaret Burke notes. "Eventually we realized it made sense to hire someone and not try to do this in house."

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Case Study: Providing Comprehensive Bookkeeping Services to a Busy Surgeon

December 6, 2018 / by Leslie Jorgensen posted in Boston, Bookkeeping Services, Case Study Blogs, Healthcare

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Like many medical professionals who operate their own practices, Beverly M. Shafer MD, FACS (Fellow, American College of Surgeons), is under tremendous pressure to manage her time as efficiently as possible. "It drives me crazy when there are gaps in the schedule," says Shafer, a renowned plastic surgeon who has practiced on the North Shore of Massachusetts for over 30 years.

Shafer's combination of compassion and surgical artistry has created a high demand for her services. Meanwhile, her practice's back-office functions have become more time-consuming over the years, due to the growing complexity of insurance-reimbursement bureaucracy and a migration from paper-based to digital bookkeeping. Staff turnover compounded the problem; an outside CPA firm wound up doing many basic bookkeeping tasks. That wasn't cost-effective.

Specialized Bookkeeping Services for Healthcare Practices
A business contact encouraged Shafer to reach out to Supporting Strategies Founder and CEO Leslie Jorgensen. "I loved her immediately," Shafer says. A leading provider of outsourced bookkeeping services and operational support, Supporting Strategies began reconciling all of the practice's accounts on a monthly basis, "which is super-complicated, honestly," Shafer says. "They interface with my CPA to provide them the necessary information to do what they need to do, and they also interface with my paychecks company to get my staff paid and make sure that their taxes are correct."

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Case Study: Finding the Right Outsourced Bookkeeping Solution for a Law Firm

October 5, 2017 / by Leslie Jorgensen posted in Boston, Bookkeeping Services, Case Study Blogs

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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.

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Fall Bootcamp Series: Business Fundamentals Bootcamp

September 22, 2017 / by Erica Mitchell posted in Boston, Orlando, Southern New Hampshire, Northeast Florida, Merrimack Valley, North Shore Long Island, Bookkeeping Services, Boise Idaho, Brooklyn - Staten Island

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Hosted by Supporting Strategies, the Business Fundamentals Bootcamp is designed for the CEOs and CXOs of early- and growth-stage companies. The events include speakers and panelists who lend their expertise on tactical issues and opportunities for growing businesses focused on topics in marketing, finance, law and human resources. View the full schedule online and register to join us at one of these events.

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Software Solutions for Property Accounting

March 1, 2017 / by Kelly Rodrigues-Umbelina posted in Boston, Business Advice

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Property accounting, or accounting for residential and commercial properties, has its own unique set of challenges. The tasks of accounts payable and accounts receivable become intertwined with executing leases, managing tenants' billable charges and tracking common area maintenance costs.

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Current Technology Can Streamline Foreign Currency Processing

November 8, 2016 / by Lauren Wilson posted in Boston, Bookkeeping 101

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What's the key to being a successful accounting professional today? One answer, according to the American Institute of Certified Public Accountants: "Understand emerging technologies."

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Syncing Harvest with QuickBooks Online

October 11, 2016 / by Kelly Rodrigues-Umbelina posted in Boston, Bookkeeping 101

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Working in the bookkeeping services business, I use an array of web-based tools to help my clients. When these programs work well together, keeping organized becomes that much easier. 

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The Why, What, and How of Saving Receipts

August 5, 2016 / by Jacquelyn Wong posted in Boston, Bookkeeping 101

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Many of us are aware that saving receipts is an important way to be prepared not only for the annual tax return, but also for a potential audit… but we don’t know much more than that. What makes a receipt relevant to the IRS? Does any receipt qualify? Do I need to save all my receipts or just some of them? 

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Supporting Strategies Client DPLA Featured on White House Blog

July 12, 2016 / by Debra Demeule posted in News, Boston

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The latest initiative of the Digital Public Library of America, Inc. (DPLA), a long-time Supporting Strategies client, was recently featured on the official White House blog.

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Three Things to Do When Starting Your Own Business

June 24, 2016 / by Danielle Huffstetter posted in Boston, Tips for Startups

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Congratulations on deciding to start a new business! It is empowering to become your own boss and to pursue your dream of starting a business. However, there is a lot to learn about setting up a business, and there is a lot that needs to be done in the beginning. Here are three tips from a bookkeeping services professional on how to give your business a financial head start:

1. Establish a Business Entity
One of your first actions as an entrepreneur should be to establish a business entity–whether it is a Sole Proprietorship, an LLC (Limited Liability Company), or a Corporation. Do your homework and consider consulting a lawyer to find out which type of entity will best serve your business. A Sole Proprietorship is fairly easy to set up, but has more liability than an LLC (which offers protections for the proprietors). Or, it may be preferable to form a corporation, which will better position your company for outside investment. 

2. Open a Separate Bank Account for Your Business
Separating your personal finances from your business finances is a great way to get organized, make tax time easier, and even save money. Set up a bank account that you use exclusively for your business, and also get a credit card that you use only for business expenses. It is helpful to consult with a CPA to learn about business expenses, tax guidelines, and best practices regarding managing your business bank account.
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