PROFESSIONAL SERVICE FIRM ACCOUNTING

CASE STUDY

Better Record Keeping for Professional Service Firm Grows Business

When you run a professional service firm your time is literally money. Any time spent on bookkeeping, payroll, and accounting is time you aren’t billing to clients. What’s even worse is when the time you use on billing and payroll isn’t even used well.

A family practice law firm came to us in 2012 after the owner realized he really had no idea how many outstanding invoices there were, who owed them money, or how to track their time and expenses. He was literally doing everything by hand, and was getting buried in all the paperwork. Sound familiar?

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As a result of their work with KYB, business has grown because they spend less time on administrative work and more time with clients.

Team KYB came in and overhauled their entire accounting system, from billing and collections to time and expense tracking. Thanks to KYB, most of their clients are accepting invoices and making payments through Bill.com, and we set up a system that syncs with QuickBooks for time and expense tracking.  Now, the owner still has full control over expense approvals and full transparency into billing.

As a result of their work with KYB, business has grown because they spend less time on administrative work and more time with clients. We’ve advised them on cleaning up their IOLTA and trust accounting processes, and collections have gone way down thanks to better record keeping!

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